bankruptcy

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Lehman Bankruptcy Opened Door to Barclays Deal

(Newser) - Barclays will pick up the US capital-markets business of Lehman Bros. in a $2-billion deal worked out today that will go before a bankruptcy judge at 5pm and Lehman creditors shortly after that, the Wall Street Journal reports. Barclays backed away from buying all of Lehman over the weekend, but...

Barclays in Talks to Buy Lehman Assets

Deal could save 10,000 jobs, salvage operations

(Newser) - Barclays is in talks to buy Lehman Brothers’ key assets in a shift that could save 10,000 jobs and some operations, the Wall Street Journal reports. A deal could be finalized today. No sale price has yet emerged for the possible transaction, which wouldn’t touch Lehman’s bad...

Lehman Files Biggest Chapter 11 Ever

Bankruptcy sends shockwaves through financial world

(Newser) - Lehman Brothers gasped its last breath this morning, filing for Chapter 11 protection in Manhattan under a crushing $613 billion in debt, the largest—and potentially most frightening—bankruptcy in US history, reports Bloomberg. Experts say the filing is likely to trigger a domino effect in the US economy.

Lehman Crash Triggers Global Market Tumble

US futures and dollar sink: 'It's mayhem'

(Newser) - Lehman Brothers’ bankruptcy, along with news that mammoth insurer AIG is seeking a $40 billion Federal Reserve loan, has sent European and Asian markets, US futures and the dollar sharply downward, Bloomberg reports. Swiss-based UBS AG, Europe’s bank most hurt by the subprime crisis, plunged 7.2%. Australia’s...

Stranded Brits Expected Home on Schedule

Up to 85K were overseas when holiday firm went bust

(Newser) - The  sudden collapse of XL Airways left as many as 85,000 passengers marooned in foreign lands, but they're now expected to get home on schedule, or at least only a little late, the Times of London reports. Aviation authorities plan a vast airlift to take home the stranded, but...

United Shares Dive 99.92% on False Bankruptcy Report

6-year-old story posted on newspaper site picked up across financial world

(Newser) - Trading in United Airlines shares was halted today on the New York Stock Exchange after a false bankruptcy report made them nearly worthless, the New York Times reports. At one point, the airlines’ shares fell 99.92%, to a single cent, after a reporter incorrectly republished a 6-year-old story about...

Bankruptcy Bill a Black Mark for Biden
Bankruptcy Bill
a Black Mark
for Biden
analysis
Aug 23, 2008 5:49 PM CDT

Bankruptcy Bill a Black Mark for Biden

Senator sides with credit companies over working class

(Newser) - A black mark on Joe Biden's resume dismisses any notion that the senator is populist, Jackson Williams writes in the Huffington Post. Of all former Democratic presidential hopefuls, Biden alone supported a 2005 bankruptcy bill that favors credit companies and makes it harder for the working class to declare bankruptcy....

Boscov's Files for Chapter 11
Boscov's Files for Chapter 11
Aug 4, 2008 2:18 PM CDT

Boscov's Files for Chapter 11

Reading, Pa.-based department store chain to shutter 10 of 49 locations

(Newser) - The troubled department store chain Boscov's filed for Chapter 11 bankruptcy protection today, becoming the latest victim of the harsh consumer spending environment. The Reading, Pa.-based chain said it will close 10 of its 49 stores, citing sluggish consumer spending and credit issues—and acknowledging that some of its...

Bankruptcy Shutters Bennigan's, Steak & Ale

Chapter 7 filings mean corporate-owned locations unlikely to reopen

(Newser) - In a move that has hundreds of restaurants closed and thousands of workers laid off, casual-dining chains Bennigan’s and Steak & Ale filed for bankruptcy today, the Wall Street Journal reports. Sources say the restaurants’ parent company—which violated a lending agreement this year—had put off declaring bankruptcy...

Vick Files for Bankruptcy
 Vick Files for Bankruptcy 
Jul 8, 2008 9:01 AM CDT

Vick Files for Bankruptcy

Former quarterback still owes millions to NFL, various creditors

(Newser) - Imprisoned former NFL quarterback Michael Vick filed for Chapter 11 bankruptcy protection yesterday, Bloomberg reports. Vick reported debts of between $10 million and $50 million, with listed assets also at $10 million to $50 million. Vick owes millions to numerous parties, including the Atlanta Falcons and the Royal Bank of...

