Texas Rangers, Tribune, Visteon, Almatis: Bankruptcy (Update1)

An increased offer for the Texas Rangers baseball club failed to persuade the bankruptcy judge to cancel the auction scheduled for Aug. 4.

The team filed an emergency motion and told U.S. Bankruptcy Judge Michael Lynn at a July 30 hearing that the so-called stalking horse would increase its offer a second time if the judge awarded to the club to the group, including current President Nolan Ryan and sports lawyer Chuck Greenberg. The judge refused to cancel the auction. The amount of the increased offer wasn’t disclosed.

A lawyer for Mark Cuban, the owner of the Dallas Mavericks professional basketball team, said in court that his client is prepared to participate in the auction. Lynn was also told that some of Cuban’s financing will come from the Rangers’ secured lenders who are owed $525 million, not including unpaid interest.

Cancelling the auction was supported by the chief restructuring officer that Lynn appointed for the two partnerships that own the team. The secured lenders opposed cancellation of the auction.

To read Bloomberg coverage of the July 30 hearing, click here and here.

Initial offers for the team are due Aug. 3. Since the auction was canceled, the Ryan group’s first bid reverts to its prior offer, $306.7 million cash plus debt assumption. The Aug. 4 auction will be followed immediately by a hearing to approve the sale or a confirmation hearing on the team’s Chapter 11 plan.

The Rangers filed under Chapter 11 on May 24 with a sale contract and a plan that claims to be paying all creditors in full. Secured lenders would recover $256 million, according to the team’s disclosure statement based on the original contract for $304 million.

The Rangers moved from Washington to Texas in 1972. The team defaulted on payments owing to the lenders in March 2009. Michael “Buzz” Rochelle, a brother of Bloomberg News reporter Bill Rochelle, is a lawyer for an agent for the lenders. The partnership that owns the team is Texas Rangers Baseball Partners.

The case is In re Texas Rangers Baseball Partners, 10- 43400, U.S. Bankruptcy Court, Northern District of Texas (Fort Worth).

Updates

Tribune Loan Agent Seeks Delay of Publisher’s Confirmation

Tribune Co. is facing the first request to delay the Aug. 30 confirmation hearing where the newspaper publisher is scheduled to seek approval of the reorganization plan.

The agent for the $1.6 billion so-call bridge loan lenders says there isn’t enough time to examine witnesses and experts under oath before the current Aug. 13 deadline for filing written objections to plan confirmation. The bridge agent says more time is required because of unexpected conclusions in the 1,000-page examiner’s report finding a possibility that some aspects of the 2007 leverage buyout could be attacked successfully as fraudulent transfers.

The bridge agent wants the confirmation hearing set back no more than 90 days. The motion is on the bankruptcy court calendar for Aug. 9.

The bankruptcy judge said at a hearing last week that he wasn’t inclined to delay the plan confirmation hearing that’s scheduled to begin Aug. 30.

The bridge agent also wants the bankruptcy judges to defer a hearing until confirmation on Tribune’s motion for approval of a 2010 management bonus program. The agent says bonuses should be part of the confirmation hearing because some executives were found by the examiner to have engaged in misconduct with regard to the leveraged buyout.

The Internal Revenue Service filed an objection to the treatment of tax claims in the plan. To read Bloomberg coverage, click here.

The examiner’s report found some likelihood a court would conclude that debt issued in the final phase of the leveraged buyout in December 2007 could be attacked successfully as a constructively fraudulent transfer. He found less likelihood that the first part of the transaction, in May 2007, could be unraveled as a fraudulent transfer. For a summary of some of the examiner’s conclusions, click here for the July 27 Bloomberg bankruptcy report.

Tribune’s Chapter 11 plan would settle claims that the $13.7 billion leveraged buyout led by Sam Zell contained fraudulent transfers. The plan is opposed by holders of $3.6 billion in debt who announced their opposition even before the settlement was formally disclosed.

For details of the plan, the proposed settlement, and the parties’ arguments, click here for the April 13 Bloomberg bankruptcy report.

Tribune is the second-largest newspaper publisher in the U.S. It listed $13 billion in debt for borrowed money and assets of $7.6 billion in the Chapter 11 reorganization begun in December 2008. The company owns the Chicago Tribune, Los Angeles Times, six other newspapers and 23 television stations.

The case is In re Tribune Co., 08-13141, U.S. Bankruptcy Court, District Delaware (Wilmington).

