June 30, 2010 at 1:21 p.m.
Filed under:
Bankruptcy,
Manufacturing
By Reuters
Paper packaging company Smurfit-Stone Container Corp. said Wednesday that it had emerged from bankruptcy after 17 months, having wiped around $3 billion of debt from its balance sheet.
The company issued new stock to investors who held about $3 billion of unsecured debt. That stock will begin trading on the New York Stock Exchange Thursday under the symbol “SSCC,” the company said in a statement.
Nearly a billion dollars of loans were paid in cash, in part with funds from a new $1.2 billion term loan.
June 30, 2010 at 6:33 a.m.
Filed under:
Bankruptcy,
Manufacturing
From the Daily Herald | The parent of Hart Schaffner & Marx is “fully committed” to operating the company’s 123-year-old Des Plaines suit factory and does not plan to outsource production to India, HMX LLC CEO Doug Williams said.
June 29, 2010 at 9:49 p.m.
Filed under:
Bankruptcy,
Commercial real estate,
Retail
By Tribune staff report
Chicago-based mall operator General Growth Properties Inc. said it expects to file its Chapter 11 reorganization plan on or around July 9.
The company today also asked the U.S. Bankruptcy Court in New York to extend its exclusive right to file a plan until Oct. 18. It is currently set to expire July 15. General Growth said it requested the extensions to allow it to “explore all financing emergence options available to it.”
June 29, 2010 at 2:02 p.m.
Filed under:
Banking,
Bankruptcy,
Taxes
By Dow Jones Newswires
The parent of Chicago’s Corus Bank has moved to head off a grab by federal regulators at more than $257 million in tax refunds stemming from the bank’s collapse. Get the full story »
June 28, 2010 at 5:31 p.m.
Filed under:
Bankruptcy,
Media
By Reuters
The publisher of the Philadelphia Inquirer won court approval Monday for its bankruptcy reorganization plan, clearing the way for lenders to buy its newspaper assets for about $139 million.
U.S. Bankruptcy Judge Stephen Raslavich rejected objections by some union pension funds before approving the plan proposed by Philadelphia Newspapers LLC, which runs the Inquirer and the smaller Philadelphia Daily News. Get the full story »
June 25, 2010 at 1:59 p.m.
Filed under:
Autos,
Bankruptcy
By Associated Press
A bankruptcy court judge has cleared the way for auto parts supplier Visteon Corp. to begin soliciting votes on its proposed reorganization plan.
The judge in Delaware approved documents describing the Michigan company’s proposed reorganization plan and the process for creditors to vote on it. Get the full story »
June 23, 2010 at 11:41 a.m.
Filed under:
Bankruptcy,
Media
By Michael Oneal
The independent examiner charged with investigating claims of “fraudulent conveyance” in the Tribune Co. bankruptcy case asked Wednesday for a 15-day extension for filing his report.
That would likely delay a set of confirmation hearings in the case scheduled for Aug. 16 in the U.S. Bankruptcy Court in Delaware.
“The examiner’s request…is not unexpected,” Tribune Co. said in a statement. “Although it may delay our confirmation hearing for a short period of time, we are supportive of the request in the interest of enabling the examiner to do a thorough and complete review.”
Get the full story »
June 23, 2010 at 8:36 a.m.
Filed under:
Bankruptcy,
Manufacturing
From the New York Post | India-based textile company SKNL, which now control’s Hart Schaffner Marx and Hickey Freeman men’s suit maker HMX, is planning to cut costs 15 percent during the next three years, leading to concerns it may shut on of its U.S. factories, according to the New York Post. Workers at the Des Plaines plant, run by the bankrupt company known for making suits worn by President Barack Obama, are particularly concerned, the report said.
June 21, 2010 at 2:08 p.m.
Filed under:
Bankruptcy,
Government,
Media
By Dow Jones Newswires-Wall Street Journal
From the Wall Street Journal | The owner of a small newspaper in Connecticut has joined the chorus in opposition to Tribune Co. transferring its FCC licenses to the reorganized company when it emerges from Chapter 11. Tribune owns The Hartford Courant and is seeking to hang onto two TV stations in the same market.
June 21, 2010 at 11:53 a.m.
Filed under:
Bankruptcy
By Dow Jones Newswires
Smurfit-Stone Container Corp. Monday won confirmation of its Chapter 11 restructuring plan, clearing the way for a June 30 exit from bankruptcy.
Judge Brendan Shannon signed off on the revised plan, which incorporates a settlement with shareholders who challenged an earlier restructuring strategy as unfair. Get the full story »
June 18, 2010 at 12:54 p.m.
Filed under:
Bankruptcy,
Media
From Bloomberg News | Lenders owed $1.6 billion will question Sam Zell under oath June 28 on the 2007 leveraged buyout he led of Tribune Co. The lenders, with a lower payment priority, oppose the reorganization plan filed with Bankruptcy Court.
June 16, 2010 at 12:41 p.m.
Filed under:
Bankruptcy,
Media
Associated Press | The judge in the Tribune Co.’s bankruptcy case has ordered JPMorgan Chase to turn over information sought by a group of lenders who oppose the company’s reorganization plan.
Get the full story »
June 15, 2010 at 4:12 p.m.
Filed under:
Banking,
Bankruptcy
From Bloomberg | Corus Bankshares Inc., the holding company whose bank was taken over by regulators in September, sought bankruptcy protection from creditors, listing assets of $314.1 million and debt of $532.9 million in Chapter 11 documents in U.S. bankruptcy court in Chicago.
June 15, 2010 at 11:42 a.m.
Filed under:
Banking,
Bankruptcy,
Media
From Bloomberg | In an objection filed with U.S. regulators, Tribune Co. bondholders said the bankrupt newspaper company should be prevented from reassigning its broadcasting licenses to the lenders who financed Tribune Co.’s 2007 buyout. Under the plan, bondholders owed about $1.2 billion would be paid nothing, while the lenders would get more than 90 percent of Tribune Co.
June 11, 2010 at 2:54 p.m.
Filed under:
Bankruptcy,
Media
Dow Jones Daily Bankruptcy Review | Lenders joined a federal
bankruptcy watchdog in protesting the continued flow of bonuses to top
executives as Tribune Co. seeks to ease its way out of Chapter
11, leaving behind billions in unpaid bills.
Wells Fargo Bank N.A. led lenders behind a $1.6 billion loan to the
publishing company in objecting to the latest round of bonuses proposed
by Tribune — a $43 million package that would bring the total doled out
to management to $115 million. The request also caught the eye of U.S.
Trustee Roberta A. DeAngelis, charged with ensuring that the company
adheres to bankruptcy court protocol and keeps its creditors in mind
when drafting its reorganization strategy.
Get the full story »
