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American Airlines parent AMR says creditors approve reorganization plan
FORT WORTH, Texas — Creditors overwhelmingly approved the bankruptcy reorganization plan for American Airlines parent AMR Corp., which includes a merger with US Airways that would create the world’s biggest airline. AMR said Thursday that preliminary results show that at least 88 percent of the ballots cast by creditors favored the turnaround plan. AMR shareholders […]
AstraZeneca reorganization to cut 1,600 jobs, move 300 to Gaithersburg
TRENTON, N.J. — Struggling Anglo-Swedish drugmaker AstraZeneca PLC said Monday that it will eliminate 1,600 jobs, mostly in the U.S. and United Kingdom, as its new CEO starts a major research and development reorganization. The cuts, meant to reduce costs and make research programs more productive, come just weeks after the company reported big drops […]
Reorganization gives Baltimore an SVU
Two groups of prosecutors in Baltimore are combining forces to create a Special Victims Unit, Baltimore City State’s Attorney Gregg L. Bernstein said Friday.
Judge weighs Tribune Co. bankruptcy plan
WILMINGTON, Del. — A federal judge in Delaware is close to deciding whether Tribune Co. can emerge from Chapter 11 bankruptcy protection. The judge indicated after a hearing Friday that he would rule on the media conglomerate’s latest reorganization plan by early July. Tribune’s plan is a revision of a proposal rejected by the judge […]
Wisp ski resort owner talks with prospective buyers
HAGERSTOWN — The owners of Wisp, Maryland’s only ski resort, have met with a number of potential buyers in their efforts to stave off financial failure, one of the partners said Thursday. But selling the western Maryland resort is not inevitable, as one of the group’s major creditors claimed in a U.S. Bankruptcy Court filing […]
Tribune bankruptcy judge mulls allocation disputes
WILMINGTON, Del. — Tribune Co. creditors are arguing over how recoveries under Tribune’s proposed reorganization plan should be allocated. Many of the arguments at hearing that began Monday revolve around what standing certain junior bondholders have in sharing in any recoveries, including proceeds from lawsuits stemming from the 2007 leveraged buyout of Tribune orchestrated by […]
Judge approves WaMu bankruptcy plan
WILMINGTON, Del. — After a long and contentious legal battle and more than three years in bankruptcy, Washington Mutual Inc. on Friday finally won court approval of a reorganization plan. “It took three and a half years, but I think the result is remarkable and well worth it,” said Judge Mary Walrath, who had twice […]
Washington Mutual settles with dissident creditor group
WILMINGTON, Del. — Washington Mutual Inc. has reached an agreement with dissident creditors that could pave the way for approval of its latest bankruptcy reorganization plan. A hearing in WaMu’s bankruptcy was delayed several hours Thursday as attorneys hammered out a settlement involving creditors who bought certain WaMu securities that were converted into stock when […]
Federal court OKs W.R. Grace reorganization
W. R. Grace & Co. said Tuesday that a U.S. District Court affirmed its reorganization plan, putting the chemical maker a step closer to emerging from bankruptcy protection after more than a decade under court supervision. The company originally filed for bankruptcy protection in April 2001 so it could resolve its asbestos-related liabilities. Its reorganization […]
Washington Mutual agrees to settlement
SEATTLE — Bank holding company Washington Mutual Inc. has agreed to a settlement with some creditors involved in its Chapter 11 bankruptcy case and has filed a new reorganization plan. Washington Mutual said in a statement late Monday that the settlement will allow it to distribute more than $7 billion to its creditors. The settlement […]
American Airlines bankruptcy to have small impact
For most of the 240,000 passengers who fly American Airlines each day, the airline’s bankruptcy filing should have little noticeable impact. American continues to operate flights, honor tickets and take reservations. It says its frequent-flier program will be unaffected. Some travelers may eventually see fewer American flights at their airport. The incoming CEO said American […]
Bankruptcy filings decline in state, U.S.
Bankruptcy filings in Maryland dropped by more than 10 percent overall for fiscal 2011, according to federal data released Monday. That’s slightly sharper than the national average, according to latest figures from the U.S. Courts. Total filings in the U.S. dropped 8 percent, from about 1.6 million to 1.46 million, for the year ending Sept. […]
