Restructuring

The trust in charge of overseeing Residential Capital LLC’s liquidation is trying to make the former mortgage servicer’s expensive bankruptcy case a little cheaper. Read the Daily Bankruptcy Review article here.

On Monday, a bankruptcy judge could clear Platinum Partners Value Arbitrage Fund LP to take over struggling Glacial Energy Holdings Inc. after winning a bankruptcy auction earlier this month.

The value of Platinum Partners’ winning offer hasn’t been disclosed in documents filed to the U.S. Bankruptcy Court in Wilmington, Del. Throughout the case, Glacial Energy was able to spend a $122 million bankruptcy loan from a senior lender, which had also offered to purchase Glacial Energy out of bankruptcy but lost at auction.

The bankruptcy trustee unwinding defunct law firm Dewey & LeBoeuf LLP has brought new allegations against two former Dewey executives in a suit seeking the return of more than $21.8 million the two allegedly were paid as the law firm “fell deeper and deeper into insolvency.” The Wall Street Journal has the Daily Bankruptcy Review article here.

After reaching an agreement with unsecured creditors, Fisker Automotive Inc. will move forward with its bankruptcy-exit plan on Monday, when it will ask the court to approve the plain-language outline of that plan.

The agreement with creditors, reached earlier this week on the terms of a cash-sharing plan, headed off the threat of a major clash during the hearing. An approval from Judge Kevin Gross of the U.S Bankruptcy Court in Wilmington, Del., would allow Fisker to begin soliciting votes on the plan from creditors ahead of requesting final exit-plan approval.