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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 [...]
ConocoPhillips Co. rebutted arguments by the U.S. Commodity Futures Trading Commission that letters of credit don’t give a commodity customer protection from losing collateral if the broker goes bankrupt after misappropriating customer deposits. The issue is arising in the liquidation of commodities broker MF Global Inc. The trustee for MF Global took the position that regulations promulgated [...]
American Airlines’ widening rift with its pilots’ union threatens to delay the bankruptcy restructuring of parent AMR Corp. and improve the chances for a takeover by US Airways Group Inc. While AMR’s unsecured-creditors committee wants a contract approved by pilots before leaving Chapter 11, Fort Worth, Texas-based American is imposing cost cuts spurned by the union. No new talks are [...]
