All items from The COMI

Come October 1, 2014 it will be hard to collect on portfolios of consumer debt in New York State.  For more see http://www.nytimes.com/2014/09/17/nyregion/new-york-state-judiciary-adopts-rules-to-protect-debtors.html



From The COMI
Posted 2 days 3 hours ago

All day I have been thinking that September 15 is a significant date, but I couldn't remember why.  And finally I remembered why.  On September 15, 2008, Lehman Brothers filed the largest bankruptcy in United States history.  And so, today is the 6 year anniversary....
Per http://bankruptcy.einnews.com/article/223896208/9Gilzx68J31h45VH:



From The COMI
Posted 3 days 19 hours ago

Make-whole provisions have come up in bankruptcy court again, this time before Judge Drain in the Momentive Performance Materials case.  Per Weil's Bankruptcy Blog:



From The COMI
Posted 3 days 19 hours ago

Readers have expressed interest in developments in the Metal Storm liquidation.  There appears to be a lot of information that is accessible to shareholders (and others who wish to follow the case).  It is available for free online at http://farnsworthshepard.com.au/index.php/component/content/article/18-metalstorm This website includes the decisions handed down by Justice Black on June 19, 2014.



From The COMI
Posted 1 week 1 day ago

Per www.globalinsolvency.com:

Wed., September 10, 2014A steering committee of creditors of Saudi Arabian conglomerate Ahmad Hamad Algosaibi and Brothers (AHAB) has been formed to negotiate its debt restructuring, Algosaibi said on Tuesday, Reuters reported. The family group, which collapsed in 2009 during the global financial crisis, said in May this year that it had direct liabilities to financial institutions worth around $6 billion, and proposed a restructuring plan that would repay creditors a minimum of 20 cents on the dollar. AHAB said in a statement on Tuesday that a creditors' committee had been formed with representatives from five Gulf and international institutions. Eighty-seven of 108 claimants, representing about 59 percent of the overall debt and around 89 percent of the debt claimed by non-Saudi institutions, are now formally engaged in the settlement process or have expressed an interest in becoming involved, AHAB said. "Nearly every non-Saudi bank is now involved in the process, and we are encouraging the Saudi-based financial institutions to join as well," said Simon Charlton, AHAB's acting chief executive.



From The COMI
Posted 1 week 1 day ago

Per www.globalinsolvency.com:

Thu., September 4, 2014Dubai mortgage lender Amlak Finance said on Wednesday that it would hold a shareholder meeting on September 21 to discuss its restructuring plan and a proposed issue of equity-linked bonds, Arabian Business reported. Creditors of the company, whose shares have been suspended since late 2008 after it was hit by a local real estate crash and the global financial crisis, last month approved a plan to restructure debts worth around $2.7 billion. Shareholders will meet later this month to discuss the restructuring plan and the company's financial outlook, a statement to the Dubai bourse said on Wednesday. A plan to issue a sharia-compliant financial instrument, convertible into the firm's shares and worth up to AED2.1 billion ($572 million), will also be considered.



From The COMI
Posted 2 weeks 1 day ago