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Bankruptcy & Restructuring

Casinos, Hotels Likely to See Restructurings, Says Ballard Spahr’s Harner

November 16, 2015

While some segments of the leisure and entertainment industry, such as theme parks and travel agencies, are likely to benefit from improved economic conditions, casinos and hotels will probably remain troubled, according to Paul Harner, who recently joined Ballard Spahr to lead the firm’s restructuring practice in New York. He

Arch Coal May Be Fourth Billion-Dollar Coal Bankruptcy of 2015

November 10, 2015

Lower coal prices have pushed Alpha Natural Resources, Walter Energy and Patriot Coal into bankruptcy court this year to restructure their debts. Arch Coal said Nov. 9 that it too may file for bankruptcy protection. Thermal coal prices have been falling as it competes with lower natural gas prices to

RAAM Global Energy Seeks Bankruptcy Protection

October 30, 2015

BY DAWN MCCARTY, BLOOMBERG NEWS RAAM Global Energy Co., a Lexington, Kentucky-based oil and gas exploration and production company, joins the long list of companies that sought bankruptcy protection due to the decline in the prices of crude oil and natural gas. The company, which has invested more than $1.5

Oaktree May Combine Quiksilver With Billabong

October 15, 2015

BY MICHAEL BATHON, BLOOMBERG NEWS Oaktree Capital Management LP may consider combining bankrupt surfwear retailerQuiksilver Inc. with Billabong International Ltd., a brand the investment firm already owns a stake in, a judge in Delaware was told Wednesday. Durc Savini, an investment banker at Peter J. Solomon Co. who is working

Molycorp Shareholder Said Planning Bid on Assets

October 14, 2015

BY JODI XU KLEIN, BLOOMBERG NEWS Molycorp Inc.’s biggest shareholder, Chile’s Molibdenos y Metales SA, is planning to bid on some or all of the company’s assets in bankruptcy, according to three people with knowledge of the matter. The prospective buyer, known as Molymet, is interested in assets including Molycorp’s

Chinese Solar Company Misses Bond Deadline

October 13, 2015

BY BLOOMBERG NEWS Defaults in China are expanding with a solar component maker the latest company to miss a bond payment, as the nation’s debt market flashes danger signs like equities did before their tumble began four months ago. Baoding Tianwei Yingli New Energy Resources Co., whose majority holder was

Colt Defense Nears Exit From Bankruptcy

October 12, 2015

BY ANDERS MELIN, BLOOMBERG NEWS Gunmaker Colt Defense LLC filed a plan of reorganization with a promise of $50 million in new financing, signaling it could be nearing an exit from bankruptcy protection. Colt will receive the additional money from its private-equity owner Sciens Capital Management LLC, and Fidelity National

Felony Plea Shouldn’t Bar LightSquared Stake: JPM

October 8, 2015

BY TODD SHIELDS, BLOOMBERG NEWS JPMorgan Chase & Co. says its felony plea for market rigging shouldn’t bar it from owning part of LightSquared Inc., a satellite company emerging from bankruptcy and trying again to set up a mobile broadband service. JPMorgan “possesses the requisite character” demanded by the Federal

Fight Over Caesars Bankruptcy Day Not Priority: Judge

October 6, 2015

BY STEVEN CHURCH, BLOOMBERG NEWS Caesars Entertainment Operating Co. opened a multiday trial to determine the exact date it went bankrupt, a question that could threaten a $468 million claim senior lenders have made on the casino company’s cash and affect talks with lower-ranking creditors. The dispute might not be

American Apparel Files for Ch. 11, Seeks to Reorganize

October 5, 2015

BY STEVEN CHURCH, MATT TOWNSEND AND STEPHANIE WONG, BLOOMBERG NEWS American Apparel Inc. filed for bankruptcy protection after posting years of losses as the clothing retailer, which fired controversial founder Dov Charney last year, seeks to reorganize debts that have ballooned to levels exceeding its assets. As part of a