J.C. Penney Co., which last week asked a Delaware judge to schedule a trial in April over its dispute with bondholders threatening to declare the company in technical default, said today it received a letter from holders’ lawyers withdrawing and rescinding the default.
J.C. Penney Co. asked a Delaware judge to schedule a trial in April over its dispute with bondholders threatening to declare the company in technical default, seeking an order in the meantime to maintain the status quo.
Credit Suisse Group AG’s DLJ Mortgage Capital unit faces a lawsuit by a trust seeking repurchase of defective loans in a pool of more than 5,000 mortgages with an aggregate principal balance of about $1 billion.
Verizon Communications Inc. was sued this week by the creditors’ representative of former unit Idearc Inc. in a complaint alleging that the 2006 spinoff was a fraudulent transfer designed to generate $9.5 billion for the second-largest phone company in the U.S.
Citigroup Inc. and the U.S. Securities and Exchange Commission defended their $285 million settlement of claims that the bank misled investors in collateralized debt obligations as a judge questioned whether the deal is in the public interest.