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Business Events Business Failures

  • NEW YORK, Jan 27- U.S. "We see it all the time," with new clients, said Chris Walters of GenSpring Family Offices, SunTrust Bank Inc's branch for clients with more than $50 million in assets. Steven Mnuchin, a former Goldman Sachs Group Inc partner who is Trump's pick to lead the U.S. Treasury Department, was grilled by members of the Senate last week for inadvertently...

  • NEW YORK, Jan 27- U.S. "We see it all the time," with new clients, said Chris Walters of GenSpring Family Offices, SunTrust Bank Inc's branch for clients with more than $50 million in assets. Steven Mnuchin, a former Goldman Sachs Group Inc partner who is Trump's pick to lead the U.S. Treasury Department, was grilled by members of the Senate last week for inadvertently...

  • WILMINGTON, Del., Jan 24- Judges in Delaware and Canada approved on Tuesday a plan to pay more than $7 billion to creditors of Nortel Networks, ending years of litigation over the former telecommunications company that filed for bankruptcy in 2009.. Bankruptcy Judge Kevin Gross in Wilmington, Delaware and Frank Newbould of the Superior Court of Justice in...

  • WILMINGTON, Del., Jan 24- Judges in Delaware and Canada approved on Tuesday a plan to pay more than $7 billion to creditors of Nortel Networks, ending years of litigation over the former telecommunications company that filed for bankruptcy in 2009.. Bankruptcy Judge Kevin Gross in Wilmington, Delaware and Frank Newbould of the Superior Court of Justice in...

  • Business leaders must become part of the solution and further aid humanitarian organizations' efforts, Richard Curtis told CNBC.

  • *Bidders want court-led turnaround for Japan ops- source. TOKYO, Jan 19- U.S. buyout firm Bain Capital has joined Key Safety Systems in the U.S. auto parts supplier's bid to rescue Takata Corp, a source said, as the Japanese firm struggles for survival after a massive recall linked to its faulty air bags. Shares in Takata closed 17.3 percent lower, falling by their daily...

  • Retailers filing for bankruptcy in the past year include Aeropostale Inc, Pacific Sunwear of California Inc, Sports Authority, Vestis Retail Group and American Apparel. An affiliate of private equity firm Sycamore Partners agreed to provide a $25.75 million "stalking horse" bid for the company's intellectual property, which includes its trademarks, website...

  • Jan 17- Limited Stores LLC, owner of U.S. women's apparel chain The Limited, said on Tuesday it filed for bankruptcy. Limited Stores also said it agreed to sell its intellectual property and some related assets to an affiliate of private equity firm Sycamore Partners. Limited Stores, which filed for Chapter 11 protection in the Delaware bankruptcy court, said on...

  • The company had 2,166 employees at its headquarters in Los Angeles, and 959 employees at the nearby South Gate manufacturing facility. Francisco Morales, 56, who made clothes for seven years at the Los Angeles plant, was one of the American Apparel workers to be handed his employment termination notice and his last paycheck on Monday. Last week, American Apparel...

  • The company had 2,166 employees at its headquarters in Los Angeles, and 959 employees at the nearby South Gate manufacturing facility. Francisco Morales, 56, who made clothes for seven years at the Los Angeles plant, was one of the American Apparel workers to be handed his employment termination notice and his last paycheck on Monday. Last week, American Apparel...

  • Jan 16- American Apparel LLC started to lay off staff on Monday after Canada's Gildan Activewear Inc withdrew its initial plan to buy some of the bankrupt U.S. fashion retailer's manufacturing operations, company employees said. Many of the 2,166 employees at the company's headquarters in Los Angeles and 959 employees at the nearby South Gate manufacturing...

  • Jan 4- Bankrupt renewable energy company SunEdison Inc has reached a deal with a spinoff company that helps clear the way for a $150 million sale of its solar materials business to a Chinese buyer, according to court papers filed on Tuesday. In addition, SunEdison Semiconductor gets an administrative expense claim of nearly $2.7 million and a general unsecured...

  • NEW YORK, Dec 24- When six executives of Platinum Partners, including founder Mark Nordlicht, were arrested on Monday on federal charges of running a more than $1 billion hedge fund fraud, people who had long alleged they were harmed by the New York- based firm felt some vindication. One such person is Houston- based energy entrepreneur John Hoffman.

  • NEW YORK, Dec 19- Top executives of New York- based hedge fund manager Platinum Partners were arrested on Monday and charged with running an approximately $1 billion fraud that federal prosecutors said became "like a Ponzi scheme" as its largest investments lost much of their value. Nordlicht, Platinum's 48- year-old founding partner and chief investment...

  • NEW YORK, Dec 19- The founder of New York- based hedge fund Platinum Partners was arrested on Monday as prosecutors unveiled an indictment charging him and six others with participating in an approximately $1 billion fraud. Mark Nordlicht, Platinum's founding partner and chief investment officer, was taken into custody at his New Rochelle, New York, home in...

  • NEW YORK/ WASHINGTON, Dec 13- Wells Fargo would damage financial markets if it were pushed to bankruptcy, U.S. regulators said on Tuesday as they imposed restrictions on the bank's business. On Tuesday, regulators determined that Wells Fargo's living will still fell short and that the San Francisco- based bank would be sanctioned, the Federal Deposit Insurance...

  • Wells Fargo was one of five banks to fail an initial assessment in April. On Tuesday, regulators determined that Wells Fargo's living wills fell short and that the San Francisco- based bank would be sanctioned, the Federal Deposit Insurance Corporation said in a statement. Wells Fargo may submit an amended living will by March 31 and regulators may lift...

  • NEW YORK, Dec 9- The Beechwood group of reinsurance companies is in talks to sell most or all of itself after a backlash from some clients due to its relationship with troubled hedge fund manager Platinum Partners, according to a person familiar with the situation. The Bermuda-, Grand Cayman- and New York- based firm has been working to sever its links with Platinum...

  • CHICAGO, Dec 2- U.S. coal producer Peabody Energy Corp said it would seek court approval to repay a $500 million term loan ahead of schedule because it has enough cash to operate in bankruptcy thanks to a rise in coal prices. The financing included a $500 million term loan, which the company is planning to repay, along with a $200 million bonding accommodation...

  • Nov 23- At Global Geophysical Services LLC headquarters in a Houston suburb, a few employees are winding down what is left of an oil and gas industry data provider that only three years ago had a staff of more than 1,000 and offices around the world. In Global Geophysical's first bankruptcy, a fight among creditors was in part to blame for leaving it with more than...