LightSquared Inc seemed to have marked a small milestone towards getting out of bankruptcy when on Friday, it told a state court that it has been working with its creditors regarding a plan to restructure the company's assets.
Bankruptcy
U.S. bankruptcy judge approves Detroit water/sewer bond plan
A U.S. bankruptcy court judge on Monday approved Detroit's proposal to repurchase nearly $1.5 billion of existing water and sewer revenue bonds tendered by investors and to refinance the debt to save money.
Genco Shipping & Trading files for Chapter 11 bankruptcy protection
Genco Shipping & Trading has filed for Chapter 11 bankruptcy protection on Monday as it planned to restructure the company and emerge immediately from bankruptcy although it did not provide a specific time frame for the move.
Mt. Gox issues new statement on website
Mt. Gox has posted a new statement which shed more light on the company's financial situation and validated the contents of a document leaked earlier, TechCrunch reported.
Pizza chain Sbarro said to be readying second bankruptcy filing
Sources told Bloomberg that pizza restaurant chain Sbarro is preparing for a bankruptcy filing which could take place any time in the next few weeks.
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The sale of the art collection of convicted jeweler Ralph O. Esmerian was able to gather $13 million, $10.5 million of which will go to creditors, Bloomberg reported.
XL-ID Solutions Inc. announced that at the meeting of its creditors which took place on January 24, 2014, the statutory majority of creditors approved the proposal submitted by the Corporation pursuant to the Bankruptcy and Insolvency Act, in a proportion of 93,6% in number and 89,5% in value of the creditors who filed a proof of claim and voted on the proposal.
Burlingame, California-based car buying service CarWoo! posted an announcement on its website saying the company will be shutting down, with some of its employees heading to rival TrueCar.
For Detroit, the road in and out of U.S. bankruptcy court is paved with casino money.
For Detroit, the road in and out of U. S. bankruptcy court is paved with casino money.
Brussels, Belgium-based chemical firm Solvay SA offered to buy Pennsylvania, US-based conductive polymer maker Plextronics Inc in a $32.6-million deal amid a Chapter 11 filing by the latter.
Sources told The Wall Street Journal that private equity-owned discount retailer Dots LLC is readying itself to file for bankruptcy as the company struggles from the competition given by flash sites.
After struggling with increased book sales from online rival Amazon and others, German Catholic Church-owned publishing house Wetbild filed for insolvency and placed 6,000 jobs on the line, the Financial Times reported.
Judge Kevin Gross of the US Bankruptcy Court in Wilmington, Delaware on Friday rejected a planned sale of Fisker Automotive to Hong Kong businessman Richard Li. Gross ruled in favor a competitive bidding between Li and Chinese auto parts maker Wanxiang Group instead.
Some of LightSquared's lenders, including US Bank and MAST Capital Management,are against its decision to seek a new financing arrangement with Fortress Investment Group as part of its bankruptcy exit plan.
