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Feb 17, 2010

Trump, Icahn locked in battle for N.J. casinos

NEW YORK, Feb 17 (Reuters) – Celebrity real estate
developer Donald Trump and and investor Carl Icahn are trading
jabs in court documents ahead of a face-off in bankruptcy court
next week that could determine the fate of Trump’s namesake
Atlantic City hotel-casinos.

In documents filed late on Tuesday, Trump said Icahn could
not make last-minute changes that might allow him to use the
Trump brand as part of his proposed reorganization plan for
Trump Entertainment Resorts <TRMPQ.PK>.

Feb 16, 2010

Lyondell settlement paves way for bankruptcy exit

NEW YORK, Feb 16 (Reuters) – LyondellBasell [ACCEIN.UL]
said on Tuesday it reached a settlement with creditors over a
lawsuit stemming from its 2007 leveraged buyout, paving the way
for the chemical maker to get out of bankruptcy.

Lyondell, which was forced into bankruptcy just over a year
ago amid a cash crisis, has been sparring with creditors for
months over a $22 billion lawsuit the creditors brought against
the banks, advisers and executives who put together Lyondell’s
leveraged buyout by Basell in 2007.

Feb 9, 2010

Hedge fund wins “Terminator” franchise: source

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.

Feb 9, 2010

Hedge fund wins “Terminator” franchise

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.

Feb 3, 2010

Bankruptcy emergence in U.S. doesn’t ensure success

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.

Feb 3, 2010

Business bankruptcies rose 7 pct in January

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.

Feb 1, 2010

Reader’s Digest to delay bankruptcy emergence

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.

Jan 28, 2010

Overworked junior bankruptcy lawyers find rare outlet

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.

Jan 27, 2010

Icahn wins court approval to buy Fontainebleau

NEW YORK (Reuters) – A Florida court has approved investor Carl Icahn’s bid for the bankrupt, unfinished Fontainebleau Las Vegas Resort, according to an attorney who represents the resort.

“The court approved the sale to Icahn Nevada Gaming at today’s hearing,” Jay Sakalo, a partner at Bilzin Sumberg, bankruptcy counsel to the debtors, wrote in an email on Wednesday.

Jan 26, 2010
via DealZone

Bankruptcy decline has advisers scrambling for crumbs of business

Photo

           A sharp drop in business bankruptcy filings has restructuring advisory firms scrambling for crumbs of business.  Some 29 attorneys signed up to pitch their services to the creditors committee of U.S. regional airline Mesa Air Group, which filed for Chapter 11 protection in early January. 

Another 17 financial advisers showed up at the so-called beauty pageant, anxious for new business..

    • 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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