Reorganizations & Restructuring. Legal news and articles for December 29 - 31, 2011

Top Stories of 2011INDYCAR: City Of Baltimore Drops BRD; Looks For New Race PromotorBaltimore cuts ties with Grand Prix organizer, demands $1.7 millionBashas' refinances $185 milDynegy bankruptcy examiner to be appointed: judge2011 in review, No. 2: City budget balancing act leaves $5M hole unfilledAMR to restructure under Chapter 11City budget balancing act leaves $5M hole unfilledAmerican Airlines was preparing for bankruptcy weeks before filing(Eds: Adds details of Utah's liquorAMR Common Stock and Related Listed Securities to be Delisted From New York ...AMR Was Bracing for BankruptcyRecords: Nashville's largest bankruptcy filings of 2011WaMu, Vitro, Delta, Nebraska Book, Syms-Filene's: BankruptcyWaMu, Delta Petroleum, Nebraska Book, Syms, NewPage: Bankruptcy

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American Pilots Look to Hire Own Advisers
Wall Street JournalDecember 1, 2011

AMR is the first major airline to file for Chapter 11 under bankruptcy rules passed in late 2005 that require the company to submit a plan within 18 months or potentially face rival reorganization plans from other parties. The Allied Pilots Association ...more »

A&P's Labor Partners Ratify Contract Modifications in Key Step Toward ...
MarketWatch (press release)December 1, 2011

The new contracts are a key step toward completing the Company's financial restructuring. "This agreement with our labor unions marks a significant milestone in our turnaround efforts," said Sam Martin, A&P's President and CEO. ...more »

Reorganizations & Restructuring. News and Stories

Top Stories of 2011
Escanaba Daily PressDecember 31, 2011

The filing was intended to enable the company to begin restructuring its debt and placing it in a better position for long-term success. NewPage President and Chief Executive Officer George Martin informed all employees that business would continue as ...more »

INDYCAR: City Of Baltimore Drops BRD; Looks For New Race Promotor
SPEEDtv.comDecember 31, 2011

With a growing number of lawsuits filed against BRD from a host of vendors and suppliers since the Labor Day event concluded, the city, owed $1.5 million by BRD, made demands for BRD to honor its debts, change its management and to restructure its ...more »

Baltimore cuts ties with Grand Prix organizer, demands $1.7 million
Baltimore BrewDecember 30, 2011

“Like many Baltimoreans, I hoped that BRD would restructure, recapitalize and begin to pay taxes and debts by the December 31 deadline,” Mayor Stephanie Rawlings-Blake said in a statement issued by her press office. But failing to “take the appropriate ...more »

Bashas' refinances $185 mil
AZ Central.comDecember 30, 2011

The debt-repayment schedule, approved by the US Bankruptcy Court in August 2010, left Bashas', based in Chandler, unable to arrange outside financing without repaying the total debt, initially about $200 million. The new financing package enables ...more »

Dynegy bankruptcy examiner to be appointed: judge
Chicago TribuneDecember 30, 2011

"The examiner shall conduct an unfettered investigation" into Dynegy Holdings' conduct, and assess whether it "is capable of confirming a Chapter 11 plan," Bankruptcy Judge Cecelia Morris in Poughkeepsie, New York, wrote on Thursday. ...more »

2011 in review, No. 2: City budget balancing act leaves $5M hole unfilled
Herald Times ReporterDecember 30, 2011

Eventually, the City Council adopted a restructured staffing plan proposed by a special ad hoc committee. About 40 individuals were scheduled to have their employment terminated and another 17 positions in 2012 will disappear via attrition through ...more »

AMR to restructure under Chapter 11
Dallas Business JournalDecember 30, 2011

(NYSE: AMR), along with its subsidiaries American and American Eagle, filed for Chapter 11 bankruptcy protection on Nov. 29. The move was paired with the retirement of CEO Gerard Arpey. New CEO and President Tom Horton cited labor costs, ...more »

City budget balancing act leaves $5M hole unfilled
Herald Times ReporterDecember 30, 2011

Brey, the senior council member, having served since 1992, said the reorganization plan involved a lot of compromising. "It tears my heart out, (but) reality is reality and we have to move forward … we will land on our feet," Brey said. ...more »

American Airlines was preparing for bankruptcy weeks before filing
Fort Worth Star TelegramDecember 30, 2011

By Andrea Ahles As American Airlines intensified contract talks with its pilots union this fall and its stock was dropping below $2, the company's top executives were quietly preparing for bankruptcy. According to court filings, AMR Corp. drew up an ...more »

(Eds: Adds details of Utah's liquor
RealClearPoliticsDecember 29, 2011

But others say the incident holds little relevance in the debate over restructuring the agency. "Since Gov. Rampton it hasn't been a problem," said Ken Wynn, the retired director of the Department of Alcoholic Beverage Control, said Thursday. ...more »

AMR Common Stock and Related Listed Securities to be Delisted From New York ...
MarketWatch (press release)December 29, 2011

29, 2011 /PRNewswire via COMTEX/ -- AMR Corporation, the parent company of American Airlines, Inc. and AMR Eagle Holding Corporation, reported that it has received written notification from the New York Stock Exchange (NYSE) advising AMR that its ...more »

AMR Was Bracing for Bankruptcy
Wall Street JournalDecember 29, 2011

On the day the Forth Worth, Texas, company entered bankruptcy proceedings, Mr. Arpey, the chairman and CEO, retired, and Mr. Horton took the top job. AMR's lead law firm in the bankruptcy process is Weil, Gotshal & Manges LLP.more »

Records: Nashville's largest bankruptcy filings of 2011
Bizjournals.comDecember 29, 2011

A Chapter 11 bankruptcy allows a business to restructure its debts and reorganize its finances so that it can stay open. The following filings were compiled by American City Business Leads, a division of Nashville Business Journal parent company ...more »

WaMu, Vitro, Delta, Nebraska Book, Syms-Filene's: Bankruptcy
BusinessWeekDecember 29, 2011

Principally, the firms' restructuring and completion fees were approved only on an interim basis. When the firms seek approval of the fees, the bankruptcy judge said that he or a party in the case could object, by contending that paying the fees would ...more »

WaMu, Delta Petroleum, Nebraska Book, Syms, NewPage: Bankruptcy
BusinessWeekDecember 29, 2011

Principally, the firms' restructuring and completion fees were approved only on an interim basis. When the firms seek approval of the fees, the bankruptcy judge said that he or a party in the case could object, by contending that paying the fees would ...more »

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