Chapter 11 bankruptcy News

Clergy Abuse Costs Drive New Orleans Archdiocese to File for Bankruptcy

The Roman Catholic Archdiocese of New Orleans announced on May 1 that it is seeking federal Chapter 11 bankruptcy protection amid growing legal costs related to sexual abuse by priests. The filing for reorganization could free the archdiocese from the …

Bankrupt Philadelphia Refinery Expects Second Insurance Payment

Insurers of Philadelphia Energy Solutions (PES) have indicated they will make a second payment of $15 million from its property policy in connection to the June fire and subsequent shutdown of the plant, court documents showed. The payout will be …

Bankrupt Philadelphia Refinery Expects $50M Advanced Insurance Payment

Insurers of a fire-damaged Philadelphia refinery have indicated they would make a $50 million initial advance payment in connection with a June blaze that led to the plant’s closure, court documents showed. The infusion of funds would buy cash-strapped Philadelphia …

Philadelphia Energy Solutions Files for Bankruptcy After Refinery Fire

Philadelphia Energy Solutions filed for Chapter 11 bankruptcy protection, the company said on Monday, its second such filing in less than two years, after a fire last month prompted it to close the largest refinery on the U.S. East Coast. …

Patriot National to Reorganize for Acquiring Lenders; Subsidiaries to File Chapter 11

Patriot National Inc., which provides technology, outsourcing and underwriting services to the insurance industry, has announced a plan of reorganization as part of a restructuring support agreement (RSA) with its lenders, Cerberus Business Finance, LLC and its affiliates, and TCW …

Takata Suitors Weigh GM Bankruptcy Liability Ruling

As auto supplier Takata Corp. prepares for a possible U.S. bankruptcy filing, potential bidders are poring over a recent U.S. court ruling that could expose a buyer to liability for the company’s defective air bags, sources have told Reuters. Takata …

Arch to Acquire Interests in California Firm From Bankrupt PMI

Arch Capital Group Ltd., through its U.S.-based subsidiaries (Arch U.S. MI), will acquire all outstanding equity interests in San Francisco, Calif.-based CMG Mortgage Insurance Co. from bankrupt Arizona-based PMI Mortgage Insurance Co. and CUNA Mutual Group, it was announced on …

C.M. Meiers Brokerage in Southern California on Trustee’s Auction Block

Woodland Hills, Calif.-based C.M. Meiers Co. Inc. is being auctioned on Friday at a U.S. bankruptcy court near Los Angeles. Following a Chapter 11 bankruptcy filed on Jan. 9, the firm was placed in the hands of a trustee by …