News

4th UPDATE: Ally Fincl: ResCap Mortgage Subsidiaries File Chapter 11 - Wall Street Journal

05/14/12

NEW YORK (Dow Jones)--A judge on Monday said Residential Capital Corp. could begin borrowing on a $1.45 billion bankruptcy loan from a group led by Barclays PLC (BCS), hours after the Ally Financial Inc. mortgage subsidiary filed for Chapter 11 ...

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

05/14/12

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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Ally's mortgage arm files for Chapter 11 - AZCentral.com

05/14/12

DETROIT - The U.S. government is hoping that Monday's bankruptcy filing by Ally Financial Inc.'s troubled mortgage business will help the company repay its government bailout faster. Residential Capital LLC, or ResCap, filed for Chapter 11 ...

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Ally Financial's ResCap mortgage unit seeks bankruptcy protection - Los Angeles Times

05/14/12

The U.S. government is hoping that the bankruptcy filing by Ally Financial Inc.'s troubled mortgage business will help the company repay its government bailout faster. Residential Capital, or ResCap, filed for Chapter 11 bankruptcy protection in ...

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Lights Out As LightSquared Files For Bankruptcy - Forbes

05/14/12

It’s bids totalled $4.7 billion of which it paid $500 million as deposits ... It’s belief was that the very purpose of bankruptcy protection was to allow an entity like NextWave to raise capital and continue on. Over the decade this case ...

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LightSquared files for bankruptcy, insists network project will continue - Ars Technica

05/14/12

LightSquared officially filed for Chapter 11 bankruptcy in New York today. In a statement, CFO Marc Montagner said the move “is intended to give LightSquared sufficient breathing room to continue working through the regulatory process that ...

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New wireless company on hold due to bankruptcy - msnbc.com

05/14/12

which is owed $7.4 million. Milbank, Tweed, Hadley & McCloy is serving as general bankruptcy counsel to the company. For Falcone, who sank billions of dollars of his investors' and his own money into LightSquared, the bankruptcy likely spells ...

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4th UPDATE: Ally Financial: ResCap Mortgage Subsidiaries File Chapter 11 - NASDAQ

05/14/12

ResCap filed for bankruptcy protection early Monday, potentially paving the way for Ally to sever itself from substantial litigation that has been a drag on its other operations and prevented it from repaying the remainder of its government bailout.

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Judge weighs bankruptcy linked to Rarity Pointe - Knoxville News Sentinel

05/14/12

That effort is being opposed by parties that want to see the bankruptcy case dismissed, including his estranged business partner, Robert Stooksbury; the current mortgage holder on the Rarity Pointe property, which had tried to foreclose on the ...

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American Airlines pilots ask bankruptcy judge to keep contracts intact - Miami Herald

05/14/12

NEW YORK -- American Airlines' pilots union pressed its case Monday before the U.S. bankruptcy court, asking the judge not to abrogate its contract with the carrier and laying out its offers to cut costs that American had rebuffed leading up to ...

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