bankruptcy

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Utility That Serves 16M Declares Bankruptcy

Liabilities for state wildfires are just too expensive for PG&E

(Newser) - California's largest utility is crying uncle. PG&E Corp said Monday it will file for bankruptcy protection as it deals with billions in possible liability costs over huge state wildfires, the Wall Street Journal reports. The utility and its main unit, Pacific Gas and Electric Co., plan to file...

Sears Gets Another Reprieve From Liquidation
Sears Gets Another Lifeline
Jan 9, 2019 12:54 AM CST

Sears Gets Another Lifeline

Eddie Lampert says he can add cash to bid

(Newser) - Sears received another lifeline Tuesday when the company's chairman and largest shareholder promised to line up the necessary financing to keep the struggling department store chain afloat. The reprieve came after what Sears lawyers described to a bankruptcy judge in New York as "round-the-clock" negotiations following the company...

Sears Could Be Dead by Saturday
Sears Could Be
Dead by Saturday
Dec 28, 2018 7:00 AM CST

Sears Could Be Dead by Saturday

Bid to save retailer needs to be in by 4pm Friday

(Newser) - After 125 years in business, Sears could now be in its final hours. The iconic retailer, which filed for bankruptcy in October , may have to be liquidated if a bid to save it doesn't materialize before a 4pm Friday deadline. Chairman Eddie Lampert has proposed a $4.6 billion...

USA Gymnastics Files for Bankruptcy

AP calls it an effort to ensure organization's survival

(Newser) - USA Gymnastics is turning to bankruptcy in an effort to ensure its survival, the AP reports. The embattled organization filed a Chapter 11 bankruptcy petition on Wednesday as it attempts to reach settlements in the dozens of sex-abuse lawsuits it faces and to forestall its potential demise at the hands...

David&#39;s Bridal Files for Bankruptcy
David's Bridal
Files for Bankruptcy
Nov 19, 2018 1:40 PM CST

David's Bridal Files for Bankruptcy

But don't worry about your dress

(Newser) - David's Bridal is filing for bankruptcy protection but there is no danger for customers who have ordered dresses because operations continuing as normal while the wedding and prom retailer restructures, the AP reports. The bankruptcy filing, the private company said Monday, will wipe out more than $400 million in...

Sears Changed How America Shopped
Not Everyone Sorry
to See Sears Go
the rundown
Oct 15, 2018 2:24 PM CDT

Not Everyone Sorry to See Sears Go

Companies that run malls can finally renovate money-losing sites, raise rents

(Newser) - Sears filed for bankruptcy Monday morning, marking what might be the beginning of the end of one of the most remarkable business stories in American history. As the AP explains, the big question is whether the chain will go away for good or emerge as a smaller version of itself....

'Sad Day for American Retail': Sears Declares Bankruptcy

Company hopes to keep some stores open

(Newser) - A $134 million debt payment due Monday was the final straw for the business Richard Warren Sears started in 1886. Sears, an American institution for many years, filed for Chapter 11 bankruptcy protection early Monday, CNN reports. The company, which also owns Kmart, says it plans to remain in business...

Toys 'R' Us: We're Not Dying After All

Hedge funds plan to revive brand

(Newser) - They may not be ready to declare "We 'R' Solvent," but Toys 'R' US appears to be back from the brink of oblivion. The company's top creditors have decided to cancel the bankruptcy auction of its famous name and other intellectual property and will attempt...

Mystery Shopper Buys Out Toys R Us Store

The buyer reportedly plans to donate the toys

(Newser) - Santa Claus came early to the Toys R Us store in Raleigh, NC, on Friday, even as 800 Toys R Us stores across the country prepared to close their doors for good. According to CBS , an anonymous good Samaritan paid $1 million to purchase all the toys that remained in...

Tennis Great Takes Odd Defense in Bankruptcy Case

Boris Becker says his diplomatic post with Central African Republic means he's immune

(Newser) - Three-time Wimbledon champion Boris Becker is claiming that a diplomatic role with the Central African Republic means he's exempt from bankruptcy proceedings in the UK. The 50-year-old declared bankruptcy in June 2017 over debts to private bank Arbuthnot Latham, reports the AP and BBC . He was named Central African...