Visteon Seeks Rehearing on Retiree Benefit Appeal

Auto-parts maker Visteon Corp. filed a motion last week asking all active judges on the U.S. Court of Appeals in Philadelphia to review a July 13 opinion by three circuit judges holding that it didn’t have the unilateral right to terminate health and life insurance benefits for retirees.

Even though the pre-bankruptcy benefit policy allowed Visteon to end the programs on its own, three judges on the circuit court ruled that the benefits couldn’t be terminated absent compliance with complex and drawn-out procedures specified in bankruptcy law.

Visteon contends that the panel decision from the 3rd Circuit in Philadelphia is in conflict with a 1991 decision by the 2nd Circuit Court of Appeals in Manhattan.

The motion for rehearing didn’t stop the Communications Workers of America union from filing a motion last week asking the bankruptcy judge to give it a $100 million claim to vote on Visteon’s reorganization plan. The auto-parts maker says the claim on behalf of retirees’ health benefits should be $1 for voting purposes.

The union points to the July appeals court decision holding that termination of the benefits was improper. To read Bloomberg coverage about estimating the union claim for voting, click here. For details about the ruling on retiree benefits, click here for the July 14 Bloomberg bankruptcy report.

Visteon improved the reorganization plan for lenders owed $1.5 billion and in return gained their support. The confirmation hearing for approval of the plan is scheduled to begin Sept. 28 and to continue for nine more days if necessary.

In addition to shareholders and some creditors who are opposed, a group of trade suppliers said they have enough “no” votes to block approval by the unsecured creditor class. For details of the plan, click here for the June 15 Bloomberg bankruptcy report. For a summary of the positions by various parties before the judge approved the disclosure statement, click here for the May 25 Bloomberg bankruptcy report.

Visteon filed for reorganization in May 2009, listing assets of $4.6 billion against debt totaling $5.3 billion. Sales in 2008 were $9.5 billion, including $3.1 billion to Ford Motor Co. Visteon was spun off from Ford in 2000. Van Buren Township, Michigan-based Visteon at the outset owed $2.7 billion for borrowed money, including $1.5 billion on a secured term loan, $862 million on unsecured bonds, and $214 million on other debt obligations.

The case is In re Visteon Corp., 09-11786, U.S. Bankruptcy Court, District of Delaware (Wilmington).

Oaktree Says New Almatis Plan Leaves Too Much Debt

Oaktree Capital Management LLC, a first-lien lender whose purchase offer was spurned by Almatis BV, will be in bankruptcy court tomorrow arguing that the producer of specialty alumina products will be saddled with too much debt if a revised reorganization plan goes through.

Oaktree’s bid fell by the wayside when Almatis’ owner, Dubai International Capital LLC, produced a substitute plan giving more to second-lien lenders.

Almatis entered Chapter 11 in late April with agreement on a plan where the first-lien lenders would assume ownership in exchange for debt, almost wiping out second-lien lenders in the process. The original plan would have given the junior lenders warrants for three percent of the equity value above an equity value of $325 million.

Almatis disclosed terms of a new plan on July 23 where the first-lien creditors would be paid in full on the $676 million they’re owed. Oaktree says it owns 46 percent of the senior secured debt.

Second-lien lenders in the new plan would receive 52 million euros ($67.86 million) in new senior unsecured notes plus warrants if the notes aren’t fully paid in five years. For details on the new plan, click here for the July 26 Bloomberg bankruptcy report.

Oaktree said in papers filed July 29 that the new plan is based on “an inflated valuation” and will leave the company with “too much debt.” Dubai International, which is to provide some of the new financing, “has proven to be unreliable,” Oaktree said. Oaktree also has “grave concern” about whether the new plan can be confirmed.

There will be a hearing in bankruptcy court tomorrow for approval of an agreement where the second-lien creditors bind themselves to supporting the new plan. The bankruptcy judge is also being called upon to give approval for continuing use of cash that’s collateral for the first-lien debt.

Oaktree opposes continued use of cash unless it’s paid interest and given periodic financial reports.

Second-lien lenders include affiliates of Babson Capital Management LLC, Alcentra Group Ltd. and Permira Advisers LLP.

Almatis filed under Chapter 11 on April 30 with the original plan already negotiated with holders of first-lien debt. Dubai International bought the Almatis business in 2007 for $1.2 billion. For details on the original plan, click here for the April 30 Bloomberg bankruptcy report.

