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Dec 22, 2009

U.S. judge approves Tronox financing plan

NEW YORK, Dec 22 (Reuters) – A U.S. judge approved on
Tuesday an emergency request by Tronox Inc to allow the
bankrupt U.S. chemicals maker to access debtor-in-possession
and exit financing provided by Goldman Sachs Group Inc <GS.N>.

The company rushed to have the agreement approved before
Goldman’s Dec. 24 deadline on worries the investment firm would
not extend its offer and the tentative agreements reached by Tronox <TRXAQ.PK> stakeholders on restructuring the company
would collapse.

Dec 21, 2009

Citadel, other media companies file bankruptcy

NEW YORK (Reuters) – Three more media companies, including broadcaster Citadel Broadcasting, have filed for bankruptcy, brought low by the drop in advertising revenue and crushing debt loads.

Citadel, the third-largest U.S. radio broadcaster filed for Chapter 11 bankruptcy protection in Manhattan on Sunday, hurt by $2.08 billion in debt and a decline in advertising by auto, banking and restaurant companies.

Dec 18, 2009

Fewer bankruptcies ahead, but still room for deals

NEW YORK (Reuters) – After 2009, expect U.S. bankruptcies to be quicker, cleaner and smaller.

Restructuring professionals logged plenty of long nights in a year that began with the Lehman Brothers collapse still reverberating and saw the largest industrial bankruptcies ever in General Motors <GM.UL> and Chrysler,

Nov 30, 2009

Charter Communications emerges from bankruptcy

NEW YORK (Reuters) – Cable operator Charter Communications Inc <CHTRQ.PK> has completed its financial restructuring and has emerged from Chapter 11 bankruptcy after cutting its debts by 40 percent, the company said on Monday.

The fourth-largest U.S. cable operator filed for bankruptcy in March after working out a debt restructuring plan in advance with some bondholders.

Nov 25, 2009

Tribune lenders propose competing plan of reorganization

NEW YORK (Reuters) – Debtholders of bankrupt Tribune Co <TRBCQ.PK> have asked a judge to deny the media company’s request for more time to present a plan of reorganization so the lenders themselves can offer a plan, according to court filings.

Tribune Cos, owner of the Chicago Tribune and Los Angeles Times newspapers, have asked U.S. Bankruptcy Judge Kevin Carey to extend the time in which it can exclusively file a so-called Chapter 11 plan.

Nov 25, 2009

U.S. bankruptcies rise 33 percent in third quarter

NEW YORK (Reuters) – U.S. bankruptcy filings rose 33 percent in the third quarter to the highest number since 2005, government data show, as rising unemployment and tight credit made it more difficult for consumers and businesses to stay current on their debts.

“With unemployment surpassing 10 percent and credit to businesses remaining tight, consumers and businesses are increasingly turning to the financial relief of bankruptcy,” said Samuel Gerdano, executive director of the nonpartisan American Bankruptcy Institute, in a statement.

Nov 25, 2009

US bankruptcies rise 33 pct in Q3, most since 2005

NEW YORK, Nov 25 (Reuters) – U.S. bankruptcy filings rose
33 percent in the third quarter to the highest number since 2005,
government data show, as rising unemployment and tight credit
made it more difficult for consumers and businesses to stay
current on their debts.

“With unemployment surpassing 10 percent and credit to
businesses remaining tight, consumers and businesses are
increasingly turning to the financial relief of bankruptcy,”
said Samuel Gerdano, executive director of the nonpartisan
American Bankruptcy Institute, in a statement.

Nov 18, 2009

Lehman expects reorganization plan in 1st quarter

NEW YORK (Reuters) – Lehman Brothers Holdings Inc <LEHMQ.PK>, the U.S. investment bank whose September 2008 collapse sharply accelerated a world financial meltdown, said on Wednesday it expects to have a reorganization plan outline ready by the end of March 2010.

The bankrupt investment firm is contending with more than 64,000 claims from creditors with a face amount value of more than $820 billion. Lehman’s chief executive, turnaround specialist Bryan Marsal, said in bankruptcy court on Wednesday it was possible the claims could reach $1 trillion due to certain unresolved issues.

Nov 5, 2009

Lear plan of restructuring confirmed by US judge

NEW YORK, Nov 5 (Reuters) – A judge confirmed on Thursday
Lear Corp’s <LEARQ.PK> plan of reorganization, putting the
company on track to emerge from bankruptcy by Nov. 9.

Under the plan, the maker of seats, door panels and
electrical distribution systems for cars will restructure $3.6
billion of its pre-bankruptcy debt and shareholders will be
wiped out. The company has obtained $950 million in new
financing for business expenses.

Nov 3, 2009

Terminator movie franchise may go on auction block

NEW YORK (Reuters) – The bankrupt company that owns the rights to the “Terminator” movie franchise is preparing to auction the rights next year and is already seeing strong interest, an advisor to the company said on Tuesday.

Halcyon Holding Group acquired the rights to the Terminator franchise in 2007 for about $25 million. The rights include revenue from future films, games, DVDs and television for the series, but the company has no or limited rights to revenue from the first three films.

    • About Chelsea

      "Chelsea Emery joined Reuters in 2001. She wrote the daily stock market story during the dot.com era. She then moved to the aerospace desk to follow defense contractors during the Iraq war. When the U.S. economy began to crumble in 2008, Emery reported on corporate bankruptcy and restructuring for companies including Lehman Brothers and General Motors. While currently an editor, Emery continues to write chef and author profiles for the Reuters Life! wire. Emery is originally from Oregon. She has lived in Japan, Ireland and Hong Kong. She speaks Japanese and Spanish."
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