Gray Aqua Bankruptcy Transferring From N.l. To N.b.

Court shouldn't rubber-stamp bankruptcy bonuses

Lawyer Geoffrey Spencer filed that application. "The corporate offices are in New Brunswick, the executive are in New Brunswick, all the documentation would be in New Brunswick, and all the witnesses on these bankruptcy proceedings would occur in the province [of New Brunswick]," said Spencer. "So we felt it made more economic sense, much more efficient administration of the estates to have it all consolidated in that jurisdiction." Most of the company's employees are also in New Brunswick. Justice Donald Burrage heard the court application on Friday and allowed the transfer to New Brunswick. None of the creditors objected to the transfer to New Brunswick, including the Newfoundland and Labrador government, which has a $5 million investment in the Gray Aqua Group. The company owes about $40 million to 54 companies and lenders. Before they appear, comments are reviewed by moderators to ensure they meet our submission guidelines .
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Bankruptcy panel sought for Quebec train disaster victims

One analyst who has followed the company for decades, though, blames management for the companys demise. Budd Bugatch, an analyst at Raymond James in St. Petersburg, Fla., wrote in a report last week that Furniture Brands approach and execution was flawed, particularly as peers posted improving results. Furniture Brands has lost money every year since 2006, and its revenue has shrunk by more than half. Analysts say Furniture Brands once-powerful labels, such as Broyhill and Thomasville, have lost market share while the company has failed to cut costs fast enough. Bugatch compares todays Furniture Brands unfavorably with predecessor company Interco, which filed for bankruptcy protection in 1991. The stewardship of the current regime, however, was far worse in our view, he wrote. The cadence of change it attempted to orchestrate was destructive, not just disruptive. Furniture Brands also has been criticized over corporate governance. In 2010, when the company lost $39 million, Chief Executive Ralph Scozzafava got a $4 million bonus from a poorly designed plan that rewarded a short-term rise in the stock price. Last year, he got http://san-francisco-bankruptcy-lawyer.com more than $541,000 in bonuses after the company made them easier to earn.
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White House Plans To Send Some Money To Detroit During Bankruptcy

While Lane's ruling gives his blessing to AMR's restructuring efforts, any divestitures or other material changes to the plan that result from settlement talks with the Justice Department would have to go back to him for approval. Mike Trevino, a spokesman for American, said in a statement that the ruling "shows that American is heading in the right direction" and that the company "will show that our planned merger with US Airways is good for consumers." If the Justice Department succeeds in blocking the merger, AMR would have to forge new strategies for paying back creditors. AMR shareholders, who stand to receive a 3.5 percent stake in the merged entity, would likely be wiped out under any plan that excludes a merger, restructuring experts say. Most of AMR's key creditors, including its unionized workers, support the tie-up. The antitrust lawsuit is likely to take months to resolve, and possibly longer if it goes to trial.
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Bankruptcy law, deposit insurance on the cards

bankruptcies allow creditors to form court-recognized committees that negotiate a settlement of claims. The bankrupt company provides a budget and the committee can hire legal and financial advisers. Potential claimants, however, had split over who should get a seat on a committee. Attorneys for many of those killed or injured asked the court to give them their own committee, which they said will promote due process for the victims who speak French and are unfamiliar with U.S. law.
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The depositors widely anticipate that the government or the SBP would compensate their deposits in case of a bank failure. Banks also support the introduction of the DPF. As the draft DPF Act is being finalized, the paper stressed the need to ensure that necessary preconditions are in place before launching the DPF, such as achieving compliance of all banks with minimum capital requirement, appropriate regulation and effective supervision for a sound banking system and a special resolution regime. Several small and medium sized banks in Pakistan are operating without fulfillment of minimum capital required set by the State Bank. The paper further stated that in revamping the recovery mechanisms, consultations on the new bankruptcy law (Corporate Rehabilitation Act) are ongoing with key stakeholders. The new law would facilitate the legal framework for rehabilitating viable corporate and financial entities speeding up the process of liquidation of unviable entities.
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AMR bankruptcy plan wins court approval

At least seven bodies have been found in some of the most desolated haunts in a half-empty city. (AP Photo/Carlos Osorio) This Oct. 24, 2012 file photo shows a graffiti-marked abandoned home north of downtown Detroit, in background. (AP Photo/Carlos Osorio, File) Graffiti covers an abandoned building at the former Belle Isle Safari Zoo February 24, 2013 in Detroit, Michigan. (Photo by J.D.
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