Oct 24 (Reuters) – Debt-laden independent power producer
Dynegy Inc has been discussing with bondholders a plan
to put a subsidiary into bankruptcy after bondholders shunned a
$1.25 billion refinancing, sources told Reuters.
The company has been struggling with a mountain of debt and
its power business has been squeezed by rock-bottom natural gas
, Oct 18 (Reuters) – Executives from
bankrupt Solyndra LLC testified on Tuesday that a flood of
cheap Chinese solar panels kept it from realizing $1.2 billion
in contracts it announced in 2008.
Three years after Solyndra announced those long-term
contracts, its cumulative sales total a mere $330 million,
company executives said in a meeting with creditors.
WILMINGTON, Delaware (Reuters) – A judge declined to appoint a trustee to replace Solyndra’s management who were accused of not answering questions about the bankruptcy of the government-backed solar panel maker.
“It’s clear this case does not rise to the level of failure to disclose that would mandate the appointment of a trustee,” said Delaware bankruptcy judge Mary Walrath.
By Tom Hals
(Reuters) – Pennsylvania blasted Harrisburg’s bankruptcy filing as “brazenly” disregarding state law and the mayor won a day in court Monday in her bid to throw out the City Council’s decision to seek bankruptcy protection.
The Pennsylvania state capital’s smoldering debt crisis spiraled into a battle for political control after Harrisburg filed for Chapter 9 bankruptcy following a 4-3 vote by the City Council on Tuesday.
By Edith Honan and Tom Hals
(Reuters) – Pennsylvania’s capital, Harrisburg, filed for a rare municipal bankruptcy on Wednesday in a desperate bid to resolve its debt crisis, but it now faces a showdown with the state over control of the city.
Harrisburg becomes one of the most-high profile cities to opt for the little-used chapter of the U.S. bankruptcy code, most notably used nearly 20 years ago by Orange County, California. Alabama’s Jefferson County last month settled with its creditors to avoid what would have been the biggest-ever municipal bankruptcy.
Oct 12 (Reuters) – Pennsylvania’s capital, Harrisburg,
filed for a rare municipal bankruptcy on Wednesday in a
desperate bid to resolve its debt crisis, but it now faces a
showdown with the state over control of the city.
Harrisburg becomes one of the most-high profile cities to
opt for the little-used chapter of the U.S. bankruptcy code,
most notably used nearly 20 years ago by Orange County,
California. Alabama’s Jefferson County last month settled with
its creditors to avoid what would have been the biggest-ever
WILMINGTON, Del (Reuters) – Solyndra, the solar panel maker that collapsed despite a U.S. government infusion of $535 million, wants to appoint a high-profile bankruptcy expert to run it after the departure of its chief executive.
Solyndra asked the bankruptcy court to let it hire Todd Neilson of Berkeley Research Group LLC as its chief restructuring officer, according to documents filed on Tuesday at the Delaware court.
(The author is a Reuters Breakingviews columnist. The opinions expressed are his own)
By George Hay
LONDON, Oct 12 (Reuters Breakingviews) – The barriers to a proper recapitalization of Europe’s banks look political, not economic. That’s the conclusion of Reuters Breakingviews’ latest bank stress test, which analyses what would happen if governments have to fill the entire capital hole required to restore confidence in Europe’s financial system.
WILMINGTON, Del (Reuters) – The chief executive of Solyndra, a failed solar panel maker with a $535 million federal government loan guarantee, has left the company, according to documents filed by the company in bankruptcy court.
Brian Harrison “left the company as scheduled on October 7,” the company said in documents filed on Tuesday at the Delaware bankruptcy court, giving no further details.
Oct 10 (Reuters) – Three years after the collapse of Lehman
Brothers touched off a tidal wave of bankruptcy filings,
corporate failures may be about to pick up again, with some
big-name companies among those struggling for survival.
Companies in a range of businesses, including hair salons,
restaurants, renewable energy, and the paper industry, have
tumbled into Chapter 11 in the past few months.