bankruptcy

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Sun-Times Files for Bankruptcy

Conrad Black's back-tax debt does it in

(Newser) - The Sun-Times Media Group, owner of the Chicago Sun-Times, today announced that it had filed for Chapter 11 bankruptcy, in the hope of “making the company fit for a buyer.” Unlike the also-bankrupt owner of its competitor, the Tribune, the Sun-Times has just one debtor: Uncle Sam. The...

Was Obama Tough Enough?
 Was Obama Tough Enough? 
Editorial Roundup
Mar 31, 2009 8:57 AM CDT

Was Obama Tough Enough?

(Newser) - Barack Obama gave GM and Chrysler some tough love yesterday. Too tough, or too much love? Here’s what the papers are saying:
  • Obama “delivered a believable, sharp, and necessary ultimatum,” says the Washington Post. He rightly demanded union concessions, and put bankruptcy back on the table.
  • But
...

White House Favors Managed Bankruptcy for Chrysler, GM

(Newser) - The Obama administration’s favored plan to rescue GM and Chysler is a managed bankruptcy that would relieve them of their biggest liabilities by splitting the carmakers into “good” and “bad” components, the Wall Street Journal reports. The “good” GM would  comprise profitable brands like Chevy and...

Bankrupt Vick Shops His Memoir

(Newser) - Former Atlanta Falcons star Michael Vick is shopping around a memoir that will likely "be a big mea culpa," Rush & Molloy write in the New York Daily News. The bankrupt quarterback has a tale to tell—from poverty to stardom to a 23-month prison sentence...

Commercial Real Estate Crisis May Rival '90s Disaster

(Newser) - Commercial real-estate borrowers are defaulting on their loans at an ever-faster pace, and experts now believe the crisis could match or exceed the early-1990s slump, the Wall Street Journal reports. That catastrophe killed off 1,000 banks and savings institutions, with lenders taking $48.5 billion in charges. This time,...

In Bankruptcy Maneuver, GM May Split in 2

If GM faces Chapter 11, a splitting of the company could avert disaster

(Newser) - General Motors executives and Treasury officials alike seem adamant that the company should avoid Chapter 11 bankruptcy at all costs, but bankruptcy scenarios are already crystallizing behind the scenes, BusinessWeek reports. One option calls for splitting the company into a “good GM,” which would emerge from bankruptcy with...

Vick Leaves Prison ... for Bankruptcy Court

Judge orders him to pay for transport

(Newser) - Michael Vick is out of jail, the Atlanta Journal-Constitution reports—though he’s in transit from Kansas to Virginia, where he’s to appear next week at a bankruptcy hearing. To add insult to injury, a judge ordered the NFL star to foot the $3,600 it costs to transport...

Bankruptcy Not the Way to Go: GM Boss

Wagoner maintains 99% of problems can be solved without filing

(Newser) - GM can still avoid bankruptcy, CEO Rick Wagoner said today, telling reporters in Washington that "99%" of the company’s problems could be fixed and that he was working with the UAW and bondholders to reduce debt and costs. Bankruptcy “could work,” he said, “but it...

Companies Likely to Drown in '09
 Companies Likely 
 to Drown in '09 
OPINION
Mar 12, 2009 1:34 PM CDT

Companies Likely to Drown in '09

(Newser) - As the recession deepens, the Motley Fool lists companies it thinks aren’t long for this world. Some highlights:
  • Rite Aid: Management has twice lowered its 2009 outlook, Wal-Mart is threatening, and its acquisition of Brooks and Eckerd had some nasty unintended consequences.
  • Sirius: Remains unprofitable, and its big contracts
...

Moody's Names 283 Companies Likely to Default

(Newser) - Credit-ratings agency Moody’s Investors Service today released what it calls “The Bottom Rung,” a list of 283 companies—15% of all those it tracks—it says are most likely to default on their debts. Moody’s has been widely lambasted for failing to catch the credit problems...

