The Daily Docket: Tokio Marine Unit Seeks U.S. Creditor Protection

07/20/11

The European unit of Tokio Marine Holdings Inc., Japan’s biggest nonlife insurer, sought creditor protection in the U.S. to complete the wind-down of its London reinsurance business. Read the Daily Bankruptcy Review story here.

A request by the Pension Benefit Guaranty Corp. to push back a hearing on Harry & David Holdings Inc.’s pension-plan termination bid has elicited backlash from the retailer, which claims a delay could threaten the course of its reorganization. Read the DBR Small Cap story here.

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Jefferson County, Ala., is preparing for a possible bankruptcy filing by recruiting law firms and consultants who have experience in municipal bankruptcy, county commissioners said Tuesday, the Birmingham News reports.

The City Council of struggling Harrisburg, Pa., Tuesday rejected a state-sponsored recovery program, the New York Times reports.

Cnooc Ltd., China’s biggest offshore oil and gas producer, said Wednesday that it agreed to acquire Canadian oil-sands developer OPTI Canada Inc. for about $2.1 billion, The Wall Street Journal reports. Earlier this month, OPTI sought creditor protection in Canada.

Landlords throughout the U.S. are preparing for the shutdown of Borders Group Inc.’s remaining stores, WSJ reports.

Meanwhile, the collapse of Michigan-based Borders is expected to hit communities in the state, the Detroit News reports.

Shoppers can expect a range of discounts at Borders stores over the next several weeks as the retailer liquidates its inventory, WSJ reports.

The Canadian government said it won’t review the $4.5 billion sale of Nortel Networks Corp.’s patent portfolio, Dow Jones Newswires reports.

Investors in so-called “dirt bonds,” issued to support the building of roads, sewers and other municipal projects, are facing some unwelcome surprises amid the housing-market slump, WSJ reports.

A lawyer who briefly served as the top executive of Industrial Enterprises of America Inc., which filed for Chapter 11 two years ago, was convicted Tuesday in a $110 securities fraud, including the sale of more than $90 million in illegally issued securities, WSJ reports.

According to data from SecondMarket Inc., a record $2.96 billion in bankruptcy claims traded hands in the secondary market last month, Dow Jones Newswires reports.


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