%1

Halsey Minor, the CNET Networks Inc. founder who filed for bankruptcy last month, is seeking to reinstate his case after it was dismissed, saying that he should not be punished because his attorney missed a deadline for handing in documents, Bloomberg News reported on Saturday. The personal chapter 7 bankruptcy case, filed five years after Minor sold CNET for $1.8 billion, was dismissed on June 13 by a bankruptcy court over a “failure to file schedules, statements and/or plan,” according to an order posted in the online docket for the case. The documents include detailed lists of assets and explanations of a debtor’s state of affairs, which are required by judges. Minor listed assets of more than $32 million and debt of more than $104 million in court papers filed June 7. Minor’s attorney said that additional information was needed to complete the statement of financial affairs by the deadline and he “elected to file a complete and correct” document past the deadline. All required documents have now been filed, according to court papers.

Revstone Industries LLC has received a $54.4 million offer from a Shiloh Industries Inc. subsidiary for its auto parts manufacturing business and is seeking court permission to sell those assets, Dow Jones Newswires reported yesterday. Contech Castings LLC, a 60-year-old automotive die-casting business that is an indirect subsidiary of Revstone, isn't among the assets the company placed in chapter 11 and isn't part of the bankruptcy estate, Revstone said in court documents filed Tuesday. Nevertheless, Revstone is seeking bankruptcy court approval of the sale, "out of an abundance of caution," it said. Although the Contech sale is technically outside of Revstone's chapter 11 process, it is part of a larger plan, Revstone said, that will ultimately maximize the value of Revstone's assets, for the benefit of both Contech and Revstone creditors. That plan also includes the sale of another affiliate that isn't in chapter 11 called Metavation LLC, implementing customer support agreements and reaching settlements with claimants including the Pension Benefit Guaranty Corp., it said.

Fenwick Automotive Products Ltd. and Introcan Inc., separately capitalized subsidiaries of Motorcar Parts of America Inc., sought bankruptcy protection to liquidate their assets, Bloomberg News reported yesterday. The companies both listed debt of as much as $500 million and Fenwick listed assets of more than $10 million, while Introcan listed assets of less than $10 million, in chapter 7 documents filed yesterday. Five other affiliates also sought court protection. The lead case is In re Introcan Inc., 11-bk-11499, U.S. Bankruptcy Court, District of Delaware (Wilmington).

U.S. electric car manufacturer Miles Electric Vehicles filed for chapter 11 protection today, court documents showed, highlighting the difficulties battery-powered vehicles face in gaining wide market acceptance, Reuters reported yesterday. Miles Electric Vehicles, founded in 2004 by "green" entrepreneur Miles Rubin, listed estimated assets in the range of $10 million to $50 million, and estimated liabilities of between $50 million and $100 million. The case is In re Miles Electric Vehicles, Case No. 13-11511, U.S. Bankruptcy Court, District of Delaware.

National Envelope, the largest private U.S. envelope maker, sought bankruptcy protection for the second time in three years yesterday as cost cuts failed to keep pace with the decline in mail usage, Reuters reported yesterday. The Frisco, Texas, company blamed its struggles in part on its supply agreement with International Paper Co, which prevented it from reducing costs as sharply as its competitors. The company said it makes 37 billion envelopes a year and employs 1,600. NE Opco Inc., which does business as National Envelope, said in court documents it had retained PricewaterhouseCoopers to help it find a buyer of its assets. So far, 18 potential buyers had signed non-disclosure agreements and it expects a "spirited" bidding process.

U.S. battery maker Exide Technologies filed for chapter 11 protection today with the aim of cutting debt and implementing a restructuring plan to better compete in the market, Reuters reported today. Exide, which makes lead-acid batteries, said in the court filing that a combination of rising production costs, intense competition and the economic downturn in Europe had led to liquidity constraints. Exide estimated its liabilities at $1.14 billion and assets at more than $1.89 billion, according to the court filing. The case is Exide Technologies, Case No. 13-11482, U.S. Bankruptcy Court, District of Delaware.

U.S. financial regulators took a long-awaited step to address market vulnerabilities yesterday, proposing that a first round of large, nonbank financial companies, including American International Group Inc., face tougher government oversight, the Wall Street Journal reported today. The Financial Stability Oversight Council, led by the Treasury Department, voted to propose designating several companies as "systemically important," according to government officials. While the panel of regulators did not disclose which companies were proposed for designation, AIG, Prudential Financial Inc. and the GE Capital Unit of General Electric Co. confirmed they were part of the first group. Companies have 30 days to challenge the designation but the proposal clears the path for firms seen as systemically risky to be designated for tougher oversight by the Federal Reserve. Companies tagged as "systemically important financial institutions" (SIFIs) could be subject to tougher capital and liquidity requirements, annual stress tests and limits on executive compensation and dividends.

Triad Guaranty Inc. filed for chapter 11 protection yesterday after the mortgage insurer was hurt by higher insured losses on the back of weakness in the jobs and housing markets, Reuters reported today. Triad, which sells mortgage insurance to residential mortgage lenders, said in its court filing that its loss ratios had been hit by "continued high unemployment in the U.S. and the slow economic recovery in U.S. residential mortgage and housing markets." The case is In re Triad Guaranty Inc., Case No. 13-11452, U.S. Bankruptcy Court, District of Delaware.

A federal judge in New York yesterday approved a settlement that requires the insurer and former chairman of defunct law firm Dewey & LeBoeuf to pay $19.5 million to resolve claims with a trustee that leaders mismanaged the firm, Reuters reported yesterday. Dewey once employed more than 1,200 lawyers in 26 offices worldwide, but last May it became the largest U.S. law firm to file for bankruptcy. Its demise has been largely attributed to compensation guarantees the firm made to a significant portion of its partners. The $19.5 million settlement resolves mismanagement claims against leaders of the New York law firm including former chairman Steve Davis. Davis has agreed to pay $511,145 and Dewey's insurer XL Specialty Insurance Company has agreed to pay $19 million to the firm's estate in exchange for a release from future litigation.

Bankruptcy Judge Brendan L. Shannon on Tuesday cleared waste processor Synagro Technologies Inc. to draw the full amount of a $30 million loan to keep it operating through an upcoming sale, Dow Jones Daily Bankruptcy Review reported today. The judge had already authorized Synagro to draw $15 million of the loan shortly after the company sought chapter 11 protection last month.