Bankruptcy & Restructuring

New York’s Southern District Has 70 Percent of Ch. 15 Cases

May 27, 2015

Sixteen businesses have filed Chapter 15 petitions so far this year and 11 of these cases have chosen New York’s southern district court as a venue. That’s up from last year when 13 foreign businesses had filed Chapter 15s at this point, eight of which went to New York’s southern

Claire’s Stores Inc. 2019 Bonds Rise 8 Percent to New High

May 20, 2015

Claire’s Stores Inc. 8.875 percent 2019 yields rose to 33.633 percent Tuesday from 31.239 percent Monday, a new high for the retailer. Yields of this debt are up 100 percent from Jan. 5 when they were at 16.851 percent. This chart was taken from the Bloomberg Brief Bankruptcy & Restructuring

Miner Pension Among Top Patriot Coal Unsecureds

May 13, 2015

UMWA Health & Retirement Funds, a pension for mine workers, is miner Patriot Coal‘s third-largest unsecured creditor, according to court documents. The pension is owed $2.3 million and the claim is in the form of trade debt. Patriot Coal filed its Chapter 11 papers in Virginia’s eastern district Tuesday, listing debt

More Than Half of EveryWare’s $100 Million DIP Loan Is Prepetition Debt

May 6, 2015

Prepetition debt makes up more than half of EveryWare Global’s $100 million debtor-in-possession, or DIP, loan, which received final approval last week. Everyware’s financing is the sixth-largest DIP loan that has been green-lighted by a bankruptcy court judge so far this year, according to data compiled by Bloomberg LP. Of

Schedule Set for RadioShack Customer Data Sale

May 4, 2015

BY BILL ROCHELLE RadioShack Corp. has an elaborate set of rules and schedules to govern the sale of its remaining intellectual property, including North American trademarks, its franchise network and customer information. A bankruptcy judge signed an order on April 30 laying out auction, sale and concurrent mediation procedures. The culmination of the

Single Asset Real Estate Debtors Account for 19 Percent of All Ch. 11 Cases to Date

April 30, 2015

Nineteen percent of the 365 Chapter 11 filings from businesses year to date that listed assets and liabilities of $1 million or more were debtors that identified themselves as single asset real estate. That percentage is in line with recent years. In the same period a year ago, 20 percent

Bill Rochelle’s Wire- Madoff Settlements to Bring in $11.1M More

April 29, 2015

The trustee unwinding Bernard Madoff’s business is bringing in $11.1 million in settlements with three families that that took out more than $58 million within six years of bankruptcy. In a bankruptcy court filing on April 24, Irving Picard said he’s recovering 100 percent of payments the customers received within two years of Madoff’s

South Korea’s Ace Track Is 12th Chapter 15 Filed Year to Date

April 21, 2015

  Ace Track Co., a manufacturer of track and track link assemblies in South Korea, was the 12th foreign business to file a Chapter 15 petition and it was the first debtor to list liabilities of $10 million to $50 million this year. In the same period a year ago, there were

Energy Future Aims to Raise $1B, End Bankruptcy

April 15, 2015

By Steven Church Energy Future Holdings Corp. and its warring creditor groups expressed optimism about a new round of talks over an $11 billion proposal to reorganize the company so it can exit bankruptcy by year’s end. Company officials “believe the time is right to begin a determined march” to

Weakening Euro Helps Keep Claire’s Yields Near Highs

April 8, 2015

  Yields of Claire’s Inc. 2019 bonds are skirting historic highs, in part because of gains in the U.S. dollar against Europe’s common currency. Forty percent of the retailer’s total fourth quarter 2014 sales were from outside of the U.S. and the company said it is cutting costs to mitigate the negative foreign