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MTR Western is the biggest asset in the bankruptcy estate of Darren Berg, who's been charged by federal prosecutors with running a Ponzi scheme that cost investors more than $100 million.
Read More →All operations, including manufacturing, sales and warranty support, will continue to operate as usual during the reorganization, company officials said.
Read More →Ambac Assurance Corp. of Wisconsin and Wells Fargo Bank had argued that the monorail should not be allowed to proceed under Chapter 11, arguing that a filing under Chapter 9 reserved for government agencies was more appropriate.
Read More →Monorail officials said last month that they had three options: Negotiate an agreement with bondholders without filing for bankruptcy; file for bankruptcy with the bondholders’ blessing; or file without a new agreement in place.
Read More →Company will reduce debt obligations on its balance sheet from approximately $1.2 billion to approximately $400 million.
Read More →In conjunction with its emergence from Chapter 11, the company has obtained $230 million of exit financing and consummated its pre-negotiated plan.
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Securing the contract with Winnipeg assembly plant workers is a key milestone, enabling MCI to continue its plan to successfully emerge from Chapter 11 Bankruptcy protection, which it plans on exiting in late March, according to the company.
Read More →MCI and its U.S. subsidiaries filed voluntary petitions for Chapter 11 on September 15, 2008 to implement a pre-negotiated restructuring plan.
Read More →Late last week, MCI was granted final approval to continue all customer programs and services without interruption, and will also continue to honor all standard limited warranties on its coaches.
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