News

APNewsBreak: 3rd bankruptcy in Perry's tech fund - AP - msnbc.com

06/14/12

A third company awarded taxpayer dollars through Gov. Rick Perry's business-hatching Emerging Technology Fund has filed for bankruptcy, folding after the state demanded new performance benchmarks not in the original contract, the company's president said Thursday.

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Westlife singer declared bankrupt - Financial Times

06/14/12

Westlife singer Shane Filan has become the latest victim of Ireland’s property bust to declare bankruptcy in the UK as growing numbers of Irish people seek to avoid their country’s punitive insolvency laws by moving to Britain. The case is likely to ...

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Northstar Aerospace (USA) Files Bankruptcy in Delaware - Businessweek

06/14/12

Northstar Aerospace (USA) Inc., a maker of aircraft gear and transmission assemblies, filed for bankruptcy protection to facilitate a sale. The Belford Park, Illinois-based company listed assets of as much as $50,000 and debt of as much as $100 ...

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In ResCap Bid, a Savvy Move by Berkshire - New York Times

06/14/12

Breakup fees and bidding procedures in many Chapter 11 cases often have a certain amount of charade to them. This can be particularly true of so-called 363 sales – when distressed companies sell their assets before a reorganization plan.

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Northstar Aerospace (USA) Files Bankruptcy in Delaware - Bloomberg

06/14/12

The case is In re Northstar Aerospace (USA) Inc., 12-11817, U.S. Bankruptcy Court, District of Delaware (Wilmington). To contact the reporter on this story: Dawn McCarty in Wilmington, Delaware at [email protected]. To contact the editor ...

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US Airways CEO says American can't reverse market share decline via bankruptcy, needs merger - Minneapolis Star Tribune

06/14/12

American's parent, AMR Corp. filed for bankruptcy protection on Nov. 29. It's CEO, Tom Horton, has repeatedly said he wants his airline to emerge from bankruptcy before considering a merger. Parker hasn't been that patient. He stuck a deal with ...

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Andrews Myers Successfully Defends Commercial Real Estate Client Against Lender in Parallel Litigation - msnbc.com

06/14/12

The Federal Court litigation had been highly contested and began when the ... the lender took steps to commence foreclosure proceedings and forced the client to file bankruptcy. While pursuing its claims in the Bankruptcy Court, the lender continued ...

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Residential Capital Files Bankruptcy: Part 2 of 2 - jdsupra.com

06/14/12

In Part 1 of this series, we discussed the circumstances leading to the bankruptcy filing of Residential Capital (ResCap), a residential mortgage loan originator and a subsidiary of Ally Financial Inc. (formerly GMAC.) In anticipation of the bankruptcy ...

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Eleventh Circuit Upholds a Bankruptcy Court’s Exclusive Jurisdiction to Enforce its Own Chapter 11 Discharge Injunctions - jdsupra.com

06/14/12

The defendants then filed a “complaint” in the United States Bankruptcy Court for the Southern District of Florida seeking a declaration that the class action plaintiffs’ claims had been discharged in the chapter 11 case. The class action plaintiffs ...

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Northstar Announces CCAA and Chapter 11 Filings - CNW Group

06/14/12

CHICAGO, IL, June 14, 2012 /CNW/ - June 14, 2012, Northstar Aerospace, Inc. (the "Corporation", together with its affiliates "Northstar") announced today that, after full consideration of all its available alternatives, its U.S. subsidiaries, Northstar ...

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