Here are the latest reports from the Wall Street Journals “Bankruptcy Beat”.
U.S. Regional Carrier Republic Airways Enters Chapter 11
Regional carrier Republic Airways filed for bankruptcy, Abengoa wants a bond-repayment extension, and a private ambulance company owned by Lynn Tilton filed for bankruptcy.
Next Week in Bankruptcy
GT Advanced wants approval of its bankruptcy-exit plan, Alpha Natural’s sale process will go up for approval, and Molycorp is holding a bankruptcy auction.
Caesars Can Avoid Trial for Now
Caesars can avoid a $7 billion trial for now, Dewey executives got grand larcency charges against them dropped, and RCS Capital says executives are getting poached.
Coming and Going Concerns
Check out the latest bankruptcy moves: Jason Cohen, Perry Mandarino and Jack Williams
Magnum Hunter Cleared to Send Bankruptcy Plan for Vote
Magnum Hunter Resources was cleared to send its bankruptcy plan for a vote, living wills could be a big headache for Dodd-Frank, and Detroit’s bankruptcy judge was tapped to lead the city’s public schools through crisis.
Sports Authority Enters Bankruptcy, Could Shut Down Without Buyer
Sports Authority filed for bankruptcy, and so did oilfield servicer GreenHunter Resources. Also, a Lynn Tilton-controlled ambulance company blames Wells Fargo for its collapse.
Sports Authority Seeks to Honor Gift Cards, Rewards Program in Chapter 11
If you have a Sports Authority gift card, take heart—one of the retailer’s first requests in its new chapter 11 bankruptcy case is to continue honoring them
Here’s the List of Sports Authority Stores on the Block
The Sports Authority Inc., which filed for chapter 11 bankruptcy protection Wednesday, has earmarked about 140 of its 463 stores for closure or sale in the coming months, as well as two distribution centers.
Operator of Texas Toll Road Enters Bankruptcy
A Texas toll-road operator filed for bankruptcy, Sports Authority is getting until April to find a buyer, and former TransCare employees are suing Patriarch Partners.
Number of Troubled Companies Nears 2009 Peak
A Moody’s Investors Service tally of the least-creditworthy companies rose by 10 to 274 this month, pushing it nearer to April 2009’s record 291
U.S. Unit of Abengoa files for Chapter 11 Protection
Abengoa Bioenergy US filed for bankruptcy, KaloBios still wants to buy a drugs that treats Chagas disease, and Bernard Madoff’s trustee said he has new evidence on someone helping in the fraud.
50 Cent Posts Another Cash Stack Photo
Bankrupt rapper 50 Cent has posted yet another picture of himself posing in front of a mountain of bills just days after a bankruptcy judge ordered him to court to explain whether he’s being fully truthful about his financial situation.
Molycorp Creditors Reach Deal With Oaktree
Molycorp creditors reached a deal with Oaktree, a federal watchdog wants an investigation into 50 Cent’s finances, and prosecutors wants to declare a lawyer accused of stealing $20 million a flight risk.
Justice Department Calls for Investigation of 50 Cent’s Finances
A Justice Department watchdog wants an investigation into rapper 50 Cent’s financial affairs, saying pictures of him flashing cash on social media sites “are potential evidence of serious misconduct.”
The Examiners: Courts Have the Tools to Keep Claims Trading in Check
Jay Goffman of Skadden debates the role of claims trading in the chapter 11 process.
Alpha Natural Resources Sale Worries U.S. Over Environmental Obligations
The U.S. government worries Alpha’s sale ignores environmental obligations, Atlantic City’s mayor isn’t happy with New Jersey’s takeover plan, and the New York City Opera outlined its 2016 season.
Coming and Going Concerns
Check out the latest bankruptcy moves: Jonathan Levine, Lorenzo Mendizabal and David D. Watson
U.S. Subsidiaries of German Wood Pellet Maker Enter Bankruptcy
The U.S. subsidiaries of a German wood pellet maker filed for bankruptcy, 50 Cent was ordered to court over Instagram photos, and a Chinese state-run ship builder may need to delist if it can’t restructure.
