Bankruptcy & Restructuring >>>
Nationstar Mortgage Holdings Inc. and Ocwen Financial Corp., which have seen their share prices more than double this year, are battling to become the largest non-bank home-loan servicers in a consolidating industry. They’ll resume bidding today in a bankruptcy auction in a midtown Manhattan hotel for Residential Capital LLC’s loan- servicing unit after trading competing offers in a session that lasted into the evening. [...]
Bill Rochelle’s Wire Mexican Government Sides With Vitro in U.S. Appeal The Mexican government filed papers urging a U.S. appeals court to reverse a lower court and enforce the reorganization of Vitro SAB in the U.S. Continuing to side with holders of $1.2 billion in defaulted Vitro bonds “may substantially complicate further bankruptcy cooperation between courts in [...]
Paulson & Co. and Winthrop Realty Trust don’t own the land underneath the bankrupt Grand Wailea Resort Hotel and Spa in Hawaii, at least according to Sir Edward Cooper, whose letterhead says he is the Diplomatic Emissary for the Sovereign Nation of Akua. Cooper wrote in September to U.S. Bankruptcy Judge Sean Lane, telling him [...]
AMR Corp., the airline owner that’s under bankruptcy court protection, is attempting to trim $200 million of interest expense by forcing investors to sell back $1.3 billion of secured notes at below-market prices. The owner of American Airlines is seeking court permission to repay debt backed by jets while avoiding having to pay bondholders as much as 50 percent more than face [...]
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California, Florida and Arizona Lead Chapter 11 Petition Activity In the third quarter, 500 Chapter 11 petitions involving liabilities greater than $1 million were filed by U.S. companies, according to data compiled by BLAW and Bloomberg Brief. Twenty-nine businesses sought court protection in Arizona and 28 filed in Florida’s middle district. New York’s Southern District was [...]
American Greetings Corp. disclosed in an annual report to the U.S. Securities and Exchange Commission that it bought stores and financial assets from Clinton Cards Plc, a U.K. greeting card business in administration, a process similar to Chapter 11 bankruptcy in the U.S. Before entering administration, Clinton Cards had 750 stores and annual revenue of about $600 million [...]
Atwater, California, declared a fiscal emergency and told almost a quarter of its city employees they will lose their jobs as it seeks to avoid becoming the state’s fourth city to seek bankruptcy protection. The town of 28,000, situated among Merced County’s dairies and almond groves about 100 miles (160 kilometers) southeast of San Francisco, has a $3.3 million deficit that may leave [...]
Power producer Dynegy Holdings LLC said it was implementing the bankruptcy reorganization plan yesterday that the U.S. Bankruptcy Court in Poughkeepsie, New York approved with a Sept. 10 confirmation order. Dynegy Holdings filed under Chapter 11 in November. The direction of the bankruptcy changed in March when examiner Susheel Kirpalani issued a report saying that [...]