Trade Secret Inc. , a 612-store beauty-supply retailer based in Markham, Canada, filed a Chapter 11 petition yesterday in Delaware along with a term sheet to sell the business to former owner Regis Corp. and an entity controlled by the family that bought the company from Regis in January 2009.
Colonial BancGroup Inc. , the bankrupt Montgomery, Alabama-based holding company, has defeated a bid by the Federal Deposit Insurance Corp. to force it to pay almost $1 billion because of the capital deficiency at its Colonial Bank.
Great Atlantic & Pacific Tea Co. will face opposition from secured noteholders at a Jan. 10 hearing for final approval of a secured $800 million loan to finance the reorganization begun Dec. 12 in White Plains, New York.
Innkeepers USA Trust didn’t properly carry out its duties to creditors, U.S. Bankruptcy Judge Shelley C. Chapman ruled last week. Chapman refused to approve an agreement that would have compelled Innkeepers, a real estate investment trust, to pursue a reorganization plan giving the stock to a subsidiary of Lehman Brothers Holdings Inc.