Bankrupt Companies in the News

Legal fallout continues from Coyotes bankruptcy
NEW YORK- (AP) The nearly yearlong legal battle between the National Hockey League and former Phoenix Coyotes owner Jerry Moyes isn't over yet. The NHL filed a breach of contract lawsuit against Moyes and his family on Friday, alleging that the trucking magnate violated a number of league
9 Mar 2010 at 3:20pm

General Growth gets offer of $3.93B investment
CHICAGO-(AP) Two major investors in General Growth Properties re joining Brookfield Asset Management in offering to inject a combined $6.5 billion in fresh funds into the shopping mall operator to help it emerge from bankruptcy protection. General Growth said in a statement late Monday that its b
9 Mar 2010 at 6:01am

AbitibiBowater and union reach tentative deal
TORONTO- (AP) The world's largest newsprint maker AbitibiBowater says it has reached a tentative labor deal with the majority of its unionized Canadian workers, which could help the insolvent newsprint giant emerge from bankruptcy protection later this year. David Coles, national pres
8 Mar 2010 at 2:37pm

Trial begins on Six Flags reorganization plan
WILMINGTON, Del.- (AP) Six Flags Inc. on Monday began defending its proposed Chapter 11 reorganization plan, which would give holders of senior secured notes issued by its operating subsidiary more than 90 percent of the equity in the new company. Holders of junior notes issued by
8 Mar 2010 at 2:34pm

U.S. Supreme Court rules attorneys are debt relief agencies
WASHINGTON, D.C. (Mealey’s) — The U.S. Supreme Court today affirmed an Eighth Circuit U.S. Court of Appeals ruling that attorneys are debt relief agencies when they provide qualifying services but reversed the appellate court’s ruling that a portion of the federal bankruptcy abuse
8 Mar 2010 at 6:44am

Judge approves MediaNews parent's bankruptcy plan
SAN FRANCISCO-(AP) A bankruptcy judge approved Affiliated Media Inc.'s reorganization plan Thursday and freed the publisher of the San Jose Mercury News and 53 other daily newspapers from most of its debt as it tries to boost its sagging revenue. The confirmation of the reorganization plan in D
5 Mar 2010 at 2:53pm

GM to reinstate 600 dealerships slated to be cut
NEW YORK- (AP) General Motors Co. will reinstate 661 dealerships it sought to drop from its sales network. GM executives said Friday that the dealerships more than half of those seeking to stay with the automaker will receive letters giving them the option to remain open. GM said it would n
5 Mar 2010 at 2:51pm

Tribune bondholders sue over 2007 buyout
DOVER, Del.- (AP) Bondholders in the Tribune Co.'s Chapter 11 bankruptcy case are suing the banks that financed the media company's 2007 leveraged buyout, claiming they knew that the resulting debt load would leave Tribune insolvent. The lawsuit was filed in U.S. Bankruptcy Court in
5 Mar 2010 at 12:27pm

Radisson getting facelift, $1.5B US infusion
MIAMI-(AP) Radisson hotels are getting a $1.5 billion luxury rebranding and facelift in the U.S., owner Carlson Hotels Worldwide announced Wednesday, even as the industry struggles with crushing debt and plummeting revenue. Radisson, forever underperforming in the U.S., will be remade into
4 Mar 2010 at 8:09am

Bankruptcy court gives General Growth more time
LOS ANGELES-(AP) Shopping mall operator General Growth Properties Inc. will have four more months to sort out its exit from Chapter 11 bankruptcy and weigh buyout offers. U.S. Bankruptcy Judge Allan Gropper in New York on Wednesday extended the period of time the company has to exclusively f
4 Mar 2010 at 8:12am

Pending home sales fall 7.6 pct. in Jan
WASHINGTON-(AP) The number of buyers who agreed to purchase a home fell sharply in January, a sign that demand for housing is sinking this winter as stormy weather slammed Eastern states. Record snowstorms in January and February had many Americans shoveling sidewalks and driveways instead of com
4 Mar 2010 at 8:06am

CIT Group expects $900M loss in 4Q, $4B for year
NEW YORK-(AP) CIT Group Inc., a commercial lender forced into bankruptcy protection last year as customers fell behind on repaying loans, said Monday that it expects to report a loss of about $900 million in the fourth quarter and about $4 billion for the year. Those numbers, however, do not incl
2 Mar 2010 at 3:45pm