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New York-based investment bank Miller Buckfire is expected to collect a fee of $28 million if the city of Detroit is able to restructure its debt in bankruptcy, according to an internal city document obtained by the Free Press.
The New York company said it is in talks with "various interested parties" and could restructure its business days after closing its stores.
Internal City of Detroit documents obtained by the Free Press spell out the percentage cuts for each group creditors, with the city predicting it will be able to dump more than $7 billion in debt and liabilities, or about 74%, in Chapter 9 bankruptcy.
Young women are more likely to find themselves falling into personal insolvency than men of the same age, official statistics show.
Sewage processing company Maxwest Environmental Systems filed for Chapter 7 bankruptcy liquidation last week, leading to its closure and 15 layoffs at offices in Lake Mary and Sanford, the Orlando Sentinel reports.
Treasures in the Detroit Institute of Arts eyed for sale by some creditors in the city's historic bankruptcy could be worth more than $4.6 billion, but likely would fetch a quarter of that or less in a forced liquidation, according to a new report.
The company says it reduced its debt by $1.2 billion while eliminating $192.8 million in amortization payments and $40 million in annual interest payments.
Cuts approved by the City Council have led to protests from city workers, including police and fire staff, who say they cannot afford the changes and feel betrayed by a city they have served and protected.
A bankruptcy judge overseeing the liquidation of Brennan's Inc. on Wednesday approved the sale of the former restaurant's trade name and other assets - including recipes - to an investment group that includes prominent New Orleans restaurateur Ralph Brennan.
The YMCA of Metropolitan Milwaukee has closed on the sale of its Young Leaders Academy as part of its ongoing bankruptcy case.
Greece says it will issue a three-year bond following its successful bid to tap debt markets in April after a four-year absence.
On Tuesday, a federal bankruptcy judge in Sacramento inched closer to changing all that.
Mt. Gox CEO Mark Karpeles bows in ritual apology on Japanese TV while at a press conference on Feb. 28, when the bitcoin exchange filed for bankruptcy protection at the Tokyo District Court.
Detroit emergency manager Kevynn Orr takes questions from reporters after a speech he gave on May 30, 2014.
As Detroit works to emerge from bankruptcy following a court-supervised overhaul, another Michigan city with strong auto industry bonds could be on the brink of beginning the same process, the latest sign that the spate of municipal defaults may not have ended.
U.S. Bankruptcy Judge Marvin Isgur, who is presiding over the Comcast SportsNet Houston bankruptcy case, isn't going to give the network a third strike when it comes to reorganization delays, Astros owner Jim Crane said this week.
Updated: Fri Jul 11, 2014 02:57 am
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