Genco filing for bankruptcy

by Joel R. Glucksman on April 18, 2014

Genco

Genco Shipping & Trading Ltd., owned by New York shipping tycoon Peter Georgiopoulos, is planning to file for protection under Chapter 11 of the bankruptcy law in a debt-for-equity deal that the company has already reached with creditors, according to The Wall Street Journal. Genco now has until April 21 to file in order to stay […]

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momentive

Momentive Performance Materials, Inc. said on April 1 that it is meeting with stakeholders to discuss the restructuring of its debt before it files for protection under Chapter 11 of the bankruptcy law, according to Reuters. The silicon and quartz producer held total liabilities of $4.14 billion as of Sept. 30, the company said in […]

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Coldwater Creek, Inc. may file for bankruptcy

by Joel R. Glucksman on April 15, 2014

coldwater-creek

The women’s clothing retailer Coldwater Creek, Inc. may seek protection under bankruptcy law as early as this week, sources told Bloomberg Businessweek. The company hasn’t been profitable since 2007, and may seek to liquidate its assets in order to repay its creditors. Five months ago, the retailer said that it was exploring “strategic alternatives,” including selling itself, […]

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Detroit decries creditors’ request to delay bankruptcy plan

by Joel R. Glucksman on April 11, 2014

Detroit

Detroit is expected shortly to file an amended bankruptcy restructuring plan, which is anticipated to add details to emergency manager Kevyn Orr’s first version of the plan, according to Detroit Free Press. The amended plan will allow the city to leave bankruptcy with significantly less debt and to invest $1.5 billion over the next decade in blight […]

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Supreme Court to rule on inherited IRAs

by Joel R. Glucksman on April 10, 2014

SUPREMECOURTIRA

The Supreme Court heard oral arguments in a case in which a Wisconsin woman and a bankruptcy trustee are battling over the rights to the $293,000 IRA that the woman inherited from her mother, according to The Wall Street Journal. Heidi Heffron-Clark, 35, and her husband feel that the IRA that Heffron-Clark’s mother passed down to […]

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Energy Future Holdings Corp. closer to bankruptcy deal

by Joel R. Glucksman on April 8, 2014

Energy Future Holdings Corp.

Energy Future Holdings Corp. is closing in on a deal that will allow it to speed up its planned bankruptcy restructuring, according to Bloomberg. Six years ago, the company was bought out in a historic $48 billion leveraged buyout, which left it with debt it couldn’t afford to pay. The company’s board of directors met […]

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Bond insurer creates setback for Detroit bankruptcy plan

by Joel R. Glucksman on April 4, 2014

Detroit

Detroit is continuing to negotiate with its creditors in order to form a plan to emerge from Chapter 9 bankruptcy. In the latest wrinkle, bond insurer the Financial Guaranty Insurance Company, argued in a lawsuit that Detroit’s plan would illegally discriminate against the city’s third largest group of creditors, according to The New York Times. […]

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Kevyn Orr confident for Detroit

by Joel R. Glucksman on April 3, 2014

Kevyn-Orr

One year after his appointment as Detroit Emergency Manager, Kevyn Orr is confident that Detroit will bounce back. According to Reuters, Orr predicts that the city’s plan to get out from under its $18 billion of debt will win court approval by this fall. There are a number of obstacles still standing in the way, […]

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Brookstone to file for bankruptcy

by Joel R. Glucksman on April 1, 2014

Brookstone

The consumer electronic gadgets retailer Brookstone, Inc. may be preparing to file for bankruptcy protection under Chapter 11 of the bankruptcy law, according to Bloomberg. The retailer is in talks with Spencer Spirit Holdings, which may acquire it as part of the deal. According to a March 27 statement, the two retailers are in talks […]

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M*Modal files for bankruptcy

by Joel R. Glucksman on March 28, 2014

M*Modal

M*Modal, a medical service that transcribes recordings of doctors’ voices for internal records, filed for protection under Chapter 11 of the bankruptcy law March 20 in order to reduce its debt, according to Reuters. The company was taken private by One Equity Partners, J.P. Morgan Chase & Co’s private-equity arm, in a $1.1 billion all-cash deal […]

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