Author Archives: Standard Bankruptcy
Resolving the Conflict: A Pragmatic Approach to the Appointment of Receivers as Provisional Liquidator
Did you know… that the court may, in special circumstances, exercise its discretion to appoint pre-existing receivers as a company’s provisional liquidators. Read More… Continue reading
Power Company Files For Chapter 11 Bankruptcy, Citing Debt Of $325.7M
WILMINGTON, Del. – Bicent Holdings LLC, a company that owns and operates power plants in the United States, on May 1 filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of Delaware, citing debt of $325.7 million (In Re: Bicent Holdings LLC, No. 12-11304, Chapter 11, D. Del. Bkcy.). Continue reading
Shutterfly: Automatic Stay Should Remain; Kodak May Not Pursue Patent Case
NEW YORK – Online photo sharing company Shutterfly Inc. on May 9 filed a brief in the U.S. Bankruptcy Court for the Southern District of New York opposing bankrupt Eastman Kodak Co.'s motion for relief from the automatic stay, which it seeks to pursue a patent case against Shutterfly, contending that the only conclusion is that Kodak's motion should be denied (In Re: Eastman Kodak Company, No. 12-10202, Chapter 11, S.D. N.Y. Bkcy.). Continue reading
Kodak Seeks Stay Relief To Pursue Patent Action Worth $100M To Bankruptcy Estate
NEW YORK – Bankrupt Eastman Kodak Co. on April 30 moved in the U.S. Bankruptcy Court for the Southern District of New York to modify the automatic stay to permit it to pursue a patent infringement action, which it contends will result in $100 million being added to its bankruptcy estate (In Re: Eastman Kodak Company, No. 12-10202, Chapter 11, S.D. N.Y. Bkcy.). Continue reading
Kodak Objects To Lifting Of Automatic Stay To Allow State Court Injury Lawsuit
NEW YORK – Bankrupt Eastman Kodak Co. on May 7 filed a brief in the U.S. Bankruptcy Court for the Southern District of New York objecting to a creditor's motion seeking to lift the automatic stay to pursue a state court lawsuit, arguing that the creditor shows no cause why the stay should be lifted (In Re: Eastman Kodak Company, No. 12-10202, Chapter 11, S.D. N.Y. Bkcy.). Continue reading
ConAgra: Hostess Should Not Be Allowed To Withdraw From Pension Funds
NEW YORK – ConAgra Foods Inc. on May 7 filed a brief in the U.S. Bankruptcy Court for the Southern District of New York objecting to bankrupt Hostess Brands Inc.'s motion to withdraw from contributing to pension funds for its employees, contending that doing so would have “serious” financial consequences for other companies that contribute to the funds (In Re: Hostess Brands Inc., No. 12-22052, Chapter 11, S.D. N.Y. Bkcy.). Continue reading
Federal Bankruptcy Judge: Tribune May Award $45M In Bonuses If Goal Is Met
WILIMINGTON, Del. – The bankruptcy judge presiding over the Chapter 11 proceeding of Tribune Co. in the U.S. Bankruptcy Court for the District of Delaware on May 4 approved the company's motion to award as much as $45 million in bonuses if financial goals are achieved (In Re: Tribune Company, No. 08-13141, Chapter 11, D. Del. Bkcy.). Continue reading
Bankruptcy Judge: Getty May Reject 814 Gas Station Leases, Effective Immediately
NEW YORK – The federal bankruptcy judge presiding over the Chapter 11 case of Getty Petroleum Marketing Inc. (GPMI) on May 1 authorized GPMI to reject property leases for 814 of its gas stations, effective immediately (In Re: Getty Petroleum Marketing Inc., No. 11-15606, Chapter 11, S.D. N.Y. Bkcy.). Continue reading
Borders Liquidating Trustee Objects To Proofs Of Claim
NEW YORK – The trustee for the Borders Group Inc. (BGI) Liquidating Trust, which was formed in the wake of the Chapter 11 bankruptcy filing of former bookseller Borders Group Inc., on May 1 filed a brief in the U.S. Bankruptcy Court for the Southern District of New York opposing all proofs of claim asserted by its creditors (In Re: BGI Inc. f/k/a Borders Group Inc., No. 11-10614, Chapter 11, S.D. N.Y. Bkcy.). Continue reading
Bankruptcy Court OKs $2.5M In Post-Petition Funds For Fashion House Betsey Johnson
NEW YORK – The federal bankruptcy judge presiding over the Chapter 11 bankruptcy of fashion house Betsey Johnson LLC on May 10 approved an additional $2.5 million in post-petition financing to be used strictly for payroll and working capital purposes (In Re: Betsey Johnson LLC, No. 12-11732, Chapter 11, S.D. N.Y. Bkcy.). Continue reading
