Synovus Financial Corp. investors, led by two pension funds, reached an $11.8 million settlement of a lawsuit against the bank over more than $200 million in soured loans to the Georgia luxury resort Sea Island Co., according to a court filing.
Trico Marine Services Inc. , a provider of support vessels for the offshore oil and natural-gas industry, filed a motion on Dec. 6 seeking approval of a settlement with holders of high-yield secured notes issued by operating companies not in bankruptcy.
Vitro SAB , Mexico’s largest glassmaker, agreed to dismiss the Chapter 15 petition it filed in New York in mid-December, according to a document submitted yesterday to the U.S. Bankruptcy Court in Fort Worth, Texas, where bondholders filed involuntary Chapter 11 petitions a month earlier against Vitro’s U.S. subsidiaries.
Philadelphia Newspapers LLC is aiming to put the company up for auction again next week after the Teamsters union blocked a court-approved sale of the publisher of the Philadelphia Inquirer and Philadelphia Daily News to secured lenders.
American Safety Razor Co. , the fourth-largest maker of wet-shaving blades, filed a Chapter 11 petition yesterday where the company will be sold to first-lien lenders in exchange for debt unless second-lien creditors make arrangements to pay off the senior creditors within seven weeks.
Discount retailer Loehmann’s Inc. received approval from the bankruptcy court for a commitment agreement allowing its reorganization plan to be partly financed with a new $25 million investment from current owner Istithmar World PJSC and Whippoorwill Associates Inc.
Last year, Marc Kaye suffered a cash shortage. He had tuition to pay at three colleges -- including Harvard and Columbia -- and his insurance business wasn’t generating enough commissions to cover the bills.