The court-appointed examiner in Tribune Co.’s Chapter 11 bankruptcy case determined that the company’s 2007 leveraged buyout was “marred” by the “dishonesty and lack of candor” of its then-senior management, and that the deal rendered the media conglomerate insolvent from the moment the two-step transaction closed.
Filed under: Bankruptcy
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Uno Restaurant emerges from Chapter 11
A deep dish pizza at Pizzeria Uno in Chicago, Jan. 26, 2009. (Nancy Stone/Chicago Tribune)
Uno Restaurant Holdings Corp. said it emerged from Chapter 11 bankruptcy Monday, completing a six-month restructuring process.
The Boston-based pizzeria chain received approval from the federal bankruptcy court of the Southern District of New York for its reorganization plan on July 6. Uno Restaurant filed for Chapter 11 bankruptcy in January, citing a downturn in consumer spending and higher costs.
“Today’s successful emergence from Chapter 11 completes the restructuring process in just six months, and allows us to turn our full attention to the growth and development of the Uno brands,” said Frank Guidara, CEO and president of the company. Get the full story »
Tribune Co. warns of more bankruptcy delays
Tribune Co. warned Monday that its nearly 20-month-old bankruptcy proceeding could be delayed again over a brewing dispute involving the release of a court-appointed examiner’s report in the case.
The report, which is being prepared by Los Angeles lawyer Kenneth Klee, is due before midnight Monday. But in a filing Friday, Klee said wrangling with various parties over the confidentiality of documents attached to his report would force him to submit a heavily redacted version, pending a judge’s ruling on the issue. Get the full story »
Under pressure, Tribune cuts back on bonuses
Under pressure from its creditors and unions, bankrupt Tribune Co. agreed to cut back on the bonuses it would pay under its proposed 2010 management incentive plan.
The move comes as Chicago-based Tribune Co. seeks to win approval from creditors for a reorganization plan that would allow it to exit a bankruptcy case that has dragged on for almost 20 months. Get the full story »
July 22, 2010 at 1:13 p.m.
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Filed under: Bankruptcy, Commercial real estate, Real estate Judge: Appraisals for General Growth property
General Growth Properties Inc. was told to use a three-appraiser process to value a large community in Nevada, but a judge added he would not let it delay the No. 2 U.S. mall owner’s exit from bankruptcy. Get the full story »
Lucien Lagrange firm files for Chapter 11
From Crain’s Chicago Business | The firm headed by Lucien Lagrange has filed for bankruptcy protection to keep the renown condo architect from having to shoulder the company’s debt as he retires.
LBO issues to be part of Tribune Ch. 11 hearing
The judge in the Tribune Co.’s bankruptcy said Wednesday that there’s no way to avoid arguments about the media conglomerate’s 2007 leveraged buyout at a hearing on whether to confirm its reorganization plan.
But Judge Kevin Carey indicated that he will not hold a full-blown trial on buyout-related claims at the confirmation hearing, set to begin Aug. 30. Get the full story »
General Growth files Ch. 11 reorganization plan
General Growth's Water Tower Place mall in Chicago. (Nancy Stone/Chicago Tribune)
The second largest U.S. mall owner said it has successfully restructured about $15 billion in project-level debt which will allow it to satisfy its debt and other claims in full and implement a recapitalization with $7 billion to $8 billion of new capital.
After emerging out of Chapter 11 protection, General Growth will split itself into two separate publicly traded companies and current shareholders will receive common stock in both companies. Get the full story »
General Growth getting $500M from Texas teachers
General Growth Properties Inc., the second-largest U.S. mall owner, said it has won a $500 million equity investment from a large Texas pension fund and still expects to emerge from bankruptcy by October.
The Teacher Retirement System of Texas, which oversees $96.7 billion of assets, will pay $10.25 each for shares of a reorganized General Growth, according to a joint statement issued Monday. Get the full story »
Jones Lang in deal with General Growth
Jones Lang LaSalle Inc. a real estate services company, said Monday it expanded its retail arm by acquiring third-party mall and shopping center leasing and management responsibilities from No. 2 U.S. mall owner General Growth Properties Inc.
Terms of the deal, which closed on Friday, were not disclosed. General Growth, which filed for bankruptcy protection in April 2009, will continue to manage and lease the nearly 200 malls it owns. Get the full story »
Texas Rangers toss a changeup in auction plans
The Texas Rangers may be off the auction block, at least for now, after the baseball team withdrew its request to allow rival bidders to challenge a $575 million offer from a group of investors that include Hall of Fame pitcher Nolan Ryan.
The request was withdrawn after a chief restructuring officer appointed to represent the team’s owners said he no longer supports holding an auction. Get the full story »
July 9, 2010 at 11:38 a.m.
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Filed under: Bankruptcy, Commercial real estate, Retail, Updated General Growth offered new loan from Barclays
General Growth Properties Inc. is seeking court approval to replace its $400 million bankruptcy loan with a new financing package, which the shopping-mall operator said will allow it to save several million dollars in interest payments each month.
In court papers filed Thursday, General Growth said it has struck a deal with Barclays Bank PLC to take out a $400 million bankruptcy loan to replace a similar loan from a group of lenders led by Farallon Capital Management LLC. Get the full story »
Uno’s reorganization plan approved
The parent of the Uno Chicago Grill pizza chain has won court approval for its bankruptcy reorganization plan, less than six months after it sought protection from creditors.
Judge Martin Glenn approved the Chapter 11 plan for Uno Restaurant Holdings Corp. at a hearing Tuesday in the U.S. bankruptcy court in Manhattan. Get the full story »
General Growth seeks to sell land in Vegas
General Growth Properties Inc. is seeking court permission to sell more than 60 acres in Las Vegas’ Summerlin residential development to a pair of home builders for about $38 million, pending higher bids at auction.
The deal will bring in cash that can be used to repay creditors and allow building to resume in the 22,500-acre development northwest of the Las Vegas strip, General Growth said in papers filed Thursday with the U.S. Bankruptcy Court in Manhattan. Get the full story »
Tribune bankruptcy examiner gets more time
The judge in the Tribune Co. bankruptcy case has given an independent examiner more time to probe the media company’s 2007 leveraged buyout. The judge gave the examiner two more weeks, until July 26, to submit his report, and moved the deadline for creditors to vote on Tribune’s reorganization plan to Aug. 6.
