Here is an interesting article on the 25 companies which, according to the author, are most likely to default.  Interestingly, along with several Greek institutions, four of those are Chinese companies. 
Here is a link: http://www.businessinsider.com/25-banks-default-2010-5#25-assured-guaranty-corp-1
Michael

In a recent Wall Street Journal editorial, Senator Dodd’s proposed overhaul of financial regulatory legislation was criticized: “We already have an incredibly robust, time-tested “authority” to handle failing companies—the U.S. Bankruptcy Code. With decades of case law and precedent, it is sufficiently flexible to handle almost any type of insolvent company. The markets understand Chapter [...]

High fashion designer Escada (now trading at .53 Euro’s per share) is in an insolvency proceeding in Germany.  The company’s release states that: “The court decreed on August 13, 2009 at 12:00 a.m. the preliminary administration of the insolvent’s assets and appointed Christian Gerloff, LL.D., Munich, as preliminary insolvency administrator.”  Bidders for the company are [...]

The US taxpayers will not recover on the 2.3 billion in stimulus money which went to CIT – now a chapter 11 debtor.  One has to wonder why CIT did not file chapter 11 sooner, if that was where it was headed anyway and saved the country 2.3 billion in money which went to “float [...]

CIT has filed its pre-packaged chapter 11 in New York.  “CIT Group Inc’s bankruptcy case was assigned on Monday to U.S. Bankruptcy Judge Robert Gerber, the same judge who oversaw the recent reorganization of the automaker General Motors Co.  Gerber, a bankruptcy judge since 2000, is no stranger to large complex cases, having also handled [...]

“Commercial lender CIT Group Inc. said Friday that billionaire investor and bondholder, Carl Icahn, agreed to support the company’s restructuring plan amid reports CIT may soon file for bankruptcy protection. Icahn also agreed to provide CIT with a $1 billion line of credit. Icahn has been an outspoken critic in recent weeks of New York-based [...]

The large mortgage company Taylor Bean filed chapter 11 in the US Bankruptcy Court in Florida.  It has stated that essentially all options are open as far as how to proceed, including a sale of its assets.  The company is in talks with the FDIC.  “Closely held Taylor Bean does business across the U.S. through [...]

One method for obtaining ownership of a company in bankruptcy is to make a Debtor in Possession loan and then, as part or all of the purchase price, agree to forgive repayment of that loan in exchange for buying the company or its assets.  This makes sense because the DIP loan would have to be [...]

Texas Attorney general won a victory against GM when the Bankrutpcy Court ruled that Texas law covering dealers still had to be followed even in the context of GM’s reorganization.  “Abbott’s office said this week a U.S. bankruptcy court ruled that General Motors must comply with Texas state law and cannot use the government’s 60 [...]

Too much debt forced Eddie Bauer into bankruptcy and now an entity which owns several other retail chains is offering to buy its assets, maintain its corporate headquarters in Bellevue and continue current management.  “CCMP [the stalking horse] hopes to complete the sale within 45 days because a quick transfer of ownership would allow Eddie [...]