WSJcomBankruptcyBeat

Bankrupt Recycling Firm Paid for CEO’s Son’s Racing Career

02/12/16

Zloop Inc., a North Carolina recycler, was having a rough 2014. It needed cash, and an investor was suing the company and Chief Executive Robert Boston for overpromising on revenue expectations.

So maybe the company shouldn’t have spent heavily on the stock-car racing career of Mr. Boston’s son, a bankruptcy-court watchdog said. In the 20 months before filing for bankruptcy, Zloop spent roughly $1.7 million for a Kyle Busch Motorsports racing-sponsorship deal that made Mr. Boston’s son, Justin, the lead driver.

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Next Week in Bankruptcy

02/12/16

Following the Presidents Day holiday weekend, Caesars Entertainment Operating Co. will hope to be one step closer to a restructuring deal.

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Sundevil Holdings Files for Chapter 11 Bankruptcy

02/12/16

Arizona power-plant operator Sundevil Holdings Inc. filed for chapter 11 Tuesday after defaulting on more than $237 million in debt. Read the Daily Bankruptcy Review article here.

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Government Watchdog Targets A&P Bankruptcy Expenses

02/11/16
Chris Ware/Bloomberg News

Hundreds of dollars in car-service charges, meals costing $50 a head and overly expensive copying charges are among the expenses that a government watchdog is targeting in supermarket

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Revel Owner Glenn Straub, Casino Restaurants Pick Legal Bar Brawl

02/11/16
This March 28, 2012, photo shows gambling chips on a card table at the former Revel casino in Atlantic City, N.J.
Associated Press

Glenn Straub is “at it

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Shell of Mobile Accessory Company Targus Files for Bankruptcy to Wind Down

02/11/16

The shell of mobile accessory maker Targus has filed for chapter 11 protection to help settle its final affairs. The Wall Street Journal has the Daily Bankruptcy Review article here.

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Lenders to Alpha Natural Offer $500 for Coal Assets

02/10/16

Alpha Natural Resources Inc. lenders have offered a $500 credit bid, or the exchanging of debt for assets in the company, to help get it out of bankruptcy. The Wall Street Journal has the Daily Bankruptcy Review article here.

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Corporate Law Firms Reach New Billing Heights

02/09/16

Billing rates at big corporate law firms have reached a new mark: $1,500 per hour, despite low inflation and weak demand. The Wall Street Journal has the Daily Bankruptcy Review article here, but don’t forget to check out a supplementary piece on bankruptcy providing a window into billing practices.

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Bankruptcy Provides Window Into Law Firm Billing Practices

02/08/16
Zuma Press

Companies seeking the fresh start of bankruptcy aren’t the only ones that have to contend with the transparency that is at the heart of chapter 11.

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Tennessee Coal Company Noranda Files for Bankruptcy

02/08/16

Tennessee-based Noranda Aluminum Inc. filed for chapter 11 bankruptcy Monday to sell a business segment. The Wall Street Journal has the Daily Bankruptcy Review article here.

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