bankruptcy

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Banks, Treasury Play Chicken on Chrysler Deal

Alternate headline: Banks, Treasury Play Chicken on Chrysler Deal

(Newser) - A group of big banks balked at the Treasury’s proposal that they slash 85% of Chrysler’s debt, the government’s second such request. Instead, in what the Wall Street Journal calls a “significant act of brinkmanship” as an April 30 deadline looms, the banks, including bailout recipients...

Shopping Mall Giant Goes Bankrupt

Second-largest U.S. mall owner can't refinance billions in debt

(Newser) - Chicago-based General Growth Properties, the second-largest US shopping mall owner, filed for Chapter 11 bankruptcy today after attempts to refinance more than $27 billion in debt failed, Bloomberg reports. The owner of more than 200 shopping malls owes a unit of Germany’s Commerzbank $2.6 billion, while bondholders are...

Lehman Bankruptcy Nets Record Fees for Lawyers

(Newser) - Lehman Brothers' bankruptcy filing is a gold mine for lawyers. One New York firm asked a bankruptcy judge this week to authorize a $55 million payment—the largest quarterly fee ever for a bankruptcy case, the Wall Street Journal reports. When all is said and done, this firm alone—Weil,...

Feds May Trade Debt for Stake in 'New' GM

Insiders say government planning to trade some of $13.4B loan for equity

(Newser) - The Obama administration is considering trading some of GM’s $13.4 billion government debt for equity in the streamlined, post-restructuring version of the automaker, Bloomberg reports. Insiders say the move, which would be accompanied by an offer to bondholders of equity in the new entity, is part of a...

Banks Rally, But Dow Falls 26
 Banks Rally, But Dow Falls 26 
MARKETS
Apr 13, 2009 3:19 PM CDT

Banks Rally, But Dow Falls 26

(Newser) - More bankruptcy rumblings from General Motors sent stocks down early today, but the blow was cushioned by good news from the financial sector, the Wall Street Journal reports. Citi and Bank of America had double-digit gains ahead of what are expected to be solid earnings reports. The Dow finished down...

GM Aims for Fastest Possible Bankruptcy

Treasury directed GM to prep for Chapter 11 as options dwindle

(Newser) - General Motors is in high gear, the New York Times reports, prepping for a possible bankruptcy that would allow the company to reorganize and emerge from protection in as little as 2 weeks. Since the Treasury Department instructed the automaker to prepare for a bankruptcy filing by June 1, in...

Judge Okays Bankruptcy for Bernie Madoff

Makes personal assets more easily available to victims

(Newser) - Bernard Madoff’s victims can force him into bankruptcy and seek any assets that weren’t proceeds of his crimes, a federal judge ruled today, over objections from federal prosecutors, the SEC, and the trustee overseeing the bankruptcy of Madoff’s firm. The judge ruled that bankruptcy had the best...

Feds Put the Squeeze on Auto Creditors

Billions of dollars in concessions sought from banks, bondholders

(Newser) - The government is pushing hard to wring billions of dollars in concessions from the creditors of General Motors and Chrysler, the Wall Street Journal reports. Insiders say Treasury has pushed GM to offer bondholders only stock in return for debt after it judged as too generous a deal involving stock,...

GM in 'Intense' Planning for Bankruptcy

Firm could be split into 'old' and 'new' companies: insiders

(Newser) - General Motors is making “intense” and “earnest” preparations for the possibility of bankruptcy, a source tells Reuters today. The firm could be divided into a “new” and “old” GM, another insider said: The new company would be home to the firm’s healthiest units and take...

Judge Rejects Vick's Bankruptcy Plan

(Newser) - A judge rejected Michael Vick's plan to emerge from bankruptcy today, telling the suspended NFL star to rethink how he'll pay back creditors. Vick, who is serving a 23-month prison sentence for bankrolling a dogfighting operation, had outlined a plan based on the goal of returning to the NFL....

