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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.
Mervyn's suit highlights PE firms' exposure
September is off to a rough start for Cerberus Capital Management LP. On Wednesday, Sept. 3, Cerberus-controlled Chrysler LLC announced that it sold 30% fewer vehicles in August than a year earlier, and GMAC LLC, the auto and home finance company 51% owned by Cerberus, said it would lay off 5,000, or 60%, of the employees at its Residential Capital home mortgage unit and shutter ResCap's 200 retail mortgage offices. To top it off, a four-year-old investment that Cerberus had exited has come back to bite it. Mervyn's LLC, the bankrupt discount retailer that Cerberus bought in 2004, has sued Cerberus and its co-investors, charging that the chain's collapse was foreordained when Cerberus sold off Mervyn's stores to affiliates of the buyers and jacked up its rents. - John E. Morris Business group to rescue Alitalia A group of 16 Italian businessmen are expected Friday, Sept. 5, to formalize their plans to save Italy's failed carrier Alitalia-Linee Aeree Italiane SpA when they incorporate their takeover vehicle, Cia. Aerea Italiana s.r.l. The group will be incorporated and name its executives at the end of the week said Rocco Sabelli, who is expected to become Alitalia's new chief executive. - Paul Whitfield SonicBlue moves toward liquidation OK After overruling objections, a California judge has finally approved a liquidation plan for SonicBlue Inc., which has been in bankruptcy for more than five years. - Carolyn Okomo National RV files plan National RV Holdings Inc. has filed a plan of liquidation, which gives unsecured creditors of its affiliate a 10% to 49% recovery. A judge will consider the approval of the disclosure statement for the former maker of motorized recreational vehicles and motor homes at a hearing scheduled for Oct. 14. - Jamie Mason Categories Deal Video
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