Thomas Lauria News
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The Los Angeles Dodgers have shot out of bankruptcy and into the ranks of baseball’s biggest spenders, fueled partly by a secret agreement between former owner Frank McCourt and Major League Baseball that may limit the revenue the team is obliged to share with less prosperous clubs.
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Creditors of Vitro SAB are urging the Mexican glassmaker to renew talks after a judge rejected the company’s bankruptcy plan last week, said Thomas Lauria , who represents holders of $735 million in defaulted bonds.
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Vitro SAB, the Mexican glassmaker that defaulted on $1.2 billion of bonds last year, plans to ensure creditors approve a debt-restructuring offer by voting $1.9 billion of its intercompany loans in favor of the deal.
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A group of Indiana pension funds that hold first-lien debt of Chrysler LLC objected to a plan to auction the company’s assets and said a U.S. District Court judge should rule on whether the sale is lawful.
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Vitro SAB bondholders may face a “lengthy legal process” while the Mexican glassmaker and a creditors’ group face off in court over an untested area of bankruptcy law, an analyst said.
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A group of LightSquared Inc. lenders that objected to the wireless-network provider’s use of cash collateral owns $1.1 billion of its secured debt and includes Capital Research & Management Co. and Appaloosa Management LP.
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LightSquared Inc. reached an agreement with one group of lenders for a loan and is in talks with other debt holders to use their cash collateral in a bid to avoid liquidation, a lawyer for the company said.
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Tribune Co. said it must rewrite its plan to exit bankruptcy after a deal to divide ownership of the publisher among senior lenders fell apart and managers were excluded from new talks about the company’s future.
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Managers of the Reserve Primary Fund, the $62.5 billion money-market fund whose collapse set off an industrywide run by investors, committed fraud by failing to provide key material facts to investors and trustees, the U.S. Securities and Exchange Commission said in a complaint.
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One of the two bidders vying for the Texas Rangers unsuccessfully tried to stop an ongoing auction for the baseball team, which a lawyer for the group said had become “a mess.”
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