By Patrick Fitzgerald
Mexican mortgage lender Hipotecaria Su Casita said Thursday it expects soon to conduct a swap and restructuring of around 7.4 billion pesos ($612 million) in debt which includes transferring up to 50% of its equity to creditors. Read the Dow Jones story in Daily Bankruptcy Review here.
Lehman Brothers Holdings Inc. seeking approval to schedule a Nov. 17 hearing to on its Chapter 11 plan and the U.S. unit of Mexican glass maker Vitro SAB said its ongoing involuntary bankruptcy case is causing its business to suffer. In DBR Small Cap, LTAP US LLLP is seeking to sell life insurance policies that could pay out up to $1.36 billion to a Wells Fargo Bank subsidiary under a deal that prevents the lender from foreclosing on those same assets.
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The wives of Washington Mutual Inc.’s two top executives when the nation’s largest thrift collapsed in 2008 were accused by the Federal Deposit Insurance Corp. of illegally moving cash and houses into trusts in an effort to shield the assets from legal claims, The Wall Street Journal reports.
WSJ says he federal rescue of the financial system in 2008 has provided large financial institutions with an unfair advantage in the form of cheaper access to credit, a bailout watchdog warned Thursday.
Deal Journal has the list of the 28 more stores says Borders Group intends to close.
Bloomberg says New Jersey Governor Chris Christie is bucking voter skepticism and pushing ahead with his plan to revive the Atlantic City gambling resort, where casino revenue has plunged the most since the first one opened in 1978.
Posted by: Conrado Garcia Jamin
- Washington Mutual timeline (seattletimes.nwsource.com)
- Borders Closing More Stores: Here’s the List (blogs.wsj.com)
- Borders Nearing Bankruptcy: What’s Next? (blogs.wsj.com)
- UPDATE 2-KB Home says may have to repay $180 mln South Edge loan (reuters.com)