Almatis’s revenue in 2009 was $400 million. For 2010, projected revenue is $534 million. Almatis began defaulting on senior debt in June 2009.

Rotterdam-based Almatis listed total debt of $1.3 billion, including $681 million on first-lien obligations, $77.7 million on second-lien debt, and $200.6 million on mezzanine debt. There is junior mezzanine debt of $80.6 million, plus trade debt of $20 million. Assets were listed for $1.53 billion.

The case is In re Almatis BV, 10-12308, U.S. Bankruptcy Court, Southern District New York (Manhattan).

Aurelius, Contrarian Still Don’t Like Rights Offer

Aurelius Capital Management LP and Contrarian Capital Management LLC aren’t satisfied with changes that AbitibiBowater Inc. made in the reorganization plan allowing them tentative participation in the backstopped rights offering enabling specified creditor classes to buy $500 million in convertible notes.

The revised offering allows creditors of a Bowater financing subsidiary to buy the securities when and if their claims are eventually approved. Aurelius and Contrarian object to how the revised proposal requires them to put the purchase price into escrow although they might not receive the securities until years later when the disputed claim is determined.

Aurelius and Contrarian in papers filed July 30 want the bankruptcy judge to allow them to pay for the securities only when their claims are approved.

Abitibi is in bankruptcy court today pursuing approval of the disclosure statement explaining the Chapter 11 plan. For details on Abitibi’s revised plan and disclosure statement, click here to read the July 29 Bloomberg bankruptcy report.

Aurelius Capital and Contrarian previously claimed to have a blocking position from ownership of notes representing more than one-third of unsecured claims against Bowater.

AbitibiBowater was formed in October 2007 through a merger between Montreal-based Abitibi-Consolidated Inc. and Greenville, South Carolina-based Bowater Inc. Abitibi is a producer of newsprint, uncoated mechanical paper, and lumber. Bowater also makes newsprint along with papers, bleached kraft pulp and lumber.

The Montreal-based company began reorganizing with 24 pulp and paper mills plus 30 wood-product plants. Revenue in 2008 was $6.8 billion. In Chapter 11 petitions filed in April 2009, the combined AbitibiBowater companies listed assets of $9.9 billion and debt totaling $8.8 billion as of Sept. 2008.

The case is AbitibiBowater Inc., 09-11296, U.S. Bankruptcy Court, District of Delaware (Wilmington).

Circuit City and Committee Agree on Revised Plan

Circuit City Stores Inc. and the official creditors’ committee resolved their impasse through mediation and agreed on revisions in the liquidating Chapter 11 plan originally filed in August 2009.

The company and the committee said in papers filed with the bankruptcy court on July 29 that the changes don’t adversely affect any creditors. Consequently, they don’t see need for a new vote on the plan.

There will be an Aug. 4 hearing where the judge will be asked to dispense with giving notice of the new plan to the more than 407,000 parties who were sent mailings about the original plan. Disclosure about the revised plan will appear on a website, assuming the bankruptcy judge dispenses with other notice. The disclosure will include an updated analysis of what creditors can expect from the plan.

The changes in the plan deal with governance of the liquidating trust, reserves for claims under dispute, and modifications to minimized taxes in Canada. Affiliates InterTAN Inc. and Ventoux International Inc. will be treated separately under the new plan.

The creditors’ committee had filed a plan of its own in June. At the company request, the bankruptcy judge sent them to mediation in July. Mediation produced agreement on a modified plan.

The company and the committee expect the revised plan will be filed by Aug. 9. The original plan was initially scheduled for a confirmation hearing in November. The hearing had been adjourned periodically in light of the disagreement.

Once a 721-store electronics retailer, Circuit City paid off all except approximately $5 million to $20 million in secured claims through proceeds from store liquidations. Unsecured creditors with claims ranging from $1.8 billion to $2 billion were estimated under the original to have a recovery ranging between nothing and 13.5 percent, according to the explanatory disclosure statement.

Circuit City filed under Chapter 11 in November, 2008, in its Richmond, Virginia, hometown, listing assets of $3.4 billion and debt totaling $2.3 billion as of Aug. 31, 2008. Papers originally listed $898 million owing to the secured revolving credit lenders. Unsecured trade suppliers were owed another $650 million at the outset, the company said in a court filing.

The case is In re Circuit City Stores Inc., 08-35653, U.S. Bankruptcy Court, Eastern District Virginia (Richmond).

