The Daily Docket: MM&A Enters Bankruptcy

The railway company that operated the train that derailed and exploded last month, killing 47 people and destroying part of a small town in Quebec, sought bankruptcy protection in the U.S. and Canada on Wednesday with the intention to sell the business. Read the Daily Bankruptcy Review article via The Wall Street Journal.

Mexico’s Maxcom Telecomunicaciones S.A.B. won U.S. court approval of its recapitalization agreement with investors led by private equity firm Ventura Capital Privado S.A., a key element in the telecommunications company’s restructuring under bankruptcy protection. Click here for the DBR article.

Creditors of former telecom company FiberTower Corp. are preparing a lawsuit against its former executives, saying that their decision to underspend on communications projects caused FiberTower to lose a Federal Communications Commission license for the wireless channel spectrum in major U.S. cities. The DBR Small Cap article is available here.

(Daily Bankruptcy Review and DBR Small Cap are daily newsletters 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.”)

WSJ reports on how Detroit’s sewer system fight is rattling the country’s municipal-bond market.

Bernard Madoff trustee Irving Picard again made a legal attack against New York’s attorney general in a fight over a $410 million settlement for Madoff victims, WSJ reports.

Suntech Power Holdings Co. will now be able to get traded on the New York Stock Exchange again after it regained compliance with the minimum share-price rule, Bloomberg reports.

Weil’s Bankruptcy Blog discusses the Bankruptcy Appellate Panel precedent of the absolute priority rule.

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