Bankruptcy News

TWINSBURG Ohio-(AP) A Chrysler plant in northeast Ohio has gone on the auction block. The Twinsburg stamping plant southeast of Cleveland was auctioned Wednesday in New York . Attorney Jeff Ellman says the winning bidder will be detailed in a filing in time for Thursday's he

NEW YORK- (AP) New York City can keep its "Tavern on the Green" and eat there too. U.S. District Judge Miriam Goldman Cedarbaum on Wednesday settled the biggest question in a legal dispute between the city and the longtime operators of the landmark eatery in Central Park

MIAMI-(AP) The city's major hospital network, which runs Miami 's only round-the-clock trauma center and is a safety net for the poor and uninsured, is running out of money and could close, a predicament that illustrates the precarious financial state of many hospitals around th

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

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

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

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

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

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

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

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

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

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

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

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

AUGUSTA, Ga- (AP) Morris Publishing Group said Tuesday that it has emerged from under bankruptcy protection. A judge last month approved a prepackaged debt restructuring for the Georgia-based publisher of 13 daily newspapers, including The Augusta Chronicle and Savannah Morning Ne

NEW YORK-(AP) New York bankruptcy judge has rejected a legal challenge by Bernard Madoff's victims over how they should be compensated. The investors in Madoff's firm had argued that they are owed $64.8 billion reflected on fictitious account statements. Judge Burton Lifland on Monday uphel

TOKYO- (AP) Japan Airlines said Friday it lost a record $2 billion in the nine months through December, but that its results in the most recent quarter were better than expected as the flagship carrier undergoes government-led restructuring . Japan Airlines Corp. reported a net loss

LONDON-(AP) Portsmouth became the first Premier League team forced to seek bankruptcy protection from its creditors on Friday, enabling the insolvent business to restructure financially. The bottom club in the world's richest league was placed into administration by the High

MISSOULA, Mont.-(AP) The actual size of Yellowstone Club founder Tim Blixseth's fortune could soon come to light as a a judge considers whether the high-flying real estate developer took hundreds of millions of dollars in a fraud scheme that left the exclusive resort broke. Such a decision