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Business Events Business Failures

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  • Last month, solar producer Baoding Tianwei Baobian Electric became China's first ever state-owned company to default on a bond coupon payment, showing Beijing's increasing willingness to let companies go bust in a bid to reform its corporate market. Although onshore and offshore bondholders have equal standing in China's bankruptcy law, lawyers and...

  • WILMINGTON, Del, May 12- The Canadian and U.S. judges charged with dividing the $7.3 billion from the liquidation of Nortel Networks rejected proposals from former regional businesses and opted for a pro rata split of the money in long-awaited rulings on Tuesday. Judges on the U.S. Bankruptcy Court in Wilmington, Delaware and Ontario Superior Court of Justice...

  • *SEC says company hid information from investors, auditor. In a complaint filed in the federal court in Indianapolis, the SEC accused ITT, Chief Executive Kevin Modany and CFO Daniel Fitzpatrick of hiding how ITT expected to owe hundreds of millions of dollars because its underlying loans had performed "abysmally," with "extremely high" default rates.

  • NEW YORK, April 15- Ernst& Young LLP will pay $10 million to settle a New York lawsuit accusing the accounting firm of helping Lehman Brothers Holdings Inc deceive investors in the years leading up to its 2008 collapse, the New York attorney general said on Wednesday. While the $10 million was much smaller than what the attorney general's office had sought, Ernst&...

  • Food recalls: Glass found in baby food Wednesday, 15 Apr 2015 | 1:45 PM ET
    Food recalls: Glass found in baby food

    CNBC's Tyler Mathisen and Amanda Drury report on the latest food recalls.

  • NEW YORK, April 15- Ernst& Young LLP will pay $10 million to settle a New York lawsuit accusing the accounting firm of helping Lehman Brothers Holdings Inc deceive investors in the years leading up to its 2008 collapse, the New York attorney general said on Wednesday. While the $10 million was much smaller than what the attorney general's office had sought, Ernst&...

  • NEW YORK, April 15- Ernst& Young LLP is near settling a high-profile lawsuit filed by New York state that accused the accounting firm of helping Lehman Brothers Holdings Inc deceive investors in the years leading up to its 2008 collapse, people familiar with the matter told Reuters. A spokeswoman for Ernst& Young declined to comment, as did a spokesman for New York...

  • WILMINGTON, Del, April 14- The number of bankruptcies among publicly traded U.S. companies has climbed to the highest first-quarter level for five years, according to a Reuters analysis of data from research firm bankruptcompanynews.com. The $34 billion in assets held by the 26 companies is the second highest for a first quarter in the past decade.

  • The company, which was acquired in a $7.2 billion deal in 2011 by a team of investors led by KKR& Co, had a total debt of about $3.9 billion as of Dec. 31. The company had earlier hired restructuring advisers Kirkland& Ellis LLP and Blackstone Group LP, according to a person familiar with the matter. The Tulsa, Oklahoma- based company, which had about $23.8 million in cash...

  • MADRID, March 27- Andorra will create a' bad bank' to group the assets of Banca Privada d' Andorra linked to illicit activity, it said late on Thursday, as the principality battles to rebuild the reputation of its banking system. Andorra, a small mountainous state whose economy relies heavily on financial services, took control of BPA this month after the U.S....

  • UPDATE 1-RadioShack auction headed for courtroom showdown Wednesday, 25 Mar 2015 | 5:34 PM ET

    March 25- An auction for RadioShack Corp failed to resolve whether the electronics retailer will remain in business as bidders attacked each in court filings, setting up a showdown before a judge on Thursday. By early Wednesday, however, one of RadioShack's lenders, Salus Capital Partners, asked the U.S. Bankruptcy Court judge overseeing the case to intervene.

  • NEW YORK, March 23- The trustee recovering money for Bernard Madoff's victims on Monday announced a settlement to recoup $93 million from a "feeder fund" that sent client money to the swindler's firm, boosting the total sum raised to roughly $10.65 billion. Irving Picard, the trustee, said the settlement calls for the Defender Ltd feeder fund to receive a $522.8...

  • House Republicans take aim at Dodd-Frank in budget plan Tuesday, 17 Mar 2015 | 11:20 AM ET

    WASHINGTON, March 17- Republican lawmakers took aim at the Dodd-Frank Wall Street reform law Tuesday, unveiling a plan that would gut regulators' authority to manage the collapse of big banks and give Congress direct control of the U.S. consumer finance bureau's budget. The proposal, led by House Budget Committee Chairman Tom Price, pledges to make "great strides...

  • WASHINGTON, March 12- Exide Technologies has agreed to shutter its lead-acid battery recycling facility in Vernon, California, and pay $50 million in clean-up costs to avoid criminal prosecution for illegal storage of hazardous waste. As part of a deal reached late Wednesday with the U.S. Attorney's Office in California's central district, Exide also...

  • MELBOURNE, March 12- London copper jumped on Thursday after better-than-expected lending data out of China brightened the outlook for demand and triggered short-covering, adding to support built on supply concerns. Three-month copper on the London Metal Exchange jumped by 1.3 percent to $5,802 by 0728 GMT, after a small loss in the previous session when it...

  • Doral Financial files for Chapter 11 bankruptcy Wednesday, 11 Mar 2015 | 11:46 PM ET

    March 11- Doral Financial Corp filed for voluntary Chapter 11 bankruptcy protection on Wednesday, saying it intends to wind down its businesses, liquidate its assets, and seek approval for a liquidation plan. Doral Financial Corp, which has retail banking operations in Puerto Rico and the United States, listed assets of $50 million to $100 million and...

  • Crumbs shows risks of being a one-hit wonder Wednesday, 9 Jul 2014 | 6:24 AM ET
    A selection of cupcakes is seen at Crumbs Bake Shop.

    When Crumbs shuttered its remaining stores, it seemed like an abrupt ending for a company that opened a decade ago to ride the wave of popularity of the sugary treat.

  • Loehmann's department store in the Chelsea neighborhood of New York.

    Loehmann's, the 92-year-old discount clothing chain, has filed for bankruptcy protection for a third time and said it is prepared to sell its assets to a group of liquidators.

  • Orchard Goes Bankrupt; Lowe's Plays Stalking Horse Monday, 17 Jun 2013 | 7:11 AM ET

    Orchard Supply Hardware Stores has filed for Chapter 11 bankruptcy protection, with rival retailer Lowe's Companies set to buy the majority of its assets for $205 million in cash.

  • Specialized hedge funds which transformed corporate bankruptcies may be poised to descend on another landscape: struggling cities and counties - and no place beckons more than Detroit.