WILMINGTON, Delaware (Reuters) – A court-appointed examiner has requested more time to investigate the Tribune Co leveraged buyout that some blame for its bankruptcy, likely delaying its stay in Chapter 11, according to court documents filed on Wednesday.
Kenneth Klee, a law professor and partner of the Los Angeles law firm of Klee, Tuchin, Bogdanoff & Stern, said he needs about two more weeks to interview witnesses and review documents to prepare his report.
, June 22 (Reuters) – Frontier
Communications Corp (FTR.N: Quote, Profile, Research, Stock Buzz) is suing to stop Google Inc
(GOOG.O: Quote, Profile, Research, Stock Buzz) from offering a service that gives users one phone
number connecting their home, work and cell phones because it
infringes a patent, according to a lawsuit filed on Tuesday.
Frontier, which provides phone, Internet access and
satellite TV, also asked a federal court to award it damages
for the infringement by the Google Voice service.
WILMINGTON, Delaware (Reuters) – Press release service Business Wire said on Monday it will no longer accept releases by email after it inadvertently distributed a hoax statement involving a small pharmaceutical company, days after its main rival was burned in a similar fashion.
Business Wire, a distributor of company statements and a unit of Warren Buffett’s Berkshire Hathaway Inc, also said a criminal investigation had been launched into the hoax involving Javelin Pharmaceuticals Inc.
WILMINGTON, Delaware (Reuters) – Smurfit Stone Container Corp received court approval on Monday for its reorganization plan, clearing the way for the packaging company to exit bankruptcy later this month.
The second-largest containerboard producer in North America and its creditors agreed in May provide about 5 percent of its stock for shareholders as a way to end months of legal battles over the value of its business.
, June 17 (Reuters) – Bankrupt Washington
Mutual Inc (WAMUQ.PK: Quote, Profile, Research, Stock Buzz) postponed a key hearing on Thursday, which
the company’s attorney said would allow more time to discuss with
shareholders changes to its planned reorganization.
The company, whose bankruptcy stems from the biggest bank
failure in U.S. history, said the hearing on the company’s
disclosure statement and shareholders’ request for an independent
examiner would be heard on July 8.
, June 17 (Reuters) – Visteon Corp
(VSTNQ.PK: Quote, Profile, Research, Stock Buzz) on Thursday won bankruptcy court approval for a plan
to sell stock to bondholders to finance its exit from Chapter
In two days of hearings, the company argued it should be
allowed to sell shares to bondholders, and pay them for their
promise to buy that stock, as the quickest way to get out of
, June 17 (Reuters) – Washington Mutual Inc
(WAMUQ.PK: Quote, Profile, Research, Stock Buzz) will ask a bankruptcy judge on Thursday to postpone
a key hearing as it tries to resolve disputes over documents it
should provide to shareholders, according to court papers.
The company, which filed for bankruptcy after its lending
business was seized in the biggest bank failure in U.S.
history, needs to resolve disputes with shareholders before it
can send a plan of reorganization to creditors for a vote.
NEW YORK (Reuters) – Local governments are going to turn to private financing for pricey infrastructure projects like bridges due to unprecedented budget gaps, creating a big opportunity for Skanska AB (SKAb.ST: Quote, Profile, Research, Stock Buzz), the president of the company’s U.S. business said on Tuesday.
“I think it’s the way of the future,” said Mike McNally, the president of U.S. division of the Swedish builder at the Reuters Global Real Estate and Infrastructure Summit in New York.
/NEW YORK (Reuters) – The easy days of bankruptcy financing may be drawing to a close as volatility in global markets has made investors nervous about putting money into this already uncertain sector.
Only a few months ago, Lyondell Chemical Co was able to line up $2.25 billion in exit financing by selling high-yield bonds, an approach that signalled a certain appetite among investors for risky debt.
WILMINGTON, Delaware (Reuters) – The chances of BP declaring bankruptcy to deal with oil-spill claims are remote for now, bankruptcy professionals said, although that option would be open to the company if liabilities became overwhelming — and that very much depends on when the oil stops gushing.
BP’s shares plunged this week and investors scooped up insurance to protect against the possibility the company will will default on its debt.