The Distressed Debt Alert

Generation Brands Files Chapter 11

Generation Brands, a Cary, N.C.-based provider of lighting fixtures and ceiling fans for the building construction and home improvement industries, filed for a pre-packaged Chapter 11 bankruptcy.

Source: Press Release

Morgan Stanley's real estate fund MSREF V is trying to restructure a $1 billion securitized commercial real estate mortgage on five resorts it bought in 2007, the Wall Street Journal reported.

Source: News Story

Lone Star Funds, a Dallas-based private investment firm, raised more than $1.2 billion for two funds that will invest in distressed commercial real estate and securities, Bloomberg News reported.

Source: News Story

Bank of America said it will repay U.S. taxpayers the full $45 billion investment it received from the Troubled Asset Relief Program after completion of a securities offering.

Source: Press Release

Boston Blackies Management Co., which operates eight bar and grill restaurants in the Chicago area, filed for Chapter 11 bankruptcy, Crain's Chicago Business reported.

Source: News Story

Treasury Secretary Timothy Geithner told a Senate panel that the Obama administration will outline a plan in the next few weeks to end the $700 billion Troubled Asset Relief Program, the Wall Street Journal reported.

Source: News Story

(Correction. An earlier version of this article included a misspelling of Geithner's name.)

Canopy Financial, a San Francisco-based financial services company for health care and financial institutions, filed for Chapter 11 bankruptcy and revealed that it had discovered that financial records provided to investors and lenders were fraudulent, the Wall Street Journal reported.

Source: News Story

Anthracite Capital, a subsidiary of BlackRock, said that it defaulted on a $1.6 million interest payment on $79.25 million of senior notes.

Source: Press Release

Global Energy Holdings, an Atlanta-based renewable energy producer, filed Chapter 11 bankruptcy as it refocuses its operations away from ethanol production and toward biomass power, the Atlanta Business Chronicle reported.

Source: News Story

American Capital, a Washington, D.C.-based business development company, reached agreement with 95% of its lenders to restructure an unsecured revolving line of credit, the company said in a Securities and Exchange Commission filing. American Capital needs agreement from 100% of its lenders to avoid filing Chapter 11 bankruptcy.

Source: SEC Filing

Bank holding companies such as Bridgeport, Conn.-based People's United Financial and other investors have balked at buying failed banks because many of the banks are in such bad shape, the Wall Street Journal reported.

Source: News Story

Marathon Asset Management completed an initial fund raising to participate in the Legacy Securities Public-Private Investment Program, the U.S. Treasury Department said.

Source: Press Release