Judge To Rule On Bankrupt Airline’s Merger Proposal
American Airlines filed for bankruptcy and is now proposing to merge with US Airways in order to exit bankruptcy. The judge overseeing this case promises to rule quickly on the matter. This issue revolves around a federal antitrust lawsuit.
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Read more from dallasnews.com:
A federal judge expects to rule this week on whether American Airlines can exit bankruptcy and merge with US Airways.
U.S. Bankruptcy Judge Sean Lane must decide whether recent modifications to the merger substantially changed the reorganization plan. The modifications were made to settle a federal antitrust lawsuit.
Separately, he must decide whether plaintiffs in a private antitrust lawsuit deserve a temporary restraining order.
“Here’s what I’m going to do,” Lane said after a hearing Monday. “I’m going to take everything under advisement and issue a decision very quickly. We may be able to do that as soon as this afternoon, but it may take another 24 to 36 hours. In any event, it will be done by Wednesday.” Continue reading…
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Detroit Bankruptcy Judge To Rule December 3
A ruling on whether or not Detroit is eligible for bankruptcy will be made by December 3. The federal bankruptcy judge overseeing Detroit’s case says he will hear opinions that morning and then rule shortly thereafter. The issue deals with the city’s restructuring plan.
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Read more from USA Today:
Rhodes conducted a nine-day bankruptcy eligibility trial, ended Nov. 8, in which lawyers argued over whether the city meets the U.S. government’s specific legal criteria for Chapter 9 bankruptcy.
It’s not clear why the judge opted to schedule a hearing to discuss his ruling verbally before issuing a written opinion. Most people involved in the case were expecting a written opinion, perhaps without warning.
“It’s unusual,” said Laura Beth Bartell, a bankruptcy law professor at Wayne State University. “I have never heard of this. I don’t know why he is doing that.” Continue reading…
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Creditors Revealed In Fisker Bankrupcty
Fisker Automotive is a now bankruptcy green electric carmaker. In the company’s bankruptcy papers, a number of high-profile creditors have been revealed. The list of creditors is estimated to be between 5,000 and 10,000.
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Read more from gigaom.com:
Beleaguered electric car maker Fisker Automotive finally filed for bankruptcy late on Friday, many months after expected, and over a year since it made its last car. While the bankruptcy has been expected for a long time, this is one of the first times the public has been able to see Fisker’s very long list of creditors — 669 pages long, with an estimated 5,000 to 10,000 creditors.
Creditors are individuals and companies to which Fisker owes money, so the list includes vendors as well as investors. It could also include people that put down deposits for cars and never received a car, or people who bought a car from Fisker and for whatever reason are still owed money. At this point it’s hard to tell which creditors are involved with what part of the business and for how much, but what we do know is that there are a lot of well-known names on that creditor list. Continue reading…
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