News

Former subprime lender ResCap files for Chapter 11 - Philadelphia Daily News

05/15/12

Residential Capital L.L.C., which was a big subprime mortgage lender and still employs 1,385 in Fort Washington, filed for bankruptcy protection Monday in New York. The move, which analysts had been expecting for months, is a reminder of the ...

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CEO: Ally closer to IPO, private equity sale after ResCap bankruptcy - Detroit Free Press

05/15/12

With the bankruptcy filing Monday of its distressed mortgage unit, Detroit-based Ally Financial moved closer to paying back more of the $11.7 billion it still owes U.S. taxpayers. Ally and the federal government blessed the Chapter 11 filing of ...

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LightSquared files for Chapter 11 bankruptcy - Denver Post

05/15/12

NEW YORK — LightSquared Inc. on Monday filed for bankruptcy, saying it will seek to resolve the concerns of U.S. regulators who thwarted the company's plan to deliver high-speed wireless to as many as 260 million people. LightSquared, based in ...

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ResCap Gets Interim Approval for $1.45 Billion Bankruptcy Loan (Update 1) - Bloomberg

05/15/12

ResCap filed for bankruptcy yesterday with plans to sell most of its assets to Fortress Investment Group LLC. (FIG) The company listed assets of $15.7 billion and debt of $15.3 billion in its petition in U.S. Bankruptcy Court in Manhattan.

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Wireless startup LightSquared, which had test run near Las Vegas, files for bankruptcy - Las Vegas Sun

05/15/12

NEW YORK — LightSquared Inc., which hoped to create an independent wireless broadband network in the U.S., filed for bankruptcy protection on Monday. Regulators blocked its plan this winter because of concerns that its transmissions would ...

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ResCap Gets Interim Approval for $1.45 Billion Bankruptcy Loan (Update 1) - Bloomberg

05/15/12

(BARC) “This is just an interim order,” said Peck, who was filling in yesterday for U.S. Bankruptcy Judge Martin Glenn, who will take over the case when he returns. “I believe the DIP loan in this instance is necessary for the commencement ...

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American Airlines pilots ask bankruptcy judge to keep contracts intact - Daily Oklahoman

05/15/12

At issue is the future of Fort Worth, Texas-based American Airlines: Will it prevail with a business plan that leaves it a stand-alone carrier, or will it merge with US Airways, as its unions want it to do? American announced Friday that it would consider ...

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In Chapter 11, Phil bets it all - New York Post

05/15/12

Hedge fund honcho Phil Falcone — known for high-stakes bets — took one of his biggest gambles yesterday when he put troubled wireless startup LightSquared into bankruptcy. After weeks of failed negotiations between Falcone and LightSquared’s ...

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Ally's mortgage unit files for Chapter 11 - Toledo Blade

05/14/12

NEW YORK — Residential Capital LLC, the mortgage-loan division of Ally Financial Inc., filed for Chapter 11 bankruptcy protection in New York Monday. The firm said it is unable to make payments on debt taken out to finance soured home mortgages.

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Auto bailout: ex-GMAC puts mortgage unit in bankruptcy - USA Today

05/14/12

The Residential Capital (ResCap) unit filed for Chapter 11 bankruptcy early today and Ally CEO Michael Carpenter said in a statement: "The action by ResCap will enable Ally to achieve a permanent solution to its legacy mortgage risks and put these issues ...

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