The Daily Docket: Hostess Defends Bid to Shed Pensions

Hostess Brands Inc. is defending its bid to shed its pension plans and cut back on benefits for its unionized employees, saying it’s the only way for the company to survive its current trip through bankruptcy. Read the Daily Bankruptcy Review article here.

Three bondholders owed $54.2 million filed an involuntary Chapter 11 bankruptcy petition Wednesday against Municipal Corrections LLC, a private company that owns a Georgia prison, in order to halt a tax-lien sale that could result in the company forfeiting the property. Click here to read the article in DBR Small Cap.

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Las Vegas developer American West Development Inc. sought bankruptcy protection after reaching an agreement with lenders, Bloomberg reported.

According to The Wall Street Journal, Eastman Kodak Co. said it agreed on a proposed sale of its online Kodak Gallery business to Shutterfly.

According to the Los Angeles Times, the Los Angeles Dodgers on Thursday proposed a compromise with injured San Francisco Giants fan Bryan Stow that would let his lawyers proceed with litigation.

The management board at Deutsche Bank AG refused to endorse a settlement on claims that a former chief executive helped put media company Kirch Group in bankruptcy, WSJ reports.

According to the New York Times, the U.S. government is seeking the dismissal of a lawsuit regarding the government’s takeover of American International Group in 2008.

CNN Money profiles Catherine Hooper, who moved in with boyfriend Andrew Madoff three days before his father confessed to a massive Ponzi scheme.

There are more defaults in store for the shipping industry, WSJ reports.

Treasure Secretary Tim Geithner writes an opinion piece in WSJ about amnesia when it comes to financial crises.

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