All items from The COMI

A new judge has been appointed in the OSX bankruptcy.

Per www.globalinsolvency.com:

Mon., March 24, 2014Brazilian shipbuilder OSX Brasil SA has 60 days to present its restructuring plan under bankruptcy legislation now that a new judge has been appointed to the case, the company said in a filing on Friday, Reuters reported. The Third Commercial Section of the Rio de Janeiro-State Justice Tribunal will hear the case and Deloitte Touche Tohmatsu will act as trustee responsible for conducting the judicial process, the filing said. The deadline to file was suspended last month while another court reviewed a challenge to OSX's Nov. 11 bankruptcy protection filing. Spanish construction company Acciona asked a court to prevent OSX's bankruptcy from being handled by the same judge responsible for the bankruptcy of sister oil company Oleo e Gas Participações SA Oleo e Gas, formerly known as OGX, filed Latin America's largest ever bankruptcy on Oct. 30. OSX gets nearly all of its revenue from Oleo e Gas and its a principal creditor of the company. 



From The COMI
Posted 3 weeks 3 days ago

Potential buyers go over Alpine Bau equipment to be auctioned off for the benefit of creditors.  Per www.globalinsolvency.com:



From The COMI
Posted 3 weeks 4 days ago

Latest in the restructuring of shipbuilder OSX, which sought bankruptcy protection after the collapse of its customer OGX.

Per www.globalinsolvency.com:



From The COMI
Posted 4 weeks 1 hour ago

Is there not a stay of litigation in place that precludes the lawsuit from going forward with respect to bankrupt Mr. Gox?

Per the Financial Post:



From The COMI
Posted 4 weeks 5 days ago

Bloomberg reports that an involuntary bankruptcy has been filed against Jacoby & Meyers by creditors.

Per www.businessweek.com:



From The COMI
Posted 4 weeks 5 days ago

In April, the price tag for involuntary bankruptcies will be going up in England and Wales.  People petitioning for bankruptcy on a voluntary basis will not need to pay higher costs.

The rationale is:

"The increases reflect the true cost of administering insolvencies to the Insolvency Service and provide a balance between the interests of both debtors and creditors. It means that those who benefit from the insolvency process pay for that while protecting taxpayers’ money."

What do you think of prices staying flat for some cases and increasing for others?  



From The COMI
Posted 4 weeks 5 days ago

Latest news in the case of OGX Petróleo e Gás Participações SA now known as Óleo e Gás Participações SA, said to be the largest bankruptcy in Latin American history.

Per Reuters:

Thu Mar 13, 2014 6:22pm EDT



From The COMI
Posted 4 weeks 6 days ago

Per www.insolvencynews.com:

5 March 2014 

Creditors of Lehman Brothers International Europe’s (LBIE) UK and European operations will recover 100p [on] the pound with regards to their claims, administrators have confirmed.

For more, see http://www.insolvencynews.com/article/16787/corporate/uk-lehman-creditors-to-receive-full-repayments



From The COMI
Posted 4 weeks 6 days ago

News, per the Detroit Free Press:

4:06 PM, March 13, 2014  

The Detroit City Council on Friday will consider a $120 million loan from Barclays to speed the city’s bankruptcy restructuring and invest in services such as police, fire and public lighting.

As collateral, the city is pledging its income tax revenue and the proceeds from the future sales of assets, except for Detroit Institute of Arts property. The city is likely to pay about 3.5% interest on the loan.



From The COMI
Posted 4 weeks 6 days ago

Customers beware.

Per Crain's Chicago Business:



From The COMI
Posted 4 weeks 6 days ago