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Here are some of the latest bankruptcy stories our reporters have been
covering Friday morning on TheDeal.com. For more check out the bankruptcy channel on TheDeal.com or visit Bankruptcy Insider.
Blue Water sale falls through
The $22.38 million sale of auto parts maker Blue Water Automotive Systems Inc. to Flex-N-Gate Corp. has fallen apart after creditors charged that the offer was too low. Now, the company will seek confirmation of its Chapter 11 plan in court on Aug. 11. The absence of a new sale agreement will most likely mean that Blue Water will have to shut down its Marysville, Mich.-based operations for good. - Carolyn Okomo Frontline plan approved Frontline Capital Group won approval on a plan Thursday that would give creditors a 10.23% recovery from about $23 million proceeds in asset sales. A disclosure statement was approved that would pay unsecured creditors on a pro-rata basis from the future asset sales. - Terry Brennan Martinsa-Fadesa files for bankruptcy In what is said to be the largest bankruptcy in Spanish history, a judge on Thursday appointed administrators to one of Spain's leading property companies. The firm, Martinsa-Fadesa SA, has been devastated by a severe downturn in the Spanish residential property and construction markets. The judge said Martinsa-Fadesa was in a state of "imminent insolvency" and would not be able to meet its repayment deadlines. Martinsa-Fadesa has debt of more than €5 billion ($7.9 billion). The judge determined the company was facing "stagnation, if not real recession in the housing market." - Jonathan Braude Creditron to seek extension The tide turned on debt collection agency Creditron Financial Corp. when it filed for bankruptcy after missing a payment to Dollar Bank FSB. Creditron filed for Chapter 11 on July 3, just two days after it missed a $16,501 payment due on the $716,235 outstanding on a $1.25 million term loan from Dollar Bank, court documents show. - Terry Brennan Categories Deal Video
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