U.S. Trustee Wants Examiner for Point Blank Solutions

The U.S. Trustee appointed an official shareholders’ committee for Point Blank Solutions Inc. and three days later filed a motion seeking appointment of an examiner for the manufacturer of soft body armor for the military and law enforcement.

The motion for an examiner, filed on July 30, said there is need to learn whether the lender Steele Partners LLC is operating in good faith. Steele is providing a $20 million loan for the Chapter 11 case on terms requiring a sale or reorganization plan by September.

The U.S. Trustee says an examiner should look into “multiple pending litigation matters,” including a securities class-action settlement that is on appeal. The U.S. Trustee says it is unclear whether the company or shareholders should have the proceeds if the settlement is overturned.

The motion for an examiner is on the bankruptcy court calendar for Aug. 18. The creditors’ committee has a pre-trial conference in bankruptcy court tomorrow on the committee’s motion for appointment of a Chapter 11 trustee.

Tomorrow’s hearing will also consider approving a modification to the loan agreement requiring a letter of intent by Sept. 15 and a motion by Sept. 30 to approve an asset- purchase agreement. Alternatively, Point Bank could file a Chapter 11 plan and disclosure statement by Sept. 30.

Point Blank has a plant and head office in Pompano Beach, Florida, and a second plant in Jacksboro, Tennessee. Revenue in 2009 was more than $153 million. The petition listed assets of $64 million against debt totaling $68.5 million.

Debt included a $10.5 million secured loan to be paid off by financing for the Chapter 11 case. Point Blank said it also owes $28.2 million to trade suppliers. Three former officers were indicted on charges of securities fraud.

The case is In re Point Blank Solutions Inc., 10-11255, U.S. Bankruptcy Court, District of Delaware (Wilmington).

Arrow Air Seeking August 25 Auction for Business

Arrow Air Inc., once the largest cargo airline in Miami, will sell the business at auction on Aug. 25, if the bankruptcy judge goes along with the proposed schedule at a hearing tentatively set for Aug. 4.

Arrow was negotiating purchase agreements with two prospective buyers before discussions broke down before bankruptcy. Arrow shut operations just before filing under Chapter 11 on June 30. The new filing represented Arrow’s third venture into bankruptcy reorganization.

Arrow wants bids submitted by Aug. 23. The hearing for approval of the sale would be soon after the auction.

Arrow is selling all the assets including the operating certificate allowing the company to be an airline. Bids won’t be accepted for the operating certificate alone. Arrow says it would prefer a so-called stock sale where the buyer acquires the stock of the airline.

Also known as Arrow Cargo, the company operated 60 flights a week with four leased DC-10-30 and three leased B757-200 aircraft.

Arrow was acquired in June 2008 by a fund affiliated with MatlinPatterson Global Advisors. Arrow owes MatlinPatterson funds $72 million on term loans. The principal amount of the secured term loan is $58.5 million, and the unsecured loan is $7.8 million.

The case is In re Arrow Air Inc., 10-28831, U.S. Bankruptcy Court, Southern District Florida (Miami).

South Carolina Moves to Dismiss Toll Road Chapter 9 Case

Connector 2000 Association Inc., the not-for-profit owner of a 16-mile toll road in South Carolina, is not a “municipality” and its Chapter 9 reorganization petition must be dismissed, the South Carolina Department of Transportation said in a July 30 bankruptcy court filing.

Connector filed for municipal reorganization under Chapter 9 on June 24. The bankruptcy judge required that anyone objecting to the petition must file papers last week. A hearing will be set later.

Bankruptcy law provides that only a “municipality” may be in Chapter 9. In turn, a municipality is defined in the Bankruptcy Code as a “political subdivision or public agency or instrumentality of a State.”

The state devoted much of its papers to discussing the Chapter 9 reorganization of Las Vegas Monorail Co., where U.S. Bankruptcy Judge Bruce A. Markell wrote a 42-page opinion in April explaining why a privately owned monorail didn’t fall within the definition of municipality. Markell upheld the monorail’s filing in Chapter 11.

Markell said that the decision turns on several questions, including whether the company “engages in traditional governmental functions.” Markell also examined “the extent to which the State controls the entity’s functions.” For a discussion of Markell’s opinion, click here for the April 27 Bloomberg bankruptcy report.

If it loses on the argument that the toll road isn’t a municipality, the state contends that only a “political subdivision” is allowed by South Carolina law to file in Chapter 9.

