An investigative report on Ally Financial Inc.’s relationship with its bankrupt mortgage arm, Residential Capital LLC, may affect settlement talks between the companies and creditors who blame Ally for $25 billion in potential claims.
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.
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.
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.
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.
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.
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.
Claims for so-called soft dollar accounts against the brokerage unit of Lehman Brothers Holdings Inc. don’t qualify as customer claims and thus aren’t eligible for payments of as much as $500,000 each from the fund maintained by the Securities Investor Protection Corp., a bankruptcy judge ruled.