Bankruptcy & Restructuring >>>

    AMR Blindsides Bond-holders to Cut Interest

    AMR Corp., the airline owner that’s under bankruptcy court protection, is attempting to trim $200 million of interest expense by forcing investors to sell back $1.3 billion of secured notes at below-market prices. The owner of American Airlines is seeking court permission to repay debt backed by jets while avoiding having to pay bondholders as much as 50 percent more than face [...]

    Bankruptcy Q&A Compendium

    Download our exclusive compendium of Bankruptcy & Restructuring interviews with key industry figures over the last 12 months. Click image to download.

    Bankruptcy & Restructuring Q3 Review

    Click on cover to download our exclusive Q3 Review issue.  

    Q3 Review: Most Active States and Venues

    California, Florida and Arizona Lead Chapter 11 Petition Activity In the third quarter, 500 Chapter 11 petitions involving liabilities greater than $1 million were filed by U.S. companies, according to data compiled by BLAW and Bloomberg Brief. Twenty-nine businesses sought court protection in Arizona and 28 filed in Florida’s middle district. New York’s Southern District was [...]

    American Greetings Buys Clinton Cards Stores, Brand

    American Greetings Corp. disclosed in an annual report to the U.S. Securities and Exchange Commission that it bought stores and financial assets from Clinton Cards Plc, a U.K. greeting card business in administration, a process similar to Chapter 11 bankruptcy in the U.S. Before entering administration, Clinton Cards had 750 stores and annual revenue of about $600 million [...]

    California City Declares Fiscal Emergency

    Atwater, California, declared a fiscal emergency and told almost a quarter of its city employees they will lose their jobs as it seeks to avoid becoming the state’s fourth city to seek bankruptcy protection. The town of 28,000, situated among Merced County’s dairies and almond groves about 100 miles (160 kilometers) southeast of San Francisco, has a $3.3 million deficit that may leave [...]

    Dynegy Implements Merger and Reorganization Plan

    Power producer Dynegy Holdings LLC said it was implementing the bankruptcy reorganization plan yesterday that the U.S. Bankruptcy Court in Poughkeepsie, New York approved with a Sept. 10 confirmation order. Dynegy Holdings filed under Chapter 11 in November. The direction of the bankruptcy changed in March when examiner Susheel Kirpalani issued a report saying that [...]

    Cosmo Oil May Breach

    Cosmo Oil Co., a Japanese refiner partly owned by the government of Abu Dhabi, may breach asset reserve covenants on some bank loans and will soon start talks with lenders to resolve the issue. “We are in talks with financial institutions on the possible breach of some covenants,” Cosmo Oil spokesman Katsuhisa Maeda, said by [...]

    Houlihan’s Burian: Hospitality, Healthcare and Coal Companies Top Restructuring Candidates

    Commerical real estate restructurings likely will pick up because the commercial mortgage backed bond market does not have as much capacity to finance new loans and lenders are not as readily extending mortgages for commercial properties, Saul Burian, a managing director at Houlihan Lokey, tells Bloomberg Brief’s Aleksandrs Rozens. Burian also said his firm is not actively seeking to rebuild its dedicated sovereign [...]

    Hog Chapter 15 Filling

Bloomberg BRIEF Newsletters