Sandra Hatfield, the former chief operating officer of a body armor firm formerly known as DHB Industries Inc., was sentenced to seven years in prison in a $190 million fraud and insider-trading scheme, the U.S. said.
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.
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.
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.
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.