Detroit’s bankruptcy judge will interview five candidates so he can choose one to help decide whether the city’s debt-adjustment plan is viable, including Richard Ravitch, who helped New York City resolve its fiscal crisis in the 1970s.
Richard Li, the son of Hong Kong’s richest man Li Ka-shing, may have almost quadrupled his investment on a U.S.-backed loan to the bankrupt Fisker Automotive Holdings Inc., according to a settlement agreement.
Momentive Performance Materials Inc., a maker of silicones and quartz products, filed for bankruptcy after struggling to make payments on debt dating to its 2006 buyout by Leon Black’s Apollo Global Management LLC.
Glacial Energy Holdings, a provider of electricity and natural gas services in 20 states, filed for bankruptcy with a plan to sell its assets to a lender after another potential buyer walked away from a deal.
Coldwater Creek Inc., a women’s clothing retailer that hasn’t posted an annual profit since 2007, filed for bankruptcy protection with a plan to start going-out-of-business sales in time for Mother’s Day.
Mach Gen LLC, the owner of three natural-gas fired power plants, will cut debt by about $1 billion as it exits bankruptcy after winning court approval of a prepackaged restructuring plan in just over a month.
Detroit won permission to pay UBS AG and Bank of America Corp. about $85 million to cancel interest-rate swaps, a deal that may help the city speed the end of the biggest-ever U.S. municipal bankruptcy.