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Bankruptcy & Restructuring

New York’s Southern District Is Busiest Venue for Chapter 15 Cases

November 19, 2014

New York’s southern district has served as the venue for 11 of 25 Chapter 15 petitions filed by foreign debtors so far this year, making it the busiest court for these bankruptcies. Delaware was the second-busiest venue for Chapter 15 cases. Four debtors have chosen Wilmington’s court as a venue. Some of the largest Chapter 15s

Detroit Judge Looked to Conscience in Approving Plan

November 17, 2014

When judges approve bankruptcy plans, they typically examine the exact words of the statute and carefully parse the facts. When U.S. Bankruptcy Judge Steven Rhodes signed off on Detroit’s debt-adjustment proposal, he answered the thorniest questions by looking to his conscience and sense of morality. Detroit’s municipal bankruptcy, the largest in U.S. history, culminated

ITR Concession Tops Ch. 11 Cases Filed in Third Quarter

November 12, 2014

ITR Concession, the operator of the Indiana Toll Road, was the largest Chapter 11 bankruptcy by liabilities filed in the third quarter, according to data compiled by Bloomberg LP. The toll road operator won court approval of a plan to exit bankruptcy last month. ITR listed just over $6 billion of debt in its Chapter 11 papers. ITR,

Chapter 9 Caseload Increases in First Three Quarters of 2014

November 5, 2014

While none of the Chapter 9 cases in the first three quarters of this year tops Detroit’s landmark 2013 filing in terms of debt owed, the total number of petitions by municipal borrowers rose to nine from seven for all of last year. Two of the cases were from Arkansas and ended up in Arkansas’ western district: Washington

Delaware Takes on 26 Large Chapter 11 Cases From Businesses in Q1 to Q3 Period

October 29, 2014

Delaware was the busiest venue when it comes to Chapter 11 petitions from businesses involving assets and liabilities of $50 million or more in the first three quarters of 2014. In the Jan. 1 to Sept. 30 period, Delaware served as the venue for 26 of 53 large cases, according to data compiled by Bloomberg Brief. A year

Ebola Threat Sends Airline CDS Higher, Equity Prices Lower

October 23, 2014

The cost of insuring airline debt against defaults has trended higher and airline equity prices have declined as fear mounts surrounding a global Ebola outbreak. Click here to read the entire article.

Share of Single Asset Real Estate Chapter 11 Petitions Dips Slightly in Q3 Year on Year

October 22, 2014

Fifty-five of the 262 Chapter 11 cases filed by businesses with $1 million or more in assets and liabilities in the third quarter were debtors identified as single asset real estate. That represents 21 percent of cases in the quarter. That’s down slightly from the same quarter of 2013 when 84 of 384 Chapter 11 cases from businesses,

Brazilian Businesses Drive Chapter 15 Activity in First Three Quarters

October 15, 2014

Brazilian businesses such as Rede Energia, Petroforte Brasileiro de Petroleo Ltda. and Lupatech accounted for 27 percent of the 22 Chapter 15s filed in the first three quarters of 2014. Canada, which last year was the biggest source of Chapter 15 activity, saw only three such cases filed by companies. The Canadian debtors were Essar Steel, Veris Gold and

Bloomberg Corporate Bankruptcy Index Shows Decline Since Q2

October 8, 2014

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

Houston Sports Network Proposes Retention Bonuses

October 1, 2014

Houston Regional Sports Network LP is trying to keep workers from quitting even though they’ll all lose their jobs if the business is sold to AT&T Inc. and DirecTV, as proposed in a plan up for approval at hearing beginning tomorrow. The broadcaster of Astros and Rockets games is seeking to pay its