Tuesday, July 19, 2011
Beard Group Corporate Restructuring Review for June 2011
The Beard Group Corporate Restructuring Review for June 2011 is now available at http://bankrupt.com/restructuringreview/
Borders' Stores Liquidation to Begin July 22
FAIRLESS HILLS, Pa. -- Borders Group, Inc. failed to get a "going concern" bidder for its assets as of the July 17 bid deadline and thus, has decided to move forward with a liquidation of its remaining 399 stores.
The store closing sales is expected to begin on July 22, and will be handled by a group of liquidators which include Hilco Merchant Resources LLC and Gordon Brothers Retail Partners LLC.
Details of the latest developments in the Borders case is available in BORDERS GROUP BANKRUPTCY NEWS, Issue No. 24, published by Bankruptcy Creditors' Service, Inc.
The 8-page newsletter contains stories with these headlines:
[00323] BORDERS TO LIQUIDATE 399 STORES, CANCELS JULY 19 AUCTION
[00324] LIQUIDATION OF BORDERS STORES EXPECTED TO BEGIN JULY 22
[00325] DEBTORS' MOTION TO ASSUME AMENDED SOURCE INTERLINK PACT
[00326] DEBTORS' 1ST TO 4TH OMNIBUS OBJECTIONS TO CLAIMS
[00327] DEBTORS' APPLICATION TO EMPLOY DJM REALTY AS REALTOR
[00328] DEBTORS' APPLICATION TO EMPLOY MORTAGE CORP. AS BROKER
[00329] DJM REALTY TO DISPOSE OF 259 BORDERS REAL ESTATE LEASES
A copy of the newsletter can be purchased on-line with a major credit card at https://ecommerce.bankrupt.com/bin/ibl_re?co_name=BORDERS|GROUP for $45. Copies of all back issues are also available for purchase at BCSI's on-line newsstand.
BORDERS GROUP BANKRUPTCY NEWS tracks the restructuring of Borders Group Inc (MI).
How to Subscribe to BORDERS GROUP BANKRUPTCY NEWS
BORDERS GROUP BANKRUPTCY NEWS is distributed to paying subscribers by electronic mail. New issues are published on an ad hoc basis as significant activity occurs (generally every 10 to 20 days) in the Debtors' cases. The subscription rate is $45 per issue. Newsletters are delivered via e-mail; invoices, transmitted following publication of each newsletter issue, arrive by fax. Distribution to multiple individuals at the same firm is provided at no additional charge; folks outside of your firm should set-up and pay for their own subscriptions. Subscriptions may be canceled at any time without further obligation.
To continue receiving BORDERS GROUP BANKRUPTCY NEWS, please complete and submit the subscription form at https://ecommerce.bankrupt.com/bin/ibl_re?subco_name=BORDERS|GROUP
Thursday, July 7, 2011
Ambac Proposes Cost Allocation Pact Under Chapter 11 Plan
FAIRLESS HILLS, Pa. -- Ambac Financial Group, Inc. filed with a New York bankruptcy court a Chapter 11 Plan, which embodies a cost allocation agreement with its operating unit, Ambac Assurance Corporation.
The allocation is for costs incurred by AFG in disputes with the Internal Revenue Service. AFG proposes for more than 80% of the IRS-related costs will be allocated to AAC.
The plan settlement contemplates a July 29, 2011 deadline, by which time the ACC and the Wisconsin insurance regulator must decide on whether to accept or reject the settlement terms.
Details on the July 6 Plan and the plan settlement are available in AMBAC BANKRUPTCY NEWS, Issue No. 23, published by Bankruptcy Creditors' Service, Inc.
