Representing the Ad Hoc Committee of Arahova noteholders, gerard uzzi, esq., at White case llp, in New York, asserts that the acc senior Noteholders are not the acc senior Noteholders Committee. The mia process identified certain "Deemed Participants who were automatically included in the mia litigation. . The list included the acc senior Noteholders Committee, represented by hennigan, bennett dorman llp. . The individual bondholders on the acc senior Noteholders Committee were not designated as deemed Participants. . Any other party-in-interest seeking to participate in the mia litigation could file a "Participation Request." The acc senior Noteholders, however, did not file the necessary participation Request. Representing the Official Committee of Unsecured Creditors, david. Friedman, Esq., at Kasowitz, benson, torres friedman llp, in New York, contends that unsealing the mia record could severely mislead stakeholders and thus, taint the confirmation process. About Adelphia communications Based in coudersport,., Adelphia communications Corporation (OTC: adelq) - m/ - is the fifth-largest cable television company in the country. .
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The supreme court in Consol. S., has stated unequivocally that "anything short of voluntary and honest disclosure of financial information obstructs the boxes policy of Chapter 11 towards fair settlement through a negotiation process between informed interested parties." Objections to noteholders' request to adjudicate Intercompany disputes Marc Abrams, Esq., at Willkie. Representing the acc ii committee, an ad hoc committee comprised of holders of acc notes and Arahova notes, jeremy. Richards, Esq., at Pachulski stang ziehl young Jones weintraub llp, in Los Angeles, california, asserts that there is no benefit to resume the motion In Aid Process. . The acom debtors' fifth Amended Plan of reorganization embodies the resolution of the disputed issues that are subject of the mia process. "The idea that the mia process is a viable alternative to either the fifth Amended Plan or any other settlement plan is unrealistic and untenable. Unless the court is prepared to accept that the mia process requires that each and every disputed issue be litigated to a final and non-appealable judgment, the mia process must encompass the possibility of settlement. Representing the Ad Hoc Committee of FrontierVision Noteholders, kenneth. Eckstein, Esq., at Kramer levin Naftalis frankel llp, in New York, contends that the settlement contained in the fifth Amended Plan: (a) does not violate the rights of the acc senior Noteholders, (b) was negotiated at arm's-length, and (b) should be sent out for. Eckstein further argues that: - the acc senior Noteholders are not successor to the Ad Hoc Committee of acc noteholders and does not have the right to litigate or settle the acom's intercompany claims; - the acom debtors and the Creditors Committee have standing.
Moody's placed lgd4 Loss-given-Default ratings to 15 of the company's loan and from bond debt obligations, suggesting debt holders will experience a 57 loss in the event of a default. As reported in the Troubled Company reporter on may 1, 2006, dominion Bond Rating Service confirmed the ratings of Abitibi- consolidated Inc., and Abitibi-consolidated Company of Canada at bb (low). Adelphia comms: Panel Balks at Noteholders' Plea to Unseal Record The Official Committee of Unsecured Creditors of Adelphia communications Corporation's chapter 11 case and several parties- in-interest filed with the. Bankruptcy court for the southern District of New York their objection to the request of the acc senior Noteholders to unseal the full record of the resolution process and the negotiations that led up to the acom debtors' fifth Amended Plan of reorganization. Statements Supporting acc senior Noteholders Request Calyon New York Branch adopts and incorporates by reference the legal arguments pertaining solely to the unseal request by aurelius Capital Management, lp; Catalyst Investment Management., llc; Drawbridge Global Macro Advisors llc; Drawbridge Special Opportunities Advisors, llc; Elliot. The Official Committee of Equity security holders agrees that the court should unseal the record on plan issues and permit adjudication of the intercreditor disputes. Representing the Equity committee, gregory. Blue, esq., at Morgenstern Jacobs blue, llc, in New York, contends that the time has come to unseal the full record of the resolution process and the negotiations that led up to the acom debtors' fifth Amended Plan of reorganization. .
