Bankruptcy and Corporate Restructuring Headlines (November 6, 2008)

• From Bloomberg:  AIG Sales May Not Repay U.S. Loan, Forcing New Deal
• From Bloomberg:  FerroChina Lenders Said to Plan Asset Seizures, Sales
• From Reuters:  Magna Entertainment says may have to sell assets
• From Reuters:  Detroit awaits vote to restart press for aid
• From Reuters:  Dana loss deepens; shares down 13 percent
• From Reuters:  Las Vegas Sands shares plummet; doubts over future
• From Pittsburgh Tribune-Review:  Work to save Kensington Windows may be fruitless
• From PR Newswire:  Ann Taylor Expands Strategic Restructuring Program
• From CNet:  Tesla Motors secures $40 million in funding
• From the New York Times:  Talbots to Pursue Sale of J. Jill Unit
• From the New York Times:  Deal Failures: The Second Wave

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Creditors’ Committee in Superior Offshore International Case Reconstituted

The United States Trustee has filed a notice that the Official Committee of Unsecured Creditors in the Superior Offshore International, Inc. bankruptcy cases has been reconstituted.  The membership of the reconstituted committee is as follows:

• Cross Logistics, Inc./CrossMar, Inc.
• L&L Oil and Gas Services, LLC
• American Marine & Logistics Services, Ltd.
• Infinity Investment Funds, LLC

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All American Semiconductor’s Creditors’ Committee Files Proposed Plan of Liquidation

The Official Committee of Unsecured Creditors in the All American Semiconductor, Inc. bankruptcy case has filed a proposed Disclosure Statement and Plan of Liquidation with the bankruptcy court.  The plan of liquidation is supported by the debtors, the agent and the lenders and reflects a global settlement reached in the case.  The Plan provides that holders of allowed general unsecured claims will receive a recovery of at least 32.20% plus the proceeds of the sale of certain assets.

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Entergy New Orleans Files Motion for Final Decree

Entergy New Orleans, Inc. filed a motion with the Bankruptcy Court requesting that the court enter a final decree in its bankruptcy cases.  Entergy filed its chapter 11 petition in the United States Bankruptcy Court for the Eastern District of Louisiana on September 23, 2005 and its Fourth Amended Plan of Reorganization, as Modified, was confirmed on May 7, 2007.  The effective date of the plan occurred the following day.

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Corporate Restructuring and Bankruptcy Headlines (November 5, 2008)

• From Reuters:  GM says auto industry faces “critical” 100 days
• From Reuters:  Fuld to step down as CEO of bankrupt Lehman
• From Reuters:  GMAC mortgage lender’s future in doubt
• From Reuters:  Hexion could face steep risks in Huntsman bid
• From Reuters:  Ace Mortgage files Chapter 7 bankruptcy
• From Reuters:  U.S. electronics chain Tweeter files for Chapter 11
• From Reuters:  Mervyn’s may pay fired workers: report
• From Bloomberg:  Obama to Back Ailing Ethanol Makers, Follow Failed Bush Policy
• From Bloomberg:  Evergreen Solar Fails to Win Stay Against Barclays, Lehman
• From the Wall Street Journal:  Three Industries That Could Use Government Money
• From the Wall Street Journal:  Yes, Detroit Can Be Fixed: A CAFE tweak can bust the UAW labor monopoly
• From the Wall Street Journal:  Seller Financing Regains Favor

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