creditors News

As Russia Faces Potential Default, Investors Weigh Legal Options

NEW YORK/LONDON –– As Russia teeters on the brink of a historic default, foreign investors in the country’s debt have few palatable options to recover their money: bet on costly legal action, trust bilateral agreements will stand, or sit on …

PG&E Gets Subpoena Over Dixie Fire, Expects to Take $1.15B Loss

PG&E Corp said on Monday it had received a subpoena from the U.S. attorney’s office seeking documents from the California utility related to the Dixie Fire, and expects to take a loss of $1.15 billion from the blaze this year. …

Judge Begins Key Hearing on Boy Scouts Bankruptcy Plan

DOVER, Del. (AP) — A Delaware judge on Tuesday began a key hearing that could determine whether the Boy Scouts of America can emerge from bankruptcy later this year with a reorganization plan that would compensate thousands of men who …

Judge Will Approve Purdue Pharma Bankruptcy Plan That Shields Sacklers

A U.S. judge said on Wednesday he would approve OxyContin maker Purdue Pharma LP’s bankruptcy reorganization plan, clearing a path to resolve thousands of opioid lawsuits and shielding the company’s wealthy Sackler family owners from future opioid litigation. Bankruptcy Judge …

Judge Clears Boy Scouts’ $850M Sex Abuse Settlement Plan With Conditions

The Boy Scouts of America has received a green light from a judge to proceed with its $850 million reorganization plan to exit bankruptcy and settle more than 80,000 claims brought by victims of sexual abuse. The ruling by U.S. …

With $2,300 Phone Calls, Purdue Runs Up Huge Bankruptcy Tab

One phone call with the Department of Justice: $2,300. Two days at the Ritz-Carlton: $830. Oh, and a lengthy cab ride to and from the court in White Plains, New York — that’ll be $1,000. Those are just some of …

Zurich Insurance Sees Limited Greensill Exposure

LONDON/ZURICH — Zurich Insurance does not expect to have a major exposure to the failure of supply chain financing firm Greensill Capital, the insurer’s chief financial officer said on Wednesday after it reported solid first-quarter earnings. Greensill Capital lent money …

Purdue Creditors Zero In on Sackler Messages From a Decade Ago

Bankruptcy creditors are pointing to a trove of decade-old documents as they probe whether members of the billionaire Sackler family improperly took funds out of Purdue Pharma LP, the maker of OxyContin, to keep the assets away from victims of …

Toys ‘R’ Us Creditors Sue Directors and Private-Equity Owners

Toys “R” Us Inc. creditors filed a lawsuit accusing the defunct retailer’s executives and private-equity owners of fraud and breach of fiduciary trust. Former Chief Executive Officer David Brandon and other directors misrepresented the toyseller’s ability to repay creditors after …

Small Businesses Caught in Crosshairs of Sears Bankruptcy

The estate of Sears Holding Corp. is trying to take back payments it made to vendors – many of them small businesses – more than a year ago as it tries to shore up funds to wrap up its bankruptcy …