A recent plan submitted by Lehman Brothers Holdings Inc. is garnering greater support than their previous bankruptcy exiting plan. The revised reorganization plan proposes giving creditors 21.1 cents to the dollar as opposed to the 21.4 cents proposed in the...
Chapter 11 Bankruptcy
Birmingham bank may file for Chapter 7 bankruptcy
Superior Bancorp, a Birmingham-based bank corporation, is contemplating bankruptcy after one of its main holdings was auctioned off by federal regulators. The subsidiary, Superior Bank, consisted of 73 banks, which were all sold to pay off creditors.According to...
Alabama Company Bids Gun Manufacturer Out of Debt
Manroy, an Alabama company that makes weapons and supplies, recently paid $4.95 million to a Tennessee gun-making company in exchange for all of the bankrupt company’s assets.The exchange took place at an auction which the Tennessee company, Sabre Defence, had...
Birmingham Aircraft Company Files for Chapter 11
Alabama Aircraft Industries, Inc., a company that is based out of Birmingham, has filed chapter 11 bankruptcy in order to reorganize their finances.The company began facing financial trouble when they lost $5.8 million in revenue. The company also had...
Lehman Brothers revises bankruptcy plan
International financial firm Lehman Brothers Holdings, Inc., has revised the details of its bankruptcy plan. The new plan is expected to allow for a faster and more complete financial recovery.Lehman Brothers declared bankruptcy in September 2008 under Chapter 11, the...
Borders reportedly hires bankruptcy lawyers
According to a recent news report, Borders Group Inc., the U.S-based international book retailer, has hired bankruptcy lawyers to assist with its growing debt problem.It is not yet clear whether the company will file for bankruptcy. The company has “hired bankruptcy...
Vertis Holdings files for second bankruptcy
U.S. marketing services provider Vertis Holdings Inc (VRTH.PK) filed for bankruptcy last week for the second time in two years, with the goal of eliminating about $700 million of debt from its balance sheet.The Baltimore, MD-based company filed for Chapter 11...
Orleans Homebuilders seeks $155 million loan
Orleans Homebuilders, the Bensalem, Pennsylvania-based company, filed for bankruptcy protection last March after defaulting on a credit facility. This week, the company sought court approval for a $155 million loan that would help it emerge from bankruptcy.The loan...
Chrysler Group LLC, the automaker controlled by Fiat SpA, is set to post its smallest quarterly loss
Chrysler Group LLC, the automaker controlled by Fiat SpA, is set to post its smallest quarterly loss since emerging from bankruptcy 18 months ago.A net-loss of $129 million is expected for the third-quarter of 2010. The numbers will be posted on November 8.This would...
Lehman bankruptcy fees reach $1 billion
According to recently release figures, the Lehman Brothers bankruptcy has produced over $1 billion in fees. These fees have been paid out to advisers, lawyers, and bankers over the past two years.On average, the financial firm has paid over $40 million a month since...