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Business Events Business Failures

  • Nov 8- American Apparel LLC has resumed talks with at least two potential bidders for the U.S. teen clothing retailer, after bankruptcy sale negotiations with brand licensor Authentic Brands Group LLC stalled earlier this week, a source close to the company said on Tuesday. Declaring bankruptcy would allow any buyer of the Los Angeles company to avoid tens of...

  • Oct 28- The court-appointed trustee liquidating Bernard Madoff's firm said on Friday he has reached a settlement with the family of late Beverly Hills money manager Stanley Chais that will provide more than $277 million to victims of Madoff's Ponzi scheme. A separate $15 million fund will pay claims by California investors, resolving litigation by that...

  • Oct 28- The court-appointed trustee liquidating Bernard Madoff's firm said on Friday he has reached a settlement with the family of late Beverly Hills money manager Stanley Chais that will provide more than $277 million to victims of Madoff's Ponzi scheme. Picard also said a $15 million restitution fund supervised by the office of California Attorney...

  • CHICAGO, Oct 18- A leading bankrupt subsidiary of Abengoa SA won U.S. court approval on Wednesday to join a $10 billion debt-restructuring agreement in Spain, a week before a deadline for the renewable energy firm to secure creditor support for the plan. Abengoa, with a global renewable energy footprint, filed for pre-bankruptcy in November in Spain, and will...

  • CHICAGO, Oct 18- A leading bankrupt subsidiary of Abengoa SA won U.S. court approval on Wednesday to join a $10 billion debt-restructuring agreement in Spain, a week before a deadline for the renewable energy firm to secure creditor support for the plan. Abengoa, with a global renewable energy footprint, filed for pre-bankruptcy in November in Spain, and will...

  • Oct 12- Former telecommunications equipment company Nortel Networks Ltd reached an agreement with their various business units on Wednesday to divvy up the $7.3 billion raised from liquidating the failed company, paving the way for pensioners and creditors to get paid after a seven-year wait. According to the agreement, Nortel's former U.S. business unit...

  • SHANGHAI, Oct 12- The key to successful deleveraging of corporate debt is a clear line between the government and the marketplace, a commentary in the People's Daily, the official newspaper of the ruling Chinese Communist Party, said Wednesday. China's formal bankruptcy process remains largely untested, but the recent case of Guangxi Nonferrous Metals Group...

  • SHANGHAI, Oct 10- Dongbei Special Steel Group Co Ltd has formally entered into a bankruptcy restructuring process following a court filing by one of its creditors, official news agency Xinhua reported on Monday. Dongbei, owned by the Liaoning provincial government in the country's "rustbelt" northeast, has been at the heart of troubles in China's debt market...

  • SAN FRANCISCO, Oct 7- Units of former telecommunications equipment giant Nortel Networks said on Friday they need more time for talks to try to reach deal on divvying up $7.3 billion raised from liquidating the failed company. Former Nortel business units in Canada, the United States and Europe have been pushing differing proposals for splitting the money.

  • Oct 5- U.S. natural gas producer Chesapeake Energy Corp closed a private placement of $1.25 billion of debt on Wednesday, shoring up capital for debt repayment 10 months after it said it had no plans to file for bankruptcy. "These transactions represent major steps toward reaching our financial goals of $2- 3 billion of debt reduction and growing production...

  • **Britain's Barclays has completed the sale of its Egyptian business to Morocco's Attijariwafa Bank as part of its shift towards focusing on the United States and Britain. **U.S. rail equipment maker Wabtec Corp secured EU antitrust approval for its $1.8 billion buy of Faiveley Transport after agreeing to sell the French company's sintered friction material...

  • **Britain's Barclays has completed the sale of its Egyptian business to Morocco's Attijariwafa Bank as part of its shift towards focusing on the United States and Britain. **U.S. rail equipment maker Wabtec Corp secured EU antitrust approval for its $1.8 billion buy of Faiveley Transport after agreeing to sell the French company's sintered friction material...

  • ROME, Oct 4- The Bank of Italy is confident there are alternatives to liquidation for four Italian banks rescued from bankruptcy last year if their planned sale falls through, its Director General Salvatore Rossi said on Tuesday. A European Union deadline of Sept. 30 for the sale of the troubled banks was extended last week, but UBI Banca's move to buy three of them...

  • One guy accidentally deletes his company with a line of code

    Marco Marsala mistakenly ran a Bash script, erasing all data from his device.

  • Trump fact check

    CNBC's Robert Frank looks at the reality behind Donald Trump's business ventures including his water label, steaks, and winery.

  • Food recalls: Glass found in baby food

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

  • 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 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.