Rare-earths miner Molycorp Inc. is pushing for a trimmed-down company that can exit chapter 11 bankruptcy rather than being pushed into a liquidation, saying it would be worth more in the former scenario. The Wall Street Journal has the Daily Bankruptcy Review article here.
Back9Network, a golf channel that briefly aired on DirecTV, has filed for bankruptcy with a $2 million offer for a smartphone app that mapped out more than 35,000 golf courses around the world.
A bankruptcy judge paved the way for drug-testing company Millennium Health LLC to leave chapter 11 after lifting a stay of an order confirming Millennium’s bankruptcy plan. Read the Daily Bankruptcy Review article here.
A federal judge will hear protests on Wednesday from bondholders who say the city of San Bernardino, Calif., shouldn’t leave bankruptcy protection without making a higher repayment offer on roughly $51 million worth of bonds.
Tulsa, Okla., energy company New Gulf Resources LLC filed for chapter 11 protection Thursday, the latest in a slew of energy companies to enter bankruptcy. Read the Daily Bankruptcy Review article here.
Federal Reserve Bank Chair Janet Yellen held a news conference Wednesday in Washington, where she announced that the Fed will raise its benchmark interest rate for the first time since 2008.
Another Texas oil and gas company, Magnum Hunter Resources Corp., filed for chapter 11 protection seeking a debt-for-equity swap with lenders. Read the Daily Bankruptcy Review article via The Wall Street Journal.
