Items Tagged with 'Chapter 11, Title 11, United States Code'

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  • Capmark Negotiating Mortgage Unit Sale to Stave Bankruptcy

    Capmark Financial Group said it is taking steps to restructure its businesses, including commercial real estate financing and servicing, to avoid a potential Chapter 11 bankruptcy filing. After losing $1.6bn in Q209, Capmark acknowledged "the outcomes of such restructuring may include reorganization under chapter 11 of the US Bankruptcy Code."
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  • Colonial BancGroup Files Chapter 11 Bankruptcy

    Colonial BancGroup on Tuesday filed for Chapter 11 bankruptcy in Alabama's northern district, according to a filing with the Securities and Exchange Commission. The bankruptcy comes as no real shock, with Colonial BancGroup previously noting in past filings the possible inability for the company to continue as "a going concern."
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  • Filings Heard 'Round the Industry

    With Accredited Home Lenders and Thornburg Mortgage both having filed for bankruptcy Friday, the scope of the industry's problems has become more apparent than ever. Accredited once ranked as one of the largest subprime lenders and Thornburg specialized in high-balance, ultra-prime jumbo loans. The filings are further indication that the recession inhabits every corner of the lending industry. But neither comes as a major shock.
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  • End of the Road at Thornburg

    Ultra-prime jumbo mortgage lender Thornburg Mortgage [stock THMR][/stock], which fell victim to the nation's credit crises in the past 18 months, looks as if it has run out of its proverbial nine lives. The Santa Fe, New Mexico-based company said Wednesday that it expected to file for Chapter 11 bankruptcy protection as it begins the liquidation of its remaining assets.
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  • Circuit City goes bankrupt

    From the WSJ: Troubled electronics retailer Circuit City Stores Inc. filed for Chapter 11 bankruptcy Monday in an effort to stay ahead of lenders owed $898 million. With going-out-of-business sales already in full swing at about 20% of its outlets, the nation's second-largest consumer electronics chain by revenue says it has an immediate need for financing.
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  • New Century Seeks Chapter 11 Plan Extension

    In a court filing Friday, former subprime giant New Century Financial Corp. said it is seeking an extension of a liquidation plan under its Chapter 11 bankruptcy. The Wall Street Journal reported Wednesday that the failed lender is working in concert with a committee of debtors and wants to extend the plan filing deadline until January 28. From the story:
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  • AHM Bankrupt; Gets $50 Million Debtor-in-Possession Financing

    Almost a foregone conclusion at this point, American Home Mortgage Investment Company said today that it has filed for Chapter 11 bankruptcy protection. The semi-good news here: $50 million in debtor-in-possession financing. It's likely that a good chunk of these funds will go to keep its servicing operations afloat. The bad news is that it doesn't appear likely that anything will be available to creditors after the company winds down:
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