Hollywood Video chain owner Movie Gallery Inc. is preparing to file for bankruptcy as soon as next week, The Wall Street Journal reports.
A bankruptcy judge Wednesday approved $45.6 million in bonuses for executives of Tribune Co. and advised the company’s leaders to roll the rest of its bonus requests into a Chapter 11 plan, according to WSJ.
Lehman Brothers Holdings Inc. won the latest round in a legal battle that spans courts in the U.S and the U.K., and pits the investment bank and its creditors against derivatives investors. Read the Daily Bankruptcy Review story here.
As some distressed municipal governments publicly consider filing for bankruptcy, Fitch Ratings warned Wednesday that “such statements should be taken seriously” and that they will “trigger an inquiry” by the ratings firm, WSJ reports.
The trustee recovering assets for Bernard Madoff’s victims on Wednesday said he had reached a $220 million settlement with the children of the late real-estate tycoon Norman Levy, who had invested with Madoff since the 1970s, according to WSJ.
Billionaire financier Carl Icahn won court permission Wednesday to buy the stalled Fontainebleau Las Vegas project out of bankruptcy, the Miami Herald reports.
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