April 19, 2012 |
Detroit native Mitt Romney has long contended that the U.S. automobile industry would be better off had the federal government not bailed out General Motors and Chrysler. In particular, he argued in 2008 and again in February (while campaigning in Michigan's Republican primary) that the companies should have restructured themselves without the feds' involvement through a "managed bankruptcy" process. But that ignores a crucial fact: Companies that are broke require money to keep operating, even while under the protection of a Bankruptcy Court.
July 23, 2012 |
The judge in Tribune Co.'s bankruptcy case confirmed a plan Monday to transfer ownership of the Chicago media company to a group of senior creditors led by Oaktree Capital Management, a Los Angeles investment fund. The judge's order , which was expected, will set in motion a process that will likely allow Tribune to emerge from bankruptcy later this year. And it will allow the Federal Communications Commission to move forward on the company's application to transfer its TV and radio broadcast licenses to the new owners - the last big hurdle in a case that has dragged on for 3½ years.
CALIFORNIA | LOCAL
January 17, 2001 |
At the epicenter of the power crisis gripping California, the state's two largest utilities--Southern California Edison and Pacific Gas & Electric Co.--have threatened that unless they can double their rates and pass on record wholesale power costs to consumers, they will seek remedies under U.S. bankruptcy laws.
October 21, 2000
Troubled Premier Laser Systems Inc. said Friday that it has tentatively agreed to sell assets of its EyeSys Corneal Topography division to ProLaser Ltd. in Duesseldorf, Germany. ProLaser will acquire the intellectual property, customer base and inventory of the EyeSys division. ProLaser expects to close the deal Dec. 8.
June 1, 2006 |
A $280-million-a-year concession agreement between Delta Air Lines Inc. and its pilots was approved Wednesday by a U.S. Bankruptcy Court judge. The decision rejected claims by the government's pension insurer that it should receive the compensation the pilots were promised if their pension is terminated. The decision came hours after pilots approved the deal. The agreement, which runs through 2009, will take effect today.
January 9, 1987 |
The controversial saga of Financial Dynamics founder Richard E. Donovan continued Thursday, as a bankruptcy trustee prepared to take control of millions of dollars in assets once held by the investment entrepreneur who ran afoul of state officials. The move follows a decision by U.S. Bankruptcy Court Judge Barry Russell to turn down the request of Nancy R. Schauer, an attorney who previously had been sorting out Donovan's dealings, to terminate the bankruptcy proceeding.
July 12, 2011 |
Reporting from Phoenix — The Dodgers might not emerge from Bankruptcy Court for months, but Commissioner Bud Selig alluded Tuesday to the future of the team without Frank McCourt as its owner. Selig avoided speaking directly about McCourt, but the commissioner recalled hearing last year how bad the Texas Rangers' bankruptcy would be for baseball. The Rangers were sold in a Bankruptcy Court auction. "It didn't turn out terrible," Selig said. "They wound up getting a great price and a wonderful ownership group.