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Here are some of the latest bankruptcy stories our reporters have been
covering Monday morning on TheDeal.com. For more check out the bankruptcy channel on TheDeal.com or visit Bankruptcy Insider.
Prosser Ch. 11 ouster possible
Ousted from the executive suite of his U.S. Virgin Islands communications empire through a contentious bankruptcy reorganization, former Innovative Communication Corp. owner and CEO Jeffrey Prosser is waiting to learn whether he still has legal standing to participate in the company's Chapter 11 case. The trustee in the corporate reorganization has called him "completely and hopelessly out of the money" in pleadings and asked the court to rule that Prosser, whose personal bankruptcy was converted to a Chapter 7, lacks standing. - Chris Nolter Linens 'n Things procedures OK'd Linens 'n Things Inc. received approval of its bidding procedures for store closing sales at 59 outlets. Linens Holding Co., the parent of the household retailer, had planned to close 87 stores, but scaled that back to 59. Linens will be back in court on Aug. 7 for approval of its stalking-horse bidder, which it hopes to have lined up by Aug. 4, when bids are due. - Jamie Mason DIP loan lifts Frontier Bankrupt Frontier Airlines Holdings Inc. received a lifeline Friday, securing debtor-in-possession financing and the equity sponsor it needs to weather soaring fuel prices and complete a reorganization. Denver-based Frontier in a statement said it has received a commitment of $75 million in DIP financing from private equity firm Perseus LLC. The firm has also pledged to purchase 79.9% of the equity of a reorganized Frontier for $100 million. - Lou Whiteman Goody's to sell 67 store leases Now that a Delaware judge has given Goody's Family Clothing Inc. approval to sell its 67 store leases, the bankrupt clothing retailer will set its sights on landing exit financing. The auction is set for July 29 and the sale hearing for Aug. 19, according to the court order. - Jamie Mason Categories Deal Video
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