U.S. Bankruptcy Court News
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Citigroup Inc. asked the judge overseeing American Airlines’ bankruptcy to force the carrier to decide by July 2 whether to retain the bank’s partnership in its loyalty credit-card and mileage program or risk a multibillion- dollar claim.
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American Airlines’ proposal to pay a $20 million severance to Chief Executive Officer Tom Horton as part of the carrier’s merger with US Airways Group Inc. is opposed by the U.S.
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Ally Financial Inc., the auto lender majority-owned by the U.S. government, agreed to pay $2.1 billion to avoid lawsuits related to its bankrupt mortgage unit, Residential Capital LLC.
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TPO Hess Holdings Inc., a printer of commercial and educational materials, filed for bankruptcy protection from creditors, citing a slump in the industry and the global economic downturn.
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Lehman Brothers Holdings Inc., which is gathering money for its next payment to creditors, said it received bids of almost $1.9 billion at an auction for $4.2 billion of claims on its defunct brokerage, Lehman Brothers Inc.
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KidsPeace Corp., the owner of a nonprofit psychiatric hospital for teenagers in Pennsylvania, filed for bankruptcy blaming government spending cuts.
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Insurers fighting Pittsburgh Corning Corp.’s reorganization asked a judge to rescind her initial approval of the building-supply company’s plan to exit bankruptcy.
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B456 Systems Inc., the bankrupt electric-car battery maker formerly called A123 Systems Inc., won court approval of a plan to exit bankruptcy that pays creditors from the proceeds of selling virtually all its assets.
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Bondex International Inc., the bankrupt unit of Rust-Oleum maker RPM International Inc., may owe current and future victims of asbestos poisoning $1.17 billion, a judge estimated.
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California Public Employees’ Retirement System, the biggest U.S. public pension fund, is trying to ban a law firm from representing a creditor in the bankruptcy of the city of San Bernardino.
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