In August, Abitibi-consolidated disclosed the suspension of quarterly dividend payments as part of its efforts to reduce debt starting in 2007 as well as provide liquidity and improve profitability. Abitibi-consolidated reported a 48 million operating profit for the second quarter of 2006, compared with an operating profit of 57 million for the same period in the prior year. . The company attributed lower operating profits in the 2006-second quarter to the strength of the canadian dollar, lower prices in the wood products segment and higher cost of products sold in the commercial printing papers segment. . According to Abitibi- consolidated, the.8 appreciation of the canadian dollar compared to the us dollar, is estimated to have had an unfavorable impact of 83 million on spondylolisthesis the quarterly operating results. About Abitibi-consolidated Abitibi-consolidated, Inc. m/ - produces newsprint and commercial printing paper products from its 45 operating facilities. . The company also recycler newspapers and magazines, diverting approximately.9 million tonnes of waste paper from landfills annually * * * moody's Investors Service affirmed its B1 Corporate family rating for Abitibi-consolidated, Inc., in connection with its implementation slogan of the new Probability-of-Default and Loss-given- default rating methodology.
They express moody's opinion of the likelihood that any entity within a corporate family will default on any of its debt obligations. Loss-given-default assessments are assigned to individual rated debt issues - loans, bonds, and preferred stock. . Moody's opinion of expected loss are expressed as a percent of principal and accrued interest at the resolution of the default, with assessments ranging from lgd1 (loss anticipated to be 0 to 9) to lgd6 (loss anticipated to be 90 to 100). 155 East Tropicana, llc owns the hotel San Remo casino and Resort in Las Vegas, nevada, which the company has begun to renovate and re-brand as hooters Casino hotel. . The property is located one- half block from the intersection of Tropicana avenue and Las Vegas boulevard, a major intersection on the las Vegas Strip. . The hotel San Remo currently features 711 hotel rooms and an approximately 24,000 square-foot casino. Abitibi-consolidated: poor Market Conditions Prompt Mill Closures Around 700 workers at Abitibi-consolidated, Inc., are set to lose their jobs as the canadian forestry company closes four of its paper mills on October 16, The toronto Star reports. Yves Laflamme, abitibi-consolidated vice president, said in a report from The Star that weakening market conditions for lumber coupled with rising productions costs led to the closure decisions. Cbc news relates that the four mills slated for closure are located in the regions of Abitibi-temiscamingue, lac saint-jean and the north Shore.
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Senior Facilities at bb- universal express: buying New Jersey gasoline Assets for 42 Mil. Usa commercial: Disclosure Statement hearing Scheduled on Nov. 13 usa commercial: Exclusive solicitation Period Intact Until Oct. 19 veridicom int'l: June 30 Stockholders' deficit Widens.3 Mil. Vtex energy: July 31 Working Capital Deficit Tops 10 Million western apartment: Rowell to Craft Traffic Assessment Report western apartment: Gets court okay to hire Scientific Consultant white river: court okays Marvin. Moore as Mining Engineer white river: Wants to Expand realization Advisor's Duties winn-dixie: Major Creditors Approve reorganization Plan * Timothy porter joins Proskauer Rose as Senior counsel * Upcoming meetings, conferences and Seminars east tropicana: moody's Assigns Loss-given-Default Rating In connection with moody's Investors Service's.
Moody's assigned those debentures an lgd4 rating suggesting noteholders will experience a 57 loss in the event of a default. Moody's explains that current presentation long-term credit ratings are opinions about expected credit loss which incorporate both the likelihood of default and the expected loss in the event of default. . The lgd rating methodology will disaggregate these two key assessments in long-term ratings. . The lgd rating methodology will also enhance the consistency in moody's notching practices across industries and will improve the transparency and accuracy of moody's ratings as moody's research has shown that credit losses on bank loans have tended to be lower than those for similarly. Probability-of-default ratings are assigned only to issuers, not specific debt instruments, and use the standard moody's alpha- numeric scale. .
Foamex int'l: Exclusive plan Filing Period Extended to november. Ford motor: could be next in Renault-Nissan's quest for Alliance. General motors: s p retains Watch After Nissan-Renault Talks End. Gooding's supermarkets: Files Amended Disclosure Statement. Gordon meisel: Case summary nine largest Unsecured Creditors.
