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LightSquared posted a $48.1 million loss in April, bringing the company's total losses since its May 2012 bankruptcy filing to $660.8 million, Dow Jones Daily Bankruptcy Review reported today. The company, which earlier this month received a piece of good news from the Federal Communications Commission about sharing wireless spectrum to test its mobile network, said that it spent $1.1 million for its spectrum reuse fee during April, bringing that total to $10.4 million during its bankruptcy.

Revstone Industries LLC will continue to control its bankruptcy case for at least two more months as it seeks to auction a group of its assets, Dow Jones Newswires reported on Friday. Bankruptcy Judge Brendan Shannon said on Thursday that Revstone will have the exclusive right to file a chapter 11 plan until July 31 and can solicit support for that plan until Sept. 30. Creditors, including General Motors Co. and the U.S. Department of Labor, have requested that the court appoint a chapter 11 trustee to administer the case going forward, arguging that it was Revstone's mismanagement that landed it in bankruptcy to begin with.

Patriot Coal Corp. can pay $6.9 million in bonuses to key employees, a judge said, rejecting union claims that the payments wrongly benefit corporate insiders, Bloomberg News reported yesterday. Bankruptcy Judge Kathy A. Surratt-States yesterday granted the company’s request to pay 274 people under two bonus plans. Patriot said that the money would give managers an incentive to improve the company’s performance and stay through its chapter 11 reorganization. The United Mine Workers of America, which represents 42 percent of Patriot’s workforce, objected, calling the payments “massive bonuses to corporate insiders” at a time when the company is seeking concessions from regular employees and claiming it faces a liquidity crisis. The company’s top 35 officers, who make up 13 percent of the bonus plan participants by number, will get 42 percent of one payment plan by amount and 61 percent of the other, the union said.

A decades-old whistleblower lawsuit that prompted Congress to change the law that is intended to expose corporate fraud on the government is still haunting the remnants of the old General Motors—and is holding up the distribution of $50 million to the bankruptcy estate's creditors, Dow Jones Daily Bankruptcy Review reported today. The trust administering parts of GM left behind in its 2009 chapter 11 case is asking a bankruptcy judge to weigh in on the suit in order to free up cash for the automaker's creditors.

Holders of almost $240 million of municipal debt issued to finance parking garages at the new Yankee Stadium and the operator of the facility agreed to prevent an immediate bankruptcy filing, Bloomberg News reported yesterday. Owners of a majority of the debt said that they would not sue Bronx Parking Development Corp. to enforce their claims on revenue or seek an acceleration of payments, according to a securities filing yesterday. The garages and lots, which have about 9,300 spaces, have suffered as more fans have been taking public transportation to Major League Baseball games and drivers balk at paying $35 to park. The facilities averaged about 4,000 cars on event days and had an occupancy rate of 43 percent, according to filings. The New York Yankees have exclusive use of 600 spaces. In March, Bronx Parking disclosed that it was hiring Willkie Farr & Gallagher as bankruptcy counsel.

AMR Corp. struck a deal with unsecured creditors owed more than $1.6 billion that it says will speed both its exit from bankruptcy and its merger with US Airways Group Inc., Dow Jones Daily Bankruptcy Review reported today. The American Airlines parent on Tuesday filed court papers seeking a judge's blessing for an agreement that lends the support of "a very significant portion" of the company's unsecured creditors to its debt-repayment plan.

China-based solar panel maker Suntech Power Holdings Co. Ltd., whose main unit is in insolvency proceedings, said that it reached an agreement with some lenders to further defer its obligations on a $541 million loan, Reuters reported yesterday. Suntech defaulted on the principal payment on the 3 percent convertible notes on March 15. The company had earlier that month reached a deal with 60 percent of the noteholders to defer payments until May 15. Under the agreement disclosed yesterday, the signing bondholders have agreed not to exercise their rights until June 28.

The New Jersey Casino Control Commission yesterday approved Revel Casino's reorganization plan, which will eliminate $1.2 billion of its $1.5 billion in debt by giving lenders an 82 percent ownership stake, the Associated Press yesterday. The casino's plan was also approved by a bankruptcy court judge on Monday. Revel posted a $149 million operating loss from its April 2, 2012, opening through the end of March 2013. It has ranked near the bottom of Atlantic City's 12 casinos in terms of the amount of money won from gamblers. When it emerges from bankruptcy next week, Revel will carry $272 million in debt. Yet it still does not expect to turn a steady profit until the summer of 2014, said Dennis Stogsdill, Revel's chief restructuring officer.

ABI’s Commission to Study the Reform of Chapter 11 will hold its fourth public hearing of 2013 from 3-5 p.m. ET following ABI’s Bankruptcy Fundamentals: Nuts & Bolts for Young and New Practitioners Program in New York City. Two panels of expert witnesses will provide their testimony on chapter 11 issues before the Commission. Issues to be discussed include financial contracts, derivatives, safe harbor, orderly liquidation authority, chapter 14 and other alternatives. To watch a live webcast of the hearing, view the witness list and access the prepared witness testimony, be sure to visit http://commission.abi.org.

Ally Financial Inc. moved closer to repaying a U.S. bailout as the auto lender reached agreement with creditors of its bankrupt mortgage unit, Bloomberg News reported yesterday. While financial terms of the accord were not included in a statement yesterday from Detroit-based Ally, the company said that it will be insulated from private claims against its Residential Capital LLC mortgage arm, once ranked among the largest originators of subprime mortgages. The sum will be kept confidential until next week, when debtors are expected to support the plan in court, Ally said. ResCap’s bankruptcy has been one of the biggest sticking points as Ally seeks to sell shares to the public and pay back a $17.2 billion taxpayer rescue received during the global credit crisis. Ally Chief Executive Officer Michael Carpenter has been selling assets to raise money and said this month that an initial stock offering remains the best option.