WSJcomBankruptcyBeat

The Daily Docket: Hostess Can’t Shed Union Deals

05/15/12
Associated Press

A judge Monday denied Hostess Brands Inc.’s bid to shed deals with its biggest union, the Teamsters, sending the bakery company back to the drawing board as it tries to claw its way out of its

[more]

Dewey Troubles Touch NewPage Chapter 11

05/14/12
Reuters
A man moves boxes out of the offices of Dewey & LeBoeuf.

Curious what happens to a client whose law firm is on the brink of collapse?

[more]

ResCap Bankruptcy Papers List Largest Creditors

05/14/12

Ally Financial Inc. placed its ResCap mortgage subsidiary into bankruptcy early Monday in an attempt to jettison what has long been a drag on its business.

ResCap’s initial bankruptcy filings also list the company’s largest unsecured creditors, a group that includes a number of bondholders, pension funds and other institutional investors. The company listed assets of $15.7 billion and debts of $15.3 billion.

Judge Martin Glenn of the U.S. Bankruptcy Court in New York has been assigned the case.

[more]

The Daily Docket: Ally Puts ResCap Into Bankruptcy

05/14/12

Ally Financial Inc.’s troubled mortgage subsidiary filed for Chapter 11 bankruptcy early Monday, potentially paving the way for Ally to sever itself from substantial litigation that has been a drag on its other operations and prevented it from repaying the remainder of its government bailout. Read The Wall Street Journal here.

[more]

The Broke and the Beautiful: T.O. Edition

05/11/12

This week on The Broke and the Beautiful, Terrell Owens opens up to famed talk-show host Dr. Phil, and the Phoenix Coyotes might be ending its period of NHL ownership. Also this week, Gary Busey has a new job.

[more]

The Daily Docket: Publisher Houghton Mifflin to File for Bankruptcy

05/11/12

Houghton Mifflin Harcourt Publishers Inc. has formed an agreement with a majority of its creditors to eliminate $3.1 billion of debt, marking the publisher’s latest effort to tackle a heavy debt load in the face of weak textbook demand. Read the Dow Jones Newswires story here.

[more]

Indiana Racino Takes New Name

05/10/12
Bloomberg

Indiana Live! Casino’s post-bankruptcy fate may be a question mark, but it’s losing the exclamation point.

[more]

The Daily Docket: Vegas Developer Looks to Shed $500M Debt

05/10/12

Las Vegas developer Bill Plise is trying to shake off some $500 million worth of personal debts in bankruptcy, mostly guarantees of bank loans linked to a bid to develop City Crossing, a $2 billion casualty of the recession. Read the Daily Bankruptcy Review article here.

[more]

The Daily Docket: Lehman Blasts Banks’ Deal With Zell

05/09/12

Lehman Brothers Holdings Inc. lashed out at Sam Zell's deal with banks to extend Zell's option to buy their remaining stake in Archstone.


[more]

The Daily Docket: Ala. Law Complicates Jefferson County’s Restructuring

05/08/12

Alabama’s constitution makes it nearly impossible for counties to raise taxes without state approval, a situation that has complicated efforts to bring debt-laden Jefferson County out of the largest bankruptcy in municipal history. Read the Daily Bankruptcy Review article here.

[more]