Pinnacle Airlines has received final approval from the United States Bankruptcy Court for the Southern District of New York for $74.3 million in DIP financing. Delta Air Lines is providing the funding.

Madlyn Primoff, a partner in Kaye Scholer’s Bankruptcy & Restructuring Practice released her outlook on bankruptcy risks facing various industries in the U.S. for the second half of 2012.

LightSquared announced that it has filed for Chapter 11 protection in the Southern District of New York after it was unable to reach an agreement with lenders. The company will also file a recognition proceeding in Canada.

U.S. Bankruptcy Judge James Peck in the U.S. Bankruptcy Court in the Southern District of New York has granted interim approval for Residential Capital (ResCap) to borrow $1.45 billion in debtor-in-possession financing provided by Barclays.

Residential Capital, known as ResCap, a mortgage originator and servicer, announced that its board voted to file for Chapter 11 protection with 50 of its subsidiaries. ResCap secured a $1.45 billion DIP financing from Barclays Bank, as sole lead arranger and administrative agent.

Going-out-of-business (GOB) sales are being held at all Betsey Johnson retail stores throughout the U.S., Canada and the UK. Gordon Brothers Group and Hilco Merchant Resources are jointly running the going-out-of-business sales on Betsey Johnson’s behalf.

Houghton Mifflin Harcourt has reached an agreement with more than 70% of its senior secured lenders and bondholders on the terms of a comprehensive financial restructuring plan to convert HMH’s outstanding long-term debt to equity. Citigroup Global Markets committed to provide $500 million in financing to the company.

According to an article on vegasinc.com, U.S. Bankruptcy Judge Bruce Beesley in the Reno bankruptcy court approved an extension for construction rental company Ahern Rentals to provide its Chapter 11 bankruptcy plan. The company now has another 120 days, until August 20, to file its plan.

HUSA Liquidating announced that the Amended Chapter 11 Plan of Liquidation of HearUSA (n/k/a HUSA Liquidating Corp.) was approved by the U.S. Bankruptcy Court for the Southern District of Florida, West Palm Beach Division at a confirmation hearing.

U.S. Bankruptcy Judge Martin Glenn of the U.S. Bankruptcy Court in the Southern District of New York has approved General Maritime’s plan to emerge from bankruptcy protection controlled by Oaktree Capital Management, the company’s lender.