The 8-page newsletter contains stories with these headlines:
[00196] AMBAC FINANCIAL FILES CHAPTER 11 PLAN OF REORGANIZATION
[00197] DEBTOR'S OBJECTION TO IRS'S $1.64 BILLION CLAIMS
[00198] DEBTOR'S 1ST TO 16TH OMNIBUS OBJECTIONS TO CLAIMS
[00199] DEBTOR'S 17TH OMNIBUS OBJECTION TO CLAIMS
[00200] DEBTOR'S APPLICATION TO EMPLOY LATHROP & CLARK AS COUNSEL
A copy of the newsletter can be purchased on-line with a major credit card at https://ecommerce.bankrupt.com/bin/ibl_re?co_name=AMBAC for $45. Copies of all back issues are also available for purchase at BCSI's on-line newsstand.
AMBAC BANKRUPTCY NEWS tracks the restructuring of Ambac Financial Group Inc.
How to Subscribe to AMBAC BANKRUPTCY NEWS
AMBAC BANKRUPTCY NEWS is distributed to paying subscribers by electronic mail. New issues are published on an ad hoc basis as significant activity occurs (generally every 10 to 20 days) in the Debtors' cases. The subscription rate is $45 per issue. Newsletters are delivered via e-mail; invoices, transmitted following publication of each newsletter issue, arrive by fax. Distribution to multiple individuals at the same firm is provided at no additional charge; folks outside of your firm should set-up and pay for their own subscriptions. Subscriptions may be canceled at any time without further obligation.
To continue receiving AMBAC BANKRUPTCY NEWS, please complete and submit the subscription form at https://ecommerce.bankrupt.com/bin/ibl_re?subco_name=AMBAC
Creditors' Committee Counsel May Not Be "Disinterested" in Borders Case
FAIRLESS HILLS, Pa. -- Lowenstein Sandler PC, counsel to the unsecured creditors committee in the bankruptcy cases of Borders Group Inc. and its debtor affiliates, admits that it may not be a "disinterested person" in light of its representation of SB Capital Group LLC. SBC is among the liquidators Borders is seeking to retain for the contemplated store closing sales in its cases.
Borders is moving on with its plan for a going concern sale. The bookseller chain identified BB Brands LLC as the stalking horse bidder for its assets. BB Brands's $450 million offer is the opening bid for a sale auction tentatively set for July 19. The company is seeking court approval of bidding procedures to be implemented in the sale process.
Details on the $450 million stalking horse bid and the proposed back-up plan of a full chain liquidation is available on BORDERS GROUP BANKRUPTCY NEWS, Issue No. 21, published by Bankruptcy Creditors' Service, Inc.
The 16-page newsletter contains stories with these headlines:
[00297] BORDERS SELECTS BB BRANDS' $450-MIL. OFFER AS OPENING BID
[00298] BORDERS SEEKS APPROVAL OF BIDDING PROCEDURES FOR 363 SALE
[00299] DEBTORS' MOTION TO ASSUME AMENDED SOURCE INTERLINK PACT
[00300] DEBTORS' NOTICE TO REJECT SIMON PROPERTY LEASE PACT
[00301] DEBTORS' NOTICE OF DE MINIMIS ASSET SALES
[00302] COMMITTEE'S APPLICATION TO RETAIN LOWENSTEIN SANDLER
[00303] LANDLORDS' MOTIONS TO ALLOW SEC. 365(D)(3) CLAIMS
[00304] ROUTE 23 ASSOCIATES'S NOTICE ON EXPIRATION OF LEASE
A copy of the newsletter can be purchased on-line with a major credit card at https://ecommerce.bankrupt.com/bin/ibl_re?co_name=BORDERS|GROUP for $45. Copies of all back issues are also available for purchase at BCSI's on-line newsstand.
BORDERS GROUP BANKRUPTCY NEWS tracks the restructuring of Borders Group Inc (MI).
How to Subscribe to BORDERS GROUP BANKRUPTCY NEWS
BORDERS GROUP BANKRUPTCY NEWS is distributed to paying subscribers by electronic mail. New issues are published on an ad hoc basis as significant activity occurs (generally every 10 to 20 days) in the Debtors' cases. The subscription rate is $45 per issue. Newsletters are delivered via e-mail; invoices, transmitted following publication of each newsletter issue, arrive by fax. Distribution to multiple individuals at the same firm is provided at no additional charge; folks outside of your firm should set-up and pay for their own subscriptions. Subscriptions may be canceled at any time without further obligation.
