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Auto parts manufacturer Spectre Performance filed Chapter 11 bankruptcy after incurring heavy expenses from lawsuits.
The Ontario, Calif.-based company designs and manufactures air filters and air intake kits, as well as other specialty products for "muscle cars," according to its bankruptcy filing. More
Textbook publisher Houghton Mifflin Harcourt reached an agreement with its senior lenders and bondholders on a restructuring plan that will erase $3.1 billion in debt and will soon file a prepackaged Chapter 11 bankruptcy. More
Distressed securities and turnaround investor Oak Hill Advisors hired former UBS Investment Bank managing director Declan Tiernan as its first client coverage specialist in its London office. More
Delta Petroleum, a Denver-based oil and gas production company that filed Chapter 11 last December, plans to form a new joint venture with Laramie Energy II under a proposed plan of reorganization, with a new company emerging as Piceance Energy. More
Law firm McDermott Will & Emery hired restructuring attorney Timothy Walsh, formerly of DLA Piper, as international head of its restructuring and insolvency practice, as the firm begins a worldwide expansion. More
Troubled Hawaiian real estate company Maui Land & Pineapple issued a going concern warning in its latest quarterly report, saying that selling certain real estate assets in a difficult market will be needed to stay in compliance with lenders. More
The U.S. Supreme Court is likely to rule in favor of allowing a secured creditor the right to credit bid when its collateral is being sold under a Chapter 11 plan, according to bankruptcy attorneys analyzing the Supreme Court justices' comments in the RadLAX Gateway Hotel v. Amalgamated Bank case. More
Majority preferred stockholder David Groen will give up majority control of aircraft developer Groen Brothers Aviation Inc. while eliminating about $170 million of the company's debt, under a debt-for-equity swap that the company has agreed to. More
Morgan Industries, the Alachua, Fla.-based parent company of boat manufacturers and sellers Hunter Marine and Luhrs Marine, filed for Chapter 11 bankruptcy and said it will consider a sale of the company or raising new capital from an investor. More
There aren't likely to be any suitors willing to top the stalking horse bid for the bankrupt Traffic Safety and Control Corp., despite the objections of unsecured lender and shareholder Marwit Capital, according to people close to the case. More
Lawn mower engine maker Briggs & Stratton is chopping another 10% of its global workforce as it reports lower sales and profits from weaker demand. More
Restructuring firms Alvarez & Marsal and AlixPartners expanded their practices as they continue to bolster their traditional turnaround and restructuring roles. More
The flight of attorneys from struggling law firm Dewey & LeBoeuf continues as one of the firm's co-chairs, corporate restructuring lawyer Martin Bienenstock, left for law firm Proskauer Rose, along with five of his colleagues. More
Gout drug maker Savient Pharmaceuticals raised $44M in additional operating capital as it restructured half of its existing convertible notes. More
An early-stage cancer drug developer failed to raise money to repay loans and fund research and development, leaving in doubt its ability to fund its business and service its debt.
Manhattan Beach, Calif.-based Genesis Biopharma pulled a follow-on offering on May 7 due to general market conditions, according to a statement from the company. More
The number of business bankruptcies has continued to decline this year, with filings falling by 20% in the first four months of 2012 compared to a year earlier. More
Tough times are not over for the solar industry, but the ongoing shakeout will only create stronger, more stable companies, according to investors and consultants.
Fueled by government subsidies and private investment, the size of the solar industry has increased dramatically since 2005, peaking sometime around 2010, according to market participants. More
LED light bulb and display maker Nexxus Lighting is contemplating a sale as its revenues may be affected by reduced business from its main customer, Lowe's Cos. More
Natural gas producer GeoMet Inc. is shaking up management and could be acquired as it struggles with depressed natural gas prices. More
Adams Produce, a Birmingham, Ala.-based produce distributor, filed Chapter 11 bankruptcy and shut down its operations after failing to restructure its finances. More
Biopharmaceutical company Targacept Inc. is opening itself up to activist shareholders, following layoffs and failed clinical trials, according to a portfolio manager at a hedge fund that recently sold off its stake in the company. More
The Puerto Rican distributor of Lifetime Cookware filed for Chapter 11 bankruptcy after a year of negotiations with its secured lender, San Juan, Puerto Rico-based First Bank. More
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