bankruptcy

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Pharmacy Behind Meningitis Outbreak to Pay $100M

New England Compounding Center to set up fund for victim compensation

(Newser) - The pharmacy most prominently linked to last year's national meningitis outbreak has reached a preliminary agreement on a settlement that would require it to create a $100 million victim compensation fund, attorneys for the company's creditors announced today. The Massachusetts-based New England Compounding Center has already given up...

Casey Anthony $792K in Debt, but Won't Have to Pay

Judge eliminates most debts in her bankruptcy case

(Newser) - A bankruptcy judge ruled this week that Casey Anthony doesn't need to pay most of her $792,000 in debts, the Orlando Sentinel reports. Anthony filed for bankruptcy in January; most of the debts are to Jose Baez, her defense attorney in her murder trial. But the case is...

US Government Sells GM Stake, Loses $10.5B

Treasury secretary says bailout saved a million jobs

(Newser) - The US government ended up losing $10.5 billion on its bailout of General Motors, but still says the alternative would have been much worse. Treasury Secretary Jacob Lew announced today that the government sold its remaining shares in the Detroit automaker. The government received 912 million GM shares, or...

Judge OKs Detroit Bankruptcy, Pension Cuts

Judge says filing was 'foregone conclusion'

(Newser) - A federal judge today gave Detroit the bankruptcy protection it sought, dismissing challenges from banks and labor unions, the Detroit News reports. Vested pensions aren't subject to any special protections either, Judge Steven Rhodes said; they're just contracts like any other, and "it has long been understood...

Camera-Less Kodak Can Exit Bankruptcy

Radically changed company gets judge's OK to emerge from protection

(Newser) - A federal judge has approved Kodak's plan to emerge from bankruptcy protection. Judge Allan Gropper's ruling paves the way for the photography pioneer to emerge from court oversight as a new company focused on commercial and packaging printing. Many of its products and services are now gone, including...

Detroit Paying $275 an Hour for Bankruptcy Analyst, 22

Not everyone is thrilled with the revelation

(Newser) - Poor Wade P. Johnson: On the face of it, he's doing things exactly right. The 2012 Michigan State University grad landed a job in June as a financial analyst with Conway MacKenzie, a consulting company that's working on Detroit's restructuring. But to some he's become yet...

Who Killed the Motor City?

 Who Killed the 
 Motor City? 
OPINION
Jul 22, 2013 1:41 PM CDT

Who Killed the Motor City?

Pundits weigh in on what doomed Detroit

(Newser) - In the wake of Detroit's bankruptcy a lot of fingers are being pointed. The city's been locked in a well-documented downward spiral , but whose fault is that? Here are what some pundits are saying:
  • Racism and corporate greed were the main culprits, argues Mark Binelli at the Guardian
...

Detroit: What Went Wrong, What's Next

A look at what led to the city's landmark bankruptcy filing

(Newser) - Detroit's bankruptcy may not have surprised many people—"this has been coming for ages," one pained city worker tells the New York Times —but it does have everyone talking. What went wrong? What happens next? We're glad you asked. What happened:
  • Much of the
...

Detroit Mayor: We'll 'Have to Make the Best of It'

After city files for Chapter 9 bankruptcy

(Newser) - The emergency manager who filed Detroit's historic bankruptcy today says residents don't have to worry about basic services getting cut in the interim, reports WXYZ . "Nothing changes from the standpoint of the average citizen's perspective," says Kevyn Orr. At a joint news conference, Mayor Dave...

Detroit Files for Bankruptcy
 Detroit Files for Bankruptcy 
Jul 18, 2013 3:27 PM CDT

Detroit Files for Bankruptcy

It's the biggest municipal filing in the nation's history

(Newser) - Detroit just entered the record books for all the wrong reasons. The city's emergency manager today filed what is the biggest municipal bankruptcy in the nation's history, reports the Detroit Free Press . The city is seeking Chapter 9 protection from creditors owed about $18.5 billion. (The exact...

Fisker: Doomed to Be the Next DeLorean?

