May 30 (Reuters) – After Bernard Madoff’s fraud unraveled in
late 2008, Yale Fishman was courted by Wall Street traders
seeking to buy his claim to assets that could be recovered from
the mess. After three years of ignoring their calls, he finally
Fishman, an estate planner in Woodmere, New York, and a
former Madoff investor, cut a deal with a trading firm to sell
part of his bankruptcy claim in the long-running case. He said
he sold his $1.1 million claim for $800,000, or about 73 cents
on the dollar, in late December.
(Reuters) – Ally Financial is “absolutely not” looking to sell its core U.S. auto lending business as it seeks ways to pay back $12 billion it owes to U.S. taxpayers after a government-funded bailout during the financial crisis, the company’s CEO said Tuesday.
Ally, the former in-house financing arm for General Motors Co (GM.N: Quote, Profile, Research, Stock Buzz) once known as GMAC, on Monday announced plans to sell some international operations at the same time that its Residential Capital mortgage unit filed for bankruptcy protection.
NEW YORK, April 24 (Reuters) – Law firm Dewey & LeBoeuf is
facing a deadline in less than a week to renegotiate terms of
its $100 million credit line with lenders as it scrambles to
stay afloat, a source familiar with the situation said on
The firm, which has lost about 70 partners out of 300 since
the start of year, owes roughly $75 million to the bank group,
according to one source, who was not authorized to discuss the
NEW YORK, April 4 (Reuters) – Power producer Dynegy Inc
said it has resolved major disputes with creditors that
could put one of its units a step closer to emerging from
Dynegy said in a statement that it reached an agreement in
principle with creditors holding more than $2.5 billion of
claims against Dynegy Holdings LLC, which filed for bankruptcy
protection on Nov. 7.
March 15 (Reuters) – Bidders are lining up in earnest
now that Eastman Kodak’s patent sale is set to
After being placed on hold so that the 130-year-old
photography pioneer could file for Chapter 11 bankruptcy
protection earlier this year, the auction for more than 1,000 of
Kodak’s digital imaging patents is ramping up again, according
to three sources close to the matter.
(Reuters) – Dynegy Holdings will renegotiate a bankruptcy plan under the guidance of a court-appointed examiner after that examiner said on Friday that Dynegy had participated in an asset transfer prior to its November Chapter 11 filing that defrauded creditors.
The examiner, Susheel Kirpalani, was ordered during a hearing on Monday to work with Dynegy and its constituents, including creditors, to reach an agreement on a restructuring plan for the company, said Dynegy, a power producer.
By Nick Brown and Caroline Humer
(Reuters) – Culligan International Co, which sells water coolers and filters and installs water softening devices in homes, has hired restructuring advisers and is considering options including a possible bankruptcy, according to sources familiar with the matter.
Culligan, known for its advertisements starting in the 1950s that featured a cartoon housewife beckoning “Hey Culligan man!”, is owned by private equity firm Clayton Dubilier & Rice.
March 7 (Reuters) – Culligan International Co, which
sells water coolers and filters and installs water softening
devices in homes, has hired restructuring advisers and is
considering options including a possible bankruptcy, according
to sources familiar with the matter.
Culligan, known for its advertisements starting in the 1950s
that featured a cartoon housewife beckoning “Hey Culligan man!”,
is owned by private equity firm Clayton Dubilier & Rice.
NEW YORK, March 6 (Reuters) – Bankruptcy can be just
about as traumatic as it gets for a company, its employees,
customers, and suppliers. The only thing worse – going through
it again, and again.
The number of companies making second trips through
bankruptcy — sometimes dubbed “Chapter 22″ filings, or Chapter
11 times two — has jumped in the first two months of 2012.
(Reuters) – Lehman Brothers Holdings Inc’s record $639 billion bankruptcy ended on Tuesday, clearing the way for it to start distributing about $65 billion to creditors starting on April 17, court documents show.
Lehman has said that it expects that first group of payments to creditors to be at least $10 billion.