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Business Events Bankruptcy

  • This woman lost $800,000 in the of the biggest corporate fraud cases ever

    Marlene Roth, a longtime employee of MCI and Worldcom, found out the hard way that if a company hits a rough patch so will your investments.

  • TORONTO, July 21- Sears Canada Inc said it would start liquidation sales on Friday at 54 stores that it plans to close as part of a court-approved restructuring plan to improve its performance following years of declining sales. Sears Canada, which in 2012 was spun off from U.S. retailer Sears Holdings Corp, filed for creditor protection in June and laid out a...

  • NEW YORK, July 20- Elias Sanchez, Governor Ricardo Rossellós liaison to Puerto Ricos financial oversight board who has been criticized over his financial disclosures, resigned on Thursday. Puerto Rico is in a historic economic crisis, with $72 billion in debt it cannot repay, a 45 percent poverty rate, and insolvent public pensions. Espacios Abiertos, a Puerto...

  • Halting the litigation would help Takata sell its healthy business to Key Safety Systems, which is owned by China's Ningbo Joyson Electronic Corp, according to TK Holdings Inc, the U.S. unit. Funds from that $1.6 billion proposed sale will be used to compensate injured drivers, according to court papers filed in the U.S. Bankruptcy Court in Wilmington, Delaware.

  • WILMINGTON, Del./ NEW YORK, July 17- The global recall of Takata Corp's defective air bags widened last week and the number of confirmed deaths rose, but legal experts said the bigger worry for car companies caught in the fallout is playing out in a Delaware bankruptcy courtroom. The car companies have been trying to use the bankruptcy to limit their liability for...

  • WEST PALM BEACH, Fla.— Talk about adding to the stress of planning a wedding. Dress retailer Alfred Angelo Bridal filed for Chapter 7 bankruptcy liquidation in Florida on Friday. Patricia Redmond, a lawyer who is representing Alfred Angelo Bridal, told the Sun Sentinel that she will ask the court-appointed trustee to release dresses being held in the stores...

  • DOVER, Del.— Japanese auto parts supplier Takata is asking a Delaware bankruptcy judge for an injunction prohibiting the governments of Hawaii, New Mexico and the U.S. Virgin Islands from prosecuting lawsuits involving the company's lethally defective air bag inflators. In a complaint filed Thursday, Takata also is seeking to extend the automatic halt of...

  • WILMINGTON, Del., July 12- An attorney for Elliott Management on Wednesday complained to a bankruptcy court judge that the owner of Texas's largest power distribution business did not provide the investment fund with information needed to line up financing for its offer of more than $18 billion to buy the company. Instead, Energy Future Holdings Corp, the...

  • Pedestrians walk past a Gymboree store in San Francisco, California.

    Gymboree will close 375 to 450 of its 1,281 stores in filing for a Chapter 11 bankruptcy reorganization.

  • SAN FRANCISCO— Children's clothing seller Gymboree Corp. is closing 350 stores as its works to restructure in bankruptcy. The San Francisco- based company said Tuesday that it's mostly closing Gymboree and Crazy 8 stores. It also operates Janie and Jack stores.

  • CEO and Founder of Jawbone Hosain Rahman

    Jawbone had more than enough money to take on Fitbit and other health-tracking devices in the "wearables" market. That may have ended up being its biggest problem.

  • Jawbone's Jambox

    It's being reported that Jawbone — which made speakers, trackers and headsets — is liquidating, but its designs have staying power.

  • July 6- The energy unit of Warren Buffett's Berkshire Hathaway Inc is nearing a deal to acquire Oncor Electric Delivery Company LLC, allowing the utility to exit a three-year bankruptcy, according to people familiar with the matter. It also represents a return to a previously soured investment for Buffet, who in 2013 lost $873 million on his bonds in Oncor's...

  • A seven-member official committee will represent economic loss and personal injury or tort claimants, David Buchbinder, a lawyer with the U.S. Department of Justice's bankruptcy watchdog, told a meeting of creditors of Takata's U.S. business. Takata filed for bankruptcy in Japan and the United States last month, facing billions of dollars in liabilities from...

  • July 6- The energy unit of Warren Buffett's Berkshire Hathaway Inc is nearing a deal to acquire Oncor Electric Delivery Company LLC, which would allow the utility to exit a three-year-long bankruptcy, according to people familiar with the matter. Berkshire Hathaway Energy's deal for Dallas- based Oncor would come after the Public Utility Commission of Texas...

  • July 6- Sears Canada Inc on Thursday sought court approval for its restructuring efforts, two weeks after the Canadian retailer filed for creditor protection. The company set Oct. 4 as the deadline to obtain court approval of successful bids, while the company's sale and investment solicitation process has an expected completion date of Oct. 25.

  • July 5- True Religion Apparel Inc, whose heavily adorned denim jeans have fallen out of fashion, filed for bankruptcy on Wednesday with a deal in hand to slash its debt of about $500 million and emerge from court protection quickly as a going concern. The retailer joins American Apparel LLC, Payless ShoeSource Inc and other chains in bankruptcy as shoppers...

  • Jeans designer and retailer True Religion is seeking a revival through Chapter 11 bankruptcy protection, USA Today reports.

  • July 5- U.S. denim retailer True Religion Apparel Inc said on Wednesday it filed for bankruptcy protection and signed a restructuring agreement with a majority of its lenders. True Religion, a company whose denims have gradually fallen out of style, filed for creditor protection under Chapter 11 in the U.S. bankruptcy court in the District of Delaware, and listed...

  • July 5- Embattled retailer True Religion Apparel Inc said on Wednesday it filed for bankruptcy protection and signed a restructuring agreement with a majority of its lenders. True Religion, a U.S. denim company whose signature products have gradually fallen out of style, filed for creditor protection under Chapter 11 in the U.S. bankruptcy court in the...