As if bankruptcy itself were not tough enough, Solyndra had the ill fortune to sink with $527 million of taxpayer loans and a private equity owner with links to President
Hawker Beechcraft said it plans to emerge from Chapter 11 protection as a standalone company and is no longer pursuing a transaction with China’s Superior Aviation Beijing Co. Read the Daily Bankruptcy Review article here.
Electric car battery manufacturer A123 Systems Inc ., the recipient of nearly $250 million in government grants, filed for Chapter 11 bankruptcy protection Tuesday morning.Read the Daily Bankrup
The fight to bring four marquee U.S. hotels out of bankruptcy is turning increasingly nasty, with a hedge fund accusing the company that oversees their mortgage debt of “bullying” management into accepting a $1.5 billion offer from Singapore’s sovereign wealth fund. Read the Daily Bankruptcy Review article here.
This week on The Broke and the Beautiful, we’re betting financial self-help guru Robert Kiyosaki isn’t feeling so rich. Also, testimony from Nevin Shapiro’s right-hand man is stirring the pot for the Miami Hurricanes.
Residential Capital LLC said in court papers it is changing the terms of its $1.45 billion bankruptcy loan to allow it to sell its “legacy” loan portfolio before unloading its mortgage-servicing portfolio, a move that would allow Berkshire Hathaway Inc. or a competing bidder to close on a deal for the legacy loans more quickly. Read the Daily Bankruptcy Review article here.