Connector 2000 is a public benefit corporation under South Carolina law. A court filing said toll revenue from the outset trailed projections and weren’t sufficient to service some $316 million in tax-exempt bonds.

The case is In re Connector 2000 Association Inc., 10- 04467, U.S. Bankruptcy Court, District of South Carolina (Spartanburg).

Dillard’s Seeks Dismissal of Highland Mall Chapter 11

Department store operator Dillard’s Inc. filed a motion last week to dismiss the Chapter 11 reorganization begun in May by the owner of the Highland Mall in Austin, Texas.

Dillard’s said that the shopping-center owner has few creditors and that Chapter 11 is being used impermissibly as a litigation tactic.

The mall is using Chapter 11 in part to stop Little Rock, Arkansas-based Dillard’s from terminating the lease. The mall moved the suit brought by Dillard’s before bankruptcy from state court to bankruptcy court. Dillard’s contends it is entitled to terminate the lease because the mall is half vacant and in disrepair. The mall lost its other anchor tenant, J.C. Penney Co.

American General Life & Accident Insurance Co., the owner of the underlying land, sued last year, seeking to terminate the ground lease. The subsidiary of American International Group Inc. also contends the mall is in disrepair. The AIG suit likewise had been transferred to the bankruptcy court.

Highland Mall, opened in 1971, was the first enclosed, air- conditioned mall in Austin. It is owned by a pass-through trust for which Wells Fargo Bank NA serves as trustee. The owner is an affiliate of a lender that made a $71 million loan for the property in 2001.

The case is In re JPMCC 2002-CIBC4 Highland Retail LLC, 10- 11331, U.S. Bankruptcy Court, Western District of Texas (Austin).

Newark Group Confirms Prepack Inside Eight Weeks

Newark Group Inc., a Cranford, New Jersey-based manufacturer of paper and paper products, filed a prepackaged Chapter 11 petition on June 9 and won the signature of the bankruptcy judge on a July 30 confirmation order approving the reorganization plan.

Spending less than eight weeks in Chapter 11, the company will be able to convert the $175 million in 9.75 percent unsecured subordinated notes into 96.5 percent of the new equity. The predicted recovery on the notes is 75.4 percent, according to the disclosure statement that the judge found acceptable when she confirmed the plan.

All affected classes of creditors and shareholders voted in favor of the plan in advance of the Chapter 11 filing. Trade suppliers and unsecured creditors owed $57 million will be paid in full and didn’t vote.

Existing stockholders, who own 84 percent of the equity, are to keep 1.5 percent of the new stock plus warrants for another 15 percent. The company’s employee stock ownership plan trust, which currently owns 16 percent of the equity, will survive Chapter 11 owning 2 percent of the new common stock.

The disclosure statement estimated the recovery for existing stockholders at $2.4 million while the ESOP will have stock worth $3.1 million.

After emerging from Chapter 11, the revolving credit will rise to $70 million. In addition, Orix Finance Corp. will provide a $110 million term loan to pay off an existing term loan and pay down the revolving credit.

Newark Group has 40 plants in the U.S.

The case is In re The Newark Group Inc., 10-27694, U.S. Bankruptcy Court, District of New Jersey (Newark).

New Filings

Jesup & Lamont Brokerage Parent Files in Chapter 11

Jesup & Lamont Inc., the parent of failed brokers Jesup & Lamont Securities Corp. and Empire Financial Group Inc., filed a Chapter 11 petition on July 30 in New York after both subsidiaries were shut down by regulators.

The Jesup & Lamont brokerage was forced to exit the securities business in June on account of a capital deficiency. Empire went out of business in November and is filing to liquidate in Chapter 7, the parent’s court papers said.

The petition listed assets of $41.2 million against debt totaling $24.6 million. A court filing says that the assets primarily consist of security deposits held by landlords and loans made to former employees.

Liabilities consist of $600,000 owing to secured lender Fifth Third Bank and $20 million in unsecured debt. There are $4 million taxes that are entitled to priority in payment ahead of unsecured claims, the filing says.

Brokers are prohibited from filing in either Chapter 7 or Chapter 11. Empire could file in Chapter 7 if it no longer has customers, as that term is defined in bankruptcy law.

The case is In re Jesup & Lamont Inc., 10-14133, U.S. Bankruptcy Court, Southern District New York (Manhattan).

