Senior creditors won Round 2 of the bankruptcy court auction of The Philadelphia Inquirer and The Philadelphia Daily News on Thursday, and at a price that was cheaper than they were willing to pay in Round 1. The largest debt holders of Philadelphia Media Holdings, including Angelo, Gordon & Company, Alden Global Capital and Credit [...]
Lehman Brothers Holdings is “optimistic” that its reorganization plan will be confirmed by the end of the first quarter, according to a securities filing on Wednesday, Reuters reported. A representative for the firm said it had recovered $60 billion to be distributed to its debt holders. The company has worked to slash claims on the [...]
The legal sparring between Goldman Sachs and the unsecured creditors of the Bayou Group escalated late Wednesday, when the creditors asked a federal court to uphold a big award against the firm and remove seal that has been placed on the case. In June, Goldman was ordered to pay $20.6 million, the largest arbitration award [...]
Creditors have taken over the $2 billion Xanadu retail and entertainment complex in New Jersey’s Meadowlands, and a spokesman for the lenders said Tuesday they were negotiating to revive and finish the stalled project, The Associated Press reported. Xanadu was originally slated to open in late 2007. Construction was suspended last year after an affiliate [...]
Dubai World formally presented its $23.5 billion restructuring plan to scores of creditor banks on Thursday as it seeks an end to its months-old debt crisis, but the state-owned company made clear that negotiations over the deal could continue for some time, The Associated Press reports. The meeting was a chance for Dubai World to [...]
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