To continue receiving BORDERS GROUP BANKRUPTCY NEWS, please complete and submit the subscription form at https://ecommerce.bankrupt.com/bin/ibl_re?subco_name=BORDERS|GROUP
Borders is moving on with its plan for a going concern sale. The bookseller chain identified BB Brands LLC as the stalking horse bidder for its assets. BB Brands's $450 million offer is the opening bid for a sale auction tentatively set for July 19. The company is seeking court approval of bidding procedures to be implemented in the sale process.
Details on the $450 million stalking horse bid and the proposed back-up plan of a full chain liquidation is available on BORDERS GROUP BANKRUPTCY NEWS, Issue No. 21, published by Bankruptcy Creditors' Service, Inc.
The 16-page newsletter contains stories with these headlines:
[00297] BORDERS SELECTS BB BRANDS' $450-MIL. OFFER AS OPENING BID
[00298] BORDERS SEEKS APPROVAL OF BIDDING PROCEDURES FOR 363 SALE
[00299] DEBTORS' MOTION TO ASSUME AMENDED SOURCE INTERLINK PACT
[00300] DEBTORS' NOTICE TO REJECT SIMON PROPERTY LEASE PACT
[00301] DEBTORS' NOTICE OF DE MINIMIS ASSET SALES
[00302] COMMITTEE'S APPLICATION TO RETAIN LOWENSTEIN SANDLER
[00303] LANDLORDS' MOTIONS TO ALLOW SEC. 365(D)(3) CLAIMS
[00304] ROUTE 23 ASSOCIATES'S NOTICE ON EXPIRATION OF LEASE
A copy of the newsletter can be purchased on-line with a major credit card at https://ecommerce.bankrupt.com/bin/ibl_re?co_name=BORDERS|GROUP for $45. Copies of all back issues are also available for purchase at BCSI's on-line newsstand.
BORDERS GROUP BANKRUPTCY NEWS tracks the restructuring of Borders Group Inc (MI).
How to Subscribe to BORDERS GROUP BANKRUPTCY NEWS
BORDERS GROUP BANKRUPTCY NEWS is distributed to paying subscribers by electronic mail. New issues are published on an ad hoc basis as significant activity occurs (generally every 10 to 20 days) in the Debtors' cases. The subscription rate is $45 per issue. Newsletters are delivered via e-mail; invoices, transmitted following publication of each newsletter issue, arrive by fax. Distribution to multiple individuals at the same firm is provided at no additional charge; folks outside of your firm should set-up and pay for their own subscriptions. Subscriptions may be canceled at any time without further obligation.
To continue receiving BORDERS GROUP BANKRUPTCY NEWS, please complete and submit the subscription form at https://ecommerce.bankrupt.com/bin/ibl_re?subco_name=BORDERS|GROUP
Monday, July 4, 2011
Ambac Claims Bar Date for Directors & Officers Moved to Aug. 1
FAIRLESS HILLS, Pa. -- Ambac Financial Group, Inc. directors and officers are given more time to file their claims through Aug. 1, 2011.
Ambac has also formally filed a motion with the bankruptcy court seeking approval of a settlement to settle several securities lawsuits for $27.1 million.
Details on the securities suit settlement and other stories are available at AMBAC BANKRUPTCY NEWS, Issue No. 22, published by Bankruptcy Creditors' Service, Inc.
