Retired Detroit public workers sent dozens of handwritten letters to the federal judge overseeing the city’s record municipal bankruptcy, pleading with him to protect their health-care and pension benefits.
Syncora Guarantee Inc. threatened to put another obstacle in the way of Detroit’s efforts to cut debt through bankruptcy by saying it may oppose the city’s plan to pay $85 million to end interest-rate swaps.
USEC Inc., a producer of enriched uranium for nuclear power plants that was sold by the U.S. government in 1998, sought bankruptcy protection with a plan to hand control to noteholders after an oversupply of the fuel hurt its business. The shares fell as much as 29 percent.
LightSquared Inc. said it will ask a judge not to count a “no” vote on its bankruptcy reorganization plan cast by a fund controlled by Dish Network Corp. Chairman Charles Ergen, saying the fund acted in bad faith.
The Bernard Madoff trustee, who will try to reinstate hundreds of lawsuits through an appeal to be argued March 5 in Manhattan, had his chances of success dealt a blow last week when the U.S. Supreme Court decided a case involving R. Allen Stanford’s Ponzi scheme.