Greenwich capital: s p affirms Low-b ratings on Three certificates greystone logistics: Murrell Hall raises going Concern doubt gtm holdings: s p junks Rating on 105 Million 2nd-lien Term loan interstate bakeries: Sells Portland Asset to sierra construction interstate bakeries: Wants Some Transfers to jpmorgan. Notes' rating to B3 marsh supermarkets: Acquisition cues moody's to withdraw Ratings medicalcv inc: Posts 4 Million Net Loss in First quarter meridian automotive: Files revised fourth Amended Plan in Delaware meridian automotive: Committee objects to disclosure Statement meridian automotive: Committee objects to solicitation Procedures. Asset Sale to ivanhoe cambridge national processing: moody's Rates 140 Mil. Senior loan at caa2 neoplan usa: Files Amended Disclosure Statement in Delaware northwest airlines: 3v capital pierce want to file.07mm claim northwest airlines: okays Extension of mac's Section 1110 Period nova cdo: s p junks Ratings on Class c notes nuance comms: moody's Assigns. Senior Unsecured Notes at bb protection one: Fitch Withdraws Junk rating. Debt rafaella apparel: moody's Assigns Loss-given-Default Rating rainbow nat'l: Dolan Family's Offer cues moody's to review Ratings refco inc: Files Amended Plan and Disclosure Statement in New York refco inc: fxcm says Disclosure Statement in Silent on Interest scotts miracle-gro: moody's Assigns Loss-given-Default Rating sirva.
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Directed electronics: Polk audio buy cues s p to lower Ratings. Eaton vance: s p affirms bb- rating on Class d notes. 7 Trustee hires words Rawle henderson as co-counsel. Federal-mogul: Insurers Want Dresser Case heard in State court. Federal-mogul: Underwriters to reply on Travelers' Objection. Flagstone cbo: Fitch Holds bb rating.3 Mil. Flyi inc: Judge walrath Adjourns Disclosure Statement hearing. Flyi inc: Wants Removal Period Extended to january.
Catholic church: diocese of davenport Chapter 11 Case summary. Cinemark inc: Century Acquisition Closing cues s p to cut Ratings. Complete retreats: Selects Donlin Recano as Claims Agent. Complete retreats: Wants book Removal Period Extended to january. Csc holdings: Dolan Family's Offer cues moody's to review Ratings. Dana corp: Martinez group Wants 259,041 Administrative claim paid. Dana corp: Patti Organ Wants Stay lifted to pursue insurance. Delta air: Parties Object to lease Claims Objection Process. Delta air: Aircraft Creditors Balk at Claims Objection Procedures.
Exchange Offer Stretched to nov. Cablevision system: Dolan's Offer cues moody's to review Ratings. Cablevision systems: Dolan buyout Offer Prompts Fitch's Neg. Catholic church: Parishioners Can Hold Claims Against Portland. Catholic church: davenport diocese files for Bankruptcy Protection.
M: moody's Assigns Loss-given-Default Ratings, american credit: Selling roanoke personal shmoop Properties for 845,867. American credit: Brings In McGladrey pullen as Accountants. Ameristar casinos: moody's Assigns Loss-given-Default Rating. Amkor tech: Files Form 10-q and Cures Alleged Defaults on Debts. Armstrong world: five panel Professionals Want fees Allowed. Armstrong world: sea-pac Wants Claim Objection overruled. Armstrong world: Distributes 407 Million to Class 6 Creditors. Aztar corporation: moody's Assigns Loss-given-Default Rating. Baker taylor: moody's Assigns Loss-given-Default Rating.
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. Wednesday, october 11, 2006, vol. Headlines 155 east tropicana: moody's Assigns Loss-given-Default Rating. Abitibi-consolidated: poor Market Conditions Prompt Mill Closures. Adelphia outsiders comms: Panel Balks at Noteholders' Plea to Unseal Record. Adelphia comms: Parties Balk at Bank lenders' case conversion Plea. Advanced medical: Fitch Affirms and Withdraws Low-b ratings.