Restructuring

A bankruptcy judge said it would be “inappropriate” to approve a $20 million exit package for the outgoing chief executive of American Airlines parent

Some former partners of Howrey LLP have agreed to spend the next several months in settlement talks to avoid litigation over the defunct law firm’s 2011 collapse. Read the Daily Bankruptcy Review article via The Wall Street Journal.

Powerwave Technologies Inc. may have to lay off hundreds of employees at its factories in Thailand, India and in Europe after a lender wouldn’t allow the struggling wireless-equipment maker to spend money on its overseas manufacturing plants, according to a person involved with the case. Read the DBR Small Cap article here.

The publisher of Reader’s Digest doled out $28 million to insiders in the year before its most recent bankruptcy filing, its second Chapter 11 filing in less than four years.