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The notion that courts in one country will enforce bankruptcy court orders from another country was dealt a blow by the highest court in the U.K. In the next few weeks, the idea of universalism in bankruptcy may be defeated a second time when the U.S. Court of Appeals in New Orleans hands down a decision in a case involving Mexican glassmaker Vitro [...]
American Airlines’ pilot union said there’s a chance a contract agreement may be reached soon and told members it’s urging creditors to appoint new directors for bankrupt parent AMR Corp. Allied Pilots Association advisers are “confident” that some major AMR creditors agree on the need for a new board that would then “appoint management to lead the [...]
Berkshire Hathaway Inc. is the opening bidder today for a portfolio of Residential Capital LLC’s whole loans, a day after Res-Cap auctioned its mortgage servicing business to Ocwen Financial Corp. for $3 billion. Berkshire will start tomorrow’s auction for the loan portfolio, competing against a consortium of financial investors, according to a person familiar with the matter. Yesterday Ocwen [...]
Nationstar Mortgage Holdings Inc. and Ocwen Financial Corp., which have seen their share prices more than double this year, are battling to become the largest non-bank home-loan servicers in a consolidating industry. They’ll resume bidding today in a bankruptcy auction in a midtown Manhattan hotel for Residential Capital LLC’s loan- servicing unit after trading competing offers in a session that lasted into the evening. [...]
Bill Rochelle’s Wire Mexican Government Sides With Vitro in U.S. Appeal The Mexican government filed papers urging a U.S. appeals court to reverse a lower court and enforce the reorganization of Vitro SAB in the U.S. Continuing to side with holders of $1.2 billion in defaulted Vitro bonds “may substantially complicate further bankruptcy cooperation between courts in [...]
Paulson & Co. and Winthrop Realty Trust don’t own the land underneath the bankrupt Grand Wailea Resort Hotel and Spa in Hawaii, at least according to Sir Edward Cooper, whose letterhead says he is the Diplomatic Emissary for the Sovereign Nation of Akua. Cooper wrote in September to U.S. Bankruptcy Judge Sean Lane, telling him [...]
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 [...]
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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 [...]
