All items from The COMI

Boutique investment bank Ledgemont seeks Chapter 7 bankruptcy

Per www.reuters.com:



From The COMI
Posted 5 days 12 hours ago

There’s No Place Like “COMI”: Court Denies Chapter 15 Recognition of UK Bankruptcy Case After Determining that Debtor’s Center of Main Interests is in the US

Per Weil's restructuring blog:



From The COMI
Posted 1 week 11 hours ago

Dubai Group Restructuring Lifts Debt Cloud

Per www.globalinsolvency.com:



From The COMI
Posted 1 week 13 hours ago

Arcapita Bank: Goldman Sachs to the Rescue?

After passing on providing debtor-in-possession financing to Arcapita months ago, Goldman Sachs is now seeking to provide Arcapita with replacement debtor-in-possession financing and an exit facility.

Why??

If I were judging this case, I would want to know that before approving the proposed arrangement.  Indeed I might at this point appoint an Examiner to investigate what has been going on in a case that has proceeded in a very non-transparent manner.  I would also refuse to act on an expedited basis on this latest request by Arcapita (which is supported by the creditors committee) and future requests (regardless of whether they are supported by the creditors committee or not) so as to give parties whose rights are affected a meaningful opportunity to come forward to be heard.

What would you like to see Judge Lane do in this case?

Would you like to see the case proceed in New York or would you rather see it proceed in Bahrain or another jurisdiction that has more connections to Arcapita and its investors than does New York?



From The COMI
Posted 2 weeks 1 day ago

Kodak Proposes Bankruptcy Exit With Equity Swap for Debt

Per www.bloomberg.com:

By Joe Schneider - May 1, 2013 3:12 PM ET

Eastman Kodak Co. (EKDKQ), the bankrupt photography pioneer, offered to swap $2.7 billion of unsecured debt for shares in a new company under a plan to exit court protection.

The proposal, filed yesterday in U.S. Bankruptcy Court in Manhattan, follows an agreement announced this week with Kodak’s U.K. pension plan under which the Rochester, New York-based company agreed to spin off its personalized- and document- imaging businesses for $650 million and settle $2.8 billion of claims.

“We now have a clear path forward for Kodak,” Antonio Perez, chairman and chief executive officer, said in a statement yesterday issued by Business Wire. “We are positioning the company for a profitable and sustainable future.”

Kodak filed for bankruptcy last year and is reorganizing around its commercial imaging business. It said it expects to emerge from bankruptcy in the third quarter.



From The COMI
Posted 2 weeks 1 day ago

Lehman Sues Intel Over Alleged Breach of $1 Billion Swap Deal

Per www.bloomberg.com:

By Karen Gullo - 2013-05-02T04:01:01Z

Bankrupt Lehman Brothers Holdings Inc. alleged in a lawsuit that Intel Corp. (INTC), the world’s largest semiconductor maker, breached a $1 billion swap agreement.

Under a 2008 accord, Intel gave $1 billion to Lehman’s over-the-counter derivatives unit in August of that year in exchange for 50 million shares of its stock, to be delivered on September 29, 2008, according to a complaint filed yesterday in U.S. Bankruptcy Court in Manhattan.



From The COMI
Posted 2 weeks 1 day ago

Electric-Car Maker Coda Files for Bankruptcy to Seek Sale

Per www.bloomberg.com:

By Michael Bathon & Kit Chellel - May 1, 2013 6:07 PM ET

Coda Holdings Inc., parent of the electric-car maker backed by billionaire Philip Falcone, filed for bankruptcy and will seek to sell its assets to a group led by a Fortress Investment Group LLC (FIG) unit for $25 million.... 

For more see: http://www.bloomberg.com/news/2013-05-01/electric-car-maker-coda-files-for-bankruptcy-to-seek-sale-1-.html



From The COMI
Posted 2 weeks 1 day ago

Qatari Investor Close To Taking Stake In SolarWorld

Per www.globalinsolvency.com:



From The COMI
Posted 2 weeks 1 day ago

British Overseas Territories Sign Deal To Curb Tax Evasion

Per www.globalinsolvency.com:



From The COMI
Posted 2 weeks 1 day ago

Lithuania’s Ukio Bankas Enters Bankruptcy as Administrator Named

Per www.globalinsolvency.com:

Fri., May 3, 2013A Lithuanian court began bankruptcy proceedings against Ukio Bankas AB at the request of the central bank, which shut the Kaunas-based lender in February because of risky loans to related parties, Bloomberg reported. Kaunas District Court today also issued a decree naming the firm Valnetas UAB as Ukio’s bankruptcy administrator, the court said on its website. The decisions may be appealed within 10 days, according to the statement. Ukio was Lithuania’s fourth-largest bank by deposits when it was closed. The lender’s liabilities exceeded its assets by 1.2 billion litai ($463 million) as of March 18, the Bank of Lithuania in Vilnius, Lithuania’s capital, said last month, citing financial statements prepared by Ukio’s temporary administrator, Adomas Audickas, and auditor KPMG Baltic. The permanent bankruptcy administrator will determine how and when to seek recovery of Ukio’s assets, which include claims on a majority stake in Scottish premier-league soccer club Heart of Midlothian as well as the team’s stadium in Edinburgh, Audickas said in a phone interview on April 30.



From The COMI
Posted 2 weeks 1 day ago