Detroit hits back against opposition to its bankruptcy
(Daily Bankruptcy Review and DBR Small Cap are daily newsletters with comprehensive coverage and analysis of emerging and in-progress insolvencies and turnarounds. For a two-week trial, visit our homepage , scroll to the bottom and click try for free.) Hotel Internet provider IBahn Corp. filed for bankruptcy protection, Bloomberg reports . The founder of Peregrine Financial Group Inc., Russell Wasendorf Sr., might face more questioning from customers who lost money and a bank thats been implicated in his fraud, The Wall Street Journal reports . The Detroit News reports on an appraisal of the art collection owned by the Detroit Institute of Arts. According to Reuters , Fiat SpAs trial over buying out a minority owner in Chrysler Group LLC may have to wait until 2015.
For the original version including any supplementary images or video, visit http://blogs.wsj.com/bankruptcy/2013/09/06/the-daily-docket-msd-performances-enters-bankruptcy/
Detroit bankruptcy case blocking new Meijer store plans
BANKRUPTCY JUDGE STEPHEN ROSE TO LIFT IT DUE TO THE BANKRUPTCY FILING. ONLY WAY MYER COULD CHANGE IS TO SUE THE CITY. RIGHT NOW THAT IS PROHIBITED BY THE BANKRUPTCY JUDGE. THOSE THIS LIVE IN THE AREA SAY LIFT THE RESTRICTION AND GET TO BUILDING. IT IS WHAT THE NEIGHBORHOODS IN DETROIT ARE IN BAD NEED OF. A LOT OF PEOPLE UNEMPLOYED. BRING A STORE HERE IN THE NEIGHBORHOOD. IT WOULD DEFINITELY HELP WITH THE CAUSE OF BRINGING EMPLOYMENT AND CRIME WOULD GO DOWN AS A RESULT. BACK HERE LIVE AND THIS IS A PERFECT PLACE THIS WEEKEND, ONLY THING GOING IS TWO-HAND TOUCH FOOTBALL FROM THE DUDES IN THE COMMUNITY.
For the original version including any supplementary images or video, visit http://www.clickondetroit.com/news/detroit-bankruptcy-case-blocking-new-meijer-store-plans/-/1719418/21831754/-/r04ukgz/-/index.html
It takes an average time of 3.2 years to resolve the issue (compared to the OECD average of 1.7 years) and the recovery rate is a worrying 29.4 cents on the dollar (as opposed to 70.6 in the OECD countries). Put simply, if you have invested in or lent money to a company that has gone bust in the UAE, you will be lucky to get a third of your investment back and the process will take twice as long as it would in more developed countries. The lack of bankruptcy legislation in the Gulf has forced some firms to go to unprecedented lengths to prevent themselves from going under. Last year, Bahraini investment bank Arcapita filed for Chapter II bankruptcy protection as it struggled to pay off a $1.1bn loan. This summer, Arcapitas restructuring plan was approved by a court in Manhattan in what is believed to be the first bankruptcy that is compliant with Sharia law. The agreement allowed Arcapita to repay its secured creditor in full, and it also set a minimum value for the future sale of any assets, leaving both shareholders and creditors largely satisfied.
For the original version including any supplementary images or video, visit http://www.arabianbusiness.com/calls-for-new-bankruptcy-law-are-getting-louder-516781.html
Calls for a new bankruptcy law are getting louder
To proceed into bankruptcy, Detroit must overcome 109 objections filed in court, mostly from labor unions, that range from accusations that the city failed to negotiate in good faith to claims that Detroit's state-appointed emergency manager, Kevyn Orr, overstepped his legal authority by filing for bankruptcy. Detroit's filing is focused on persuading federal bankruptcy judge Steven Rhodes that the city is insolvent, had the legal authority to file, and intends to implement a debt-reduction plan. Detroit also must show that it either negotiated in good faith with its creditors or that the number of creditors is so large that negotiations were not feasible. "Confronting a state-declared 'financial emergency' that includes approximately $18 billion in debt, over 100,000 creditors, over 100 discrete bond issuances and related loans (as well as multiple insurers of such bonds) and nearly 50 union bargaining units representing the City's employees - all of which rendered any out-of-court solution impracticable - the City commenced this Chapter 9 case on July 18, 2013," the city argues in an opening passage of its filing. The city takes on the basic requirement of financial insolvency head on. The petition states that Detroit was "cash insolvent," "budget insolvent" and "service delivery insolvent".
For the original version including any supplementary images or video, visit http://www.reuters.com/article/2013/09/07/us-usa-detroit-bankruptcy-idUSBRE98603X20130907
Delta Regains S&P 500 Status Lost on Eve of Bankruptcy
Inclusion in the benchmark gauge for U.S. equities marks Bankruptcy Lawyer a milestone in Deltas turnaround after being dropped in August 2005 ahead of its bankruptcy filing weeks later. President Ed Bastian said in a May 22 interview that executives were hopeful that Delta would win back its spot in the index and eventually regain investment-grade credit ratings. The S&P revision will prompt money managers to shift holdings to match the index, Hellwig said by phone. More than $5 trillion is benchmarked to the S&P 500 , according to the website. Deltas shares climbed as much as 5.5 percent to $20.99 in trading after U.S. exchanges closed yesterday. At $17.1 billion, Deltas market value was the largest among U.S. airlines, ahead of United Continental Holdings Inc.s $10.6 billion.
For the original version including any supplementary images or video, visit http://www.bloomberg.com/news/2013-09-06/delta-to-replace-bmc-software-in-s-p-500-after-improving-credit.html
ASK A LAWYER: Each bankruptcy is different
Lunch is served at 11:30 a.m. and reservations are needed a day in advance by 11 a.m. For lunch reservations, call at 330-6293 from 9 a.m. to 1 p.m. September 7, 2013 AS I SEE IT: Best laid plans may not always be the right call If you happened upon a spider web with a struggling butterfly held fast in its grip, would you release it and let the spider go hungry?
For the original version including any supplementary images or video, visit http://www.edmondsun.com/features/x31541194/ASK-A-LAWYER-Each-bankruptcy-is-different
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