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Here is Monday morning's wrap-up of the latest bankruptcy stories we have been covering on TheDeal.com: For more bankruptcy coverage, check out the bankruptcy channel on TheDeal.com or visit our premium product, Bankruptcy Insider.
Superior plunges into Ch. 11 After defaulting on its loans and being smacked with several class-action lawsuits, Superior Offshore International Inc. has taken a dive into bankruptcy. The provider of subsea construction and commercial diving services to the offshore oil and gas industry filed for Chapter 11. Although the company didn't state why it filed, it was facing at least two class-action lawsuits and was in default with its creditor, J.P. Morgan Chase Bank NA, which is owed $1.8 million. - Jamie Mason Enron-Citibank settlement OK'd A New York judge has approved a settlement between the litigation trust successor to Enron Corp. and Citigroup Inc. Under the terms, the banking giant will pay $1.66 billion to settle litigation that it allegedly helped the former energy trader deceive shareholders. - Jamie Mason Frontier seeks OK of $106M sale The Denver-based airline is set to head to the U.S. Bankruptcy Court for the Southern District of New York in Manhattan on May 2 to seek approval of a $106 million sale of four jets. Objections are due April 28. According to Frontier spokesman Joe Hodas, Russian truck, railcar and industrial machinery equipment lessor OAO VTB-Leasing would lease the planes to St. Petersburg-based Rossiya Airlines. - Carolyn Okomo Sale for Sharper Image Sharper Image Corp. is on the auction block. Interim CEO Robert Conway of crisis management firm Conway Del Genio Gries & Co. LLC said in a statement April 23 that "given the present retail climate and specialty nature of the company, as well as the limited financing available to the company, a sale of its business and assets at this time will preserve values and yield the best recovery to the company." - John Blakeley RedEnvelope gets funding The online gift retailer can tap a $4.5 million debtor-in-possession loan on an interim basis as it takes the first step toward selling itself to rival Creative Catalogs Corp. RedEnvelope filed a Chapter 11 petition on April 17 with a deal in hand to sell its assets to Creative for as much as $5.7 million. - Ben Fidler - The editors
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