News

Scranton: When Your City Needs to Go Bankrupt - Bloomberg

07/19/12

Scranton’s finances only work with big infusions of money from asset sales, borrowing or outside benefactors -- which is to say, they don’t work. This is exactly the situation for which Chapter 9 bankruptcy exists. Instead of borrowing more ...

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Compton on brink of bankruptcy - Los Angeles Times

07/19/12

The situation is similar in other beleaguered cities, including San Bernardino, which voted last week to authorize a bankruptcy filing. Many of those cities relied on restricted funds to balance their books, obscuring their financial troubles.

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U.S. Trustee Opposes Dewey Bonus Plan - Wall Street Journal

07/19/12

Not unless Dewey’s estate can come up with a better argument, says the Justice Department watchdog in the bankruptcy case. In an objection filed late Wednesday, U.S. Trustee Hope Davis said the estate had failed to show whether the plan was feasible.

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AMR bankruptcy exclusivity period extended - Chicago Tribune

07/19/12

"I don't want to get sidetracked on that particular issue this morning." The case is In re AMR Corp. et al, U.S. Bankruptcy Court, Southern District of New York, No. 11-15463.

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UPDATE 1-Court allows AMR to keep reins on bankruptcy until Dec - Reuters

07/19/12

"I don't want to get sidetracked on that particular issue this morning." The case is In re AMR Corp et al, U.S. Bankruptcy Court, Southern District of New York, No. 11-15463.

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Bankruptcy filings down for 2nd consecutive year - Chippewa Herald

07/19/12

Bankruptcy filings are down in Wisconsin for the second consecutive year, but the pace of the decline is slower than the national rate. Through the first six months of 2012, there were about 14,000 bankruptcy petitions filed in Wisconsin, down nearly 5 ...

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UPDATE 1-U.S. Trustee objects to Dewey bonus plan - Reuters

07/19/12

U.S. Trustee Tracy Hope Davis, who represents the Justice Department in the bankruptcy case, said in court papers that the proposed plan did not provide enough information to determine if the cost of retaining employees was economically feasible.

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L.A. Now Live: Discuss Compton, municipal bankruptcies - Los Angeles Times

07/19/12

The situation is similar in other financially strapped cities, including San Bernardino, which voted last week to authorize a bankruptcy filing. Stockton and Mammoth Lakes also recently filed for Chapter 9 municipal bankruptcy.

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San Bernardino, California, sets course for bankruptcy - YAHOO!

07/19/12

The city will take about 30 days to make its filing for Chapter 9 protection, most likely in U.S. Bankruptcy Court in Riverside, California, said City Attorney James Penman. The city of about 210,000 people located 65 miles east of Los Angeles ...

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Bankruptcy filings down for 2nd straight year in Wisconsin - Fox11online.com

07/19/12

MILWAUKEE (AP) - Bankruptcy filings are down in Wisconsin for the second consecutive year, but the pace of the decline is slower than the national rate. Through the first six months of 2012, there were about 14,000 bankruptcy petitions filed in ...

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