The U.S. Bankruptcy Court has approved the sell of 60 properties by Frankfort-based Gas City Ltd. to various buyers for more than $135 million.
Filed under: Bankruptcy
An attorney for billionaire developer Sam Zell, who engineered a buyout that left Tribune Co. saddled with debt, says proposals to reorganize the media company’s finances aren’t fair to his client.
Attorney David Bradford says the proposals do not adequately protect Zell from lawsuits that threaten to injure his reputation and waste Tribune’s assets. Get the full story »
A hearing to determine the fate of the Tribune Co.’s proposed reorganization plan resumed Tuesday with attorneys for Tribune and attorneys for noteholders who have submitted a competing plan continuing to squabble over technical issues. The judge again signaled his desire for a conclusion to the Chapter 11 case, which has dragged on for more than two years. Get the full story »
A Delaware bankruptcy judge has resumed a hearing to determine whether he should approve Tribune Co.’s proposed reorganization plan. Get the full story »
Aurelius Capital Management said Tribune Co. must call a halt to confirmation proceedings on its Chapter 11 plan, which are set to resume Tuesday in a Delaware bankruptcy court. Get the full story »
Baker & McKenzie and one of its former partners were sued Monday for $600 million by a Pennsylvania company that alleges the law firm and Martin Weisberg willingly participated in a “looting” of the company.
The suit’s filing is part of the Chapter 11 bankruptcy of Industrial Enterprises of America Inc., which sought protection from creditors in April 2009. Get the full story »
Dish Network Corp. won Blockbuster Inc. in a bankruptcy auction for about $320 million, a move that could see the second-largest U.S. satellite TV provider tapping the movie rental chain’s online content to strengthen its offerings. Get the full story »
A bankruptcy auction for movie rental chain Blockbuster Inc kicked off with a $284 million bid from Dish Network Corp on Tuesday, quickly topped by bids from rival groups led by billionaire Carl Icahn and hedge fund Monarch Alternative Capital
The auction in U.S. Bankruptcy Court in Manhattan will decide the fate of the movie rental chain, which filed for bankruptcy last September. The company put itself up for sale in February after a reorganization plan fell apart. Get the full story »
The number of Americans filing for bankruptcy dropped 6 percent in the first quarter of 2011 compared to the previous year, two industry groups said Monday. Get the full story »
A bankruptcy auction of Blockbuster Inc. was set to stretch into a second day after preliminary talks between bidders and the movie rental chain’s representatives dragged on late Monday, a company spokesman said. Get the full story »
Heads up anyone with a Blockbuster gift card. Better use it right away.
As part of Blockbuster’s bankruptcy process, the movie rental company will not honor any of its gift cards after April 6, as technically the company will be sold to creditors. Get the full story »
Pizza chain Sbarro Inc. said Monday it filed for Chapter 11 bankruptcy protection under a plan that would remove more than half of the company’s total debt. Get the full story »
Los Angeles-based retailer American Apparel Inc. warned that it could seek Chapter 11 bankruptcy protection, or even be forced to liquidate under Chapter 7, as its financial woes deepen. Get the full story »
Dish Network Corp., the satellite-television company controlled by Charlie Ergen, and billionaire investor Carl Icahn have each submitted bids for Blockbuster Inc. before a bankruptcy court auction next week, said people familiar with the matter. Get the full story »
Sbarro Inc., the fast-food pizza chain that dots shopping-mall food courts around the world, is preparing to file for Chapter 11 bankruptcy protection as soon as next week, said people familiar with the matter. Get the full story »