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Energy Future: * Delaware judge says will deny motion to transfer energy future holdings' _0"> class="mandelbrot_refrag"> bankruptcy to Dallas

The Chapter 11 class="mandelbrot_refrag"> bankruptcy of Texas's largest power company, Energy Future Holdings, will remain with a U.S. Bankruptcy Court in Wilmington, Delaware, the judge handling the case ruled on Thursday. _0"> Energy Future filed one of the largest nonfinancial bankruptcies ever in April in Delaware, where the company's subsidiaries are incorporated. The company has $42 billion in debt. U.S. class="mandelbrot_refrag"> Bankruptcy Judge Christopher Sontchi rejected arguments by a trustee for junior creditors that the case should be in Dallas, where the company is headquartered, because it would better serve employees and regulators. (Reporting by Tom Hals in Wilmington, Delaware)

Texas's largest power company, Energy Future Holdings, overcame the first challenge to its huge class="mandelbrot_refrag"> bankruptcy on Thursday when a Delaware judge ruled the Chapter 11 case should stay in his court rather than be transferred to Dallas, as some creditors wanted. Judge Christopher Sontchi said Energy Future could have filed in several courts, and that it was clearly forum shopping, but he said that doing so was not "insidious". "Given that it is a financial restructuring and given that the parties are in the Northeast, I think that favors Delaware," he said, accepting the company's main argument for filing in Wilmington.   true       The Dallas-based company has said it plans to restructure its $42 billion in debt, not its operations. It argued that most parties involved in the restructuring are class="mandelbrot_refrag"> hedge funds and other sophisticated investors that are based in New York, a two-hour

Detroit's plan to adjust its debts and exit class="mandelbrot_refrag"> bankruptcy as soon as this fall got a boost on Thursday when the Michigan House of Representatives approved a package of bills that includes state money to aid the city's retirees. Under the so-called grand bargain in Detroit's debt adjustment plan, Michigan's nearly $195 million lump sum contribution, along with $466 million pledged over 20 years by philanthropic foundations and the Detroit Institute of Arts would be used to ease pension cuts for city retirees. The deal would also protect city art works from being sold to raise money to pay city creditors and includes commitments from two unions to raise money for retiree healthcare costs.   true       All of the contributions are contingent on each other and on members of Detroit's two retirement systems agreeing to accept minimal cuts to their pensions to help the cash-strapped city deal with $18 billion of debt and other obl

Spanish class="mandelbrot_refrag"> fishing company Pescanova came out of administration on Friday after a court approved a deal with creditors that leaves the company in the hands of its class="mandelbrot_refrag"> banks . _0"> Pescanova - which filed for class="mandelbrot_refrag"> bankruptcy last year - will be controlled by creditors including Spanish class="mandelbrot_refrag"> banks Sabadell, Popular, Caixabank, BBVA, NCG Banco and Bankia. Under the deal proposed by the banks, and accepted by the court, creditors will retain 1 billion euros ($1.36 billion) of debt and will inject 125 million euros of capital into the company, the frozen fish products of which are among Spain's best-known brands. ($1 = 0.7336 Euros) (Reporting by Emma Pinedo; Editing by Fiona Ortiz and David Goodman)

A class="mandelbrot_refrag"> bankruptcy court judge on Friday approved a $570 million financing package to get Momentive Performance Materials through bankruptcy, over the objections of unsecured creditors who say the deal will threaten their recoveries. Momentive, the maker of silicone and quartz products that is owned by private equity group Apollo Global Management LLC , filed for Chapter 11 protection in April with a prearranged restructuring that had the support of key stakeholders. The plan, which still needs court approval, includes a $600 million rights offering and $1.3 billion in exit loans from class="mandelbrot_refrag"> JPMorgan Chase & Co . To get Momentive through Chapter 11, JPMorgan also arranged financing in the form of a $300 million loan and a $270 million credit facility. The bulk of that package had already been approved by Judge Robert Drain of U.S. class="mandelbrot_refrag"> Bankruptcy Court in White Plains, Ne

An attorney for class="mandelbrot_refrag"> Overseas Shipholding Group Inc , one of the world's largest publicly traded tanker holding companies, told a U.S. judge on Friday a deal was close with noteholders that would clear the way for creditors to vote on its class="mandelbrot_refrag"> bankruptcy exit plan. Noteholders agreed to drop their objection to the company's $1.5 billion rights offering for a chance to participate in the stock sale, said Luke Barefoot, an attorney with Cleary Gottlieb Steen & Hamilton, which represents the company. The rights offering is a key component to Overseas Shipholding's exit plan and would allow existing stock holders to buy newly issued stock in the company. The plan is also backed with $1.35 billion in financing from Jefferies Finance. Barefoot told a U.S. class="mandelbrot_refrag"> Bankruptcy Court hearing in Wilmington, Delaware, that the parties had a few more details to work out. H