Bankruptcy News & Analysis

What Recoveries Can American Airlines & Global Aviation Creditors & Equityholders Expect? Infographics Summarizing Guidance from 10 Years of Airline Bankruptcies

2012-02-21T14:47:00.000-08:00

The recent chapter 11 bankruptcy filings by AMR Corporation (American Airlines) and Global Aviation Holdings Inc. (World Airways and North American Airlines) have left thousands of creditors and equityholders holding billions of dollars worth of claims and interests. The open question - which in both groups of bankruptcy cases is unlikely to be definitively answered for months or longer - is

As Expected, Lee Enterprises Files Prepackaged Chapter 11 Cases in Delaware Sunday Night

2011-12-12T02:42:00.000-08:00

As the companies had previously stated their intention to do, Lee Enterprises, Inc. and a host of affiliated companies filed prepackaged chapter 11 cases on Sunday night in Wilmington, Delaware. The companies, which trace their history to the 1890 founding of Lee in Ottumwa, Iowa, publish 48 daily and approximately 300 weekly newspapers in 23 states. Among their most notable publications are

Full Text of Jon Corzine's December 8th Prepared Remarks Regarding MF Global

2011-12-08T22:33:00.001-08:00

Embedded below is the full text of Jon Corzine's prepared remarks before a committee of the House of Representatives. STATEMENT OF JON S. CORZINE (function() { var scribd = document.createElement("script"); scribd.type = "text/javascript"; scribd.async = true; scribd.src = "http://www.scribd.com/javascripts/embed_code/inject.js"; var s = document.getElementsByTagName("script")[0];

Video: Jon Corzine's Prepared Testimony on MF Global Collapse (Excerpts)

2011-12-08T22:20:00.001-08:00

Jon S. Corzine, former chairman and chief executive officer of MF Global Holdings Ltd., testifies before the House Agriculture Committee about the collapse of the firm and the strategy that led to a bankruptcy filing on Oct. 31. Corzine, who resigned his positions on Nov. 4, said in his statement that he never intended to break any rules. Video after the jump.

Claims Trading Update from SecondMarket: MF Global; Lehman Brothers; Madoff Investment Securities

2011-11-14T00:03:00.001-08:00

Andrew Gottesman, head of claims trading for SecondMarket Inc., talks about trading in bankruptcy claims. Gottesman also discusses trading in claims against MF Global Holdings Ltd., Bernard L. Madoff Investment Securities LLC and Lehman Brothers Holdings Inc. He speaks with Deirdre Bolton on Bloomberg Television's "Money Moves." (Source: Bloomberg) Video after the jump.

Pure Beauty Salons & Boutiques, Inc. Files Schedules of Assets & Liabilities

2011-11-13T23:30:00.001-08:00

Pure Beauty Salons & Boutiques, Inc. and its affiliated company, BeautyFirst Franchise Corp., filed their schedules of assets and liabilities and statements of financial affairs last week. The companies filed for chapter 11 protection in Delaware on October 4, 2011. The companies operate a chain of hair care and beauty supply stores under the trade names Trade Secret, Beauty Express,

Dynegy Holdings Files Restructuring Support Agreement and Term Sheet Outlining Terms of Proposed Pre-Arranged Restructuring

2011-11-07T23:23:00.000-08:00

As noted earlier, Dynegy Holdings, LLC and four affiliates filed for chapter 11 bankruptcy protection on Monday in New York. Around 1:30 a.m. Eastern on Tuesday, Dynegy filed a copy of the restructuring support agreement and term sheet that it entered into with certain noteholders. The agreement provides the terms of the debtors' proposed pre-arranged plan of reorganization. The noteholders

Dynegy Holdings Files for Chapter 11 Bankruptcy Protection - Read the Petition

2011-11-07T20:21:00.000-08:00

Monday evening, Dynegy Holdings, LLC and four affiliated companies voluntarily filed for chapter 11 bankruptcy protection in the Southern District of New York. The four affiliated debtor entities are Dynegy Roseton, L.L.C.; Dynegy Danskammer, L.L.C.; Hudson Power, L.L.C.; and Dynegy Northeast Generation, Inc. The companies are represented by Sidley Austin LLP. A copy of Dynegy Holdings, LLC's

After Contentious Post-Auction Negotiations, Winning Bidder Seeks to Enforce Winning Bid, Borders Group Seeks to Replace it With New Bid

2011-10-26T16:15:00.000-07:00

As we previously noted (earlier post here), Borders Group, Inc. held an auction in mid-September for its intellectual property assets. While most of the IP assets were acquired by Barnes & Noble, Inc., licenses to Borders' marks in some foreign countries were to be acquired by several other bidders. One of those winning bidders was Popular Holdings Limited, which submitted a winning bid of

Glimmer of Hope for Housing Market?

2011-10-26T08:30:00.000-07:00

Summary: U.S. home prices inched 0.2% higher in August, according to a closely watched index released Tuesday. That prompted one economist to see a "modest glimmer of hope" for the downtrodden housing market.

