Bank of America NA was on the losing end of an opinion in which the bankruptcy judge ruled Lehman Brothers Holdings Inc. is entitled to the return of $500 million that the bank improperly set off in violation of the so-called automatic stay.
Discount retailer Loehmann’s Inc. , unable to complete an exchange offer in October, filed a Chapter 11 petition today in New York with agreement on a plan to swap $110 million in secured notes for the new equity.
Publisher Tribune Co. announced yesterday that mediation resulted in agreement with some creditors on a reorganization plan along the lines proposed earlier this month by creditors Oaktree Capital Management LP and Angelo Gordon & Co.
The hopes of Quebecor World (USA) Inc. creditors for a major payday were dashed again when a district judge upheld dismissal of a lawsuit to recover $376 million for bonds repurchased within three months of the company’s bankruptcy in January 2008.
The bankruptcy judge for the Texas Rangers professional baseball club had barely given formal approval yesterday for auction procedures before secured lenders filed a motion asking for reconsideration.
Syms Corp. and the discount retailer’s official shareholders’ committee are opposing a request by the official creditors’ committee to delay a hearing related to the global settlement announced last week.
Marco Polo Seatrade BV reached an agreement with creditors Credit Agricole SA and Royal Bank of Scotland Group Plc to use its cash collateral amid criticism from the banks that it wrongly filed for bankruptcy in New York.
Lehman Brothers Holdings Inc. , whose $11 billion suit against Barclays Plc is drawing to a close, is going after JPMorgan Chase & Co. as the next deep pocket to pay creditors in the biggest U.S. bankruptcy.