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Here are some of the latest bankruptcy stories our reporters have been covering Wednesday morning on TheDeal.com. For more bankruptcy coverage, check out the bankruptcy channel on TheDeal.com or visit Bankruptcy Insider.
Iridium gives creditors 1% Iridium Operating LLC ended its marathon bankruptcy by giving unsecured creditors a 1% recovery. An agreement among Iridium, its creditors, former parent Motorola Inc. and J.P. Morgan Chase Bank NA was reached. The uncontested settlement ends a $4 billion fraudulent conveyance and breach of fiduciary lawsuit that the creditors filed against Motorola by giving those creditors a $16 million recovery on their roughly $1.6 billion in claims. - Terry Brennan Dorado looks to sell assets Dorado Beckville Partners LP has been buoyed by some postpetition cash as it seeks a golden offer for its Texas oil wells. Dorado received interim approval to access cash collateral. A final hearing on cash collateral use has been set for May 29, the same day the court is scheduled to consider a request by the Dallas oil and gas exploration and production company to set up a public auction for its assets. - Ben Fidler InPhonic plan to get hearing Wireless service provider InPhonic Inc. will seek court approval of the disclosure statement accompanying its Chapter 11 liquidation plan on June 13. The hearing will come six months after Washington-based InPhonic sold its assets to a Versa Capital Management Inc. affiliate. - John Blakeley
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