Point Blank, GSC, New Stream, Tribune, Nortel: Bankruptcy

Point Blank Solutions Inc., a manufacturer of soft body armor, wanted a bankruptcy judge to approve the disclosure statement explaining its reorganization plan at an April 21 hearing.

Instead, U.S. Bankruptcy Judge Peter J. Walsh said he wouldn’t even consider approving the statement without major changes. Walsh ended the hearing by telling Point Blank that if it didn’t resolve disputes with the reconstituted shareholders’ committee, he would “encourage somebody to file a motion for the appointment of a Chapter 11 trustee.”