Bankruptcy http://www.globalpost.com/taxonomy/term/35864/all en Miss Spain Pageant files for bankruptcy protection http://www.globalpost.com/dispatch/taxonomy/term/35779/130226/miss-spain-pageant-files-bankruptcy-protection <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agencia EFE </div> </div> </div> <!--paging_filter--><p>Madrid, Feb 20 (EFE).- The Miss Spain Pageant has filed for bankruptcy protection from its creditors, the Official Bulletin of the State said Wednesday.</p> <p>The case is being handled by a bankruptcy court in Madrid, where the bankruptcy petition was filed on Feb. 7.</p> <p>The bankruptcy judge overseeing the case ordered the debtor's assets seized and appointed a receiver.</p> <p>The organizer of the Miss Spain beauty pageant has been experiencing financial difficulties for some time and lost the right to participate in the last Miss Universe pageant.</p> <p><a href="http://www.globalpost.com/dispatch/taxonomy/term/35779/130226/miss-spain-pageant-files-bankruptcy-protection" target="_blank">read more</a></p> Bankruptcy Insolvency United States bankruptcy law Agencia EFE Tue, 26 Feb 2013 15:21:34 +0000 Agencia EFE 5767185 at http://www.globalpost.com Argentina challenges U.S. court with bond plan http://www.globalpost.com/dispatch/news/thomson-reuters/130330/argentina-puts-forward-alternative-payment-plan-bond-dispute <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>By Nate Raymond and Hugh Bronstein</p> <p>NEW YORK/BUENOS AIRES (Reuters) - Argentina challenged a U.S. court over the weekend by proposing that "holdout" bond investors be repaid only about one sixth the money federal judges hearing the case say they are owed, setting the stage for a legal showdown in New York.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://thomsonreuters.com" class="button wire reuters"></a></p> <p><span>Copyright Thomson Reuters, 2013.</span></p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130330/argentina-puts-forward-alternative-payment-plan-bond-dispute" target="_blank">read more</a></p> Argentine debt restructuring Bankruptcy Bonds Economics Government debt Presidency of Néstor Kirchner Technology Thomson Reuters Sat, 30 Mar 2013 15:45:03 +0000 Thomson Reuters 5797596 at http://www.globalpost.com debt restructuring-fund http://www.globalpost.com/dispatch/news/yonhap-news-agency/130331/debt-restructuring-fund <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Yonhap News Agency </div> </div> </div> <!--paging_filter--><p>SEOUL, March 31 (Yonhap) -- The head of South Korea's recently-launched debt restructuring fund said Sunday that it will buy debts held by financial companies just one time, shrugging off worries that repeated help could lead to moral hazards among delinquent borrowers.</p> <p>On Friday, the government launched the National Happiness Fund in order to buy debts held by local financial companies, a move aimed at pushing for debt write-offs or debt rescheduling for delinquent borrowers.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://english.yonhapnews.co.kr" class="button wire yonhap"></a></p> <p><span>Copyright Yonhap News Agency, 2013.</span></p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/yonhap-news-agency/130331/debt-restructuring-fund" target="_blank">read more</a></p> Bankruptcy Economics Financial economics Yonhap News Agency Sun, 31 Mar 2013 10:15:15 +0000 Yonhap News Agency 5797998 at http://www.globalpost.com Vodka maker CEDC files for bankruptcy, Tariko to gain full control http://www.globalpost.com/dispatch/news/thomson-reuters/130408/vodka-maker-cedc-files-bankruptcy-tariko-gain-full-control <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>(Reuters) - Poland's Central European Distribution Corp &lt;CEDC.O&gt;, seeking to reduce its debt load, has filed for a pre-packaged bankruptcy that will give Russian businessman Roustam Tariko full control of the vodka producer, a court filing showed.</p> <p>CEDC, which makes Absolwent and Parliament vodka and is a market leader in Russia, Hungary and Poland, has struggled with financial problems and the resignation of its chief executive.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://thomsonreuters.com" class="button wire reuters"></a></p> <p><span>Copyright Thomson Reuters, 2013.