Next Week in Bankruptcy
Next week, Alpha Natural Resources, Metropolitan Automotive Warehouse and Park Place of Elmhurst are all on the bankruptcy docket.
Judge Orders 50 Cent to Bankruptcy Court Over Instagram Photos
A bankruptcy judge said rapper 50 Cent’s Instagram photos are raising questions about whether he is being truthful about his financial situation.
The Examiners: Long History Backs Up Role of Claims Trading in Bankruptcy
Jack Butler of Hilco debates the role of claims trading in the chapter 11 process.
The Examiners: Claims Traders’ Motivations Irrelevant
Brett Miller of Morrison & Foerster debates the role of claims trading in the chapter 11 process.
Saratoga Resources Seeks to Avoid ‘Calamitous End’ to Restructuring
Oil and gas producer Saratoga Resources wants to avoid a “calamitous” end to its restructuring, investors are clamoring for energy shares, and Kmart plans to sell merchandise of bankrupt retailers.
The Examiners: Beware Over-Disclosure in Claims Trading
Marc Leder of Sun Capital debates the role of claims trading in the chapter 11 process.
The Examiners: Increasing Disclosures Would Chill Claims Trading
Sharon Levine of Lowenstein Sandler debates the role of claims trading in the chapter 11 process.
Caesars Bankruptcy End May Be in Sight
And end to the Caesars bankruptcy may finally be in sight, Arch Coal is battling creditors over a $275 million bankruptcy loan, and there is some new proposed legislation for Atlantic City.
Examiner’s Report May Help Bring End to Caesars Bankruptcy
An end to the chapter 11 restructuring of Caesars Entertainment Corp.’s operating unit may finally be in sight with the upcoming release of a court-appointed examiner’s report.
The Examiners: A Healthy Secondary Market Helps Restructurings
Perry Mandarino of PwC debates the role of claims trading in the chapter 11 process.
The Examiners: Rise of Claims Trading Complements 363 Sales
Mark Roe of Harvard Law debates the role of claims trading in the chapter 11 process.
The Examiners: Claims Trading Puts Integrity of Chapter 11 at Risk
Anders J. Maxwell of Peter J. Solomon debates the role of claims trading in the chapter 11 process.
Maple Bank Administrator Seeks Chapter 15 in New York
A German administrator sought chapter 15 for Maple Bank’s U.S. assets, prosecutors will drop charges against a former Dewey employee in a year, and 50 Cent equated a bankruptcy plan to modern-day servitude.
50 Cent Says Bankruptcy Plan Would Be Like Indentured Servitude
Bankrupt rapper 50 Cent says the debt-repayment proposal up for review by a judge later this week would subject him to a form of modern-day servitude.
The Role of Claims Trading in Bankruptcy
Our expert panel of Examiners will tackle the question: Overall, does claims trading help or hinder the chapter 11 process?
Coming and Going Concerns
Check out some of the latest moves in the bankruptcy world: Jared Clark, Bruce Dopke, Gregg Galardi and Heidi Sorvino
Why You Might Go Bankrupt If Your Next-Door Neighbor Wins the Lottery
New research from the Philadelphia Fed shows a spike in bankruptcy filings by neighbors of recent lottery winners.
Drilling Rig Operator Paragon Enters Bankruptcy
Paragon Offshore filed for bankruptcy, Atlantic City is getting closer to insolvency, and European banks fear energy-sector bankruptcies.
Bankrupt Recycling Firm Paid for CEO’s Son’s Racing Career
In the 20 months before filing for bankruptcy, recycler Zloop spent roughly $1.7 million for a Kyle Busch Motorsports racing-sponsorship deal that made the CEO’s son the lead driver.
Next Week in Bankruptcy
Caesars is getting one step closer to a restructuring deal, Joyce Leslie is holding an auction, and Fresh & Easy wants to stay in control of its bankruptcy.
Sundevil Holdings Files for Chapter 11 Bankruptcy
Power-plant operator Sundevil Holdings filed for bankruptcy, oil is sliding toward $25 a barrel and will create more cuts for struggling companies, and Revel owner Glenn Straub is picking a legal bar brawl with restaurant owners.