The 13-page newsletter contains stories with these headlines:
[00188] AFG SEEKS APPROVAL OF $27.1-MIL. SECURITIES SETTLEMENT
[00189] AMBAC FINANCIAL'S D&O CLAIMS BAR DATE EXTENDED TO AUG. 1
[00190] DEBTOR'S OBJECTION TO NY FINANCE DEPT.'S $116-MIL. CLAIM
[00191] DEBTOR'S 1ST TO 16TH OMNIBUS OBJECTIONS TO CLAIMS
[00192] OCI TAPS R. PETERSON TO MANAGE AAC'S SEGREGATED ACCOUNT
[00193] BANKRUPTCY PROFESSIONALS FILE FEE APPLICATIONS
[00194] AFG NOTIFIES LATE FILING OF INCENTIVE PLAN ANNUAL REPORT
[00195] MONTHLY OPERATING REPORT -- Ended May 31, 2011
A copy of the newsletter can be purchased on-line with a major credit card at https://ecommerce.bankrupt.com/bin/ibl_re?co_name=AMBAC for $45. Copies of all back issues are also available for purchase at BCSI's on-line newsstand.
AMBAC BANKRUPTCY NEWS tracks the restructuring of Ambac Financial Group Inc.
How to Subscribe to AMBAC BANKRUPTCY NEWS
AMBAC BANKRUPTCY NEWS is distributed to paying subscribers by electronic mail. New issues are published on an ad hoc basis as significant activity occurs (generally every 10 to 20 days) in the Debtors' cases. The subscription rate is $45 per issue. Newsletters are delivered via e-mail; invoices, transmitted following publication of each newsletter issue, arrive by fax. Distribution to multiple individuals at the same firm is provided at no additional charge; folks outside of your firm should set-up and pay for their own subscriptions. Subscriptions may be canceled at any time without further obligation.
To continue receiving AMBAC BANKRUPTCY NEWS, please complete and submit the subscription form at https://ecommerce.bankrupt.com/bin/ibl_re?subco_name=AMBAC
Ambac has also formally filed a motion with the bankruptcy court seeking approval of a settlement to settle several securities lawsuits for $27.1 million.
Details on the securities suit settlement and other stories are available at AMBAC BANKRUPTCY NEWS, Issue No. 22, published by Bankruptcy Creditors' Service, Inc.
The 13-page newsletter contains stories with these headlines:
[00188] AFG SEEKS APPROVAL OF $27.1-MIL. SECURITIES SETTLEMENT
[00189] AMBAC FINANCIAL'S D&O CLAIMS BAR DATE EXTENDED TO AUG. 1
[00190] DEBTOR'S OBJECTION TO NY FINANCE DEPT.'S $116-MIL. CLAIM
[00191] DEBTOR'S 1ST TO 16TH OMNIBUS OBJECTIONS TO CLAIMS
[00192] OCI TAPS R. PETERSON TO MANAGE AAC'S SEGREGATED ACCOUNT
[00193] BANKRUPTCY PROFESSIONALS FILE FEE APPLICATIONS
[00194] AFG NOTIFIES LATE FILING OF INCENTIVE PLAN ANNUAL REPORT
[00195] MONTHLY OPERATING REPORT -- Ended May 31, 2011
A copy of the newsletter can be purchased on-line with a major credit card at https://ecommerce.bankrupt.com/bin/ibl_re?co_name=AMBAC for $45. Copies of all back issues are also available for purchase at BCSI's on-line newsstand.
AMBAC BANKRUPTCY NEWS tracks the restructuring of Ambac Financial Group Inc.
How to Subscribe to AMBAC BANKRUPTCY NEWS
AMBAC BANKRUPTCY NEWS is distributed to paying subscribers by electronic mail. New issues are published on an ad hoc basis as significant activity occurs (generally every 10 to 20 days) in the Debtors' cases. The subscription rate is $45 per issue. Newsletters are delivered via e-mail; invoices, transmitted following publication of each newsletter issue, arrive by fax. Distribution to multiple individuals at the same firm is provided at no additional charge; folks outside of your firm should set-up and pay for their own subscriptions. Subscriptions may be canceled at any time without further obligation.
To continue receiving AMBAC BANKRUPTCY NEWS, please complete and submit the subscription form at https://ecommerce.bankrupt.com/bin/ibl_re?subco_name=AMBAC
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