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Aug 20, 2010

Tribune to offer new bankruptcy plan as talks fail

WILMINGTON, Delaware (Reuters) – Tribune Co will file a new bankruptcy plan by August 27 in an attempt to force a settlement among its warring creditors, the company’s lawyer told a court on Friday.

Creditors to the owner the Los Angeles Times and Chicago Tribune warned that competing proposals to restructure the company were now likely.

Aug 13, 2010

Lawyer steps from dad’s shadow in spill legal fight

WILMINGTON, Delaware (Reuters) – A Shakespeare-quoting father and his novelist son have emerged as leading lawyers in the Gulf oil-spill legal battle after winning the fight to bring hundreds of lawsuits to their home court in New Orleans.

Russ Herman, 67, has spent the past half century battling big corporations and has landed billions in settlement payouts. As one of the biggest U.S. court cases takes shape, he wants to pass the baton to his son, Steve, a partner in his law firm.

Aug 11, 2010

BP’s spill clean-up now shifts to the lawyers

By Tom Hals

WILMINGTON, Del. (Reuters) – As BP Plc works on plugging up its blown-out oil well in the Gulf of Mexico, the clean-up is shifting from the engineers to the lawyers.

The legal cases against BP and others are only beginning, and lawyers involved predict the ultimate cost may exceed the $20 billion the company has promised for a claims fund.

Aug 10, 2010

Analysis: BP’s spill clean-up now shifts to the lawyers

WILMINGTON, Delaware (Reuters) – As BP Plc works on plugging up its blown-out oil well in the Gulf of Mexico, the clean-up is shifting from the engineers to the lawyers.

The legal cases against BP and others are only beginning, and lawyers involved predict the ultimate cost may exceed the $20 billion the company has promised for a claims fund.

Aug 10, 2010

New Orleans judge to oversee oil spill cases

NEW YORK/WILMINGTON, Del (Reuters) – A New Orleans federal judge will oversee a swath of civil lawsuits brought by injured oil rig workers, commercial fishermen and others stemming from the Gulf of Mexico oil spill.

U.S. District Judge Carl Barbier, a 12-year veteran of the federal bench, will supervise hundreds of cases against BP Plc and other defendants, a special judicial panel wrote in an order on Tuesday.

Aug 9, 2010

Abitibi seeks $1.35 billion finance, fees under wraps

WILMINGTON, Delaware (Reuters) – The world’s largest newsprint maker, AbitibiBowater Inc (ABWTQ.PK: Quote, Profile, Research, Stock Buzz), is seeking approval to borrow $1.35 billion to exit from bankruptcy, but said the fees for borrowing the money must be kept confidential, according to court filings.

The company hopes to take advantage of a recent recovery in the high-yield bond market to borrow the majority of the money by selling notes.

Aug 4, 2010

UK trust accuses UCB’s Cimzia of infringing patent

, Aug 4 (Reuters) – UCB’s (UCB.BR: Quote, Profile, Research, Stock Buzz) Cimzia
arthritis drug, which the Belgian company has forecast could
top $2 billion in annual sales, is accused of infringing a
patent held by a British charitable trust.

The Mathilda and Terence Kennedy Institute of Rheumatology
Trust brought the case in a lawsuit filed Tuesday in U.S.
federal court in Delaware, demanding royalties and damages.

Aug 3, 2010

Tribune report unsealed, bankruptcy exit delayed

, Aug 3 (Reuters) – A 1,000-page examiner
report into the bankruptcy of Tribune Co (TRBCQ.PK: Quote, Profile, Research, Stock Buzz) was
unsealed on Tuesday and made public, likely bolstering the
legal case of junior creditors who are trying to assign blame
for the media company’s failure.

Creditors to the bankrupt owner of the Chicago Tribune and
Los Angeles Times had seized on the brief summary of the report
that was made public last week to declare dead the company’s
proposed settlement of lawsuits that have kept it in Chapter 11
since 2008.

Aug 3, 2010

Oaktree ends fight with Dubai for Almatis

, Aug 3 (Reuters) – Oaktree Capital
Management LP withdrew its opposition to Dubai International
Capital’s plan to retain control over bankrupt aluminum company
Almatis BV hours after a “confidential” settlement offer was
leaked.

Oaktree notified the court late on Monday it was
withdrawing its objections to plans by Dubai International
[DUBAHP.UL] that would allow it to retain control of Almatis.

Aug 2, 2010

Oaktree makes “confidential” offer to Almatis

WILMINGTON, Delaware (Reuters) – Oaktree Capital Management LP is willing to give up its fight for control of Almatis BV, a bankrupt aluminum maker, for full payment of its loans and an end to threatened legal action, according to a “confidential” court filing on Monday.

In a letter dated July 27 to an Almatis lawyer, Oaktree’s lawyer outlined six conditions for ending Oaktree’s battle with Dubai International Capital LLC over the European aluminum company.

    • 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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