bankruptcy

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Doomed United Is Textbook of Biz Don'ts

(Newser) - United Airlines’ dismal service and financial stature may soon send it to Chapter 11, but that doesn’t mean it isn’t a “teachable moment,” Shaun Rein writes in Forbes. Herewith, three lessons:
  • Loyal customers return: "Consumers are more price sensitive in this economy, and they are
...

Mickelson Looks to Buy Waffle House Franchise

Golfer's company makes $20.2 million offer for budget restaurant chain

(Newser) - Phil Mickelson has made a bid for SouthEast Waffles, a group of 105 Waffle House restaurants in four southern states, the Tennessean reports. Mickelson’s GS Acquisitions offered to buy SouthEast Waffles out of bankruptcy for $20.2 million. Though neither Mickelson nor his two other partners at GS have...

Stephen Baldwin Declares Bankruptcy

(Newser) - Stephen Baldwin has declared bankruptcy after grappling unsuccessfully with millions of dollars of debt, reports AP. The actor owes $1.2 million in mortgages on a New York property, $1 million in back taxes and $700,000 in credit card debt, according to documents filed yesterday in a New York...

CIT Strikes $3B Deal, Averting Bankruptcy
CIT Strikes $3B Deal,
Averting Bankruptcy
UPDATED
Jul 19, 2009 10:46 PM CDT

CIT Strikes $3B Deal, Averting Bankruptcy

(Newser) - CIT Group Inc. has made a deal for a $3 billion rescue package from bondholders to stay afloat, Reuters reports. The board of the lender, which was facing bankruptcy, struck a tentative agreement tonight. It includes high interest rates and apparently lacks long-term solutions, reports the Wall Street Journal. But...

Bankruptcy Looms as Feds Refuse to Bail Out CIT Group

Treasury 'drawing line in sand,' says analyst

(Newser) - The Obama administration has rejected CIT Group's pleas for a bailout, and the troubled commercial lender is likely to file for bankruptcy as early as today, reports the Washington Post. CIT—which has already received $2.3 billion in TARP funds—provides financing to close to a million small- and...

Obama's Car Czar Steps Down
 Obama's Car Czar 
 Steps Down 
Jul 13, 2009 7:47 PM CDT

Obama's Car Czar Steps Down

(Newser) - The man tabbed by President Obama to see General Motors and Chrysler through bankruptcy is leaving the post, the New York Times reports. Though Steven Rattner’s former investment firm is under investigation, it’s unclear if that affected his decision. Treasury Secretary Tim Geithner said today that, with both...

Major Small-Business Lender Faces Bankruptcy

(Newser) - One of America's biggest commercial lenders is preparing to file for bankruptcy, the Wall Street Journal reports. CIT Group, which lends to about a million small and medium-sized businesses, probably won't be able to make a $1 billion payment due in August and has hired bankruptcy counsel. In the meantime,...

Done Deal: GM Out of Bankruptcy

 Done Deal: 
 GM Out of Bankruptcy 
UPDATED
Jul 10, 2009 8:26 AM CDT

Done Deal: GM Out of Bankruptcy

Good assets go to US-backed firm

(Newser) - As of 6:30 this morning, the new General Motors is on its way: The old firm sold its good assets to a new automaker backed by the government via a bankruptcy overhaul far speedier than experts expected, the New York Times reports. The new firm, Vehicle Acquisition Company, will...

Court Clears Path to 'New' GM

Court ordered stay on asset sale expires

(Newser) - General Motors is set to complete its bankruptcy reorganization, the Detroit Free Press reports. The sale of certain GM divisions to the “new” GM—largely owned by the US Treasury—is expected to happen tomorrow, at the expiration of a holding period for opponents of the deal to make...

Dykstra Files for Chapter 11
 Dykstra Files for Chapter 11 
Jul 9, 2009 12:52 PM CDT

Dykstra Files for Chapter 11

Says he has $50K in assets, owes $10-$15M

(Newser) - Former New York Met and Philadelphia Phillie Lenny Dykstra has filed for Chapter 11 bankruptcy protection in California yesterday, citing no more than $50,000 in assets and debts between $10 million and $50 million, the Philadelphia Inquirer reports. After making $36.5 million playing ball, Dykstra launched a magazine...