</span></p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130408/vodka-maker-cedc-files-bankruptcy-tariko-gain-full-control" target="_blank">read more</a></p> Bankruptcy Roustam Tariko Tatar people Thomson Reuters Mon, 08 Apr 2013 05:15:03 +0000 Thomson Reuters 5805259 at http://www.globalpost.com Kazakhstan's Astana Finance seeks later debt restructuring http://www.globalpost.com/dispatch/news/asianet/130411/kazakhstans-astana-finance-seeks-later-debt-restructuring <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Asianet </div> </div> </div> <!--paging_filter--><p></p><P> Troubled Kazakh financial company Astana Finance (AF) is seeking a new deadline to complete a restructuring of its $2 billion debts, a senior executive said, risking action from creditors who agreed the deal last year, reported Reuters.</p><P>AF, founded 13 years ago to fund construction projects in the new Kazakh capital Astana, missed the latest deadline to complete the restructuring on March 28, Managing Director Daniyar Nurskenov said, and now plans to tie up a deal by year end.</p><P>But before the deal can be completed, AF needs a government concession on tax liabilities, without whi</p> <p><a href="http://www.globalpost.com/dispatch/news/asianet/130411/kazakhstans-astana-finance-seeks-later-debt-restructuring" target="_blank">read more</a></p> Bankruptcy Business Finance Asianet Thu, 11 Apr 2013 10:33:14 +0000 Asianet 5810770 at http://www.globalpost.com Lehman Europe creditors may be repaid in full http://www.globalpost.com/dispatch/news/thomson-reuters/130414/lehman-europe-creditors-may-be-repaid-full <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>DUBLIN (Reuters) - Creditors of the European arm of U.S. investment bank Lehman Brothers, which collapsed in September 2008, may be repaid in full, administrators said on Monday.</p> <p>The settlement of rival claims over assets has freed up billion of dollars that can now be distributed to former clients of the bank's European arm, PricewaterhouseCoopers (PwC) said in its ninth progress report to creditors.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://thomsonreuters.com" class="button wire reuters"></a></p> <p><span>Copyright Thomson Reuters, 2013.</span></p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130414/lehman-europe-creditors-may-be-repaid-full" target="_blank">read more</a></p> Bankruptcy Business Insolvency Thomson Reuters Sun, 14 Apr 2013 23:30:06 +0000 Thomson Reuters 5815568 at http://www.globalpost.com Dewey ex-chairman agrees to proposed settlement to resolve claims http://www.globalpost.com/dispatch/news/thomson-reuters/130423/dewey-ex-chairman-agrees-proposed-settlement-resolve-claims <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>By Casey Sullivan</p> <p>(Reuters) - The former chairman of Dewey &amp; LeBoeuf has agreed to pay more than half a million dollars in a proposed settlement with Dewey's trustee and insurer to resolve claims that bad management led to the law firm's demise, according to papers filed in federal bankruptcy court.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://thomsonreuters.com" class="button wire reuters"></a></p> <p><span>Copyright Thomson Reuters, 2013.</span></p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130423/dewey-ex-chairman-agrees-proposed-settlement-resolve-claims" target="_blank">read more</a></p> Bankruptcy Economics Financial economics Insolvency Types of insurance Thomson Reuters Tue, 23 Apr 2013 22:15:03 +0000 Thomson Reuters 5823634 at http://www.globalpost.com Greece adopts bill to cut 15,000 civil servant jobs http://www.globalpost.com/dispatch/news/afp/130428/greece-adopts-bill-cut-15000-civil-servant-jobs <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>The Greek parliament voted late Sunday to adopt a law that provides for the dismissal of 15,000 civil servants as part of austerity measures imposed by the country's international creditors. </p> <p>After heated debate, 168 deputies voted for the bill, with 123 voting against and one abstaining.</p> <p>The new law will overturn what had been a guarantee for workers in Greece's notoriously bloated civil service of a job for life.</p> <p>Around 800 people turned up outside the parliament to protest against the measure in a demonstration called by trade unions.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://www.afp.com/" class="button wire afp"></a></p> <p><a href="http://www.globalpost.com/terms-use#afp"><span>Copyright AFP, 2013.