Recent Updates
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FairPoint Communications files for bankruptcy
Bankruptcy 10/26/2009Rural telecom services provider FairPoint Communications Inc filed for Chapter 11 protection in a Manhattan bankruptcy court on Monday, under a pre-arranged plan that would cut its debt by $1.7 billion.In a statement, the Charlotte, North Carolina-ba...
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Alleged victims, bankrupt diocese in U.S. court
Bankruptcy 10/22/2009The bankrupt Catholic Diocese of Wilmington began its court fight Wednesday withvictims claiming sexual abuse by its priests over the value of its estate and how much will be available for claims.Attorneys for most of the 142 victims indicated they m...
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Dutch DSB bank declared bankrupt
Bankruptcy 10/19/2009A Dutch court declared DSB Bank NV bankrupt on Monday, ending hopes the regional lender, which suffered a run on deposits, might be sold or bailed out.The privately-owned bank is the first to go bust in the Netherlands since last year, though the gov...
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Court approves Frontier reorganization
Bankruptcy 09/10/2009Frontier Airlines has received bankruptcy court approval of its reorganization plan, the Denver-based carrier announced today.The action by the U.S. Bankruptcy Court for the Southern District of New York is the last major hurdle before Frontier emerg...
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Cooper-Standard files for bankruptcy protection
Bankruptcy 08/03/2009Automotive parts maker Cooper-Standard Holdings Inc filed for Chapter 11 bankruptcy protection on Monday, saying it could not repay its debt amid a drop in U.S. auto sales.The maker of auto body sealing systems and fluid handling systems said it had ...
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Station Casinos files for Ch. 11 protection
Bankruptcy 07/29/2009Station Casinos Inc. voluntarily filed for Chapter 11 bankruptcy protection Tuesday, after the casino operator and its bondholders failed to reach a full agreement during months of negotiations. The company, which blamed the faltering economy for a f...
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Lear files for Chapter 11 bankruptcy protection
Bankruptcy 07/07/2009Struggling automotive parts supplier Lear Corp. said it has filed for Chapter 11 bankruptcy protection after receiving the support it needed from lenders and bondholders.The company, which makes automotive seating systems and electronics, had been ne...
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GM bankruptcy plan gains approval
Bankruptcy 07/06/2009General Motors cleared a major hurdle toward a quick exit from bankruptcy as a judge approved a government-backed plan to create a "new GM" that sheds major debts of the ailing Detroit automaker.The ruling released late Sunday paves the way for a "re...
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Court to determine if bankruptcy hearing needed
Bankruptcy 06/15/2009The Supreme Court will decide whether student loans can be dismissed through bankruptcy with just a notice to the collector instead of a hearing proving that paying the money back would cause an "undue hardship." Francisco Espinosa gave United Studen...
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Bankruptcy Judge To Show Exacting Style in GM Reorganization
Bankruptcy 06/02/2009U.S. Bankruptcy Judge Robert Gerber, who oversaw the biggest asset sale and the largest financing loan in court history, will show an exacting style of inquiry during General Motors Corp.’s reorganization, lawyers said. A U.S. judge in New York’s Sou...
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GM workers taking in bankruptcy, its effects
Bankruptcy 06/01/2009For General Motors Corp. workers and others across the nation, reaction to the automaker's historic bankruptcy filing Monday and the effect on their plants and lives ranged from resignation to fear. Markis Coleman, 30, a GM employee at a plant in Ori...
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GM shares fall below $1 as deadline approaches
Bankruptcy 05/29/2009Shares of General Motors Corp. have fallen below $1 for the first time in 76 years as a Chapter 11 bankruptcy filing for the automaker appears increasingly likely. GM shares lost more than 22 percent to fall as low as 87 cents in morning trading on F...