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General Motors raised $20.1 billion in the biggest U.S. initial public offering in history, pricing the shares at the top of the proposed range in response to huge investor demand.
GM sold 478 common shares at $33 each, raising $15.77 billion, as well as $4.35 billion in preferred shares, more than the initially planned $4 billion. Get the full story »
Bank of America was ordered by a U.S. judge to return $500 million of deposits it seized from Lehman Brothers Holdings shortly after Lehman’s bankruptcy. Get the full story »
General Growth Properties Inc., which emerged from bankruptcy last week, said it expects to take a $537 million noncash charge in connection with the spinoff of the Howard Hughes Corp. Get the full story »
General Growth Properties Inc. priced 135 million shares at $14.75 per share on Monday, as part of a plan to raise $1.99 billion to repay investors who helped finance the No. 2 U.S. mall owner’s exit from bankruptcy. Get the full story »
U.S. discount retailer Loehmann’s is filing for bankruptcy after its Dubai government-linked owner failed to reach a debt-extension deal with creditors.
A new side-imbroglio has broken out in the Tribune Co. bankruptcy, highlighting the often incestuous world occupied by big-time bankruptcy attorneys.
Let’s see if we can sort it all out … Get the full story »
Tribune Co. creditors asked a Delaware judge to let them try to recover millions of dollars awarded to insiders in the year prior to the media company’s bankruptcy, saying they can do a better job than Tribune can.
In a Thursday court filing, Tribune’s official committee of unsecured creditors said it wants current and former Tribune officers and directors to return more than $250 million of awards, including bonuses and restricted stock. Get the full story »
The judge in Tribune Co.’s bankruptcy case approved more than $40 million in 2010 incentive bonuses for 635Â operating managers and executives Wednesday.
But based on the company’s projected performance through the end of the year, the payout will likely be closer to $30 million, according to court documents. Get the full story »
General Growth Properties plans to resume paying dividends early next year, after the second-largest U.S. mall operator emerged from bankruptcy and spun off a new company, Howard Hughes Corp.
Citing a higher-than-expected cash stake, General Growth also said it expects to retire $570 million of obligations by paying cash, avoiding the potential issuance of more than 50 million common shares. Get the full story »
General Growth Properties Inc , the second-largest U.S. mall operator, said it has emerged from bankruptcy, one and a half years after becoming the biggest U.S. real estate company to seek Chapter 11 protection.
The Chicago-based operator of 183 shopping malls in 43 U.S. states said Tuesday it emerged from under protection from creditors after obtaining $6.8 billion of new capital and restructuring about $15 billion of debt.
General Growth operates properties, including the Ala Maona Center in Hawaii, Faneuil Hall Marketplace in Boston, Harborplace in Baltimore and Water Tower Place in Chicago. Get the full story »
Tribune Co. is asking a Delaware bankruptcy judge to approve up to $43 million in bonuses for top executives and managers this year.
The plan calls for some 640 people to receive bonuses totaling from $16.5 million to $42.9 million if certain cash flow targets are met. The request will be the subject of a hearing Wednesday.
Tribune scaled back the incentive plan this summer after complaints from creditors and an employees union. Get the full story »
General Motors can get a tax break of up to $45 billion as part of its U.S. government-financed restructuring, documents filed with federal regulators earlier this year showed.
The Wall Street Journal earlier reported that GM would not have to pay federal taxes on up to $50 billion in profits. A later version of this story revised this figure to about $45 billion.
This figure also includes $18.88 billion of carry-forwards, according to the automaker’s annual filing from April. Get the full story »
General Motors will not have to pay U.S. federal taxes on up to $50 billion of profits for as long as 20 years, The Wall Street Journal reported on Tuesday, citing people familiar with the matter.
With the standard federal corporate tax rate at 35 percent, that tax break could save GM $17.5 billion, not factoring in tax deductions, the Journal reported. Get the full story »
Don’t count Blockbuster out yet.
The Dallas-based movie and game rental chain is hiring about 4,000 seasonal employees to staff its stores nationwide this holiday season. That’s comparable to previous years when Blockbuster wasn’t reorganizing under Chapter 11 bankruptcy. Get the full story »
Tribune Co. creditors filed sprawling lawsuits on Monday that take aim at Sam Zell, his banks and advisers for the disastrous leveraged buyout that plunged the publisher into bankruptcy two years ago.
The lawsuit accuses billionaire Zell and the Tribune board of defrauding Tribune’s creditors by pursuing the buyout of the owner of the Los Angeles Times and Chicago Tribune knowing it would lead to bankruptcy. Get the full story »
