NEW YORK (Reuters) – The rights to the “Terminator” science-fiction action movie franchise have been won by a California-based hedge fund in a bankruptcy auction, a source familiar with the matter said on Tuesday.

In the Monday auction, Pacificor LLC offered bankrupt Halcyon Holding Group $29.5 million for the rights, plus an additional $5 million for every new “Terminator” movie made, said the source, who declined to be named, noting the agreement still requires court approval.

Pacificor, based in Santa Barbara, beat out a joint offer from movie studios Lionsgate and Sony Pictures. It was not immediately clear how much Lionsgate and Sony Pictures offered.

Representatives for Halcyon and Pacificor did not return calls seeking comment.

NEW YORK (Reuters) – The rights to the “Terminator” science-fiction action movie franchise have been won by a California-based hedge fund in a bankruptcy auction, a source familiar with the matter said on Tuesday.

In the Monday auction, Pacificor LLC offered bankrupt Halcyon Holding Group $29.5 million for the rights, plus an additional $5 million for every new “Terminator” movie made, said the source, who declined to be named, noting the agreement still requires court approval.

Pacificor, based in Santa Barbara, beat out a joint offer from movie studios Lionsgate and Sony Pictures. It was not immediately clear how much Lionsgate and Sony Pictures offered.

Representatives for Halcyon and Pacificor did not return calls seeking comment.

NEW YORK, Feb 9 (Reuters) – The rights to the “Terminator” science-fiction action movie franchise have been won by a California-based hedge fund in a bankruptcy auction, a source familiar with the matter said on Tuesday.

In the Monday auction, Pacificor LLC offered bankrupt Halcyon Holding Group $29.5 million for the rights, plus an additional $5 million for every new “Terminator” movie made, said the source, who declined to be named, noting the agreement still requires court approval.

Pacificor, based in Santa Barbara, beat out a joint offer from movie studios Lionsgate and Sony Pictures. It was not immediately clear how much Lionsgate and Sony Pictures offered.

Representatives for Halcyon and Pacificor did not return calls seeking comment.

NEW YORK (Reuters) – The first few weeks of this year brought a surge of U.S. companies dropping the shackles of bankruptcy to emerge with lighter debt loads, a fresh business plan and new owners.

The improving U.S. economy, capital markets and a rise in prearranged bankruptcy plans have held the door open for companies to exit bankruptcy court, but turnaround experts warn that emergence is only the beginning.

“Emergence has nothing to do with turning the corner,” said Alan Cohen, chairman of Abacus Advisors, a turnaround and restructuring firm. “You can correct a balance sheet by manipulating debt into equity, or reducing debt, but unless the entity focuses on improving operations, they’re going to have a tough time.”

RUSH TO EXIT

NEW YORK (Reuters) – U.S. business bankruptcy filings rose 7 percent in January from a year ago, according to a bankruptcy data provider on Wednesday, as the sluggish economy hurt sales and hindered businesses’ ability to refinance heavy debt obligations.

Companies from a range of industries including educational publishing group Haights Cross Communications Inc <HAIGH.UL>, financial company FirstFed Financial Corp <FFEDQ.PK> and airline Mesa Air Group <MESAQ.PK> <MESA.O> were among the 6,502 companies that filed for bankruptcy protection in January, compared with 6,055 in the same month last year, according to Automated Access to Court Electronic Records (AACER), a database of U.S. bankruptcy statistics used by attorneys and lenders.

“(The numbers) indicate that there’s going to be more filings in 2010 than in 2009,” said Mike Bickford, president of AACER.

Still, he said, bankruptcy data from the next three months will provide a better prediction for the year to come.

NEW YORK (Reuters) – Reader’s Digest Association Inc <RPPLER.UL> said on Monday it would delay its emergence from bankruptcy after Britain’s pension regulator said it would not approve a pension fund agreement related to the U.S. publisher’s British subsidiary.

