Bankruptcy & Restructuring >>>

    Titan Bondholders Said to Favor Stake Sale

    Owners of Titan Petrochemicals Group Ltd.’s debt favor selling a stake in the company over its liquidation, a member of the bondholders committee said today. Saturn Petrochemical Holdings Ltd., a special-purpose vehicle of New-York based private-equity firm Warburg Pincus LLC, has asked the Supreme Court of Bermuda to liquidate Titan after it defaulted on HK$825.8 [...]

    K-V Pharmaceutical Use of Cash Collateral Approved

    K-V Pharmaceutical Co., a branded pharmaceutical provider, received interim approval from the bankruptcy court in New York to use cash representing collateral for $225 million in senior notes. Papers filed in bankruptcy court show that cash will be depleted $17.5 million by the first week of November. The company and an ad hoc committee of [...]

    California Won’t Amend City Bankruptcy Law

    California lawmakers won’t consider changes to a law that failed to avert three municipal bankruptcies in the past six weeks, an aide to the Senate president said. A labor-backed bill intended to strengthen protections for creditors, including public-employee unions, has been set aside by Senate President Pro Tem Darrell Steinberg, according to Mark Hedlund, a [...]

    K-V Pharmaceutical Files for Bankruptcy

    K-V Pharmaceutical Co., a provider of women’s health-care products, filed for bankruptcy after it said lax federal enforcement and state Medicaid restrictions prevented it from attaining the “full value” of a medicine intended to help pregnant women avoid premature births. The drug company, which sought court protection along with several subsidiaries, listed debt of $728 [...]

    Shoe Mania Creditors Seek to Force Retailer Into Bankruptcy

    Shoe Mania LLC creditors with a total of $3.4 million in claims filed court papers seeking to force the Manhattan retailer into bankruptcy.
 Clarks Cos., Cole Haan, New Balance Athletic Shoe Inc., Puma North America Inc., Earth Inc., VF Outdoor Inc., Mephisto Inc., Allrounder Inc., Skechers USA and Converse Inc. filed the involuntary Chapter 7 [...]

    Bankruptcy & Restructuring News Roundup

    Vitro Order Blocking Bondholders Extended by Appeals Court Vitro SAB bondholders are blocked from seizing assets of the Mexican glassmaker after a federal appeals court  extended a lower-court order during an appeal over the company’s bankruptcy restructuring. Abound Solar to Suspend Operations, File for Bankruptcy Abound Solar Inc., a U.S. solar manufacturer that was awarded [...]

    Real Estate Investors Should Monitor Use of Eminent Domain by Local Governments

    Distressed investors holding residential real estate or securities backed by mortgage loans likely will want to be aware of the latest efforts by local governments to stimulate local economies. Local authorities from San Bernardino County in California and two of its cities have recently joined to create a Joint Powers Authority (JPA) which will seize and [...]

    Yellow Media Holders See Higher Recovery

    Yellow Media Inc. bondholders are poised to receive a higher recovery rate than they previously predicted after the company unveiled a debt-for-equity swap that slashes its debt by 63 percent and extends maturities to 2018. Read more here>>

    First Half Review: Largest Chapter 11 Filings, Chapter 9s

    Financial services businesses were the leading source of Chapter 11 bankruptcies involving liabilities of $500 million or more in the first half of 2012. Residential Capital’s petition listed $15.3 billion of debt and Arcapita Investment holdings listed $2.55 billion worth of liabilities. Seven Chapter 9 bankruptcies were recorded in the first half of 2012; two [...]

    First Half Review: Post-Petition Bond Price Moves

    Residential Capital, Hawker Beechcraft Bond Prices Gain After Bankruptcy Petition Prices of Residential Capital and Hawker Beechcraft bonds have risen after both companies filed their Chapter 11 petitions. Residential Capital 9.625 percent debt of 2015 was at 95 cents on Monday, up from 94 cents on May 14. The mortgage finance company petitioned for court [...]

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