Circuit City Powers Down


  Circuit City Powers Down 
Mar 8, 2009 10:13 AM CDT

Circuit City Powers Down

Electronics retailer offers one more day of deep discounts

(Newser) - Today is the last day to benefit from the deeply slashed prices at the nation's closing Circuit City stores, NPR reports. Not everyone is pleased with the remaining selection of unwanted laptops and lonely printers, but shoppers are still finding deals, and the soon-to-be jobless employees seem to be doing...

House Homeowner Bill Lets Judges Reset Mortgages

Measure would allow bankruptcy judges to ease mortgage terms

(Newser) - The House has passed a homeowner rescue bill over the strenuous objections of the financial industry that would allow bankruptcy judges to change the terms of mortgages, the Washington Post reports. Judges could cut the principal on mortgages, extend terms and reduce interest rates under terms of the "cramdown"...

GM, Auditors Doubt Survival Unless Sales Pick Up Fast

Bankruptcy threatens if auto sales don't pick up

(Newser) - General Motors and its auditors expressed doubts about the automaker’s survival in an SEC filing today. Bankruptcy looms, the firm notes, if the viability plan it gave Congress fails, MarketWatch reports. That plan depends on vehicle sales recovering next year, as well as the company's ability to get financing...

Bankruptcies Could Boost US Car Sales

Restructuring could convince consumers to take a chance, say marketers

(Newser) - Contrary to what GM and Chrysler contend, bankruptcies could actually end up boosting their sales. Customers who backed away from the brands amid uncertainty may return once the future is known—even if it's one that entails Chapter 11, marketers tell Advertising Age. Case in point: Studebaker lasted 30 years...

Chavez Orders Army to Seize Rice Plants

Struggle over nationalization as plants fear bankruptcy

(Newser) - Venezuelan President Hugo Chavez has ordered the army to seize control of the nation's rice processing plants, continuing a trend of industrial nationalization by his government, reports the BBC. Chavez accused the plants of failing to meet government price quotas for grain, intended to ensure cheap food prices. The plants,...

Treasury Seeks Bankruptcy Financing for GM, Chrysler

Obama administration will not rule out Chapter 11 for ailing autos

(Newser) - Treasury advisers are working to line up $40 billion in financing for General Motors and Chrysler—5 times the size of any previous bankruptcy loan—just in case the two automakers need it, the Wall Street Journal reports. While efforts continue to restructure the companies by other means, the administration...

Philly Inquirer Owner Files for Bankruptcy Protection

Papers will print as normal as company restructures, it claims

(Newser) - The owner of the Philadelphia Inquirer and the Daily News has filed for Chapter 11 bankruptcy protection to restructure as ad revenues plunge, Reuters reports. Company spokesmen insist operations are "sound and profitable," and managers plan to continue publishing regularly. The announcement came a day after the 20-newspaper...

20-Newspaper Chain Files for Bankruptcy

(Newser) - The owner of the New Haven Register and a cluster of other newspapers filed for bankruptcy protection today, the third publisher to recently go under, the Wall Street Journal reports. Known for its tight-fisted spending, Journal Register took on debt by boldly paying $400 million for a Michigan newspaper chain...

Nonprofits Are Going Bust, Too
Nonprofits Are Going Bust, Too
Feb 20, 2009 1:26 PM CST

Nonprofits Are Going Bust, Too

More charities and arts groups are filing for bankruptcy during the slowdown

(Newser) - It's not just homeowners and businesses seeking bankruptcy protection in the cooling economic climate: Nonprofit organizations are hurting, too, and some aren't going to survive. With dwindling donations, tight loans, and stagnant state funding, social service charities and arts groups are running up huge debts, reports the New York Times....

Saab Seeks Protection From Creditors, Break From GM

(Newser) - Saab applied for protection from creditors today, after parent company General Motors said this week it planned to cut the company loose, Bloomberg reports. In a process much like Chapter 11 bankruptcy, the Swedish automaker will restructure and look for funding with the goal of spinning off from GM or...

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