Business Events Business Failures

  • The company said it had entered into a non-binding agreement with lenders AB Opportunity Fund LLC, AB Value Partners LP and affiliates of Milfam II LP under which these lenders have offered to buy Cosi's assets and serve as a "stalking horse" bidder in a sale process. The company said it had net sales of $22.3 million, with net losses of about $3.1 million and cash on...

  • In court documents, Cosi Inc. said it has between $10 million and $50 million in assets and the same amounts in debt. Last month, the company reported a second-quarter loss of $3.1 million after reporting a loss of $3.8 million in the same period a year before. Cosi said that its lenders AB Opportunity Fund, AB Value Partners and firms connected to Milfam, are...

  • Today, as the Republican presidential nominee pursues black voters with vows to fix inner-city troubles, many Gary residents say his pitch to solve the problems of crime and poverty is disturbingly familiar. Little more than a decade after investing in Gary, Trump's casino company declared bankruptcy and cashed out his stake in the boat— leaving behind...

  • Sept 14 (Reuters)- Specialty golf retailer Golfsmith International Inc filed for Chapter 11 bankruptcy on Wednesday and agreed to sell its Canadian retail chain to a group led by Fairfax Financial Holdings Ltd and a unit of CI Investments Inc.. Golfsmith listed both its assets and liabilities at between $100 million and $500 million, according to a filing with...

  • Sept 14- Specialty golf retailer Golfsmith International Inc filed for Chapter 11 bankruptcy on Wednesday and agreed to sell its Canadian retail chain to a group led by Fairfax Financial Holdings Ltd and a unit of CI Investments Inc.. Golfsmith listed both its assets and liabilities at between $100 million and $500 million, according to a filing with the U.S....

  • *About 10 Hanjin vessels effectively seized at China ports. SEOUL, Sept 1- Hanjin Shipping Co Ltd vessels have been seized at Chinese ports in the wake of the South Korean firm's collapse, further roiling the industry as freight rates jump and manufacturers scramble for alternatives. "Unlike dry cargo, liner shipping is all about marketing and service...

  • *About 10 Hanjin vessels effectively seized at China ports. SEOUL, Sept 1- Hanjin Shipping Co Ltd vessels have been seized at Chinese ports in the wake of the South Korean firm's collapse, further roiling the industry as freight rates jump and manufacturers scramble for alternatives. "Unlike dry cargo, liner shipping is all about marketing and service...

  • CHICAGO, Aug 26- Caesars Entertainment Corp must face lawsuits from bondholders seeking some $11 billion in claims, a U.S. judge ruled on Friday in a decision the casino company had warned could push it into bankruptcy alongside its operating unit. A current injunction expires on Aug. 29, a day before Caesars faces a potential ruling in New York on lawsuits from...

  • The Chapter 11 reorganization is expected to reduce debt by more than $300 million, and give noteholders equity in the reorganized company, according to filings with the U.S. bankruptcy court in Delaware. Logan's plans to close some poorly-performing restaurants as part of its reorganization, which has support from its bank lenders and most bondholders,...

  • July 29- Power producer NextEra Energy Inc said it agreed to buy bankrupt Texas power company Energy Future Holdings Corp's stake in Oncor Electric Delivery Co in a deal valued at about $18.4 billion. The deal will give NextEra access to the largest network of power lines in Texas. NextEra said the agreement to buy Energy Future would be filed in a Delaware court...

  • July 29- Power producer NextEra Energy Inc said it agreed to buy bankrupt Texas power company Energy Future Holdings Corp's stake in Oncor Electric Delivery Co in a deal valued at about $18.4 billion. The deal will give NextEra access to the largest network of power lines in Texas. NextEra said the agreement to buy Energy Future would be filed in a Delaware court...

  • This could have implications for other central banks around the world contemplating further easing, notably the European Central Bank and the Bank of England. The latter meets in the coming week and is widely expected to take steps to ease the economic pain of Britain's vote to leave the European Union. *BoE policy decision Aug. 4, Australia Aug. 1, BOJ minutes Aug. 3.

  • *Oil falls about 1.5 pct ahead of inventory data. July 20- The Dow and the S&P 500 were little changed on Wednesday, easing after hitting fresh intraday records, as the boost to tech stocks from Microsoft's results was curbed by a drop in energy stock as oil prices fell. Microsoft was up 4.9 percent at $55.72, making it the biggest boost to the three major indexes, after...

  • NEW YORK, July 20- U.S. crude oil futures hit 2- month lows on Wednesday on technical selling pressure and liquidation by investors fearing a supply glut despite impending government crude inventory data likely to show a drawdown. The front-month August contract for U.S. crude's West Texas Intermediate futures was down 80 cents, or 1.8 percent, at $43.85 a barrel...

  • SAO PAULO, June 21- The bankruptcy filing by Brazilian telecommunications company Oi SA, the country's biggest ever, will test the effectiveness of Brazil's cumbersome bankruptcy process. Brazil's bankruptcy protection law was updated in 2005 in an effort to reduce litigation, keep companies operating and speed up proceedings that averaged 15 years, but the...

  • June 16- Lumber Liquidators Holdings Inc has agreed not to sell its existing inventory of laminate flooring previously sourced from China, the U.S. consumer safety regulator said, as the flooring retailer looks to move beyond allegations the products contained excessive levels of cancer-causing formaldehyde. The U.S. Consumer Products Safety Commission...

  • Aeropostale said it plans to finance its operations during its bankruptcy through a $160 million loan from Crystal Financial LLC combined with operating cash flow, according to a court filing.. The company said it expects to emerge out of bankruptcy within six months with a resolution of its disputes with former shareholder Sycamore Partners, which had...

  • NEW DELHI, May 2- A long-awaited Indian bankruptcy code may soon win parliamentary approval, but struggling creditors- above all state banks trying to recover $100 billion in bad loans- shouldn't start celebrating just yet. For Prime Minister Narendra Modi's drive to' Make in India', encouraging new investment depends on unburdening creditors of old ones that...

  • April 28- Energy Futures Holdings Corp's plan to sell its Oncor power distribution business for about $19 billion to fund its exit from bankruptcy will not close as expected, a company lawyer told a U.S. While Oncor is considered a crown jewel asset, the Public Utility Commission of Texas imposed conditions for approving the deal that have discouraged the...

  • April 27- When a group of hedge funds agreed to lend $725 million to SunEdison Inc- three months before it filed for bankruptcy last week- they secured an unusually generous concession from the U.S. renewable energy company and its other lenders. The funds, which at the time included Tennenbaum Capital Partners LLC and Candlewood Investment Group LP, put...