Bankruptcy & Restructuring

Cengage With $6.5B in Debt Is Top Chapter 11 Debtor to Exit Bankruptcy Court

January 5, 2015

Cengage Learning, a college textbook publisher that filed for court protection in July 2013, was the largest Chapter 11 debtor by liabilities to exit bankruptcy court protection in 2014. Cengage, which exited court protection in March 2014, was the largest Chapter 11 case by liabilities in 2013. The company listed debt of $6.47 billion when it filed in New

Chapter 11 Caseload Down 17 Percent in Dec. 12 Week From Year Ago Pace

December 17, 2014

  Twenty-nine Chapter 11 bankruptcy cases involving assets and liabilities of $1 million or more were filed in the week ended Dec.12, down 17 percent from 35 in the same period a year ago. Chapter 11 petitions are down 28 percent from the week ended Dec.5 when there were 40 such cases. The largest cases in the

Michigan Governor Sets End for Detroit Emergency

December 10, 2014

Michigan Governor Rick Snyder said Detroit’s financial emergency will end when its bankruptcy plan receives final approval and accepted the resignation of Kevyn Orr, the lawyer he appointed to run the city. “Financial conditions of the city will be corrected in a sustainable fashion,” Snyder wrote in a letter to Orr that his

Alek Rozens

Bankruptcy & Restructuring Podcast-12.9.14

December 9, 2014

Aleks Rozens discusses how Bloomberg’s Corporate Bankruptcy Index fell in November from October and a year ago. Click here to listen. 

Bankruptcy 12.3.14

RadioShack 2019 6.75 Percent Bond Yields Spike to Record High

December 3, 2014

Yields of RadioShack 2019 bonds vaulted 26 percent to a record high of 51.996 percent Tuesday from Monday’s 41.275 percent on news that a lender said the retailer fell out of compliance on a $250 million loan. Yields of these senior unsecured securities sold by the electronics retailer in 2011 were as low as 29.387 percent as recently as Oct. 20. This chart was taken

Ten Chapter 15 Petitions in 2014 Listed $1 Billion or More in Debt

November 26, 2014

JSC Alliance Bank, the Kazakhstan-based financial institution which filed a Chapter 15 petition on Nov. 20 in New York’s southern district, is the tenth such bankruptcy from a foreign debtor listing liabilities of $1 billion or more this year. Last year, four of 36 Chapter 15 petition’s involved debt of $1 billion or more. To date, 26

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