November 30, 2011 7:29 PM
The Bankruptcy Files: AMR, Lehman, MF Global, PMI, and Power Balance Bracelets
Posted by Brian Baxter
The economy’s ongoing struggles are proving to be fruitful for bankruptcy lawyers betting on a second wave of corporate restructuring work in the U.S. and abroad.
The Am Law Daily reported Tuesday on the bankruptcy filing in Manhattan by AMR Corp., parent company of American Airlines. While the Chapter 11 case, which will be overseen by relatively new bankruptcy judge Sean Lane, is the second-largest filing ever by a major U.S. airline, it doesn’t rank among the largest bankruptcy cases in U.S. history.
The No. 1 spot on that list still belongs to Lehman Brothers, which this week inched closer to a $65 billion liquidation plan after reaching an agreement with creditors holding $450 billion in claims. The deal agreed to by 95 percent of creditors—including members of Lehman’s creditors’ committee, an ad hoc group of senior bondholders, and noteholders—is a significant step toward making disbursements after more than three years of bankruptcy battles. A confirmation hearing on the liquidation plan
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