Davenport-based Lee Enterprises has filed for Chapter eleven bankruptcies. In its filing on Monday with a Delaware bankruptcy court, Lee listed liabilities of nearly 995-million dollars and assets of over one billion dollars. The company can honor its debts and pay a better interest rate to lenders. In return, lenders agreed to increase their loans, now due in April, until a minimum of December 2015. The set up conjointly preserves most of Lees stock value, allowing the company to continue trading on the massive apple Stock Exchange.
The bankrupt parent company of failed thrift Washington Mutual has announced that its reached a settlement with creditors in Delaware bankruptcy court. The arrangement brings the company one step nearer to an exit from bankruptcy. The deal, that also has got to be approved by the court, would distribute over $7 billion to the Seattle bank's creditors, additionally as shareholders, who have been waiting over three years to gather on what WaMu owed them when it absolutely was closed by regulators in 2008.
Frank McCourt and so the Dodgers won a legal battle against one in all their final court foes on Thursday. Delaware Bankruptcy Court choose Kevin Gross ruled that the Dodgers were allowed to sell their broadcast TV rights beside the team, per Bill Shaikin of the l. a. Times. The Dodgers currently have a TV contract through 2013 with Fox, one that didn't enable them to barter with various firms until November thirty, 2012. Beneath the new ruling, the Dodgers can have a 45-day period to work out a replacement pay attention of Fox, ranging from November thirty, 2011. When January 14, 2012, if the Dodgers and Fox do not reach an agreement, they can open up the bidding to various suitors.
Major League Baseball is staying neutral inside the fight between the l. a. Dodgers and Fox Sports as a result of the team works to emerge from bankruptcy. The league's pledge to stay neutral is included during a settlement agreement reached last month with the Dodgers and filed in Delaware bankruptcy court late Tuesday. The agreement entails a sale of the Dodgers, additionally as TV rights to games starting in 2014 and Dodgers stadium.
Tribune Co., that's functioning to emerge from bankruptcy protection, has agreed to pay former CEO Randy Michaels up to $725,000 to settle a dispute over a bonus. Michaels had demanded to be paid a $900,000 bonus when he resigned thirteen months ago. His resignation was triggered by reports airing Tribune employees' complaints concerning allegedly raunchy behavior by Michaels and various executives. Tribune Co. disclosed the settlement agreement in documents filed Tuesday in Delaware bankruptcy court, where it's been creating an effort to reorganize its finances for nearly three years. The company, that's predicated in Chicago, owns major newspapers additionally because the l. a. Times and Chicago Tribune, in addition as over twenty TV and radio stations. It sought bankruptcy protection as results of monetary problems brought on by a steep downturn in newspaper advertising and a debt-laden buyout designed by real estate mogul Sam Zell. That 2007 deal ushered in Michaels, a former radio station disc jockey who was promoted to CEO in December 2009.
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