Nach dieser Meldung ging es direkt mal 100te Prozente nach oben... Sollte doch nochmal was gehen? Hat das korrupte Puerto Rico Doral doch zu schnell verkauft? Es kommen immer mehr Nachrichten, die zeigen, dass manche Leute dort langsam aber sicher in den Knast wandern, weil sie "unstimmige" Verträge mit Doral abgeschlossen haben. Kann es dazu kommen, dass Doral das Geschäft eventuell doch wieder aufnehmen kann? Nun haben sie um 3 Monate mehr gebeten, um den Chapter 11 Fall besser abzuwickeln. Dies sollte auch im Interesse der Richter sein. Aber manchmal habe ich das Gefühl, dass alles schnell schnell gemacht, damit bloß nicht noch mehr ans Tageslicht kommt. Aber um das wirklich belegen zu können habe ich leider zu wenige Informationen.
The bankrupt parent of Puerto Ricos failed Doral Bank wants three more months to control its chapter 11 case without the threat of rival proposals as it looks to sell off more assets.
In a Tuesday filing with U.S. Bankruptcy Court in Manhattan, Doral Financial Corp. said that while it has achieved a number of important tasks in its chapter 11 case so far, including selling its insurance unit, it needs until Oct. 7 to file a viable reorganization plan and until Jan. 5, 2016, to solicit votes on that plan. Without the approval of Judge Shelley C. Chapman of U.S. Bankruptcy Court in Manhattan, those periods would expire after July 9 and Sept. 7, respectively.
While the debtor has made substantial progress in this case, the debtor requires additional time to sell certain assets and negotiate a chapter 11 plan that will best maximize value for creditors, Doral said in its filing.
A hearing on the matter is set for July 23, meaning Judge Chapman will likely enter a temporary extension in the meantime.
Such requests are typically approved by judges under the bankruptcy code, which gives a company control of its case at the beginning but requires court approval of extension requests beyond the initial 120 days. In the filing, Doral said its official committee of unsecured creditors supports the extension.
The request comes against the backdrop of a credit crisis in Puerto Rico, where a calamitous series of defaults is widely feared. The Wall Street Journal reported Wednesday that the Puerto Rico Electric Power Authority made a $415 million payment to bondholders, which will extend until September restructuring negotiations for a utility that is $9 billion in the hole.
Already in the process of liquidating some of its assets, Doral Financial filed for chapter 11 in March. It kept the insurance unit and several other subsidiaries, including Doral Properties Inc. and Doral Recovery Inc., out of chapter 11.
The banks collapse and the subsequent bankruptcy of the parent were just two of the latest signs of financial difficulties facing Puerto Rico, which has been mired for years in an economic slump. The island, a U.S. commonwealth, has more than $70 billion in debt and is battling a weak economy, declining population and high unemployment.
Unlike U.S. cities like Detroit and Stockton, Calif., which restructured their debts by filing for bankruptcy, Puerto Ricos government agencies are barred from using chapter 9the part of the bankruptcy code dealing with municipal restructuringsto deal with their debt obligations. Bonds issued by Prepa and other government-owned utilities like water and highway agencies are widely held by mutual funds and individuals because of their tax advantages.
While Puerto Ricos scramble to get its finances in order has been recent, Doral Bank had experienced problems for years. The banks history includes improper accounting, a recapitalization and two reverse stock splits. In February, an appeals court rejected Dorals claim to a $229 million tax refund, overturning a lower-court decision to grant the money to the bank. That followed a January directive from the Federal Deposit Insurance Corp. to have an adequate capital plan within 30 days.
The tax refund and cash transfers could become elements of the chapter 11 case, as the holding company has said it would continue to pursue litigation on behalf of its creditors. Dorals other assets include cash, loans and real estate in Puerto Rico. The holding companys largest unsecured creditors include bondholders who hold approximately $170 million in claims. The holding company is also the guarantor for about $37 million outstanding on bonds issued by Doral Properties in 1999 and 2002.
Doral was the first bank failure in Puerto Rico since April 2010 and the largest U.S. bank to fail since then. The FDIC has said the banks failure will cost its insurance fund, paid for by insurance premiums from banks, about $750 million. The parent company is maintaining a staff of 12 employees to help wind down its operations, court papers show.
Write to Joseph Checkler at email@example.com