A trust representing “old” General Motors’ unsecured creditors agreed to stop trying to reclaim funds that GM had paid to a group of hedge funds, among them
GateHouse Media Inc. started voluntary Chapter 11 bankruptcy proceedings in a federal court in Delaware, moving forward with its prepackaged plan to reorganize. Read the article in Daily Bankruptcy Review.
Canadian oil and gas company Lone Pine Resources Inc. said Wednesday it has launched bankruptcy proceedings in Canada and filed for Chapter 15 bankruptcy protection in the U.S. in a bid to slash its debt load. Read the Daily Bankruptcy Review article here.
A judge on Tuesday forced LightSquared to remove an independent director named to help oversee the sale of the Philip Falcone-controlled wireless satellite company, agreeing with lenders that her sour relationship with would-be buyer Dish Network Corp. could be interpreted as a conflict of interest. Read the Daily Bankruptcy Review article via The Wall Street Journal.
Bank lenders Monday officially ratcheted down the pressure on Overseas Shipholding Group Inc. after the tanker company unveiled financial projections that will be the basis for restructuring talks. Read the Daily Bankruptcy Review article here.
Energy Future Holdings Corp.’s creditors signed confidentiality agreements to look at financial information that isn’t public, a step toward bankruptcy, The Wall Street Journal reports.
This week on The Broke and the Beautiful, rapper DMX is down to his last $50 in cash. Also, Robin Williams is in some financial distress, and Young Buck’s bankruptcy plan was cleared by a federal watchdog.
