Articles by Steven Church

PG&E Attacks Plan for Paying California Wildfire Victims Before Insurers

PG&E Corp. and a group of insurers urged a judge to reject a competing reorganization plan for the bankrupt utility because the proposal would pay fire victims who lost their homes ahead of insurance companies and “unjustly enrich” bondholders including …

Outrage over PG&E’s Plan to Cap California Wildfire Liabilities at $18B

California utility giant PG&E Corp. has issued its long-awaited plan for emerging from the largest utility bankruptcy in U.S. history: Raise debt, offer equity and cap the wildfire liabilities that led to its collapse at $18 billion – less than …

J&J Asks Federal Court to Assume Baby Powder Lawsuits from State Courts

Johnson & Johnson wants a federal judge to take over more than 2,000 baby-powder lawsuits it faces instead of allowing the cases to be heard by state-court juries, where the company has a mixed record. The world’s largest maker of …

Judge Rules Bankrupt Weinstein Co. Must Face Sexual Harassment Claims

Weinstein Co. must return to New York court to face a lawsuit by women who say the firm is responsible for alleged sexual misconduct by founder Harvey Weinstein, a federal judge ruled. The bankrupt film company is no longer shielded …

Judge: Gawker Founder Can’t Halt Hulk Hogan From Enforcing Verdict

Gawker Media founder Nick Denton lost his latest bid to halt enforcement of the $140 million verdict won by Hulk Hogan in an invasion-of-privacy lawsuit, according to a court document provided by the former pro wrestler’s attorney. Florida Judge Pamela …

Detroit Settles with Bond Insurer; Chance of Debt Plan Success Boosted

Detroit settled with one of its last major creditors, bond insurer Financial Guaranty Insurance Co., bringing the city closer to ending the biggest-ever U.S. municipal bankruptcy. The remaining holdout creditors, led by hedge fund managers including Aurelius Capital Management LP, …

Detroit Bond Insurer to Judge: Debt Plan Causes ‘Serious Mayhem’

Detroit’s proposal to exit its record municipal bankruptcy by paying retirees more than bond investors will cause “serious mayhem,” an attorney for the plan’s opponents told a judge. Marc Kieselstein, an attorney for bond insurer Syncora Guarantee Inc., outlined the …

Bond Insurer Syncora Threatens to Cancel Coverage on Detroit Rate Swaps

Syncora Guarantee Inc., the bond insurer fighting Detroit’s debt-cutting plans, said it may cancel insurance it wrote for interest-rate swaps that the city is seeking to terminate with an $85 million settlement. Under a deal announced last month, Detroit would …

San Bernardino Bondholder, Insurer Support Bankruptcy Filing

San Bernardino should be allowed to stay in bankruptcy, bond insurer Ambac Assurance Co. and a bondholder owed $50 million said in court papers opposing other creditors’ efforts to strip the California city of federal court protection. Ambac and Erste …

How Alabama County’s $4.2B Bankruptcy Plan Affects Insurers, Other Debtholders

Jefferson County, Alabama, filed a plan to end the biggest U.S. municipal bankruptcy later this year by cutting $1.2 billion in principal payments to investors holding defaulted sewer-related debt. Less than $100 million of the county’s $4.2 billion in debt …