</span></a></p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/afp/130428/greece-adopts-bill-cut-15000-civil-servant-jobs" target="_blank">read more</a></p> Bankruptcy Economics Insolvency Politics AFP Sun, 28 Apr 2013 22:30:27 +0000 Agence France-Presse 5827352 at http://www.globalpost.com Greece adopts bill to cut 15,000 civil servant jobs http://www.globalpost.com/dispatch/news/afp/130428/greece-adopts-bill-cut-15000-civil-servant-jobs-0 <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Agence France-Presse </div> </div> </div> <!--paging_filter--><p>The Greek parliament voted late Sunday to adopt a law providing for the dismissal of 15,000 civil servants as part of austerity measures imposed by the country's international creditors.</p> <p>After heated debate during an emergency session, 168 deputies voted for the bill, with 123 voting against and one abstaining as the opposition proved powerless to stop cuts the government insisted were needed to keep the country afloat.</p> <p>The new law overturns what had been a guarantee of a job for life for workers in Greece's notoriously bloated civil service.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://www.afp.com/" class="button wire afp"></a></p> <p><a href="http://www.globalpost.com/terms-use#afp"><span>Copyright AFP, 2013.</span></a></p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/afp/130428/greece-adopts-bill-cut-15000-civil-servant-jobs-0" target="_blank">read more</a></p> Bankruptcy Business Greece Labor Law Politics Republics AFP Mon, 29 Apr 2013 03:31:10 +0000 Agence France-Presse 5827391 at http://www.globalpost.com Judge orders scrutiny of tax-protesting ex-Idaho rep's accounts amid fears he's hiding assets http://www.globalpost.com/dispatch/news/the-canadian-press/130507/judge-orders-scrutiny-tax-protesting-ex-idaho-reps-accounts- <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> The Canadian Press </div> </div> </div> <!--paging_filter--><p>BOISE, Idaho - A bankruptcy judge has ordered a tax-protesting former Idaho state representative to submit to intense new scrutiny of his finances, something federal lawyers say is necessary to prevent him from hiding assets from creditors including the U.S. government.</p> <p>Phil Hart now must appear at a hearing May 20 in U.S. Bankruptcy Court in Coeur d'Alene, according to Chief U.S. Bankruptcy Judge Terry Myers' order.</p> <p><a href="http://www.globalpost.com/dispatch/news/the-canadian-press/130507/judge-orders-scrutiny-tax-protesting-ex-idaho-reps-accounts-" target="_blank">read more</a></p> Bankruptcy Insolvency Phil Hart Taxation in the United States The Canadian Press Tue, 07 May 2013 23:26:40 +0000 The Canadian Press 5833228 at http://www.globalpost.com Dubai Group creditors to own equity stake post-$10 billion deal http://www.globalpost.com/dispatch/news/thomson-reuters/130509/exclusive-dubai-group-aims-close-10-billion-debt-deal-june-6-so <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Thomson Reuters </div> </div> </div> <!--paging_filter--><p>DUBAI (Reuters) - Dubai Group will be spun off as an independent company with creditors owning an equity stake after its planned $10 billion debt restructuring, the chief executive of parent Dubai Holding said in an interview on Thursday.</p> <p>Dubai Group, a unit of Dubai Holding, the investment arm of the emirate's ruler Sheikh Mohammed bin Rashid al-Maktoum, expects to sign an agreement with its creditors on the debt restructuring in six weeks, Ahmad Bin Byat said.</p> <div class="field field-type-text field-field-wire-copyright"> <div class="field-items"> <div class="field-item odd"> <p><a href="http://thomsonreuters.com" class="button wire reuters"></a></p> <p><span>Copyright Thomson Reuters, 2013.</span></p> </div> </div> </div> <p><a href="http://www.globalpost.com/dispatch/news/thomson-reuters/130509/exclusive-dubai-group-aims-close-10-billion-debt-deal-june-6-so" target="_blank">read more</a></p> Bankruptcy Business Dubai Dubai Group Finance Government Holding companies Insolvency United Arab Emirates Year of birth missing Thomson Reuters Thu, 09 May 2013 09:30:06 +0000 Thomson Reuters 5834418 at http://www.globalpost.com Emergency manager reveals Detroit is nearly broke; city may have no choice except bankruptcy http://www.globalpost.com/dispatch/news/the-canadian-press/130513/initial-report-detroit-emergency-manager-shows-the-city-162m <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> The Canadian Press </div> </div> </div> <!