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Dow Jones Newswires | A bankruptcy judge gave Uno Restaurant
Holdings Corp. the green light to send its restructuring plan to
creditors for a vote.
Judge Martin Glenn of the U.S. Bankruptcy Court in Manhattan signed an
order approving Uno’s disclosure statement. The document outlines the
restaurant chain’s plan to reduce its debt by, among other things,
handing the company over to holders of $142 million in notes.
Associated Press | The judge presiding over the Tribune Co.’s
bankruptcy case has appointed an independent examiner to review the 2007
leveraged buyout of the media conglomerate.
The judge on Monday approved the U.S. trustee’s selection of Kenneth
Klee, a California bankruptcy lawyer and law professor at UCLA, as
examiner.
Dow Jones Newswires-Wall Street Journal | General Growth Properties Inc. swung to a first-quarter profit after prior-year impacts from its ongoing bankruptcy proceedings. The owner of 204 malls has been operating under Chapter 11 protection for more than a year in one of the biggest real-estate bankruptcies ever. Last week, a bankruptcy judge backed a $6.5 billion recapitalization plan from a group led by Brookfield Asset Management Inc.
Get the full story: wsj.com.
From The New York Times | Bankrupt mall operator General Growth Properties has chosen to go with an investment plan led by Brookfield Asset Management, spurning a last-minute takeover bid from Indianapolis-based Simon Property Group.
Get the full story: nytimes.com.
From Reuters | A U.S. Trustee has appointed attorney Kenneth Klee
to look into whether Sam Zell’s 2007 leveraged buyout of
Tribune Co. left the media company insolvent. Klee is an attorney at
Los
Angeles-based law firm Klee, Tuchin, Bogdanoff & Stern LLP., and also teaches bankruptcy law at the University of California at
Los Angeles.
Get the full story: reuters.com.
Tower Ticker | Chicago Tribune parent Tribune Co. today filed a series of applications with the Federal Communications Commission necessary to emerge from bankruptcy protection with its broadcast portfolio intact.
Tribune Co., which owns radio station WGN-AM 720 and 23 television stations in 19 markets, including Chicago’s WGN-Ch. 9, seeks to maintain the status quo with regard to operating its broadcast assets. This will require the FCC to sign off on assignment of their broadcast licenses to the reorganized, post-bankruptcy iteration of Tribune Co., along with continued cross-ownership waivers.
Get the full story: Tower Ticker.
Associated Press | Bondholders who have been fighting over
control of Six Flags have agreed on a revised bankruptcy reorganization
plan for the theme park operator. Under the agreement announced
Wednesday, holders of junior notes issued by holding company Six Flags
Inc. will assume control of the New York company.
From Bloomberg News | General Growth Properties says its latest bankruptcy court hearing on its auction process has been delayed from April 29 to May 5 to give the mall operaior more time to weigh competing bids.
Read the full story: bloomberg.com
Dow Jones Newswires | Simon Property Group Inc. committed a $1.5 billion line of credit to its
pursuit of General Growth Properties Inc. and proposed two possible
directors for General Growth’s board as it outlined an improved proposal
to pull its bidding target from bankruptcy.
Dow Jones Newswires | Smurfit-Stone Container Corp. and
shareholders kicked off a bankruptcy-court contest Tuesday some $1
billion apart on what they believe the box maker will be worth when it
exits Chapter 11 protection.
The company says it’s worth $3.4 billion at most — not enough to cover
its debts. Shareholders put a $4.1 billion to $5 billion price tag on
Smurfit-Stone — enough, they say, to protect them from being stripped
of their holdings, as the company’s Chapter 11 plan proposes to do.
Associated Press | Attorneys have agreed on the appointment of an independent bankruptcy examiner to look at issues surrounding the 2007 leveraged buyout of Tribune Co.
Attorneys in Tribune’s Chapter 11 case presented a proposed order Monday that outlines what the examiner would do.
From Bloomberg | Bankrupt mall owner General Growth is continuing to talk with rival Simon Properties while seeking a higher price, fewer stock warrants, or both from Brookfield Asset Management Inc. Simon Properties had earlier this week pledged to invest $2.5 billion in a reorganization of the company and match the terms of a plan by Brookfield and partners Fairholme Capital Management LLC and Pershing Square Capital Management LP.
Get the full story: bloomberg.com.
Tribune staff report | Smurfit-Stone Container Corp. said its creditors have overwhelming approved its reorganization plan, ahead of court confirmation hearings scheduled to start today.
Dually headquartered Chicago and Creve Coeur, Mo., most of the company’s executives are based in St. Louis. The company operates corrugated container, folding carton, recovered paper and recycling services facilities.
By Mary Ellen Podmolik | NVR,
Inc., an East Coast builder that recently turned its attention to the
Midwest, may get a foothold in the Chicago market, via Bankruptcy Court.
The
Reston, Va.-based company has been identified as the “stalking horse”
bidder for substantially all the assets of Orleans Homebuilders, a
Pa.-based builder with five suburban Chicago communities. Orleans sought
Chapter 11 bankruptcy protection March 1.
Dow Jones Newswires | A judge Wednesday ordered the public disclosure of bidding details from
an auction of Lehman Brothers Holdings Inc.’s assets in 2008, overruling
opposition from CME Group Inc.
The ruling by Judge James Peck of the U.S. Bankruptcy Court in Manhattan
dealt a blow to CME, which conducted the auction for derivatives
positions held by Lehman and fought to keep the bid details secret.
