Bankruptcy Claims NEWS

Market News

September 2010

Sep 9 2010

Pitcairn Property tossed out of bankruptcy court — www.reuters.com

The judge overseeing Pitcairn Property Holdings Inc’s bankruptcy has thrown out the company’s case after only a couple days in bankruptcy
Pitcairn, which owns or manages over $800 million in real estate, had filed for bankruptcy to prevent its shareholders from seizing control of the company
The company will now be subject to a lawsuit brought against it in Delaware state court that had been put on hold as a result of its bankruptcy filing

Sep 8 2010

Owner of troubled Pa. hotel files for bankruptcy — www.businessweek.com

The former Pittsburgh Hilton Hotel, owned by Shubh Hotels Pittsburgh LLC, filed for bankruptcy protection on Monday
The hotel faced two major setbacks last week as Hilton pulled its name from the complex and Black Rock Financial Management foreclosed on the property
The company listed between $10 million and $50 million in assets and between $50 million and $100 million in liabilities

Sep 7 2010

Tronox Shareholders File Bankruptcy Plan Valuing Company at $1.25 Billion — www.bloomberg.com

Official Equity Committee filed rival plan
The plan values the company at $1.2-1.3BB; differing from the company’s plan which values the company at $1-1.1BB
Unsecured creditors would receive 62.5 percent of the stock in the reorganized company; compared to about 17% under the company’s plan
The Equity Committee’s plan will allow the equity holders to purchase up to 17% of the new company stock