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Here are some of the latest bankruptcy stories our reporters have been
covering Tuesday morning on TheDeal.com. For more check out the bankruptcy channel on TheDeal.com or visit Bankruptcy Insider.
Kitty Hawk turns in its wings
Kitty Hawk Inc.'s Chapter 11 liquidation plan is now in effect, grounding the twice-bankrupt air cargo carrier for good. Unsecured creditors will recover between 3.3% and 10.3% of some $27.8 million to $35.3 million in allowed claims. - John Blakeley DynAmerica to seek interim use of DIP Bankrupt DynAmerica Manufacturing LLC will ask a Delaware judge on Tuesday for interim approval to use $1.77 million of a $2.62 million debtor-in-possession loan. The DIP for the auto parts maker is being provided by customers TRW Vehicle Safety Systems Inc. and Autoliv ASP Inc., as well as two other parts manufacturers DynAmerica does business with -- Square-D Co. and Quality Safety Systems Co. (Square D provides electrical and industrial components, while Quality Safety makes seat belt parts.) The interim DIP is intended to cover the company's business expenses until Aug. 9. - Mike Schoeck Eagle Creek lender wants probe A secured creditor of Eagle Creek Subdivision LLC will ask a North Carolina judge for permission to examine the Charlotte, N.C.-based debtor's finances to track the use of its loans. Waccamaw Bank, owed roughly $14.4 million in prepetition loans, will press for the authority to conduct a probe of both the bankrupt real estate developer and its property manager, Landcraft Management LLC. A hearing on the matter has yet to be scheduled. - Carolyn Okomo Urban Behavior operator wins DIP OK Bankrupt CMT America Corp., a retailer of young teen-aged women's clothing under the Urban Behavior banner, has obtained interim approval to use cash collateral and obtain $2.8 million in debtor-in-possession financing. Court papers state that the final hearing is scheduled for Aug. 8. The DIP, which is in the form of a revolving credit facility, is being provided by Clothing For Modern Times Ltd., the Toronto-based holding company for CMT. - Kevin Fung Categories Deal Video
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