Our Business News

Dear Bankruptcy Adviser, I understand that if I file bankruptcy, the creditors do not care about small, valuable items, such as cheap and old DVD players, computers, TVs, etc. Is this true? — Jim Dear Jim, That’s a fair assessment in the vast majority of cases. Your creditors do not want your old, used personal property. In most states, the court and creditors are not set up to repossess, store and then sell personal items. There are a few major exceptions, but because I don’t practice in all 50 states, you will need to confirm whether your state is one [...]

NEW YORK American Airlines’ bankrupt parent has asked a judge to extend by six weeks, through March 11, the period in which it has the exclusive right to propose a plan to exit bankruptcy. The request, made jointly with its creditors’ committee, was filed on Friday in U.S. Bankruptcy Court in Manhattan. The current exclusive window is set to end on January 28. AMR Corp filed for bankruptcy a year ago in hopes of reducing labor costs and returning to profitability. Its smaller competitor, US Airways Group Inc , is making a push to acquire it out of bankruptcy. AMR [...]

The Obama administration provided struggling battery maker A123 Systems Inc with nearly $ 1 million on the day it filed for bankruptcy, the company told lawmakers investigating its government grant. The company, which makes lithium ion batteries for electric cars, filed for Chapter 11 bankruptcy protection last month after a rescue deal with Chinese auto parts supplier Wanxiang Group fell apart. That same day, October 16, A123 received a $ 946,830 payment as part of its $ 249 million clean energy grant from the Energy Department, the company said in a letter, obtained by Reuters, to Republican Senators John Thune [...]

The Obama administration provided struggling battery maker A123 Systems Inc with nearly $ 1 million on the day it filed for bankruptcy, the company told lawmakers investigating its government grant. The company, which makes lithium ion batteries for electric cars, filed for Chapter 11 bankruptcy protection last month after a rescue deal with Chinese auto parts supplier Wanxiang Group fell apart. That same day, October 16, A123 received a $ 946,830 payment as part of its $ 249 million clean energy grant from the Energy Department, the company said in a letter obtained by Reuters to Republican Senators John Thune and Chuck Grassley. (Reporting by Ayesha Rascoe; Editing by Gerald [...]

The Obama administration provided struggling battery maker A123 Systems Inc with nearly $ 1 million on the day it filed for bankruptcy, the company told lawmakers investigating its government grant. The company, which makes lithium ion batteries for electric cars, filed for Chapter 11 bankruptcy protection last month after a rescue deal with Chinese auto parts supplier Wanxiang Group fell apart. That same day, October 16, A123 received a $ 946,830 payment as part of its $ 249 million clean energy grant from the Energy Department, the company said in a letter, obtained by Reuters, to Republican Senators John Thune [...]

NEW YORK Eastman Kodak Co won court permission on Wednesday to retain exclusive control of its bankruptcy case through February 28 as it tries to execute a $ 793 million financing offer from a group of bondholders. Judge Alan Gropper approved the extension at a hearing in a U.S. Bankruptcy Court in Manhattan, allowing Kodak to move forward with its plan without creditors pushing competing proposals. The plan would outline how to repay creditors and exit bankruptcy. The extension was supported by most creditors. It was opposed by a group of bondholders, some of whom had made an unsuccessful effort [...]

Dear Bankruptcy Adviser, I’ve been consulting with bankruptcy lawyers about my financial situation since my mom passed away. She did not have a will. The estate hasn’t gone through probate yet, but I don’t want to get involved. There wouldn’t be enough money after the sale to pay off my debtors. I don’t want anything to do with this house. Will this cause a problem for me filing Chapter 7? I am divorced and receive Social Security income and child support.  — Karen Dear Karen, I’m sorry for your loss. Let’s first tackle this issue with you and the probate [...]

NEW YORK Eastman Kodak Co has reached a financing deal with bondholders that could take the one-time photography giant out of bankruptcy, a person close to the matter said Monday. The deal, which needs bankruptcy court approval, would provide Kodak with $ 793 million in loans on the condition that it receive at least $ 500 million for a patent portfolio it has been trying to sell for more than a year, the person said. The financing is also contingent on the company selling all or a portion of its document imaging and personalized imaging businesses, which were also put [...]

NEW YORK Eastman Kodak Co has reached a financing deal with bondholders that could take the one-time photography giant out of bankruptcy, a person close to the matter said Monday. The deal, which needs bankruptcy court approval, would provide Kodak with $ 793 million in loans on the condition that it receive at least $ 500 million for a patent portfolio it has been trying to sell for more than a year, the person said. The financing is also contingent on the company selling all or a portion of its document imaging and personalized imaging businesses, which were also put [...]

NEW YORK Bahrain-based Arcapita Bank gained court approval on Wednesday for a $ 125 million bankruptcy loan from Fortress Investment Group , believed to be the first such loan consistent with sharia, Islamic law. The loan, approved by Judge Sean Lane in U.S. Bankruptcy Court in White Plains, New York, will fund Arcapita as it tries to restructure debt after filing for bankruptcy in March. Wednesday’s hearing was delayed two hours as Arcapita, its creditors and Fortress negotiated over the price of the deal, Dennis Dunne, a lawyer for Arcapita’s creditors’ committee, told the judge. The loan was originally set [...]