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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 [...]
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 [...]
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 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 [...]
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 [...]
AmTrust Financial Corp., a holding company for a failed bank, won a victory in theU.S. Court of Appeals over the Federal Deposit Insurance Corp. The ruling means that creditors will recover at least $100 million and might take home $300 million under the liquidating Chapter 11 plan approved in November by a confirmation order from the U.S. [...]
Billionaire Wilbur Ross said his company is paying a fair price for shares in a shipping company held by defunct brokerage Lehman Brothers Inc., after hedge fund Elliott Management Corp. said the price was too low. Elliott, a creditor of the brokerage, said the 34 percent stake in gas-tanker operator Navigator Holdings Ltd. is being offered to WL Ross & Co. for [...]
Professionals working for bankrupt Eastman Kodak Co. and its official creditors’ committee agreed to cut by 1.7 percent an initial request for $38.3 million to cover fees and expenses through the end of April. Richard Stern, the court-appointed fee examiner, negotiated with Kodak’s lawyers and advisers and won an agreement to reduce by $651,000 the amount sought for work since [...]
Newspaper publisher Journal Register Co. has an official unsecured creditors’ committee with a majority representing trade suppliers. The company initiated its second bankruptcy reorganization on Sept. 5. The U.S. Trustee appointed the official creditors’ representative yesterday. The five-member committee includes the Pension Benefit Guaranty Corp. and the Communications Workers of America union. International Paper Co., with a [...]
