Bankruptcy judge Christopher Sontchi has denied the request of Six Flags' creditors to file a competing bankruptcy reorganization plan and extended by 60 days the exclusive right of Six Flags to reorganize the company in bankruptcy. The bankruptcy court agreed with Six Flags that allowing creditors to submit a competing bankruptcy plan would have endangered [...]
Pilgrim's Pride which filed for bankruptcy last December with $2.72 billion in debt is preparing to exit bankruptcy. The nation's largest chick processer has secured $1.65 billion in proposed financing and is planning to ask a bankruptcy judge for approval of their plan to exit bankruptcy next week. However, the plan faces the challenges from [...]
Charter Communications Inc. has emerged from Chapter 11 bankruptcy with only $13 billion in debt. Charter filed bankruptcy in March with $21.7 billion of debt. Their bankruptcy plan has wiped out $8 billion of debt and reduced their interest costs to $830 million a year. Bondholders who exchanged $8 billion of debt end up owning [...]
A Texas judge ruled that State Farm Insurance must repay $310 million in premiums and back interest to Texas customers for overcharging them on homeowner policies. The ruling will affect State Farm Lloyds residential policies between September 2003 and July 2008. The refund is far less than the $1 billion that consumer advocates wanted, prompting [...]
According to an article in the Star-Telegram, workers have rejected contract changes that would have allowed Ford Motor Co. to cut labor costs and remain competitive with Chrysler and GM, both of which recently emerged from bankruptcy. The article said: "Ford sought the deal to bring its labor costs in line with Chrysler Group LLC. [...]
According to an article in the Star-Telegram, CIT Group's Chapter 11 bankruptcy is a source of angst for the nation's small and mid-sized retailers, many of whom rely on the lender for credit. CIT Group insists that its bankruptcy will not cause disruptions for the already instable retail industry which has watched revenues drop since [...]
According to an article in the Star-Telegram, a federal bankruptcy judge approved the sale of the historic Ridglea Theater to FixFunding through a process called "deed in lieu of foreclosure." Using the "deed in lieu of foreclosure" process will allow the debtor to return the property to the lender, avoid foreclosure and escape the loan [...]
According to an article in the Star-Telegram, FairPoint Communications filed for Chapter 11 bankruptcy protection Monday after agreeing to a debt reduction deal with its creditors that will lower its debt by 62 percent. FairPoint, owns and operates phone companies in 18 states with a total of 1.65 million lines. The company has been struggling [...]
If your employer files for bankruptcy your retirement plan could be at risk. Here's what you need to know: If your employer files Chapter 7 bankruptcy, which is a total liquidation, your pension plan will be automatically terminated. Pension plans which are terminated in Chapter 7 bankruptcy are insured by the Pension Benefit Guaranty Corporation; [...]
According to an article in the Dallas Morning News , Idearc, Inc. bondholder (MatlinPatterson Global Opportunity Partners) is challenging the viability of the company's bankruptcy exit plan and is asking the bankruptcy court to strip control of the bankruptcy case from the publisher. The article: "Idearc's proposed bankruptcy exit plan is based on an agreement [...]
