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Here are some of the latest bankruptcy stories our reporters have been covering Wednesday morning on TheDeal.com. For more check out the bankruptcy channel on TheDeal.com or visit Bankruptcy Insider.
Fedders seeks liquidation plan OK Bankrupt Fedders Corp. will seek court approval on July 8 of a liquidation plan that would dole out the proceeds of five separate asset sales the company has undertaken since filing for Chapter 11 last summer. - John Blakeley Uni-Marts seeks $3.5M DIP Bankrupt Uni-Marts LLC is looking to fill its tank with a $3.5 million debtor-in-possession loan as it prepares to put its assets on the block in the coming months. The State College, Pa.-based convenience store and gas station chain will head to the U.S. Bankruptcy Court for the District of Delaware in Wilmington on June 27 seeking to tap into the postpetition funding from SC Capital Group LLC. - Ben Fidler Reliant asset sale clears A Delaware judge has approved GIM Channelview Cogeneration LLC's $500 million acquisition of bankrupt Reliant Energy Channelview LP's assets. REC, a unit of Houston-based Reliant Energy Inc., named GIM the winner of an April 8 auction, but was initially unable to close the transaction because creditor Equistar Chemicals LP objected to the sale. - John Blakeley Gart pays $10.5M for Bag'n Baggage Gart Capital Partners Inc. has purchased Bag'n Baggage Ltd. for $10.5 million following an auction in which the purchase price for the twice-bankrupt luggage retailer jumped by more than 20%. A day earlier, Denver-based private equity firm Gart had prevailed at an auction that began with an $8.3 million stalking-horse bid from Kairos Capital Partners LLC. - Ben Fidler
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My husband and I purchased a Fedders window AC from Home Depot 2 years ago but never took it out of the box until last week. The compressor never kicked on. A tecnician came out and discovered that the main high pressure copper line from the compressor to the unit had quite obviously been cut in two at the factory. In other words, Industrial Sabotage, since the box was not damaged, and showed no signs of being tampered with nor did any of the inside packings. My husband passed away one month ago of cancer and I am trying to live on Social Security Disability; after paying the repairman $138 just for the service call, I certainly cannot afford to purchase another window unit. I have called the law firm handling the Fedders Chapter 11. I wonder what are my chances of recouping ANY OF MY MONEYS ALREADY WASTED. We live in an area where it does not often get hot, but Murphys Law, this is one of the hottest and I am on medications and have medical problems which make it dangerous for me to be exposed to heat for prolonged periods of time. Yes, I could buy another window AC, but my meager savings has already taken so many hits since my husbands demise. Is it likely with Fedders at this stage of the bankruptcy proceedings that I will get anything out of it or am I just "chasing the wind"?