http://bankruptcy.law360.com/ The Newswire for Legal Professionals Copyright 2009 Portfolio Media, Inc. en-US http://bankruptcy.law360.com/images/headings/logo.gif http://bankruptcy.law360.com/ http://bankruptcy.law360.com/articles/135419 Precision motion device and laser developer GSI Group Inc. has filed for Chapter 11 protection, saying it has finalized an agreement with a majority of its noteholders on a restructuring plan that will exchange much of its debt for equity in the reorganized company. http://bankruptcy.law360.com/articles/135419 http://bankruptcy.law360.com/articles/135492 MPC Corp., a small business computer services provider that filed for bankruptcy protection earlier in November, has filed a Chapter 11 liquidation plan that calls for all secured claims to be repaid in full and a possibility for unsecured claimants to be paid back with interest. http://bankruptcy.law360.com/articles/135492 http://bankruptcy.law360.com/articles/135501 Stallion Oilfield Services Ltd. has secured a bankruptcy court order approving the disclosure statement for its Chapter 11 reorganization plan, setting the wellsite support company’s restructuring plan up for a creditor vote by the year’s end. http://bankruptcy.law360.com/articles/135501 http://bankruptcy.law360.com/articles/135430 Pennsylvania's revenue department has challenged Philadelphia Newspapers LLC's proposed reorganization plan, saying it is objectionable because it would unfairly let the bankrupt newspaper company off the hook for unpaid state taxes. http://bankruptcy.law360.com/articles/135430 http://bankruptcy.law360.com/articles/135495 A Texas county has opposed Spansion Inc.’s Chapter 11 reorganization plan because it doesn’t prioritize the $8 million unpaid tax bill the bankrupt flash memory chip maker owes on its land and personal property in the state. http://bankruptcy.law360.com/articles/135495 http://bankruptcy.law360.com/articles/135498 NTK Holdings Inc. — the parent company of heating, ventilation and consumer technology manufacturer Nortek Inc. — has received approval to retain Weil Gotshal & Manges LLP and a number of other professionals for its prepackaged bankruptcy case. http://bankruptcy.law360.com/articles/135498 http://bankruptcy.law360.com/articles/135453 Bankrupt auto parts maker Visteon Corp. is seeking to sell a contaminated piece of land back to an Indiana city, looking for relief from the financial obligations connected to the property. http://bankruptcy.law360.com/articles/135453 http://bankruptcy.law360.com/articles/135170 The agent for individual investors in Mortgage Ltd.'s bankruptcy has asked a judge for attorneys' fees from Rev Op Group, alleging the investors group has tried to stymie the implementation of the mortgage lender's Chapter 11 plan with frivolous litigation. http://bankruptcy.law360.com/articles/135170 http://bankruptcy.law360.com/articles/135314 Unsecured creditors of mortgage lender Fremont General Corp. have won bankruptcy court approval of the disclosure statement for their Chapter 11 plan, overcoming a late burst of objections from equity holders and banks. http://bankruptcy.law360.com/articles/135314 http://bankruptcy.law360.com/articles/135193 A federal judge has appointed a receiver to handle the remaining assets of bankrupt oil and gas securities firm Heartland Resources Inc. following a magistrate's finding that, without a receiver, plaintiffs alleging a $14 million fraud would suffer irreparable injury. http://bankruptcy.law360.com/articles/135193 http://bankruptcy.law360.com/articles/135261 A Florida tycoon has hurled a raft of corruption allegations at the judge presiding over the receivership of Rothstein Rosenfeldt & Adler PA, the firm facing bankruptcy amid a Ponzi scheme scandal. http://bankruptcy.law360.com/articles/135261 http://bankruptcy.law360.com/articles/135268 Bankrupt commercial lender CIT Group Inc. has reported a strong showing among various constituencies of creditors in favor of its reorganization proposal, putting the company on a path to win approval for the Chapter 11 plan at a confirmation hearing Dec. 8. http://bankruptcy.law360.com/articles/135268 http://bankruptcy.law360.com/articles/135150 New Mexico-based creditor Chisos Ltd. is objecting to Edge Petroleum Corp.’s prepackaged Chapter 11 plan and asset sale because it claims it would potentially subvert its preferential rights to oil and gas leases in New Mexico. http://bankruptcy.law360.com/articles/135150 http://bankruptcy.law360.com/articles/135260 Bankrupt mall operator General Growth Properties Inc. has struck a deal to restructure $8.9 billion in mortgage loans on 70 properties that it hopes to remove from bankruptcy by the end of the year, while rival Simon Property Group Inc. is considering a bid for GGP's assets. http://bankruptcy.law360.com/articles/135260 http://bankruptcy.law360.com/articles/135144 Filene's Basement Inc. has proposed a joint plan of liquidation under which unsecured creditors will retrieve at least 75 percent of their claims against the bankrupt discount retailer, while secured creditors will make a full recovery. http://bankruptcy.law360.com/articles/135144 http://bankruptcy.law360.com/articles/135201 Stallion Oilfield Services Ltd., which filed a prepackaged bankruptcy in October, has submitted a Chapter 11 reorganization plan that would provide secured lenders about $25 million in principal payments, permanently reducing the company's obligations outstanding under a secured credit agreement. http://bankruptcy.law360.com/articles/135201 http://bankruptcy.law360.com/articles/135162 The European Union's antitrust watchdog has given its blessing to Avaya Inc.'s proposed $915 million purchase of bankrupt Nortel Networks Corp.'s enterprise solutions business, following in the footsteps of the Federal Trade Commission and the Canadian Competition Bureau. http://bankruptcy.law360.com/articles/135162 http://bankruptcy.law360.com/articles/135165 The Reader's Digest Association Inc. has argued that it should be allowed to continue with its cash management plan, despite a U.S. trustee's concerns that estate money might be kept in institutions that are not authorized depositories. http://bankruptcy.law360.com/articles/135165 http://bankruptcy.law360.com/articles/135123 Unsecured creditors in Idearc Inc.'s bankruptcy have settled a dispute with secured lenders over control of assets including the phone book publisher's advertising revenues and copyrights for its Yellow Pages directories, attorneys for both sides said. http://bankruptcy.law360.com/articles/135123 http://bankruptcy.law360.com/articles/135065 Bankruptcy attorney Elizabeth Green has left her Orlando, Fla., law firm to become a partner at Baker & Hostetler LLP, saying she chose the firm because of its national platform and strong performance amid tough economic times. http://bankruptcy.law360.com/articles/135065