Bankruptcy

If hypocrisy had a face, a look, a certain familiar strut, it would be that of old favorite Curt Schilling as he pushed his way through a swirling collection of reporters and photographers in Providence this week with absolutely nothing of consequence to say. Curt Schilling, mute, the one time he actually owed an explanation. Perfect. But that's a minor point, really. There's a larger hypocrisy in his failing video game venture, the one that Rhode Island state officials giddily backed to the tune of $75 million in loan guarantees, which seems to be a fancy financial term for...

Houghton Mifflin Harcourt Publishing Co. , the publisher of authors from Mark Twain to J.R.R. Tolkien, won conditional permission to borrow $400 million of a $500 million loan to fund operations during a 30-day reorganization. US Bankruptcy Judge Robert Gerber in New York said Tuesday that he was prepared to approve the Boston company's interim request to borrow. The loan is to be managed and syndicated by Citigroup Inc. "Subject to the issues that I have, which I think are drafting issues, I'm fine with this facility," Gerber said.

Houghton Mifflin Harcourt filed for bankruptcy protection Monday as part of a deal with its creditors to eliminate $3.1 billion in debt, and the Boston-based publishing giant said the restructuring will allow it to invest in new ventures. Under the terms of the Chapter 11 restructuring, filed in New York bankruptcy court, Houghton's creditors will exchange their debt holdings for equity ownership stakes in the company. Houghton said Monday it had received backing from the vast majority of its lenders, and Citigroup Global Markets Inc. had also committed $500 million in financing.

Houghton Mifflin Harcourt Publishing Co. , the publisher of authors from Mark Twain to J.R.R. Tolkien, sought bankruptcy protection to eliminate more than $3 billion in debt. The company, based in Boston, listed assets and debt of more than $1 billion each in Chapter 11 documents filed today in US Bankruptcy Court in Manhattan. Houghton said May 11 it received support from more than 70 percent of lenders to restructure its debt. The company has about $2.85 billion of loans maturing in the next two years, according to data compiled by Bloomberg.

CENTRAL FALLS, R.I. - The state-appointed receiver running the financially troubled city of Central Falls asked retired city police officers and firefighters to accept voluntary - and significant - pension cuts to help avoid municipal bankruptcy. Robert Flanders Jr. told retirees during a meeting at the high school that cuts are necessary "to prevent the city from going over a financial cliff. " "We're in a firefight here to make it to the finish line before we run out of cash," Flanders said.

Plum TV, the cable channel launched a decade ago by Nantucket Nectars cofounder Tom Scott, has filed for bankruptcy. The channel aimed at wealthy viewers in hoity-toity hot spots like Nantucket, Martha's Vineyard, Aspen, Vail, and the Hamptons, will continue to operate as an investor group led by Univision president Terry Mackin and former Titan Worldwide chairman Bill Apfelbaum assume control and reorganize. "While a filing is a difficult choice, after a tough time for the company, it is the right choice," Scott said in a statement.

WILMINGTON, Del. - Beacon Power Corp., a Tyngsborough-based energy-storage company that received $43 million in backing from the US program that supported failed solar power company Solyndra LLC, said it may face a Chapter 7 bankruptcy liquidation and has hired advisers to consider a sale. US Bankruptcy Judge Kevin Carey is scheduled to consider limiting Beacon's use of Department of Energy funds at a hearing Friday in Wilmington. "We have retained financial and legal advisers to actively evaluate restructuring alternatives and to solicit proposals from...

'Octomom' Nadya Suleman has failed to file the proper paperwork in her bankruptcy case, opening the door to creditors to collect debts and allowing a foreclosure to go ahead against the house she lives in. The Orange County Register reports (http://bit.ly/KMFV8L ) Suleman's case was thrown out Tuesday for failing to file a dozen financial documents and statements required to file for bankruptcy. Suleman is an unemployed single mother of 14 children who became famous after giving birth to octuplets in 2009.

A Delaware bankruptcy judge has approved close to $370,000 in bonuses for certain employees of Solyndra LLC, a solar panel manufacturer that received a half-billion dollar loan from the federal government before declaring bankruptcy. Solyndra, based in Fremont, Calif., wanted to award bonuses of up to $500,000 to as many as 21 employees but scaled back its request after discussions with its official creditors committee. The judge approved the revised bonus request following a hearing Wednesday.

Montana regulators say they are seeking to intervene in the bankruptcy of a troubled power cooperative to shield consumers elsewhere in the state from any potential spillover effects. A hearing is scheduled Tuesday on the Public Service Commission's move to get involved with the bankruptcy of Billings-based Southern Montana Electric Generation and Transmission Cooperative. The PSC does not have authority over the cooperative. But two of Southern's creditors — NorthWestern Energy and Energy West Montana — are regulated by the commission.

US Airways Group said it's ready to work with AMR Corp.'s American Airlines on a combination of the carriers that would be better for all stakeholders than American emerging from bankruptcy on its own. "We're encouraged now that we can work with American and the creditors to get this deal done," US Airways president Scott Kirby said at a Bank of America transportation conference Thursday in Boston. US Airways wants to take advantage of American's bankruptcy to craft a carrier that would pass United Continental Holdings Inc. as the world's largest.

'Octomom' Nadya Suleman has failed to file the proper paperwork in her bankruptcy case, opening the door to creditors to collect debts and allowing a foreclosure to go ahead against the house she lives in. The Orange County Register reports (http://bit.ly/KMFV8L ) Suleman's case was thrown out Tuesday for failing to file a dozen financial documents and statements required to file for bankruptcy. Suleman is an unemployed single mother of 14 children who became famous after giving birth to octuplets in 2009.

The Supreme Court says a farming family has to pay tax on the bankruptcy sale of their farm. The high court on Monday voted 5-4 for the IRS in its fight with Lynwood and Brenda Hall over their bankruptcy sale of their 320-acre farm in Willcox, Ariz. The Halls were forced to sell their family farm for $960,000 to settle their bankruptcy debts. That sale brought about capital gains taxes of $26,000.The Halls wanted the taxes treated as part of the bankruptcy, paying part of it and having the court discharge the rest.

LightSquared Inc., which hoped to create an independent wireless broadband network in the U.S., filed for bankruptcy protection on Monday. Regulators blocked its plan this winter because of concerns that its transmissions would interfere with GPS navigation. LightSquared hasn't given up. Chief Finacial Officer Marc Montagner said in a statement that the bankruptcy filing is intended to gain the company "breathing room" while it continues to work through its regulatory issues.

Economic turbulence has shrunk the market for business jets, and it's causing an especially bumpy ride for Hawker Beechcraft. The Wichita, Kan.-based aircraft maker filed for bankruptcy protection this week, seeking approval for a plan that would write an estimated $2.5 billion in debt off its books and eliminate almost $125 million in annual cash interest expenses. Hawker Beechcraft Corp., which is owned by Onex Partners and GS Capital Partners, a Goldman Sachs private equity fund, has struggled with the sluggish business jet market more than...

A federal bankruptcy judge in Delaware has authorized the Tribune Co. to pay up to $45 million dollars in bonuses to managers this year. The judge issued an order Friday in response to Tribune's request to continue an existing management-incentive program for some 425 employees. Tribune says the proposed bonuses are reasonable and appropriate. There were no objections from creditors. Tribune owns the Chicago Tribune, Los Angeles Times, other newspapers and several broadcast stations including WGN in Chicago.