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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.
Lehman to seek Eagle sale OK
Bankrupt Lehman Brothers Holdings Inc. will seek court approval on Oct. 16 to sell gas and electricity supplier Eagle Energy Partners I LP to affiliates of French utility Electricité de France SA for $230.4 million. If the judge approves of the purchase, then Lehman would also forgive the rest of what Eagle owes it, which would be $433.5 million. A hearing on the sale will be held on Oct. 16.- John Blakeley Eagle Ventures gains extension Bankrupt Eagle Ventures International Inc. has a Monday deadline to file financial schedules or face dismissal of its Sept. 10 Chapter 11 restructuring. A judge responded to Eagle's extension motion to file financial schedules by giving the holding company until Oct. 6 to do so and also set Oct. 17 for its first meeting of creditors, according to a Sept. 26 order. -Terry Brennan Creative Loafing, lenders in court Now that Creative Loafing Inc. has won temporary approval to use cash that lenders may earmark as collateral, the Tampa, Fla., publisher is preparing for litigation with two of its debtholders. The debtor also won approval to hire Jennis & Bowen PL as counsel and to consolidate the bankruptcies of its various units. The authority runs until an Oct. 8 hearing, when a judge will also hear arguments about a dispute over creditors rights to foreclose on stock held by president and controlling shareholder Benjamin Eason. - Chris Nolter Avista's Star Tribune defaults Private equity-owned Star Tribune Co. has missed payment on debt, it said Thursday. The announcement comes less than six months after the Minneapolis newspaper began evaluating its capital structure. The 140-year-old paper, known as the "Strib," said Tuesday that it would skip a $9 million quarterly debt payment it owes senior lenders as it attempts to restructure. Bankruptcy rumors had been swirling for several months. In May, the company hired Blackstone Group LP to help it look at strategic alternatives. - Christine Idzelis Categories Deal Video
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