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California lawmakers won’t consider changes to a law that failed to avert three municipal bankruptcies in the past six weeks, an aide to the Senate president said. A labor-backed bill intended to strengthen protections for creditors, including public-employee unions, has been set aside by Senate President Pro Tem Darrell Steinberg, according to Mark Hedlund, a [...]
K-V Pharmaceutical Co., a provider of women’s health-care products, filed for bankruptcy after it said lax federal enforcement and state Medicaid restrictions prevented it from attaining the “full value” of a medicine intended to help pregnant women avoid premature births. The drug company, which sought court protection along with several subsidiaries, listed debt of $728 [...]
Shoe Mania LLC creditors with a total of $3.4 million in claims filed court papers seeking to force the Manhattan retailer into bankruptcy. Clarks Cos., Cole Haan, New Balance Athletic Shoe Inc., Puma North America Inc., Earth Inc., VF Outdoor Inc., Mephisto Inc., Allrounder Inc., Skechers USA and Converse Inc. filed the involuntary Chapter 7 [...]
Vitro Order Blocking Bondholders Extended by Appeals Court Vitro SAB bondholders are blocked from seizing assets of the Mexican glassmaker after a federal appeals court extended a lower-court order during an appeal over the company’s bankruptcy restructuring. Abound Solar to Suspend Operations, File for Bankruptcy Abound Solar Inc., a U.S. solar manufacturer that was awarded [...]
Distressed investors holding residential real estate or securities backed by mortgage loans likely will want to be aware of the latest efforts by local governments to stimulate local economies. Local authorities from San Bernardino County in California and two of its cities have recently joined to create a Joint Powers Authority (JPA) which will seize and [...]
Yellow Media Inc. bondholders are poised to receive a higher recovery rate than they previously predicted after the company unveiled a debt-for-equity swap that slashes its debt by 63 percent and extends maturities to 2018. Read more here>>
Financial services businesses were the leading source of Chapter 11 bankruptcies involving liabilities of $500 million or more in the first half of 2012. Residential Capital’s petition listed $15.3 billion of debt and Arcapita Investment holdings listed $2.55 billion worth of liabilities. Seven Chapter 9 bankruptcies were recorded in the first half of 2012; two [...]
Residential Capital, Hawker Beechcraft Bond Prices Gain After Bankruptcy Petition Prices of Residential Capital and Hawker Beechcraft bonds have risen after both companies filed their Chapter 11 petitions. Residential Capital 9.625 percent debt of 2015 was at 95 cents on Monday, up from 94 cents on May 14. The mortgage finance company petitioned for court [...]
Twenty-two foreign companies looked to protect their U.S. assets with a Chapter 15 in the first half of 2012. Ten of these businesses were Canadian companies, while four were from England and two were from Singapore. New York’s Southern District handled seven Chapter 15s and Delaware served as the venue for five such cases. Elipda [...]
California, Texas, Florida and New York Businesses Top Source of U.S. Chapter 11 Filings In the first six months of 2012, 1,127 Chapter 11 petitions involving liabilities greater than $1 million were filed by U.S. companies, according to data compiled by BLAW. One-hundred and sixty California companies sought court protection, while 110 Florida companies filed [...]
