Inside these posts: Bankruptcy plan

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Judge to approve plan that pays GM creditors

A U.S. Federal court judge on Thursday said he would approve the bankruptcy plan for “Old GM”, paving the way for General Motors to begin distributing stock and warrants to some unsecured creditors, a spokesman said. Get the full story »

Loehmann’s faces possible Chapter 11

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 »

General Growth cleared to exit bankruptcy

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 »