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Oct 9, 2010

Gulf Coast attorneys to lead U.S. oil spill lawsuits

WILMINGTON, Delaware (Reuters) – Four attorneys from Texas, Louisiana and Florida were appointed on Friday to a committee to lead the hundreds of oil spill-related lawsuits against BP Plc and its partners, according to court documents.

The committee will coordinate the activities of the 15-member plaintiffs’ steering committee that was also appointed on Friday by Judge Carl Barbier.

Oct 7, 2010

Restructuring loans hard to get without fee deals

NEW YORK (Reuters) – Companies that are restructuring are struggling to get revolving loans from lenders, and they often have to strike deals that allow banks to earn other fees, restructuring advisers said on Thursday.

“Getting banks to commit to revolvers without lots and lots of other fee opportunities tied to it? Very hard,” William Derrough, a managing director at Moelis & Co, told the Reuters Restructuring Summit in New York.

Oct 6, 2010

Ailing U.S. cities unlikely to go bankrupt

NEW YORK (Reuters) – Cities and local governments that are struggling with gaping budget holes and piles of debt will likely raise taxes and cut services rather than resort to bankruptcy, restructuring experts said on Wednesday.

The city of Vallejo in California and a toll road operator in South Carolina are among the few to file for bankruptcy under Chapter 9, the part of the bankruptcy code for government entities.

Oct 4, 2010

Air Products opens court fight in Airgas deal bid

, Oct 4 (Reuters) – Air Products &
Chemicals Inc (APD.N: Quote, Profile, Research, Stock Buzz) took its $5.5 billion hostile bid for
smaller rival Airgas Inc (ARG.N: Quote, Profile, Research, Stock Buzz) to court on Monday, arguing
that the takeover target was ignoring the will of its
shareholders by refusing to negotiate.

The companies have filed lawsuits against each other, and a
third lawsuit brought by Airgas shareholders against the
company’s board also is being heard in a week-long trial.

Oct 4, 2010

Less corporate stress but a long way from health

LONDON/NEW YORK (Reuters) – Two years after Lehman Brothers imploded and sparked trillions of dollars in bailouts, restructuring experts face a situation few dared predict: a glut of cash and less pressure on companies to restructure.

The number of companies unable to make debt payments has tumbled and vulture funds that seek out bargains in the corporate scrap heap are finding thin pickings. Some restructuring executives have more leisure time than they might have wished for.

Oct 1, 2010

US gas suppliers take buyout fight to court

, Oct 1 (Reuters) – Air Products and
Chemicals Inc (APD.N: Quote, Profile, Research, Stock Buzz) will take its $5.5 billion bid for rival
industrial gas supplier Airgas Inc (ARG.N: Quote, Profile, Research, Stock Buzz) to court on Monday,
and the outcome could have big implications for future hostile
takeovers.

The companies have sued each other seeking to resolve their
standoff, and some Airgas shareholders have filed their own
lawsuit against the Airgas board. All three cases will be tried
at once.

Sep 29, 2010

Tribune eyes hedge fund deal to exit Chapter 11

WILMINGTON, Delaware (Reuters) – The bankrupt publisher of The Chicago Tribune and Los Angeles Times said on Tuesday it reached an agreement with two hedge funds that would clear the way for it to end nearly two years in Chapter 11.

The Tribune Co’s bankruptcy has been mired in a battle among creditors over who is to blame for the company’s 2008 failure, which came less than year after real estate developer Sam Zell completed a deal to take control of the company using piles of debt.

Sep 28, 2010

Tribune in Oaktree deal, could leave Chapter 11

, Sept 28 (Reuters) – Bankrupt newspaper
publisher Tribune Co (TRBCQ.PK: Quote, Profile, Research, Stock Buzz) said on Tuesday it reached an
agreement with two hedge funds that would settle some claims
related to its 2007 leveraged buyout and clear the way for it
to exit Chapter 11.

Tribune’s bankruptcy has been mired in a battle among
creditors over who is to blame for the company’s failure, which
came less than year after real estate developer Sam Zell
completed a deal to take control of the company using piles of
debt.

Sep 28, 2010

U.S. court invalidates Sanofi’s Taxotere patents

, Sept 28 (Reuters) – Two Sanofi-Aventis SA
(SASY.PA: Quote, Profile, Research, Stock Buzz) patents on the cancer drug Taxotere were invalidated
by a U.S. court on Monday, clearing the way for Hospira Inc
(HSP.N: Quote, Profile, Research, Stock Buzz) to launch a generic version by the end of the year.

Delaware District Court Judge Gregory Sleet ruled that the
Taxotere patents were invalid because the invention was obvious
and the French drugmaker obtained the patents improperly.

Sep 27, 2010

Al Gore’s lawyer seeks to lead BP oil spill cases

WILMINGTON, Delaware (Reuters) – A high-profile attorney who represented former Vice President Al Gore in the 2000 presidential election recount has made a surprise bid to lead the mammoth U.S. legal cases tied to the Gulf oil spill.

David Boies, a New York litigator, is entering a crowded field of plaintiffs’ lawyers also angling for a prime role in the lawsuits against BP Plc and other corporate defendants.

    • About George

      "George Hay writes about the banking and property sectors. He joined from Thomson Financial News, where he was a companies correspondent. Before that he worked at United Business Media, where he was news editor of Building Magazine. He has a first in English Literature from Edinburgh University, and was nominated in two categories at the 2009 Business Journalist of the Year Awards."
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