The Daily Docket: Energy Future Enters Chapter 11 Bankruptcy

Energy Future Holdings Corp. filed for Chapter 11 bankruptcy Tuesday, after months of negotiations with creditors aimed at speeding the restructuring of the private-equity backed utility’s debt load of more than $40 billion. Read the Daily Bankruptcy Review article in The Wall Street Journal.

(Daily Bankruptcy Review is a daily newsletter with comprehensive coverage and analysis of emerging and in-progress insolvencies and turnarounds. For a two-week trial, visit our homepage, scroll to the bottom and click “try for free.”)

The city of Detroit reached a tentative deal with unions that’ll help it get closer to a path out of bankruptcy, WSJ reports.

Specialty retailer Brookstone Holdings Corp. has received bankruptcy-court approval to sell ownership of the restructured company at auction, with a $146.3 million offer from a Spencer Spirit Holdings Inc. affiliate setting the floor price. Read the DBR article via WSJ.

According to WSJ, lawyers for creditors who are part of two proposed class-action suits against bitcoin exchange Mt. Gox reached a deal to support a bid for revival of the company.

A Bloomberg video looks at what cities can do to avoid bankruptcy.

CIT Group Inc. reported a 33% drop in profits for the quarter as margins shrank, WSJ reports.

Write to Melanie Cohen at [email protected]. Follow her on Twitter at @MelanieLisa.