Bankruptcy, Foreclosure & Loan Modification Posts in August, 2012

What Role does a Trustee play in your Bankruptcy Case?

According to the United States Department of Justice website, the United States Trustee Program “seeks to promote the efficiency and protect the integrity of the Federal bankruptcy system”. Basically, the trustee’s job is to oversee the bankruptcy process, detect and eliminate fraud, and ensure that all involved parties abide by the law....
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Union To Vote On Bankrupt Hawker’s Pension Proposal

Reuters reported a story about a vote regarding a pension plan of bankrupt U.S. aircraft maker Hawker Beechcraft. The vote will be on a plan to prevent termination of an existing plan worth $195.3 million in pensions that Hawker is liable for paying. Hawker is negotiating with China’s Superior Aviation Beijing Co on their plans to buy the company for $1.79 billion....
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Approval For ATP Bankruptcy Financing From Credit Suisse

Bloomberg reported a story about ATP Oil & Gas Corp., a Gulf of Mexico oil producer, getting approval for bankruptcy financing a week after they filed for bankruptcy. U.S. Bankruptcy Judge Marvin Isgur gave interim approval to the $618 million financing from Credit Suisse Group AG and other lenders after requiring that changes are made to certain terms....
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Solyndra Agrees To Employee Layoff Settlement

Reuters reported a story about solar panel maker Solyndra agreeing to pay $3.5 million to settle accusations that it did not notify employees properly about layoffs. Solyndra has been in the news for their bankruptcy because they received millions of dollars in U.S. government loans before filing for bankruptcy....
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  • Newland & Newland LLP, Attorneys, Arlington Heights, IL