Restructuring

Lehman Brothers says a former trader received his entire $84 million bonus in 2008. Now the failed bank claims he is asking for it again. The Wall Street Journal has the Daily Bankruptcy Review article here.

The Wall Street Journal reports that teen retailer Delia’s filed for Chapter 11 bankruptcy protection.

The American Bankruptcy Institute unveiled its long-awaited Chapter 11 reforms Monday morning, which aim to help struggling businesses but also propose to take away perks for lenders who extend bankruptcy loans and to remove protections for some investors who profited from leveraged buyouts. Wall Street Journal Reporter Katy Stech read the 370-page report (read her story here) so you don’t have to.

Teen clothing retailer Delia*s Inc. will file for bankruptcy and shut down after it couldn’t find a merger partner or another source of money to survive after years of steady losses, The Wall Street Journal reports. The retailer’s shelves could start emptying as early as Friday in going-out-of-business sales.