Italians Impatient With Alitalia Rescue Efforts

Berlusconi's pleas for patriotism fall on deaf ears

(Newser) - Fed up with government efforts to resuscitate Alitalia, many Italians think Rome needs to face reality and let the airline die, Bloomberg reports. PM Silvio Berluconi characterizes Alitalia’s survival as “a matter of national security,” but it hasn't turned a profit in nearly a decade. The latest...

New Owners to Close All Sharper Image Stores

Will continue wholesale, catalog businesses; unload $50M in inventory

(Newser) - Specialty gadget retailer Sharper Image, purchased Thursday in a bankruptcy auction for $49 million by investment firms Hilco Organization and Gordon Brothers, will close its remaining 86 stores, reports CNet. The new owners say they’ve developed a wide-ranging licensing strategy for the brand and will continue developing the company...

Bankrupt, Linens 'n Things Will Fold 120 Stores

Retailer files for Chapter 11 as consumer spending falls

(Newser) - Linens 'n Things filed for bankruptcy protection today, MarketWatch reports, and plans to close 120 stores nationwide as other operations continue. "The significant deterioration in the mortgage, housing and credit markets and the resulting impact on the retail marketplace, particularly the home sector, has overwhelmed the operating and merchandising...

London-NYC Exec Airline Eos Files Chapter 11

High costs, sagging economy put end to another business class carrier

(Newser) - Business-class only Eos, struggling with rising fuel prices and unable to land a $50 million cash infusion to keep it aloft, filed for Chapter 11 bankruptcy protection last night, reports the Times of London. The airline, which offered business travelers cheap, high-quality flights between London and New York, follows fellow...

Retailers Checking Out as Economy Falters

Each default brings widespread fallout

(Newser) - Stores across the country are closing their doors, the New York Times reports, victims of a downturn in consumer spending. Retailers are often heavily leveraged, and as the economy falters banks are tightening credit. Several chains, including Sharper Image, have declared bankruptcy; others like Footlocker, Ann Taylor, and Zales are...

Linens 'n Things to Go Bust
Linens 'n
Things to
Go Bust
Apr 11, 2008 6:50 AM CDT

Linens 'n Things to Go Bust

Home-furnishings giant may be first retail victim of market crisis

(Newser) - Linens ‘n Things ls expected to file for Chapter 11 by Tuesday, the deadline for a $15-million quarterly debt payment, the Wall Street Journal reports. The move would make the home-furnishings giant the first major retailer sunk by the housing crisis, after bloated debt and plummeting demand handed the...

Frontier Airlines Latest Carrier to File for Bankruptcy

Discount airline says it will continue flying as it reorganizes

(Newser) - Discount carrier Frontier Airlines today said it was filing for Chapter 11 but would keep flying thorough its reorganization, the Wall Street Journal reports. The carrier made the move after its credit-card processing company decided to withhold a larger share of ticket revenues from Frontier. Aloha and ATA also declared...

Thousands Stuck as Asian Budget Airline Folds

Hong Kong airline becomes 4th carrier to go bust this month

(Newser) - Thousands of passengers have been stranded in Hong Kong, London, and Vancouver with the collapse of Asian budget airline Oasis, the New York Times reports. In a sign that the industry's woes are spreading rapidly, the Hong Kong-based airline joins three US budget carriers to have gone under this month...

WR Grace Makes Deal to Settle Asbestos Claims

Chemical company hopes to leave bankruptcy by year's end

(Newser) - Chemical company WR Grace cleared a major hurdle in its 7-year effort to emerge from bankruptcy yesterday, agreeing to pay more than $3 billion to settle asbestos-related personal injury lawsuits, reports the Baltimore Sun. The deal, which a bankruptcy judge must approve, would establish a trust fund to settle current...

Skybus Airlines Goes Bust
Skybus Airlines Goes Bust
Apr 5, 2008 5:37 AM CDT

Skybus Airlines Goes Bust

Low-cost Ohio carrier with $10 fares is airline industry's third casualty in a week

(Newser) - Anybody who wondered how Skybus could make money with its famous $10 airfares can stop: they didn't. The Ohio-based airline has become the latest US carrier to go bankrupt in the face of soaring fuel costs and a sluggish economy, the Columbus Dispatch reports. It made its last flight yesterday...

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