August 31, 2011 |
Harry & David Holdings Inc., the famed fruit and treats retailer that has been filling mail orders since the 1930s, said it would emerge from bankruptcy protection in mid-September. U.S. Bankruptcy Judge Mary Walrath in Wilmington, Del., signed the final order after giving tentative endorsement of the company's reorganization plan earlier this month. "We've reached a significant milestone for Harry & David and are excited to emerge from the Chapter 11 process as a stronger company," interim Chief Executive Kay Hong said in a statement Tuesday.
July 13, 2011 |
The Major League Baseball Players' Assn., the family of Bryan Stow and KABC radio are among five parties appointed Wednesday to represent the interests of unsecured creditors in the Dodgers' bankruptcy case. The committee, selected by a United States trustee, acts to ensure the interests of all unsecured creditors in the case. The Dodgers, as the debtor, are responsible for covering the legal bills incurred by the committee. The Dodgers' bankruptcy petition listed the team's top 40 unsecured creditors, in accordance with bankruptcy law. The majority of those 40 are current and former players, led by Manny Ramirez , to whom the Dodgers owe $21 million.
March 7, 2011 |
The warring creditors in Tribune Co.'s bankruptcy case fired their opening shots Monday in a court hearing aimed at resolving a case that one lawyer said had come to resemble "water torture. " Lawyers for the two principal groups of combatants presented U.S. Bankruptcy Judge Kevin Carey with a stark choice: He can confirm a restructuring plan favored by senior creditors, the company and many unsecured creditors based on a decidedly imperfect settlement of the legal claims surrounding the company's ill-fated 2007 leveraged buyout.
CALIFORNIA | LOCAL
January 20, 2011 |
Vallejo, which filed for bankruptcy in 2008, has proposed paying its unsecured creditors, who are mostly current and former employees, as little as 5% to 20% of the amount they say they are owed in a bid to return the economically shaky Bay Area bedroom community to fiscal health. John Knox, a San Francisco lawyer representing Vallejo, said the proposal to not repay all debts is "probably rare" for a municipal bankruptcy. But he said it would save the city "tens of millions of dollars," including claims for unpaid sick leave and vacation.
September 13, 2010 |
The unsecured creditors committee in Tribune Co.'s bankruptcy case asked a Delaware judge Monday for the right to sue Chicago real estate magnate Sam Zell and other investors and lenders who participated in the company's ill-fated 2007 leveraged buyout. The motion was largely procedural, and the document said the request is not aimed at disrupting a court-ordered mediation in the case, which is scheduled for this month. Lawyers for the committee had signaled at a previous court hearing that they would probably file a new complaint and ask for permission to pursue it because U.S. bankruptcy law would require bringing litigation surrounding the buyout within two years of the company's filing for Chapter 11 protection.
July 27, 2010 |
Under pressure from its creditors and unions, bankrupt Tribune Co. agreed to cut back on the bonuses it would pay under its proposed 2010 management incentive plan. The move comes as the Chicago media company seeks to win approval from creditors for a reorganization plan that would allow it to exit a bankruptcy case that has dragged on for almost 20 months. Management bonuses have been a flash point in the Tribune case since the company entered Chapter 11 proceedings in December 2008.