Warhol Created a Mag to Get Press Passes. Now It's Folding

Andy Warhol's 'Interview' files for Chapter 7 after nearly 50 years on newsstands

(Newser) - For nearly half a century, a publication started by Andy Warhol has been publishing Q&As with such celebrities as John Lennon , Leonardo DiCaprio , and even Warhol himself. Now, in what CNNMoney calls a "painfully familiar" story for those in media, staffers at Interview have taken to Twitter to...

Once Worth Billions, 'Catwoman' Is Bankrupt

'I often turn to friends and family in order to pay my ongoing expenses'

(Newser) - Jocelyn Wildenstein—better known as "Catwoman," the "Lion Woman of New York," and the "Bride of Wildenstein" for her surgically created cat-like countenance—has filed for bankruptcy. At one time Wildenstein spent at least $1 million a month on a lifestyle that included Gulfstream jets,...

202-Year-Old Gunmaker Just Filed for Bankruptcy

Remington will continue to make weapons as it seeks protection

(Newser) - One of the most familiar names in American guns has filed for bankruptcy. Remington Outdoor sought the protection Sunday amid declining sales and high-profile legal trouble related to the Sandy Hook shooting, reports the Wall Street Journal . One other notable part of the financial trouble: The company would likely be...

Weinstein Co. Bankruptcy Lifts Secrecy Agreements

NY investigates handling of 2015 allegations

(Newser) - The Weinstein Company has filed for bankruptcy—a move that could bring yet more sexual misconduct allegations against co-founder Harvey Weinstein to the surface. The movie and TV studio says that as part of the filing, all employees will be released from nondisclosure agreements. "Today, the Company also takes...

Bankruptcies Due to Unpaid Tickets Skyrocket in One US City

And it's disproportionately affecting black drivers

(Newser) - About 7% of Chicago's 2016 operating budget—nearly $264 million—came from traffic and parking tickets. To get that funding, the city is forcing thousands of poor, disproportionately black drivers into bankruptcy, ProPublica Illinois found in a deep dive into a decade's worth of tickets. About 1,000...

Bankruptcy Makes Debt Worse for Many Black Americans

System popularized in 'bankruptcy capital of US' is spreading

(Newser) - Quick, name a type of bankruptcy. Odds are you went with Chapter 7—the most common type of bankruptcy filing in most of the US. But in the South, more debtors choose Chapter 13—in Memphis, the "bankruptcy capital of the US," 75% of debtors choose Chapter 13—...

'Dawning of a New Era' With Toys R Us Bankruptcy

'Finally, the straw broke the camel's back'

(Newser) - More trouble in the world of big-box stores: Toys R Us, hobbled by a huge debt load and struggling to compete with online retailers, has filed for Chapter 11 bankruptcy protection. Dave Brandon, chief executive of the world's biggest toy store chain, describes the move as the "dawning...

'No Other Way': Airbag Maker Takata on Bankruptcy Filing

Japanese company was brought down by recall costs, lawsuits

(Newser) - Shattered by recall costs and lawsuits, Japanese airbag maker Takata Corp. filed Monday for bankruptcy protection in Tokyo and the US, saying it was the only option to keep supplying replacements for faulty airbag inflators linked to the deaths of at least 16 people. The company's bankruptcy filings cleared...

Takata Bankruptcy Will Mean Less Money for Airbag Victims

Filing expected by the end of this month

(Newser) - An expected bankruptcy filing by Japanese airbag maker Takata will leave little money for dozens of people who sued the company over deaths and injuries caused by its exploding airbag inflators, according to outside legal experts and lawyers suing the company. Takata Corp. and its US operations are likely to...

Puerto Rico's Unprecedented Move to Ease $123B Debt

Step toward bankruptcy would dwarf Detroit's restructuring

(Newser) - Puerto Rico has taken a big step toward a bankruptcy that would be unprecedented in two ways: It would be the first by an American state or territory, and it would be by far the biggest of its kind, dwarfing Detroit's $18 billion restructuring in 2013. Puerto Rico's...

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