Obama may have seen it coming

(Newser) - Fisker: It's the sexy electric sedan that Justin Bieber was busted speeding in and which scored a $529 million loan from the Obama administration. Now it's hurtling toward bankruptcy. So what went wrong? asks the Wall Street Journal . Faulty software, suppliers going bust, delayed releases, and car recalls...

Biggest Broke City Can Enter Bankruptcy: Judge

Stockton, Calif., allowed to pay less to bondholders

(Newser) - The biggest US city to file for bankruptcy was allowed to press ahead today despite outcry from its creditors, the Wall Street Journal reports. A federal judge approved Chapter 9 protection for Stockton, Calif., saying it "will not be able to perform its obligations to its citizens" without bankruptcy...

Dionne Warwick Files for Bankruptcy, Owes $10M in Taxes

Says she makes just $10 a month after expenses

(Newser) - The latest celebrity with big-time tax trouble : Dionne Warwick. The 72-year-old singer has filed for bankruptcy, TMZ reports. She owes $10.2 million in back taxes that have been accruing since 1991. Almost $7 million of that is owed to the IRS, and the rest to California, the BBC reports....

Cyprus Strikes Deal, Avoids Bankruptcy

Those holding largest deposits will take a hit

(Newser) - Crisis averted, for now. Cyprus has secured a package of rescue loans in tense, last-ditch negotiations , two EU diplomats said, saving the country from a banking system collapse and bankruptcy. The cash-strapped island nation needs a $13 billion bailout to recapitalize its ailing lenders and keep the government afloat. The...

Twinkies Should Return to Shelves by Summer

Hostess set to accept $410M offer for its cake brands

(Newser) - Looks like Twinkies have a new owner—and if all goes according to plan, the classic snack could be back in stores within months. Hostess has canceled today's auction for its brands and facilities and will sell them to Apollo Global Management and Metropoulos & Co., investment firms that...

Casey Anthony Living Off Gift Cards, 'Kindness'

She tells bankruptcy hearing she has no job, doesn't pay rent

(Newser) - Casey Anthony has no job, no car, and is living with friends, according to her testimony at a bankruptcy hearing yesterday. "I don’t pay rent. I don’t pay utilities. I live off the kindness of those I’m living with. I try to contribute when I can,...

Casey Anthony to Come Out of Hiding
 Casey Anthony 
 Comes Out of Hiding 
UPDATED
Mar 4, 2013 1:47 PM CST

Casey Anthony Comes Out of Hiding

To meet with creditors in Tampa today

(Newser) - Casey Anthony is ... still a brunette. Anthony, who has steered clear of the public eye since being released from prison in 2011, surfaced today to appear in court in Tampa as part of her bankruptcy proceedings , Tampa Bay Online reports. It describes her as carrying a wide-brimmed black hat, wearing...

Girls Gone Wild Files for Bankruptcy

We know you must be devastated

(Newser) - In what may be a perfect example of "what goes around comes around," Girls Gone Wild has filed for bankruptcy. Founder Joe Francis put his 16-year-old empire under bankruptcy protection yesterday in an effort to keep Las Vegas resort owner Steve Wynn from grabbing any of those assets,...

Reader’s Digest Publisher Files for Bankruptcy

Grapples with $465M in debt

(Newser) - Bogged down by some $465 million in debt, Reader's Digest publisher RDA Holdings has filed for bankruptcy—again. Last night's Chapter 11 filing was the publisher's second in 3 ½ years, the Wall Street Journal reports. The company says this second bankruptcy will only make it stronger,...

Twinkies&#39; $400M Savior Is Near
 Twinkies' $400M Savior Is Near 
Jan 29, 2013 12:52 PM CST

Twinkies' $400M Savior Is Near

Two private equity firms, including owner of Pabst Blue Ribbon, close to deal

(Newser) - Goodbye Hostess Twinkies, hello ... Apollo Twinkies? Or maybe PBR Twinkies? The Wall Street Journal reports that two private-equity companies—Apollo Global Management and C. Dean Metropoulos—are close to a deal worth more than $400 million to buy the brand from bankrupt Hostess. The bid would serve as the one...

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