Former Treasury Sec. Henry Paulson: China Reform Can Help U.S. in Long Run

2011-10-26T07:30:00.000-07:00

Summary: Former Treasury Sec. Henry Paulson says the U.S. and China both need long-term, fundamental reform to restore competitiveness and sustain growth that will improve the global economy. America needs a new tax system and we need to think out of the box to fix unemployment, he says in a Big Interview with WSJ's David Wessel.

Ex-Goldman Director Rajat Gupta Charged in Insider Case

2011-10-26T07:00:00.000-07:00

Summary: Rajat Gupta, the highest-ranking corporate executive to become embroiled in a push to root out insider trading, was accused of leaking confidential information while a director at Goldman Sachs and P&G.

More Trouble for Sports Franchises? Involuntary Bankruptcy Petition Filed Against Entity Apparently Affiliated With Ownership of Sacramento Kings NBA Franchise

2011-10-21T20:45:00.000-07:00

The latest in a series of chapter 11 bankruptcy filings related to professional sports franchises was filed on Thursday in the Eastern District of California bankruptcy court in Sacramento. Cura Financial, LLC of Capitola, California filed an involuntary chapter 11 petition against an entity named Kings Professional Basketball Club, asserting its interest as that of a general partner. No other

ShengdaTech Still Unable to Get Access to Information from Subsidiaries in China

2011-10-10T12:12:00.000-07:00

ShengdaTech, Inc., a publicly-traded manufacturer of nano precipitated calcium carbonate (“NPCC”) particles, filed a series of pleadings with the bankruptcy court in Reno, Nevada disclosing the continuing difficulties that the company is having in gaining access to information regarding the operations and assets of the company's subsidiaries located in China. ShengdaTech filed for chapter 11

A Mediocre Jobs Report. That's Good!: WSJ

2011-10-10T07:00:00.000-07:00

In his 'On the Mark' segment, Evan Newmark takes issue with those who interpret a mediocre employment report as 'the end of the world.' He argues it is not the end of the world and we are not headed toward recession. More after the jump.

Is Europe Running Out of Time to Fix Crisis?

2011-10-10T06:00:00.000-07:00

Moody's cuts 12 U.K. Lender and the ECB steps up its battle to ward off defaults. Can Europe gets its act together? Evan Newmark and Francesco Guerrera discuss on Mean Street. More after the jump.

Are We in a Bear Market?

2011-10-10T05:30:00.000-07:00

We're in a bear market. Or maybe we're not. If we are, what should investors do about it? Jason Zweig explains to Simon Constable and Wendy Bounds on The News Hub. More after the jump.

Detroit Makes a Comeback

2011-10-10T05:00:00.000-07:00

The success of Detroit's sports team are distracting America's attention from what's really going on in the motor city : an improbable uptick in the city's fortunes. Joe White discusses with Simon Constable and Wendy Bounds on The News Hub. More after the jump.

Broader Jobless Rate Hits 16.5%

2011-10-10T04:30:00.000-07:00

The U.S. jobless rate was flat at 9.1% in September, but the government's broader measure of unemployment rose to 16.5%, the highest rate this year. Phil Izzo has details on Lunch Break. More after the jump.

Open Range Communications Inc. of Greenwood Village, Colo. Files For Chapter 11 Bankruptcy Protection

2011-10-06T01:30:00.000-07:00

Early Thursday morning, Open Range Communications Inc. voluntarily filed for chapter 11 bankruptcy protection in Wilmington, Delaware. The company, which is headquartered in Greenwood Village, Colorado, was formed in 2004 "with a mission to provide broadband access to unserved and underserved rural Americans." The company's operations were primarily funded through loans from the Rural Utilities

List of the 63 Friendly's Restaurants That Have Closed

2011-10-05T10:10:00.000-07:00

Friendly Ice Cream Corporation and its subsidiaries, which operate the Friendly's restaurant chain and ice cream company, voluntarily filed for chapter 11 bankruptcy protection in Delaware this morning. The companies plan to use the bankruptcy cases to complete a sale of substantially all of their assets and an affiliate of their existing owners - Sun Capital Partners - is acting as the initial,

ADP: 91,000 Private-Sector Payrolls Added in September

2011-10-05T07:30:00.002-07:00

DJ Newswires' Michael Casey discusses Wednesday morning's ADP report showing figures higher than expected but still indicating weakness in the jobs market. More after the jump.

Dexia on Verge of Government-Backed Breakup

2011-10-05T07:30:00.001-07:00

WSJ's David Enrich outlines the troubles facing Belgium's Dexia Bank and how the rescue plan for Europe's banks has sparked concerns about Europe's overall economic health. More after the jump.

Friendly's Files for Bankruptcy

2011-10-05T07:30:00.000-07:00

Friendly Ice Cream, which employs roughly 10,000 people and operates more than 400 restaurants known for sundaes and hamburgers, filed for Chapter 11 bankruptcy protection Wednesday. For copies of bankruptcy court filings, please visit: http://www.chapter11cases.com/Friendly-Ice-Cream-Corporation_c_29226.html More after the jump.

Meet S&P's Tough Ratings Crusader

2011-10-05T07:00:00.003-07:00

WSJ's Jeannette Neumann profiles Mark Adelson, the chief credit officer of Standard & Poor's, who has worked to revamp the rating process. More after the jump.