--paging_filter--><p>DETROIT - The first report by Detroit's emergency manager declares that the city is broke and at risk of running completely out of money — a financial meltdown that could mean employees don't get paid, retirees lose their pensions and residents endure even deeper cuts in municipal services.</p> <p><a href="http://www.globalpost.com/dispatch/news/the-canadian-press/130513/initial-report-detroit-emergency-manager-shows-the-city-162m" target="_blank">read more</a></p> Bankruptcy Business Detroit Education Geography of Michigan Health Insolvency Kevyn Orr Labor Labour relations Law Michigan National Basketball Association National Hockey League Politics Social Issues Technology The Canadian Press Mon, 13 May 2013 08:15:14 +0000 The Canadian Press 5836495 at http://www.globalpost.com Trustee seeks to block $20 million payout for American Airlines CEO Tom Horton http://www.globalpost.com/dispatch/news/the-canadian-press/130525/trustee-seeks-block-20-million-payout-american-airlines-ceo- <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> The Canadian Press </div> </div> </div> <!--paging_filter--><p>The Justice Department is objecting to a proposed $20 million severance payment for American Airlines CEO Tom Horton, saying it's bigger than allowed by bankruptcy law.</p> <p>Horton became CEO when American filed for Chapter 11 protection in November 2011. The proposed merger of US Airways Group Inc. and American calls for Horton to lose that job and become chairman of the combined company. American has proposed giving him severance pay of almost $20 million and lifetime flight benefits.</p> <p><a href="http://www.globalpost.com/dispatch/news/the-canadian-press/130525/trustee-seeks-block-20-million-payout-american-airlines-ceo-" target="_blank">read more</a></p> Aviation Bankruptcy Tom Horton US Airways The Canadian Press Sat, 25 May 2013 06:00:29 +0000 The Canadian Press 5845873 at http://www.globalpost.com Attorneys for government, unsecured creditors file objections to CODA bankruptcy plan http://www.globalpost.com/dispatch/news/the-canadian-press/130525/attorneys-government-unsecured-creditors-file-objections-cod <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> The Canadian Press </div> </div> </div> <!--paging_filter--><p>DOVER, Del. - Attorneys for the federal government and unsecured creditors have filed objections to electric car maker CODA Holdings' bankruptcy plans.</p> <p>Court papers filed Friday argue that CODA's bankruptcy financing and sale plans unfairly benefit a group of debtors seeking to acquire the company.</p> <p>Lenders led by a Fortress Investment Group affiliate are proposing a credit bid of $25 million to take over the company. In a credit bid, a lender uses debt it is owed to buy a company's assets, rather than cash.</p> <p><a href="http://www.globalpost.com/dispatch/news/the-canadian-press/130525/attorneys-government-unsecured-creditors-file-objections-cod" target="_blank">read more</a></p> Bankruptcy CODA Holdings Economics Insolvency The Canadian Press Sat, 25 May 2013 11:03:12 +0000 The Canadian Press 5845932 at http://www.globalpost.com Judge sides with bankrupt Patriot in company's push to cut worker health care, pension http://www.globalpost.com/dispatch/news/the-canadian-press/130530/judge-sides-bankrupt-patriot-companys-push-cut-worker-health <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> The Canadian Press </div> </div> </div> <!--paging_filter--><p>ST. LOUIS - A bankrupt coal producer got a judge's go-ahead Wednesday to significantly cut health care and pension benefits to thousands of workers and retirees, claiming victory over a miners' union that swiftly condemned the ruling it pledges to appeal.</p> <p>U.S. Bankruptcy Judge Kathy Surratt-States' 102-page ruling favouring St. Louis-based Patriot Coal dashed the nation's biggest coal miners' union's hopes of scuttling the company's quest to impose wage and benefit cuts by walking away from its collective-bargaining agreements.</p> <p><a href="http://www.globalpost.com/dispatch/news/the-canadian-press/130530/judge-sides-bankrupt-patriot-companys-push-cut-worker-health" target="_blank">read more</a></p> Bankruptcy Companies listed on the New York Stock Exchange Patriot Coal The Canadian Press Thu, 30 May 2013 07:01:58 +0000 The Canadian Press 5848545 at http://www.globalpost.com