Author Archives: Standard Bankruptcy
True Sale or Not - The Nature of the Factoring Agreement
Did you know… it has been argued that a factoring arrangement over invoices of a company could be challenged as a charge over book debts and thus is void against liquidators of the company unless registered under section 80 of the Companies Ordinance Read More… Continue reading
Bankruptcy Judge OKs Debtor-In-Possession Financing For Beyond Oblivion
NEW YORK – (Mealey's) A federal bankruptcy judge in New York on Feb. 16 approved $ 750,000 in debtor-in-possession (DIP) financing for the digital music startup Beyond Oblivion (In Re: Beyond Oblivion Inc., No. 12-10282, Chapter 11, S.D. N.Y. Bkcy.). Continue reading
Syms Equity Committee Seeks To Propose Competing Chapter 11 Plan
WILMINGTON, Del. – The Official Committee of Syms Corp. Equity Security Holders on Feb. 3 moved in the U.S. Bankruptcy Court for the District of Delaware for an order terminating the period of time within which Syms has the exclusive right to file a Chapter 11 plan and solicit acceptance of such a plan (In Re: Filene's Basement LLC, No. 11-13511, Chapter 11, D. Del. Bkcy.). Full story on lexis.com Continue reading
Syms Equity Committee Seeks To Propose Competing Chapter 11 Plan
WILMINGTON, Del. – The Official Committee of Syms Corp. Equity Security Holders on Feb. 3 moved in the U.S. Bankruptcy Court for the District of Delaware for an order terminating the period of time within which Syms has the exclusive right to file a Chapter 11 plan and solicit acceptance of such a plan (In Re: Filene's Basement LLC, No. 11-13511, Chapter 11, D. Del. Bkcy.). Full story on lexis.com Continue reading
Los Angeles Dodgers: Injury Claim Should Be Disallowed In Chapter 11 Case
WILMINGTON, Del. – The Los Angeles Dodgers, which filed for Chapter 11 bankruptcy, on Feb. 3 moved in the U.S. Bankruptcy Court for the District of Delaware for an order disallowing a personal injury claim against the club brought by a man who suffered injuries from an attack after attending a baseball game at Dodger Stadium (In Re: Los Angeles Dodgers LLC, No. 11-12010, Chapter 11, D. Del. Bkcy.). Full story on lexis.com Continue reading
Bankrupt Digital Music Venture Seeks Approval Of Asset Auction Procedures
NEW YORK – Bankrupt digital music venture Beyond Oblivion Inc. on Feb. 9 filed a supplemental brief in the U.S. Bankruptcy Court for the Southern District of New York, seeking authorization to sell its assets (In Re: Beyond Oblivion Inc., No. 12-10282, Chapter 11, S.D. N.Y. Bkcy.). Full story on lexis.com Continue reading
Federal Judge: Trial Needed On Disputed Song Rights Sold In Bankruptcy Sale
SHERMAN, Texas – A federal judge in Texas on Feb. 3 denied motions for summary judgment and said that a dispute regarding the rights to two songs that were sold as part of a bankruptcy liquidation sale would have to be resolved at trial (Alvertis Isbell d/b/a Alvert Music v. DM Records Inc., No. 07-146, Chapter 7, E.D. Texas). Full story on lexis.com Continue reading
Debtor Seeks Chapter 7 Conversion After Asset Purchase Agreement Falls Through
WILMINGTON, Del. – Bankrupt Open Range Communications Inc. on Feb. 6 moved in the U.S. Bankruptcy Court for the District of Delaware to convert its Chapter 11 proceeding to a Chapter 7 bankruptcy after reaching the conclusion that it cannot develop a confirmable plan of reorganization (In Re: Open Range Communications Inc., No. 11-13188, Chapter 11, D. Del. Bkcy.). Full story on lexis.com Continue reading
Hostess Seeks Bankruptcy Court Approval Of $1.5M Salary, $2M Bonus For CEO
NEW YORK – Bankrupt Hostess Brands Inc. on Feb. 7 moved in the U.S. Bankruptcy Court for the Southern District of New York for approval of an employment agreement with its current chief executive officer that would pay him $1.5 million annually, plus bonuses, arguing that he is crucial to helping the company proceed through bankruptcy in a positive manner (In Re: Hostess Brands Inc., No. 12-22052, Chapter 11, S.D. N.Y.). Full story on lexis.com Continue reading
Delaware Federal Judge Overrules Objections, Confirms W.R. Grace’s Chapter 11 Plan
WILMINGTON, Del. – A Delaware federal judge on Jan. 30 overruled all remaining objections to W.R. Grace & Co.'s Chapter 11 plan of reorganization and confirmed the plan, which includes establishment of a trust to pay asbestos personal injury claims having an estimated total value of more than $6 billion (In re: W.R. Grace & Co., et al. [Garlock Sealing Technologies LLC, et al. v. W.R. Grace & Co., et al.], No. 11-199, D. Del.; 2012 U.S. Dist. LEXIS 11289). Full story on lexis.com Continue reading
