A federal bankruptcy judge Tuesday ruled that repurchase agreements don’t qualify for “customer status” in a failed brokerage business, a blow to a group of banks that had sought equal footing with customers in the liquidation of Lehman Brothers Holdings Inc.’s broker-dealer. Read the Daily Bankruptcy Review article here.
Taiwanese shipping company TMT Group is gearing up for a fight over its right to remain in bankruptcy protection in the U.S. Read the Daily Bankruptcy Review article here.
Global shipping company TMT Group sought bankruptcy protection after failing to restructure its $1.46 billion debt load out of court. Read the Daily Bankruptcy Review article via The Wall Street Journal.
This week on The Broke and the Beautiful, Lou Pearlman’s bankruptcy trustee has filed a plan to repay investors, and Dionne Warwick is taking on the IRS. Also, the fight between Sly Stone and his ex-manager continues in bankruptcy court.
Patriot Coal Corp.’s chief executive and the head of its mine workers’ union traded barbs Wednesday after the union accused the company of walking out of negotiations to reach new labor terms. Read the Daily Bankruptcy Review article via The Wall Street Journal.
Ahern Rentals Inc. won bankruptcy court approval to exit Chapter 11 protection under a plan that keeps the construction equipment rental company in the hands of the family that founded it 60 years ago. Read the Daily Bankruptcy Review article here.
Senior bondholder Silver Point Finance LLC has submitted a proposal letter for K-V Pharmaceutical Co. that matches an offer from a group of investors holding subordinate bonds. Read the Daily Bankruptcy Review article here.
This week on The Broke and the Beautiful, Joe Francis speaks to Bankruptcy Beat. Also, an appellate court tosses a legal judgment against the Girls Gone Wild founder.
