Top Bankruptcy and Corporate Restructuring News Headlines (Nov. 4, 2008)

• From PR Newswire:  JHT Holdings Emerges From Chapter 11; Michael Testman Named as New CEO
• From The American Lawyer:  Mayer Brown in Crosshairs for Legal Work on Refco
• From Bloomberg:  Swiss Re Posts First Loss in 6 Years, Shelves Buyback
• From Bloomberg: DRDGold Halts 115-Year Old Mine East of Johannesburg
• From Bloomberg:  Fujitsu Buys Siemens Stake in Unit for EU450 Million
• From Bloomberg:  ECB’s Bonello Sees `Serious Repercussions’ for Europe’s Economy
• From Bloomberg:  Landsbanki Swap Sellers to Pay $1.7 Billion to Honor Contracts
• From Bloomberg:  RBS Abandons 2008 Profit Forecast as Bad Loans Rise
• From Bloomberg:  NYC Commercial Property Sales Plunge in Credit Freeze
• From Bloomberg:  Leveraged Loans to Beat High-Yield Bonds, Morgan Stanley Says
• From Bloomberg:  Depository Trust to Provide Credit-Default Swaps Data
• From Reuters:  VeraSun to delay start of new ethanol refinery
• From Reuters:  SemGroup in $89.8 mln settlement with Goldman unit
• From Reuters:  Judge approves VeraSun’s rare bankruptcy financing
• From Reuters:  Consumer bankruptcies soar in October
• From Reuters:  U.S. ethanol industry could face more bankruptcies
• From Reuters:  Boscov’s signs deal to sell assets to family group
• From Trading Markets:  Dana CEO to leave post, was on job for 6 months: Change at top job is 3rd in 9 months
• From Rocky Mountain News:  Teamsters will appeal court ruling Frontier won
• From Forbes:  Mass. electronics retailer Tweeter closing
• From the Wall Street Journal:  Picking Up Iceland’s Dregs
• From the Wall Street Journal:  The Death of Ethanol: One Thing Wall Street Saw Coming

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Former Employee Files Class Action Adversary Complaint Against Lehman Brothers

Miron Berenshteyn, on behalf of himself and all other former employees similarly situated, filed an adversary complaint against Lehman Brothers Holdings, Inc. asserting violations of the Federal and New Jersey WARN Acts (the Worker Adjustment and Retraining Notification Act and the New Jersey Millville Dallas Airmotive Plant Job Loss Notification Act, respectively).  The complaint asserts that employees were laid off by Lehman Brothers without the notice required under both versions of the WARN Act and seeks either an administrative priority claim pursuant to section 503(b)(1)(A) or a priority wage claim pursuant to section 507(a)(4) and (a)(5) for damages under those acts (60 days of wages and benefits under the Federal WARN Act and severance pay equal to one week of pay for each year of service under the New Jersey WARN Act).

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Frontier Airlines Union (IBT) Seeks Stay of Court Order Allowing Rejection of CBA

The International Brotherhood of Teamsters Airline Division filed a motion requesting a stay of the court’s order authorizing Frontier Airlines’ rejection of its collective bargaining agreement with the IBT, pending the IBT’s appeal of that order.  Judge Robert Drain recently authorized Frontier Airlines to reject the CBA pursuant to section 1113 of the Bankruptcy Code, which would allow Frontier to subcontract some aircraft maintenance work (referred to in industry parlance as “C-Checks”) to an outside contractor.  The union argues in the motion that it has a substantial likelihood of success having the order overturned on appeal because Frontier failed to meet the standards under section 1113 by failing to give the union sufficient information to evaluate its proposal and because Frontier’s proposed modifications to the CBA go beyond what is necessary to facilitate Frontier’s reorganization.

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Official Committee of Unsecured Creditors Appointed in Value City Holdings Chapter 11 Cases

 

The United States Trustee has announced the membership of the official committee of unsecured creditors in the Value City Holdings, Inc. chapter 11 cases.  The members of the committee are:

• National Janitorial Solutions, Inc.
• Rosenthal & Rosenthal
• Thor Macomb Mall LLC (c/o Thor Equities)
• Kimco Realty Corp.
• American Greetings
• Nej, Inc.
• Graphic Communications Holdings, Inc.
• San Malone Enterprises, Inc.
• Federal Jeans, Inc.

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PLVTZ, Inc. (Levitz Furniture) Interim Chapter 7 Trustee Seeks to Retain Togut, Segal & Segal

Albert Togut, the interim chapter 7 trustee in the PLVTZ, Inc. bankruptcy cases, has sought the retention of his firm, Togut, Segal & Segal LLP, as counsel.  The PLVTZ cases were filed on November 8, 2007 as chapter 11 cases and were converted to cases under chapter 7 pursuant to an order dated Octber 27, 2008.

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