(Reuters) – Longview Power LLC filed for Chapter 11 bankruptcy on Friday and blamed a unit of Germany’s Siemens AG for glitches at Longview’s $2 billion West Virginia power plant that left it unable to pay its debts.
The coal-fired plant in Maidsville has a capacity to generate about 700 megawatts of electrical power and was among the largest construction projects in West Virginia’s history. However, it has been plagued by construction delays and legal problems since it was proposed more than a decade ago.
(Reuters) – A U.S. judge has allowed the California attorney general’s office to proceed with a lawsuit accusing Standard & Poor’s of misleading investors by inflating its credit ratings that led to investment losses, rejecting the rating agency’s effort to dismiss the case, a court filing showed.
The ruling is the latest legal reversal for S&P, which is facing multiple lawsuits filed by the U.S. government and several states over its role in assigning credit ratings to various mortgage securities that tanked during the financial crisis five years ago.
(Reuters) – A German court ruled against Medtronic Inc in the latest round of its patent fight with Edwards Lifesciences on Friday, judging the U.S. medical device maker’s transcatheter heart valve technology infringes a patent owned by Edwards.
Shares of Edwards were up 3.7 percent at $68.25 in early afternoon trading on the New York Stock Exchange, while shares of Medtronic were down 1.4 percent at $53.01.
June 17 (Reuters) – Orchard Supply Hardware Stores Corp
has filed for Chapter 11 bankruptcy protection, court
documents showed on Monday, with rival retailer Lowe’s Companies
set to buy the majority of its assets for $205 million
Orchard, which was spun off by Sears Holdings Corp
in late-2011, said it was carrying a high debt load and that it
may not be in a position to make scheduled payments when the
first tranche of its debt matures in December 2013.
June 11 (Reuters) – Two affiliates of failed U.S.
electric-car maker Coda Automotive filed for chapter 11
bankruptcy protection on Tuesday, according to court documents,
in another sign of the challenges facing the “green” car
Lio Energy Systems Holdings and Miles Electric Vehicles are
seeking to have their cases jointly administered with those of
parent Coda Holdings and its affiliates, including Coda
Automotive, which filed for bankruptcy on May 1.
(Reuters) – Otelco Inc (OTT.O: Quote, Profile, Research, Stock Buzz) filed for Chapter 11 bankruptcy on Sunday, court documents showed, three months after the telecom services provider lost a major contract with Time Warner Cable Inc (TWC.N: Quote, Profile, Research, Stock Buzz).
In February, Otelco reached an agreement with holders of its senior debt to amend and extend the terms of its senior financing to reduce its debt and improve its capital structure.
(Reuters) – Otelco Inc (OTT.O: Quote, Profile, Research, Stock Buzz) filed for Chapter 11 bankruptcy on Sunday, court documents showed, three months after the telecom services provider lost a key revenue-generating contract from Time Warner Cable Inc (TWC.N: Quote, Profile, Research, Stock Buzz).
In February, Otelco reached an agreement with its senior lenders to amend and extend the terms of its current senior financing to reduce the company’s debt and improve its capital structure.
(Reuters) – JPMorgan Chase & Co (JPM.N: Quote, Profile, Research, Stock Buzz) has reached a $546 million settlement with the trustee liquidating the failed broker-dealer unit of MF Global Holdings (MFGLQ.PK: Quote, Profile, Research, Stock Buzz), a court filing showed, an amount that will help repay the brokerage’s customers.
As part of a settlement reached with James Giddens, the trustee who is tasked with liquidating MF Global Inc, JPMorgan will pay $100 million that will be made available for distribution to former MF Global customers.
(Reuters) – South Korea’s Samsung Electronics Co did not willfully infringe on some of Apple Inc’s patents, a U.S. federal court has ruled, foiling Apple’s attempt to ratchet up the $1.05 billion in damages it was awarded last August by a U.S. jury.
The ruling removes a dark cloud hanging over Samsung, which, if the decision had gone the other way, could have been forced to pay triple the original judgment, or more than $3 billion in the worst-case scenario for Samsung’s balance sheet, according to analysts and patent experts.
Jan 23 (Reuters) – CBS Corp has filed an amended
lawsuit against Dish Network Corp accusing the No. 2
U.S. satellite TV company of concealing material facts about its
ad-skipping technology during contract negotiations in 2011.
A legal battle erupted last year between Dish Network and
major U.S. broadcast networks over Dish’s Hopper DVR, which
threatens to bring down the television business model by
allowing viewers to skip over commercials entirely when they
watch recorded shows.