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Chapter 11 Bankruptcy

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Revstone Gets an Extension to File Its Chapter 11 Plan

Revstone Industries LLC will continue to control its bankruptcy case for at least two more months as it seeks to auction a group of its assets.Judge Brendan Shannon of the U.S. Bankruptcy Court in Wilmington, Del., said Thursday that Revstone will have the exclusive right to file a Chapter 11 plan until July 31 and can solicit support for that plan until Sept. 30.Without this extension, creditors, who have already tried to wrest the case from Revstone's control, would be allowed to file and solicit support for alternative restructuring plans, complicating or preventing Revstone's preferred path to exit bankruptcy.Creditors, including General Motors Co. and the U.S. Department of Labor, have requested that the court appoint a Chapter 11 trustee to administer the case going forward, aruging that it was Revstone's mismanagement that landed it in bankruptcy to begin with.Revstone's management, including owner George Hofmeister, has "exhibited disabling self-interest, incompetence and gross...

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  1. ResCap Examiner's Report Set for Release on Monday

    An independent examiner investigating Residential Capital LLC's relationship with parent Ally Financial Inc. will release his report Monday afternoon, a lawyer for t...

  2. Paulson hedge fund puts hotel unit in bankruptcy to escape lawsuit

    Billionaire investor John Paulson has put a real estate unit of his hedge fund into bankruptcy to thwart a lawsuit by a lender that claims it is owed tens of million...

  3. 3.25 Billion in Loans for AMR OK'd to Fuel Bankruptcy Exit

    AMR Corp. (AAMRQ) on Thursday received a judge's approval of up to $3.25 billion in new financing secured by its Latin American assets, money the American Airlines p...

  4. Bondholders Say ResCap Shouldn't Be Able to Use Cash

    The battle continues between Residential Capital LLC and a group of its bondholders, who say ResCap shouldn't be allowed to spend cash that they say secures their bo...

  5. Analysis: Hedge funds in search of distress take a look at Detroit

    In the past two decades, a group of specialized hedge funds have transformed corporate bankruptcies, injecting much-needed capital while at the same time drawing fir...

  6. Judge Lets ResCap Control Bankruptcy Case for 30 More Days

    A judge on Tuesday gave Residential Capital LLC 30 more days to file a reorganization plan without the threat of rival proposals, approving a compromise between ResC...

  7. ResCap's Marano: Looking at Possibly Forming a Hedge Fund or Mortgage REIT

    Thomas Marano, the departing head of Ally Financial Inc.'s subprime lender, Residential Capital, said he is pursuing other opportunities in the mortgage business tha...

  8. LightSquared Gets FCC Approval to Temporarily Share Spectrum

    The Federal Communications Commission said LightSquared could temporarily share a band of wireless spectrum to test whether its mobile network can coexist with feder...

  9. ResCap's Marano May Look to Form Hedge Fund or Mortgage REIT

    Thomas Marano, the outgoing head of Ally Financial Inc.'s subprime lender, Residential Capital, is pursuing other opportunities in the mortgage business that could i...

  10. ResCap Sues Bondholders Over Bid for Control of Bankruptcy

    Residential Capital LLC is suing a group of junior bondholders to block them from wresting control of the subprime mortgage lender's bankruptcy case.In a lawsuit fil...

  11. ResCap CEO Marano to Resign; No Successor Named

    The head of Ally Financial Inc.'s subprime mortgage subsidiary Residential Capital has stepped down as chief executive of the unit but plans to remain an outside dir...

  12. Creditors Committee Supports Giving ResCap More Time to File Bankruptcy Plan

    Creditors of Residential Capital LLC say they support giving the subprime-mortgage lender more time to control its bankruptcy case, citing progress toward a potentia...

  1. Goldman Wins Right to Lend Arcapita $350 Million for Chapter 11 Exit

    Goldman Sachs Group Inc. (GS) beat out Fortress Investment Group LLC (FIG) for the right to lend Arcapita Bank up to $350 million that would ease the Bahraini invest...

  2. ResCap Bankruptcy Report Could Remain Sealed Until July 3

    An independent examiner's report that could sway settlement negotiations in the bankruptcy of mortgage lender Residential Capital LLC may remain under seal until Jul...

  3. ResCap Bankruptcy Report May Be Filed Under Seal

    Attorneys involved in Residential Capital LLC's bankruptcy plan to ask the court's permission on Monday to allow an independent examiner's report detailing the mortg...

  4. Negotiations Push Release of ResCap Examiner's Report to Monday

    An independent examiner investigating Residential Capital LLC's relationship with parent Ally Financial Inc. will release his report Monday afternoon, a lawyer for t...

  5. WEEK AHEAD: Macy's, Wal-Mart to Report; Pricing, Consumer Data Due

    Investors are gearing up for next week's slew of quarterly reports from some of the largest U.S. retailers. Macy's Inc. (M) kicks things off Wednesday, followed by W...

  6. American Air, US Airways Take Steps Toward Worker Integration

    American Airlines is seeking bankruptcy-court approval for its plans to integrate its union workers with those of US Airways Group Inc. (LCC) upon the completion of ...

  7. ResCap creditors, Ally nearing deal on billions in claims

    Creditors of bankrupt Residential Capital LLC are nearing a deal to settle billions of dollars of claims against the mortgage lender's parent, Ally Financial Inc , a...

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