WASHINGTON— The number of people seeking U.S. unemployment benefits surged 24,000 to a seasonally adjusted 329,000 last week, though the gain likely reflected temporary layoffs in the week before Easter.» Read More
Genco said on Monday Baltic Trading Ltd, a company formed by Genco, and its units are not included in the restructuring program. Genco listed total assets of about $2.46 billion and liabilities of $1.46 billion, as of Feb. 28, according to its bankruptcy petition.
April 21- Genco Shipping& Trading Ltd said it filed for Chapter 11 bankruptcy protection after struggling with weak rates due to an oversupply of vessels. The company said earlier this month it would file for bankruptcy as part of a deal with lenders. Genco said it expects its operations to continue normally.
NEW YORK— Drybulk shipper Genco Shipping filed for Chapter 11 bankruptcy protection on Monday as it tries to reorganize its business and reduce debt. The New York company says it has about $1.3 billion in debt.
NEW YORK— Athletic gear maker Nike said it laid off some staffers who worked on its Fuelband digital fitness products. Nike Inc. launched its Nike+ FuelBand, a bracelet that tracks movement, in 2012 and introduced a newer model, the FuelBand SE, in November 2013. The band tracks movement and translates it into what Nike calls "Fuel."
NEW YORK— Calpine Corp. said Monday that it has agreed to sell six of its power plants, including two in Alabama, to privately-held LS Power Equity Advisors for $1.57 billion. Houston- based Calpine plans to use the money to pay down debt, acquire other sites or buy back its stock, said CEO Jack Fusco.
Mark Karpeles, the CEO of Mt. Gox, said he would not come to the US to answer questions about the Japanese bitcoin exchange's U.S. bankruptcy case
April 14- Mark Karpeles, the chief executive of Mt. Gox lawyers cited a subpoena from the U.S. Department of Treasury's Financial Crimes Enforcement Network, which has closely monitored virtual currencies like bitcoin. The court papers also said a Japanese court had been informed of the issue and that a hearing was scheduled on Tuesday in Japan.
DALLAS— A federal judge has rejected an attempt by American Airlines to quickly cut off benefits for many of its retirees. On Friday, U.S. Bankruptcy Court Judge Sean Lane in New York rejected a request made by American's former parent, AMR Corp., for the right to immediately eliminate retiree benefits for former pilots, flight attendants and other union workers.
PHILADELPHIA— A Philadelphia chocolate maker and candy store says it has resolved a tax issue that threatened to shutter the establishment days before Easter. Blasius Chocolate Factory says on its Facebook page that the problem had been solved and the store "is open now forever.
Gox, once the world's biggest bitcoin exchange, is likely to be liquidated after a Tokyo court dismissed the company's bid to resuscitate its business, the court appointed administrator said on Wednesday.
DETROIT, April 17- The federal judge overseeing Detroit's historic bankruptcy case has revived the idea of a regional water authority and also suggested the city may need court oversight after it emerges from bankruptcy.
The Wall Street Journal had earlier reported that Mt. Gox had given up plans to rebuild under bankruptcy protection and had asked a Tokyo court to allow it to be liquidated. Gox and revive it, has received backing from many creditors and hopes to convince the court to reconsider their rehabilitation proposal, the Wall Street Journal reported on Thursday.
The order by Judge Steven Rhodes comes after Detroit said in a court filing earlier this week that it had dropped the concept of a Great Lakes Water Authority from its plan to adjust $18 billion of debt and other obligations and exit from the biggest municipal bankruptcy in U.S. history.
RUSSELL SPRINGS, Ky.— An automotive industry plant opening in south-central Kentucky will create 155 full-time jobs. Germany- based Dr. Schneider Automotive Systems Inc. cut the ribbon Wednesday in Russell Springs on the $29 million parts manufacturing facility.
April 17- Chemicals maker DuPont reported a 57 percent fall in first-quarter net income due to the sale of its performance coating business, which added almost $2 billion to earnings in the year-earlier quarter.
April 17- Home Depot Inc is putting a lid on new-store openings and focusing its expansion efforts on e-commerce, which presents some logistical challenges for a retailer that sells a lot of bulky materials, the Wall Street Journal reported.
April 16- Chemtura Corp plans to sell its agrochemicals business to Platform Specialty Products Corp for about $1 billion, the Wall Street Journal reported, citing people familiar with the matter. Chemtura's agrochemicals unit sells chemicals-based products such as insecticides and growth regulators.
PHILADELPHIA— A popular Philadelphia chocolate maker and candy store has been shuttered by the city days before Easter. WPVI-TV said Wednesday the Department of Revenue revoked the business license of the Blasius Chocolate Factory in the city's Kensington neighborhood.
MONROE, Mich.— La-Z-Boy Inc. is closing two facilities and eliminating 100 jobs in North Carolina as part of a larger restructuring of its business. It will move warehouse and repair functions from those sites to another North Carolina plant, in Hudson.
GM will ask a bankruptcy court to bar plaintiffs from proceeding with lawsuits related to any actions before it filed for bankruptcy in 2009.