Reader’s Digest Association Ltd, the British entity, had reached an agreement with the trustees of its pension plan and the British Pension Protection Fund to resolve its pension fund deficit. The agreement was contingent on approval from Britain’s pensions regulator, which said it will not approve the pension application.

The issue is specific to the British entity and does not involve any other RDA company, Reader’s Digest said.

“RDA has elected to temporarily delay its emergence from Chapter 11 to address an issue involving the pension program,” the company said in a statement. “RDA expects to emerge within the next few weeks.”

NEW YORK, Feb 1 (Reuters) – Reader’s Digest Association Inc [RPPLER.UL] said on Monday it would delay its emergence from bankruptcy after Britain’s pension regulator said it would not approve a pension fund agreement related to the U.S. publisher’s British subsidiary.

Reader’s Digest Association Ltd, the British entity, had reached an agreement with the trustees of its pension plan and the British Pension Protection Fund to resolve its pension fund deficit. The agreement was contingent on approval from Britain’s pensions regulator, which said it will not approve the pension application.

The issue is specific to the British entity and does not involve any other RDA company, Reader’s Digest said.

“RDA has elected to temporarily delay its emergence from Chapter 11 to address an issue involving the pension program,” the company said in a statement. “RDA expects to emerge within the next few weeks.”

NEW YORK, Jan 27 (Reuters) – Hoisting mixed drinks and swapping business cards, scores of bankruptcy professionals bellied up to a New York bar at a rare networking event solely for junior business turnaround experts.

Some came for the networking, others to find new clients and others just to socialize. But all of the young, suited executives jostling for drinks with a group of salsa dancers at a shared event space seemed to share a sense of glee at escaping their desks, if only for a few hours.

“You have no idea how hard people work,” said Edward Neiger, an attorney and founder of law firm Neiger LLP, which helped sponsor the Turnaround Underground open-bar gathering in New York’s Chelsea neighborhood. “Mid-level people don’t get to leave the office, leave the computer, meet their peers.”

The corporate restructuring profession has enjoyed an upswing as corporate America has run aground. U.S. business bankruptcies soared 38 percent in 2009, from the year before, as companies struggled with tighter credit and a crippling U.S. recession.

NEW YORK (Reuters) – Hoisting mixed drinks and swapping business cards, scores of bankruptcy professionals bellied up to a New York bar at a rare networking event solely for junior business turnaround experts.

Some came for the networking, others to find new clients and others just to socialize. But all of the young, suited executives jostling for drinks with a group of salsa dancers at a shared event space seemed to share a sense of glee at escaping their desks, if only for a few hours.

“You have no idea how hard people work,” said Edward Neiger, an attorney and founder of law firm Neiger LLP, which helped sponsor the Turnaround Underground open-bar gathering in New York’s Chelsea neighborhood. “Mid-level people don’t get to leave the office, leave the computer, meet their peers.”

The corporate restructuring profession has enjoyed an upswing as corporate America has run aground. U.S. business bankruptcies soared 38 percent in 2009, from the year before, as companies struggled with tighter credit and a crippling U.S. recession.

NEW YORK, Jan 27 (Reuters) – Hoisting mixed drinks and swapping business cards, scores of bankruptcy professionals bellied up to a New York bar at a rare networking event solely for junior business turnaround experts.

Some came for the networking, others to find new clients and others just to socialize. But all of the young, suited executives jostling for drinks with a group of salsa dancers at a shared event space seemed to share a sense of glee at escaping their desks, if only for a few hours.

“You have no idea how hard people work,” said Edward Neiger, an attorney and founder of law firm Neiger LLP, which helped sponsor the Turnaround Underground open-bar gathering in New York’s Chelsea neighborhood. “Mid-level people don’t get to leave the office, leave the computer, meet their peers.”

The corporate restructuring profession has enjoyed an upswing as corporate America has run aground. U.S. business bankruptcies soared 38 percent in 2009, from the year before, as companies struggled with tighter credit and a crippling U.S. recession.