| Delphi, GM revise plan to help Delphi leave bankruptcy protection
DETROIT (AP) _ Delphi Corp. has agreed with General Motors Corp. and an investment group on a revised plan that would enable the auto parts maker to leave bankruptcy protection with $5.2 billion in financing, Delphi said Thursday.
But Delphi said its creditors' and equity committees still oppose the amended plan.
The new plan, details of which were expected to be filed Thursday in U.S. Bankruptcy Court in New York, is smaller than a plan released Sept. 6, which called for $7.1 billion in exit financing, the Delphi statement said.
"Today's filings, which have been agreed upon by GM and all of our plan investors, are the cornerstones of a plan of reorganization that we believe can be achieved during this challenging capital markets environment," John Sheehan, Delphi's chief restructuring officer, said in a statement.
Delphi gets approval on revival plan
DETROIT - Delphi Corp. has agreed with General Motors Corp. and an investment group on a revised plan that would enable the auto parts maker to exit bankruptcy protection with US$5.2 billion in financing, Delphi said Thursday. But Delphi said its creditors' and equity committees still oppose the amended plan. The new plan, details of which were expected to be filed Thursday in U.S. Bankruptcy Court in New York, is smaller than a plan unveiled Sept. 6, which called for $7.1 billion in exit financing, the Delphi statement said. "Today's filings, which have been agreed upon by GM and all of our plan investors, are the cornerstones of a plan of reorganization that we believe can be achieved during this challenging capital markets environment," John Sheehan, Delphi's chief restructuring officer, said in a statement.
Delphi, GM settle on reorganization plan
Delphi Corp. is seeking to exit bankruptcy after reaching an amended agreement with General Motors Corp. and investors of the auto parts company. Delphi released details of the plan, which includes $5.2 billion in net funded debt, below the $7.1 billion figure announced on Sept. 6. The company will forward the settlement to the U.S. Bankruptcy Court in New York City, which must approve plan. "Today's filings, which have been agreed upon by GM and all of our plan investors, are the cornerstones of a plan of reorganization that we believe can be achieved during this challenging capital markets environment," John Sheehan, Delphi's chief restructuring officer, said in a statement. The company did say, however, that a creditors' committee and equity committee are opposed to the amended plan.
Stahl Cowen Represents Purchaser of Two Florida Radio Stations
The Corporate Department of Stahl Cowen Crowley, LLC successfully represented the purchaser of two radio stations in Florida. The transaction included refinancing the purchaser's corporate debt as well as obtaining a $4.2 million line of credit (convertible to term debt) for future acquisitions. Stahl Cowen Crowley LLC is a Chicago-based law firm focused on serving the needs of business enterprises in today's dynamic marketplace. The firm provides sophisticated, yet cost effective legal counsel to organizations ranging from the entrepreneurial to large, publicly traded corporations and municipalities. Practice areas include Bankruptcy & Restructuring, Corporate, Mergers & Acquisitions, Litigation, Local Government, Real Estate and Trusts & Estates. For further information about this matter please contact Lauane Addis at (312) 641-0060.
Added Laughlin Ranch parcel up for sale
BULLHEAD CITY - An undeveloped part of Laughlin Ranch is up for sale as part of the Chapter 11 bankruptcy proceedings. The upscale, master-planned community on the Bullhead Parkway filed for bankruptcy protection on July 13.The 640-acre parcel is east of the Parkway in the vicinity of Silver Creek Road but does not border the Parkway. Consolidated Mortgage, LLC will likely buy the property for the amount it is owed - $17.7 million - unless another buyer can be found."Consolidated Mortgage has the senior lien on that parcel," said Jordan A. Kroop, Partner, Restructuring & Reorganization, Squire, Sanders & Dempsey L.L.P., who is handling the bankruptcy case. .
Movie Gallery Receives Final Approval of Debtor-In-Possession Financing
DOTHAN, Alaska, Nov. 14 /PRNewswire-FirstCall/ -- Movie Gallery, (Nachrichten) Inc. (OTC Pink Sheets: MOVIQ) today announced that the United States Bankruptcy Court for the Eastern District of Virginia, Richmond Division (the "Bankruptcy Court"), granted final approval of its $150 million debtor-in-possession (DIP) credit facility. The facility is being arranged by Goldman Sachs Credit Partners L.P. The Company previously received interim approval of the DIP credit facility from the Bankruptcy Court on October 16, 2007. The DIP financing and cash generated from daily operations will be used to continue to pay vendors and employees, as well as provide operational and financial stability as Movie Gallery proceeds with its financial restructuring. The Company is in compliance with all of the terms and conditions of the DIP credit agreement.
Newmark parent considers Ch. 11 bankruptcy
The parent company of a major Austin homebuilder says it's considering filing for Chapter 11 bankruptcy protection as it plunges deeper into the red. TOUSA Inc. (NYSE:TOA), the parent of Newmark Homes, reported a loss of $617 million, or $10.43 a share, in the third quarter, up substantially from its year-earlier loss of $80 million, or $1.34 a share. The Hollywood, Fla.-based TOUSA said in a statement that based on its most recent earnings, "the company believes there is substantial doubt about its ability to continue as a going concern." The company went on to say that it is considering all available in- and out-of-court restructuring and reorganization alternatives including Chapter 11. Newmark is one of several homebuilders under TOUSA operating throughout Florida, the Mid-Atlantic, Texas and the West.
Levitt and Sons Files for Chapter 11 Bankruptcy Protection in Florida
FORT LAUDERDALE, FL -- Levitt and Sons, LLC last week announced that the company and 37 of its subsidiaries filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code. The Chapter 11 filings were made in the U.S. Bankruptcy Court for the Southern District of Florida in Fort Lauderdale. Levitt and Sons is the homebuilding subsidiary of Levitt Corporation. Levitt Corporation and its other principal subsidiary, Core Communities, are financially strong and conducting normal business operations. Levitt and Sons also announced today that Lawrence E. Young of AP Services, LLC and a Managing Director at AlixPartners LLP, was named Chief Restructuring Officer, a new position, effective October 22. In this capacity he will oversee Levitt and Sons' Chapter 11 cases and related matters.
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