Daily Bankruptcy & Restructuring Newsletter for May 14, 2015

Reuters: Judges craft their own formula for Nortel’s $7.3 bln in cash

S&P Capital IQ: Nortel High Yield Bonds Plunge 20-30 Points After Asset-Distribution Rulings

High Yield Bond: Hexion, Guitar Center bonds advance after 1Q results

Reuters: SEC charges ITT Educational, CEO, CFO with fraud; shares plunge

SEC: Copy of ITT Educational Complaint

Wall Street Journal: Standard General Wins Auction of RadioShack Brand

Bloomberg: Puerto Rico Talks Seeking to Avoid Receiver, Knighthead Says

Reuters: Cablevision to drop $1 bid for NY Daily News – source

Moody’s: Rating Action: Moody’s downgrades Chicago, IL to Ba1, affecting $8.9B of GO, sales, and motor fuel tax debt; outlook negative

ProPublica: How Illinois’ Pension Debt Blew Up Chicago’s Credit

CNN Money: What the heck happened to Ralph Lauren?

Wired: China’s Massive Smartphone Market Is Finally Slowing Down

Denver Business Journal: Frontier Airlines CEO Siegel leaves company

Bloomberg: HRG’s Salus Capital Lending Unit Said to Trim 40% of Its Staff

Weil, Gotshal & Manges: Bankruptcy Court Analyzes Preferences and Fraudulent Transfer Claims as Applied to a Lease Termination Agreement

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