Revel Owner Glenn Straub, Casino Restaurants Pick Legal Bar Brawl
Glenn Straub is “at it again,” according to lawyers for a handful of deserted restaurants trapped inside the shuttered Revel Casino Hotel in Atlantic City, N.J.
Government Watchdog Targets A&P Bankruptcy Expenses
Hundreds of dollars in car-service charges, meals costing $50 a head and overly expensive copying charges are among the expenses that a government watchdog is targeting in supermarket operator A&P’s bankruptcy case.
Shell of Mobile Accessory Company Targus Files for Bankruptcy to Wind Down
The shell of Targus International filed for bankruptcy, SunEdison is facing more woes, and KKR knows the hard way that oil and debt don’t mix.
Lenders to Alpha Natural Offer $500 for Coal Assets
Alpha Natural lenders are offering $500 million for core coal assets, MF Global’s liquidation is coming to an end, and oil companies with too much debt are facing a big reckoning.
Corporate Law Firms Reach New Billing Heights
Billing rates at big corporate law firms have reached a new pinnacle, supermarket chain Fairway says it could breach its loan agreement, and Chesapeake says it has not plans to file for bankruptcy.
Bankruptcy Provides Window Into Law Firm Billing Practices
Companies seeking the fresh start of bankruptcy aren’t the only ones that have to contend with the transparency that is at the heart of chapter 11. It also applies to the lawyers and other professionals who work on the cases.
Martin Shkreli’s Failed Last Play for a Pharmaceutical Coup
Martin Shkreli’s last supposed big pharmaceutical coup before he was arrested on securities-fraud charges involved a decades-old drug that is used in many parts of the world to treat Chagas disease. Word of the deal sent the stock of Mr. Shkreli’s company, KaloBios Pharmaceuticals Inc., skyrocketing. But KaloBios never got around to buying it.
Zinc Producer Horsehead Holding Files for Chapter 11
Zinc producer Horsehead Holding filed for chapter 11, and so did Port of Oakland tenant Outer Harbor Terminal. Also, Lynn Tilton agreed to open tlalks with bondholder MBIA.
Natural-Gas Company Peregrine Midstream Enters Chapter 11
Peregrine Mistream filed for bankruptcy, Relativity Media won approval to leave bankruptcy, and a watchdog wants an independent trustee for KaloBios.
Caesars Tackles Gordon Ramsay Restaurants in Bankruptcy
As part of its bankruptcy cost-cutting efforts, Caesars Entertainment Operating Co. is targeting Gordon Ramsay. The casino company negotiated new deals to allow the celebrity chef to keep operating his Gordon Ramsay Pub & Grill restaurants at Caesars Palace in Las Vegas and Caesars Atlantic City.
Pharma Company KaloBios Still Looking to Buy Chagas Disease Drug
KaloBios is still in talks to buy a drug that treats Chagas disease, Caesars is looking for a restructuring mediator, and SFX Entertainment won approval to start spending on its loan.
KaloBios Won’t Get Bankruptcy Trustee to Oversee It
KaloBios won’t a get bankruptcy trustee to oversee it, Sports Authority id readying for bankruptcy, and Freedom Industries got fined.
Next Week in Bankruptcy
Lehman wants a settlement approval, Magnum Hunter wants to poll creditors on a proposed restructuring plan, and Alpha Natural Resources wants to keep some mines.
Rich Dad Broke Dad?
A seminar promoter owed nearly $24 million for arranging speaking gigs for Robert Kiyosaki, the best-selling author of “Rich Dad Poor Dad,” is fighting for access to a secret lawsuit.
Corporate Bankruptcy Filings Rise Nearly 13% in January
The number of U.S. corporate bankruptcy filings increased nearly 13% in January, while bankruptcy filings overall declined.
Tennessee Coal Company Noranda Files for Bankruptcy
Coal company Noranda filed for bankruptcy, American Apparel left bankruptcy, and Lynn Tilton is stepping down from some funds.
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