NEW YORK (Reuters) – There were no secrets kept by those who scrambled to value Lehman Brothers <LEHMQ.PK> assets in the tumultuous hours before the collapsing U.S. investment firm sold its core U.S. brokerage to British bank Barclays Plc <BARC.L> in 2008, Lehman’s former president testified on Tuesday.

In a continuing trial over whether Barclays received an improper $11.2 billion windfall from its takeover of Lehman assets, former Lehman chief operating officer and president Herbert “Bart” McDade said in a response to a question that there was no effort to keep anything secret or private about the valuation process, and no effort to understate the assets.

NEW YORK (Reuters) – There were no secrets kept by those who scrambled to value Lehman Brothers assets in the tumultuous hours before the collapsing U.S. investment firm sold its core U.S. brokerage to British bank Barclays Plc in 2008, Lehman’s former president testified on Tuesday.

In a continuing trial over whether Barclays received an improper $11.2 billion windfall from its takeover of Lehman assets, former Lehman chief operating officer and president Herbert “Bart” McDade said in a response to a question that there was no effort to keep anything secret or private about the valuation process, and no effort to understate the assets.

NEW YORK, April 7 (Reuters) – Equity holders for bankrupt
Smurfit Stone Container Corp <SSCCQ.PK> object to the packaging
maker’s plan of reorganization, saying it could rob
shareholders of proceeds they might otherwise share with
creditors, according to court documents.

Bankruptcy Judge Brendan Shannon approved the company’s
disclosure statement in January, allowing Smurfit Stone to
solicit votes in favor of its plan.

NEW YORK, April 6 (Reuters) – Off-price clothing chain
Loehmann’s said on Tuesday it was fulfilling its financial
obligations in response to new questions about its ability to
keep its operations afloat.

Loehmann’s, owned by Dubai investment group Istithmar,
denied a report in the New York Post on Tuesday that it had
missed a $6 million interest payment on its debt last week. But
a source briefed on the situation said the store chain had
delayed payments to CIT in order to make the interest payment.

NEW YORK (Reuters) – High-yield bonds may be “junk” but they can be golden for bankrupt companies seeking cash to fund their exit from bankruptcy and pay down debt.

Reader’s Digest Association Inc and chemicals maker Lyondell Chemical Co <ACCEIN.UL> are two formerly bankrupt companies that have tapped the high-yield market to benefit from ravenous demand from investors for higher interest payments. There will likely be more to come.

NEW YORK, March 22 (Reuters) – More U.S. companies are
speeding through bankruptcy court, but that rush can backfire,
ratings agency Standard & Poor’s said in a recent report.

In increasing numbers, companies are turning to so-called
prepackaged or prearranged bankruptcies, in which a majority of
creditors sign off on a restructuring plan before the company
files its Chapter 11 petition.

MUMBAI/NEW YORK, March 8 (Reuters) – LyondellBasell
[ACCEIN.UL] filed a restructuring plan on Monday, rejecting a
takeover bid from India’s Reliance Industries Ltd <RELI.BO> in
favor of commitments from investors, including Apollo
Management LP [APOLO.UL] and Access Industries, to help the
chemicals maker exit bankruptcy.

Lyondell filed for bankruptcy more than a year ago, hobbled
by billions in debt, a sharp increase in oil prices and a
decline in demand for its polymers and chemicals due to the
global economic crisis.

NEW YORK, March 2 (Reuters) – U.S. business bankruptcies
rose again in last month, marking the fifth-straight February
that such filings have increased, according to a bankruptcy
data provider on Tuesday.

Companies from a range of industries, including video
rental chain Movie Gallery Inc <MVGRQ.PK>, radio network Air
America and luxury ski resort developer East West Resort
Development V LP LLLP, were among the 6,557 businesses that
filed for relief from creditors in February, according to
Automated Access to Court Electronic Records (AACER), a
database of U.S. bankruptcy statistics.

NEW YORK (Reuters) – New York City’s claim to the name of the landmark Central Park restaurant Tavern on the Green has caused crippling delays and left some creditors with little chance of getting their money, the bankrupt restaurant’s unsecured creditors committee said.

The committee’s comments came in court documents that asked a judge to liquidate the company that owns the once-vaunted restaurant under Chapter 7 of U.S. Bankruptcy Code. The company originally sought to reorganize under a Chapter 11 filing.

NEW YORK, Feb 22 (Reuters) – Magazine and website publisher
Reader’s Digest Association Inc emerged from bankruptcy after
cutting debt by 75 percent, the company said on Monday.

Reader’s Digest, which filed for Chapter 11 protection from
creditors in August, comes out of bankruptcy with $525 million
in exit financing and a new board of directors that includes
Fredric Reynolds, former chief financial officer of CBS Corp
<CBS.N>.