Vick Regrets 'Heinous' Dogfights
Vick Regrets 'Heinous' Dogfights
Apr 3, 2009 12:07 PM CDT

Vick Regrets 'Heinous' Dogfights

Disgraced QB testifies to being fleeced by financial advisers

(Newser) - Michael Vick showed contrition in bankruptcy court today for the dogfighting that landed him in federal prison, the Atlanta Journal-Constitution reports. “I committed a heinous act,” said the suspended NFL quarterback, moved from a Kansas prison to appear at the Virginia hearing. “It was very irresponsible.”...

Vick's New Job: Construction Worker

(Newser) - Lawyers for Michael Vick say the incarcerated football player “is going to turn a new leaf,” the Atlanta Journal-Constitution reports. In bankruptcy court in Virginia today, one of Vick’s attorneys said the convicted dogfighter has a $10-an-hour construction job lined up for him when he gets out...

Rival Bankruptcies Spook Jealous Ford

It's kinda jealous

(Newser) - Ford Motor Co., the lone member of the “Big Three” not to accept government help, is suddenly looking across town with dread and a touch of jealousy, the Wall Street Journal reports. A bankruptcy at GM or Chrysler could wreak havoc on Ford’s supply chain, as shared suppliers...

New GM Boss: Bankruptcy 'More Probable'

Announces program to help unemployed car owners

(Newser) - In his first press conference as CEO of foundering GM, Fritz Henderson today made it clear he wasn’t afraid to talk bankruptcy, saying it was now “more probable,” and that he might even decide to declare bankruptcy before his 60 days were up. “We will do...

Sun-Times Files for Bankruptcy

Conrad Black's back-tax debt does it in

(Newser) - The Sun-Times Media Group, owner of the Chicago Sun-Times, today announced that it had filed for Chapter 11 bankruptcy, in the hope of “making the company fit for a buyer.” Unlike the also-bankrupt owner of its competitor, the Tribune, the Sun-Times has just one debtor: Uncle Sam. The...

Was Obama Tough Enough?
 Was Obama Tough Enough? 
Editorial Roundup
Mar 31, 2009 8:57 AM CDT

Was Obama Tough Enough?

(Newser) - Barack Obama gave GM and Chrysler some tough love yesterday. Too tough, or too much love? Here’s what the papers are saying:
  • Obama “delivered a believable, sharp, and necessary ultimatum,” says the Washington Post. He rightly demanded union concessions, and put bankruptcy back on the table.
  • But
...

White House Favors Managed Bankruptcy for Chrysler, GM

(Newser) - The Obama administration’s favored plan to rescue GM and Chysler is a managed bankruptcy that would relieve them of their biggest liabilities by splitting the carmakers into “good” and “bad” components, the Wall Street Journal reports. The “good” GM would  comprise profitable brands like Chevy and...

Bankrupt Vick Shops His Memoir

(Newser) - Former Atlanta Falcons star Michael Vick is shopping around a memoir that will likely "be a big mea culpa," Rush & Molloy write in the New York Daily News. The bankrupt quarterback has a tale to tell—from poverty to stardom to a 23-month prison sentence...

Commercial Real Estate Crisis May Rival '90s Disaster

(Newser) - Commercial real-estate borrowers are defaulting on their loans at an ever-faster pace, and experts now believe the crisis could match or exceed the early-1990s slump, the Wall Street Journal reports. That catastrophe killed off 1,000 banks and savings institutions, with lenders taking $48.5 billion in charges. This time,...

In Bankruptcy Maneuver, GM May Split in 2

If GM faces Chapter 11, a splitting of the company could avert disaster

(Newser) - General Motors executives and Treasury officials alike seem adamant that the company should avoid Chapter 11 bankruptcy at all costs, but bankruptcy scenarios are already crystallizing behind the scenes, BusinessWeek reports. One option calls for splitting the company into a “good GM,” which would emerge from bankruptcy with...

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