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Bankruptcy & Restructuring

Caesars Payment Plan Leaves Out Creditor Recoveries

March 4, 2015

BY BILL ROCHELLE Caesars Entertainment Operating Co. filed a proposed reorganization plan Monday evening designed to implement a restructuring the casino owner negotiated with senior secured lenders before filing for bankruptcy in January. The accompanying disclosure statement, intended to explain the plan, has blank spaces where projected percentage recoveries for the various creditor

Exclusive Interview with Kevyn Orr- Emergency Manager of Detroit

February 26, 2015

Detroit’s finances are healthier and the city now can focus on repairing its infrastructure, former Jones Day partner and Detroit emergency manager Kevyn Orr told Bloomberg Brief’s Aleksandrs Rozens on the sidelines of the 2015 Distressed Investing Summit in Palm Beach, Florida. Comments have been edited and condensed. Click here to read the full interview.

Bloomberg Brief’s Exclusive Interview with Judge Steven W. Rhodes

February 25, 2015

  Detroit may be back on its feet but other U.S. cities face similar challenges, notably those related to outsize pensions, Judge Steven W. Rhodes of Michigan’s eastern district told Bloomberg Brief’s Aleksandrs Rozens at an industry conference this week. Rhodes was the judge overseeing Detroit’s landmark Chapter 9 case. Comments are edited and condensed. Click

Marketing Communications Firm Tossed Into Saladworks Chapter 11 as Unsecured

February 18, 2015

Star Group, which claims to be the largest women-owned marketing communications firm in the U.S., is among Saladworks LLC’s top unsecured creditors. The claim is in the form of trade debt and it totals $76,720.21. Star Group is based in Voorhees, New Jersey. The Conshohocken, Pennsylvania-based salad franchise filed its bankruptcy papers in Delaware Tuesday listing $10 million to $50 million in

Endeavour Plan on Hold Following Decline in Crude

February 11, 2015

BY BILL ROCHELLE The Endeavour International Corp. reorganization plan was stopped in its tracks by the plunge in the price of crude oil, at least for the time being. Endeavour, an independent oil and natural-gas exploration and production company operating mostly in the North Sea, negotiated a reorganization plan before its Oct. 10 Chapter

Caesars Propels Bankruptcy Index Higher

February 9, 2015

The Bloomberg Corporate Bankruptcy Index rose 58.82 percent from a year ago to a reading of 86.54 in January thanks to Caesars Entertainment Operating Co.’s $19.868 billion Chapter 11 petition. The gauge of recent U.S. bankruptcy activity for corporations with at least $100 million in reported liabilities was up 18.58 percent in January from December. In addition to

Telecommunications Giants Are Among Top RadioShack Unsecured Creditors

February 6, 2015

Sprint Corp. and Verizon Communications are among RadioShack Corp.’s top ten unsecured creditors, according to the electronics retailer’s bankruptcy court documents. Sprint, which plays an integral role in RadioShack’s restructuring with its plan to take over about half of the retailer’s stores, is owed just over $6 million. Its claim is in

RadioShack Is Eleventh Among Top 25 Retail Bankruptcies Since 1995

February 6, 2015

RadioShack, which listed debt of $1.387 billion in its Chapter 11 petition, is the eleventh largest retail bankruptcy by liabilities since 1995, according to data compiled by Bloomberg LP. RadioShack valued its assets at $1.2 billion and has between 50,000 and 100,000 creditors. — Kurt Kester, Bloomberg Data Analyst (Click on the

Take-Two Is Supplier Most Reliant on RadioShack

February 6, 2015

  This chart was taken from the Bloomberg Brief Bankruptcy & Restructuring Newsletter. To take a complimentary 30 day trial click here. 

Duo of U.S. Mall Property REITs Caught Up in Cache’s Bankruptcy

February 5, 2015

Simon Property, the Indianapolis real estate investment trust that manages malls and outlet centers, and General Growth Properties, a Chicago REIT that operates regional malls, are Cache Inc.’s top unsecured creditors, according to court documents. Cache, a women’s clothing chain based in New York, filed its Chapter 11 papers in Delaware on Wednesday. It listed debt of as much