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Updated: 18 weeks 1 day ago
U.S. Supreme Court: Debtor's student loan discharge proper even without undue hardship
WASHINGTON, D.C. (Mealey’s) — The U.S. Supreme Court today ruled unanimously that a student loan provider was not denied due process when a debtor's loan debt was discharged without a finding of undue hardship, ruling that the error was not a basis for setting aside the discharge order (
Judge seeks settlement in Yellowstone club case
(BILLINGS, Mont.) A U.S. bankruptcy judge has ordered three days of settlement talks in May for the tangle of legal claims arising from the bankruptcy of the ultra-exclusive Yellowstone Club.
Creditors want $286 million out of the resort's high-flying founder, Tim Blixseth, who they say ban
MGM studio says has received several rescue offers
(LOS ANGELES) Metro-Goldwyn-Mayer Inc., an iconic Hollywood studio that has fallen on hard times, said Monday it has received several offers from suitors wanting to acquire it or keep it operating as a standalone company.
MGM said it will take several weeks to evaluate the offers, which cam
Philly newspaper creditors can't bid with credit
(PHILADELPHIA) Philadelphia's two major newspapers are more likely to remain in local hands after a federal appeals court on Monday halted creditors' efforts to bid for the company by putting up some of the $300 million they are owed.
In a 2-1 decision, the 3rd U.S. Circuit Court of Appeals
Letter: Lehman accounting tricks possibly illegal
(NEW YORK) A Lehman Brothers whistleblower warned his bosses that accounting gimmicks the bank used before its collapse may have been illegal, his lawyer said Friday.
Matthew Lee, a former Lehman senior vice president, was fired days after questioning the accounting tricks in a letter to hi
Extended Stay accepts offer from Starwood Capital
(GREENWICH, Conn.) Extended Stay Hotels Inc. has decided to take an investment offer worth up to $905 million from a group led by Starwood Capital Group in order to exit bankruptcy, abandoning an earlier proposal from Centerbridge Partners and Paulson & Co.
The hotel chain said Thursday
Blockbuster shares tumble after bankruptcy warning
(NEW YORK) Shares of Blockbuster Inc. sank 30 percent Wednesday after the video rental chain warned that it may have to file for Chapter 11 bankruptcy protection.
Competition from DVD-by-mail company Netflix Inc. and DVD vending machines operated by Coinstar Inc. have eroded the Dallas comp
Visteon judge won't halt benefits termination
(WILMINGTON, Del.) A Delaware bankruptcy judge on Tuesday refused to halt implementation of his order allowing auto parts supplier Visteon Corp. to terminate its retirees' health and life insurance benefits.
An attorney for a union representing some 2,100 people who worked at two Visteon
Data show surge in consumer cases in fiscal 2009
(WASHINGTON) The number of new cases in federal courts related to consumer issues surged in the year ended last Sept. 30 as Americans battered by the recession fought foreclosures and downgraded debt ratings, data released Tuesday show.
The statistics were compiled by the Administrative Off
Aquilex Holdings LLC Announces Refinancing
(
ATLANTA) Aquilex Holdings LLC ("Aquilex") announced today in connection with the launch of the refinancing of its existing senior secured revolving credit and term loan facilities its preliminary unaudited results for the fiscal year ended 2009. Revenue for the fiscal year
GE Capital is Co-Lender in $109 Million Cash Flow Exit Financing for Muzak
(
NORWALK, Conn.) GE Capital, Restructuring Finance today announced it is sole collateral agent for a $109 million cash flow plan of reorganization credit facility for Muzak, a leading provider of music and sensory branding services for businesses. The loan supports Muzak's exit from
WaMu reaches settlement with JPMorgan, FDIC
(
WILMINGTON, Del.) Washington Mutual Inc. has tentatively resolved disputes with JPMorgan Chase & Co. and the Federal Deposit Insurance Corp. over some $4 billion at issue in the bank holding company's Chapter 11 bankruptcy, a WaMu attorney said Friday.
The FDIC seized Washing
Regulators shut down Park Avenue Bank in New York
NEW YORK-(AP) U.S. regulators shut down Park Avenue Bank in
New York Friday, marking the 28th failure this year of a federally insured bank. The Federal Deposit Insurance Corp. was appointed receiver of Park Avenue Bank. It had $520.1 million in assets and $494.5 million in deposits as o
Examiner unveils Lehman accounting tricks
WASHINGTON-(AP) An accounting gimmick called Repo 105 provided financial relief for Lehman Brothers in the months before its spectacular collapse, an autopsy of the once-venerable Wall Street house has found. The question now is whether the trickery spells legal jeopardy for executives of Lehman or
WaMu reaches settlement with JPMorgan, FDIC
WILMINGTON, Del.-
(AP) Washington Mutual Inc. has tentatively resolved disputes with JPMorgan Chase & Co. and the Federal Deposit Insurance Corp. over some $4 billion at issue in the bank holding company's Chapter 11 bankruptcy, a WaMu attorney said Friday. The FDIC seized Was
Chrysler plant in Ohio on auction block
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
NYC wins right to keep famed restaurant name
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
Big Miami-Dade hospital system nears insolvency
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
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
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
