News

View From The Wing - Is a US Airways Acquisition of American Becoming More Likely? (I Still Hope Not) - USA Today

06/13/12

But their major competitors had been through the bankruptcy court cost-cutting exercise. Staying out of Chapter 11 was both noble and a preservation strategy for existing management. (The day American did file Chapter 11 their CEO resigned…) When ...

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Douglas Battery converts to Chapter 7 bankruptcy - Winston-Salem Journal

06/13/12

The bankruptcy of Douglas Battery Manufacturing Co. was converted Tuesday into a Chapter 7 case to try to expedite the sale of most of its properties. Catharine Aron, a U.S. Bankruptcy Court judge, has approved Joseph Burns as the Chapter 7 trustee.

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U.S. judge will not enforce Mexican glassmaker restructuring - Reuters

06/13/12

... on Wednesday to enforce part of a Mexican court's bankruptcy reorganization of glassmaker Vitro, which has been bitterly opposed by U.S. hedge funds that hold its debt. Vitro, which filed for bankruptcy protection at the end of 2010 after ...

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Vitro Bondholders Defeat Bankruptcy Plan Enforcement in U.S. - Bloomberg

06/13/12

U.S. Bankruptcy Judge Harlin DeWayne Hale in Dallas today denied Vitro’s request to enforce the plan following a hearing last week on whether the proposal should be recognized in the U.S., according to a court filing today. Hale said the Vitro ...

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UPDATE 1-Brazil's Batista says close to EBX, AUX stake sales - Reuters

06/13/12

AUX was created in 2010 and owns gold mining rights in the California-Vetas region of Colombia. Batista also said he expected to close the sale of a $500 million stake in his EBX investment holding company, which has assets in energy ...

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Dewey: Pensions, Patton Boggs & a Six-Week Pax Romana - Wall Street Journal

06/13/12

As the defunct law firm Dewey & LeBoeuf LLP makes its way through Chapter 11, it seems it’s all over but the shouting. Sure, that shouting is expected to go on for some time. There will be haggling over how much money ex-partners and the firms ...

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

06/13/12

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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Hart bankruptcy filing shows IRS has been garnishing entire legislative salary - The Spokesman-Review

06/13/12

When the state of Idaho made out its paychecks for tax-protesting state Rep. Phil Hart twice a month for the past seven years, the money didn't go to Hart - it went straight to the IRS. That's what Hart reported in documents filed this week in ...

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Moody's bracing for default by city of Stockton, California - msnbc.com

06/13/12

The law requiring mediation was approved in response to Vallejo, California's controversial bankruptcy filing in 2008. Vallejo emerged from bankruptcy last year. Stockton's restructuring plan includes mediation and, to the shock of many in the U.S ...

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Liberty Denim plant sells for $1.85 million - msnbc.com

06/13/12

A sale in federal bankruptcy court on Tuesday put the Liberty Denim plant in the hands of new owners. Coker and Associates, a Greenville-based real estate company, bought the property for $1.85 million. More than 100 employees at Liberty Denim lost their ...

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