Custom Cable Files in Tampa for Sale to ComVest

Custom Cable Industries Inc., a manufacturer and installer of audio, video and fiber-optic cables, filed a Chapter 11 petition on July 30 in its Tampa, Florida, hometown with the objective of selling the business to ComVest Capital LLC, the primary secured lender, a court filing says.

CCI said in a statement that it’s a “good company with a poor balance sheet and improving operations.” It needs a new owner and a capital infusion, according to the statement.

Assets are less than $10 million while liabilities exceed $10 million, according to a bankruptcy court filing.

Problems that led to bankruptcy include significant debt and litigation claims by former executives and senior lenders, Custom Cable said in the statement.

The case is In re Custom Cable Industries Inc., 10-18478, U.S. Bankruptcy Court, Middle District Florida (Tampa).

Exchange Offer News

Bankruptcy Management Solutions Swaps Debt for Equity

Bankruptcy Management Solutions Inc., a provider of bankruptcy consulting services, reached an agreement in principle with a majority of its first- and second-lien bank lenders on a debt-for-equity swap, the company said in a statement on July 30.

There was a similar agreement with holders of 90 percent of the floating-rate pay-in-kind notes due 2012.

The statement said the agreement will reduce debt from $536 million to $233 million while raising $15 million in new capital. Details weren’t provided.

BMS, based in Irvine, California, provides paralegals, technical support, software and experts for insolvency cases. The services include products for case administration for individual and corporate bankruptcies and reorganizations.

BMS was acquired for $384 million in 2006 by Ocwen Financial Corp.

Briefly Noted

Boyd Gaming Withdraws from Station Casinos Auction

Casino operator Boyd Gaming Corp. said on July 30 that it won’t participate in the Aug. 6 auction for Station Casinos Inc. Station said bidding procedures made it difficult for an outsider to complete against insiders “on a level playing field.” For other Bloomberg coverage, click here.

The creditors’ committee is now supporting Station’s reorganization plan. The bankruptcy judge tentatively approved the disclosure statement on July 15. For details of the revised plan, click here for the July 29 Bloomberg bankruptcy report. The confirmation hearing is currently set for Aug. 27. For details on the auction and the Station Casinos reorganization plan, click here for the June 11 Bloomberg bankruptcy report.

Station Casinos filed under Chapter 11 in July 2009. It has 13 properties in Las Vegas plus five joint ventures. It also operates casinos for American Indian tribes. Station’s debt was the result of a leveraged buyout in November 2007 by Feritta Colony Partners LLC.

The case is In Re Station Casinos Inc., 09-52477, U.S. Bankruptcy Court, District of Nevada (Reno).

Neenah Foundry Consummates Chapter 11 Plan, Again

Neenah Foundry Co., a producer of cast-iron man-hole covers and sewer grates, implemented a Chapter 11 reorganization plan for a second time inside seven years. The plan, confirmed on July 6, was consummated last week. For details on the plan that exchanged $237.5 million in 9.5 percent senior secured notes for 97 percent of the new stock plus a new $50 million secured loan, click here to read the July 8 Bloomberg bankruptcy report. Unsecured creditors with $12.3 million in claims were paid in full as was the $54.2 million secured working capital loan.

Neenah’s plan was negotiated before the Chapter 11 filing in February. The prior plan in September 2003 swapped senior subordinated notes for $100 million in new subordinated debt, $30 million cash, and half of the stock. Trade creditors were paid in full the first time around. Neenah is located in a Wisconsin town of the same name.

The case is In re Neenah Enterprises Inc., 10-10360, U.S. Bankruptcy Court, District of Delaware (Wilmington).

Bank Failures

Five Bank Failures Bring Year’s to Total to 108

Five banks in four states were closed by regulators on July 30, bringing total bank failures for the year to 108.

To read Bloomberg coverage, click here.

There were 140 bank failures in 2009, five times more than 2008. The failures in 2009 were the most since 1992, when 179 institutions were taken over by regulators.

Daily Podcast

Texas Rangers, Lehman, Tribune, Golf Course: Audio

Developments surrounding the auction for the Texas Rangers; $24 million being paid by Lehman Brothers Holdings Inc. to offload burdensome securities; repercussions from the Tribune Co. examiner’s report; and a golf course near New York City are covered in the bankruptcy podcast on the Bloomberg terminal and Bloomberglaw.com. To listen, click here.

To contact the reporter on this story: Bill Rochelle in New York at wrochelle@bloomberg.net.

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