Judge Greenlights GM Asset Sale

Firm will transform into leaner car maker owned by US, Canada, UAW

(Newser) - GM has won approval for a restructuring plan in which the car maker will sell its most valuable assets to a new firm—also called GM—owned by the US and Canadian governments and a UAW health care trust, the New York Times reports. Judge Robert Gerber agreed with GM...

Ruth Madoff May Not Keep Her $2.5M For Long

Victims can still sue swindler's wife to recoup losses

(Newser) - When she leaves her Manhattan penthouse, Ruth Madoff will have a mere $2.5 million to her name—and she might not have that for long either, Newsday reports. Madoff’s deal with the government—in which she’ll gives up more than $80 million in assets, keeping just the...

Health Insurance No Guarantee Against Ruin

Three-quarters of those bankrupted by medical costs were insured

(Newser) - As lawmakers weigh health-reform plans, it’s becoming increasingly clear that just having coverage won’t necessarily protect individuals from financial disaster, the New York Times reports. Some three-quarters of those bankrupted by health care costs were insured at the time of their ailment. “Underinsurance is the great hidden...

Chastain Gets Her Bra Back
 Chastain Gets Her Bra Back 
Jul 1, 2009 3:56 AM CDT

Chastain Gets Her Bra Back

Symbol of '99 World Cup victory rescued from bankruptcy court

(Newser) - The sports bra Brandi Chastain was wearing when she shredded her shirt after making a game-winning penalty kick in the 1999 World Cup has been returned to her, USA Today reports. Like much other memorabilia at New York City’s short-lived Sports Museum of America, it was taken by a...

Wreck Your Car? You Can Still Sue GM

(Newser) - General Motors had hoped to emerge from bankruptcy with a protective coating against future product-liability suits. No such luck, reports the Wall Street Journal. Bowing to government pressure, GM has agreed to change its bankruptcy terms, allowing drivers injured in accidents that stem from vehicle defects to sue the company,...

Eddie Bauer Goes Bankrupt
 Eddie Bauer Goes Bankrupt 
UPDATED
Jun 17, 2009 1:36 PM CDT

Eddie Bauer Goes Bankrupt

Formal announcement expected today

(Newser) - Eddie Bauer filed for Chapter 11 bankruptcy today, the Wall Street Journal reports. The clothing retailer lost $44.5 million in the first quarter and has $187.9 million in long-term debt. Shares plummeted on rumors of the bankruptcy after it failed to convert part of that debt into equity...

Credit Card Firms Cut Deals With Delinquents

Newly relaxed policies allow firms to settle for portion of debt

(Newser) - With countless customers running behind on payments, credit card companies are taking it easy on delinquents, letting them off the hook in exchange for partial repayments, the New York Times reports. The firms began easing up on their previous policies last fall, experts say; now they’re letting frontline workers...

Done Deal: Fiat Buys Chrysler Assets

Administration triumphs as bankruptcy effectively ends

(Newser) - Chrysler finalized its sale of assets to Fiat with a government wire transfer this morning that gave Chrysler $6.6 billion in funds to exit bankruptcy, the New York Times reports. The sale is good news for the Obama administration, which sought an “efficient” restructuring for Chrysler. It may...

Ginsburg Delays Chrysler-Fiat Deal

(Newser) - Supreme Court Justice Ruth Bader Ginsburg today put a temporary stay on the sale of Chrysler to Italian automaker Fiat, SCOTUSBlog reports. Ginsburg’s motion allows the justices to further consider the matter, and either postpone the sale or let it go forward. A full postponement of the sale would...

Lenders, Not Zell, May Run Tribune Co.
 Lenders, Not Zell, 
 May Run Tribune Co. 
ANALYSIS
Jun 8, 2009 1:09 PM CDT

Lenders, Not Zell, May Run Tribune Co.

(Newser) - The bankrupt Tribune Company could emerge from protection with its top creditors—and not chairman Sam Zell—in charge, the Chicago Tribune reports. Zell exerts control based on $90 million he spent to secure the option of buying 40% of the company for $500 million, and a $250 million loan....

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