Nov. 1, 2010 at 5:02 p.m.
Filed under:
Autos,
Banking,
Bankruptcy,
IPOs,
Stock activity
By Reuters
General Motors plans to sell just over $13 billion of shares in its IPO, people familiar with the matter said, cutting the U.S. government’s stake while opening the door for investment by overseas state-backed investors.
GM will file the terms in an updated prospectus for its initial public offering with the U.S. Securities and Exchange Commission Tuesday, the sources said.
The company expects to sell 365 million common shares at between $26 and $29 each, raising between $9.5 billion and $10.6 billion, they said. Get the full story »
Nov. 1, 2010 at 12:59 p.m.
Filed under:
Bankruptcy,
Mortgages,
Stock activity
By Reuters
Ambac Financial Group Inc., which was the second-largest U.S. bond insurer before suffering huge losses on risky mortgages, said it may file for bankruptcy protection as soon as this year after skipping a bond interest payment.
Ambac shares slid as much as 59.8 percent Monday. Get the full story »
Nov. 1, 2010 at 7:37 a.m.
Filed under:
Bankruptcy,
Earnings
By Dow Jones Newswires
Smurfit-Stone Container Corp.’s third-quarter earnings fell 4.4 percent excluding preferred-dividend impacts as the packaging company reported higher revenue and margins on price hikes, but was hurt by income-tax impacts. Get the full story »
Oct. 29, 2010 at 6:53 p.m.
Filed under:
Bankruptcy,
Investing,
Litigation,
Media,
Newspapers,
Radio,
TV
By Michael Oneal
A group of hedge funds sued the four banks that funded Tribune Co.’s 2007 leveraged buyout, alleging that the lenders knowingly rendered the company insolvent and precipitated its 2008 bankruptcy.
The suit, filed on Friday in New York state court, charges JPMorgan Chase, Merrill Lynch Capital Corp., Citicorp North America Inc. and Bank of America with breach of contract, breach of good faith and negligence. It asks the court to set damages. Get the full story »
Oct. 29, 2010 at 12:53 p.m.
Filed under:
Bankruptcy,
Retail
By Sandra M. Jones
A Loehmann's store on State Street in Chicago. (Phil Velasquez/Chicago Tribune)
Loehmann’s said it is exploring a pre-negotiated bankruptcy reorganization, among other options, after defaulting on a loan.
The off-price women’s clothing retailer failed to consummate an exchange of a series of old notes for a series of new notes, the retailer said in a press release Friday. The company received valid tenders representing 92.4 percent of the outstanding principal amount of the old notes, less than the 97 percent required.
As a result, Loehmann’s missed an October interest payment, resulting in default on its revolving credit agreement with Crystal Financial LLC. Get the full story »
Oct. 29, 2010 at 6:39 a.m.
Filed under:
Bankruptcy,
Earnings,
Management,
Retail
By Reuters
General Growth Properties, the U.S. mall owner expected to emerge from bankruptcy in early November, reported negative third-quarter funds from operations, taking a hit from reorganization expenses.
Funds from operations for its core mall properties were losses of $29.3 million, or 9 cents a share, compared with a positive $88.9 million, or 28 cents a share a year earlier. Get the full story »
By Reuters
General Growth Properties Inc. named Sandeep Mathrani, Vornado Realty Trust’s former president of its retail unit, to become the No. 2 U.S. mall owner’s new chief executive after it emerges from bankruptcy next month, the company said on Thursday. Get the full story »
Oct. 27, 2010 at 8:17 a.m.
Filed under:
Bankruptcy
By Mary Ellen Podmolik
Gas City, Ltd., the Frankfort-based operator of 55 gas stations, sought Chapter 11 protection from creditors late Tuesday and plans to put itself up for sale.
The bankruptcy filing, made in U.S. Bankruptcy Court for the Northern District of Illinois, listed estimated assets of between $50 million and $100 million and liabilities of between $100 million and $500 million. According to the court documents, Gas City has between 1,000 and 5,000 creditors. Get the full story »
Oct. 25, 2010 at 3:49 p.m.
Filed under:
Bankruptcy,
Food,
Retail
By Becky Yerak
The flagship State Street store of Chicago-based Berry Chill LLC, a frozen yogurt purveyor that filed for Chapter 11 bankruptcy in April, is closed.
A sign on the door at 635 N. State St. said the location is “temporarily closed due to emergency repairs,” though postings on its Facebook page and Twitter stream said it’s in a “legal battle” with its landlord. Get the full story »
By Reuters
Bankrupt mall owner General Growth Properties Inc. is in talks to hire Vornado Realty Trust executive Sandeep Mathrani as its next chief executive, The Wall Street Journal reported Sunday.
Get the full story »
By Associated Press
A federal jury says FedEx must pay $66 million to now-defunct ATA Airlines, saying the package delivery company broke a contract that ultimately pushed ATA into bankruptcy. Get the full story »
Oct. 22, 2010 at 4:35 p.m.
Filed under:
Bankruptcy,
Litigation,
Media
By Dow Jones Newswires
A bankruptcy judge on Friday granted Tribune Co.’s official committee of unsecured creditors authority to make the opening moves in long-threatened litigation over the 2007 leveraged buyout blamed for the media company’s tumble into Chapter 11.
Judge Kevin Carey said he would sign off on an order acknowledging the official committee is the proper body to bring claims against lenders, executives and other leaders of the embattled media company, as well as advisers who reaped millions in fees from the LBO. Get the full story »
Oct. 22, 2010 at 6:25 a.m.
Filed under:
Bankruptcy,
Economy
By Associated Press
Despite mixed financial signals, rural bankers who responded to a survey in 10 Midwest in Plains states apparently are growing optimistic about the regional economy. The Rural Mainstreet economic report for October says its economic confidence index, which reflects expectations for the economy six months out, rose to 57.3 from 54.9 in September and 46.0 in August. Get the full story »
By Reuters
General Growth Properties’ reorganization plan was approved on Thursday, paving the way for the mall operator to exit bankruptcy a year and a half after it was brought to its knees under billions in debt it could not refinance.
General Growth said it expected to emerge from bankruptcy around Nov. 8. It then would turn its attention to a $2.25 billion share sale to raise capital. Get the full story »
Oct. 20, 2010 at 5:56 p.m.
Filed under:
Bankruptcy,
Investing,
Management
By Reuters
General Growth Properties Inc., the No. 2 U.S. mall owner, is slated to clear its final bankruptcy hurdle on Thursday, ending the largest U.S. real estate Chapter 11 filing.
While bankruptcy could soon be behind it, the company has a lot of challenges ahead, as investors and Wall Street will be looking at how it regains credibility as one of the largest U.S. real estate investment trusts. Get the full story »
