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Bankruptcy

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  • SkyMall rises from the grave with big plans Friday, 29 May 2015 | 1:40 PM ET
    Skymall magazine

    C&A Marketing, which owns the SkyMall brand, said it is in talks to relaunch the catalog in a few months with a few carriers, TODAY reports.

  • Lease sale closes on Indiana Toll Road for $5.72B Thursday, 28 May 2015 | 12:06 PM ET

    GRANGER, Ind.— Australian investment consortium IFM Investors has closed on its $5.72 billion purchase of another company and its lease on the Indiana Toll Road was filed Wednesday in federal bankruptcy court in Chicago. IFM Investors plans to invest $260 million in capital improvements on the Indiana Toll Road over the next five years, The Times reported.

  • Judge puts GM ignition-switch lawsuits on ice, for now Wednesday, 27 May 2015 | 5:10 PM ET

    NEW YORK, May 27- A U.S. bankruptcy judge on Wednesday put on hold dozens of lawsuits accusing General Motors Co of concealing an ignition-switch defect while plaintiffs in those cases appeal an earlier ruling that found their cases were barred. Bankruptcy Judge Robert Gerber's April 15 ruling that the company was shielded from those claims by the terms of its...

  • CHICAGO, May 27- The operating unit of Caesars Entertainment Corp received court approval on Wednesday to remain in control of its bankruptcy for another six months. Bankruptcy Judge Benjamin Goldgar in Chicago allows the country's largest casino operator to pursue its plan for cutting its $18 billion debt without the threat of a rival plan from creditors.

  • Greece says deal close, Schaeuble quashes optimism Wednesday, 27 May 2015 | 10:21 AM ET

    Alexis Tsipras spoke shortly before Greek negotiators were due to meet in Brussels with representatives of the bailout creditors— whose cash has kept Greece from bankruptcy for the past five years. But he warned stumbling blocks remain, as Greece is dealing with three different creditor institutions— the International Monetary Fund, European Commission...

  • May 26- The U.S. Supreme Court ruled on Tuesday that bankruptcy judges can resolve disputes that otherwise would have to be decided in a federal court, in an opinion tied to the legal legacy of the late Anna Nicole Smith. The 6-3 ruling, which stemmed from the Chapter 7 bankruptcy of Richard Sharif of Chicago, recognized the authority of U.S. bankruptcy judges to...

  • Supreme Court clarifies power of bankruptcy judges Tuesday, 26 May 2015 | 10:31 AM ET

    WASHINGTON— The Supreme Court says bankruptcy courts have authority to rule on disputes that fall outside the bankruptcy proceedings if the parties to the case consent. The case involves efforts by Wellness International Network, Ltd., to recover $655,000 in attorney fees from Richard Sharif, a Chicago resident with whom the company had a legal dispute.

  • ATLANTIC CITY, N.J.— The crucial summer season will start with three Atlantic City casinos in bankruptcy and one beset by regular pickets and protests. Union members picketed Thursday evening outside the Trump Taj Mahal, in their seventh protest against the casino or soon-to-be-owner Carl Icahn over health insurance and pension benefits canceled by a...

  • Dems holding back Illinois $$ reform: Lawmaker Wednesday, 20 May 2015 | 2:40 PM ET
    Chicago construction

    Illinois needs urgent legislative reform to combat its ever-growing debt crisis, and Democrats are holding things up, GOP state Rep. Jeanne Ives says.

  • BOSTON, May 19- The now-defunct Massachusetts pharmacy behind a deadly 2012 meningitis outbreak that killed at least 64 people will pay out $200 million to its victims and creditors under a bankruptcy reorganization plan approved on Tuesday. The bankruptcy reorganization plan was approved by U.S. Bankruptcy Court Judge Henry Boroff. Deaths of patients...

  • WILMINGTON, Del, May 18- The U.S. Federal Trade Commission on Monday urged a bankruptcy court to protect information that RadioShack Corp collected from tens of millions of customers before the retailer filed for Chapter 11.. RadioShack filed for bankruptcy this year and put up for auction its lists of customer names, e-mail addresses and purchase histories.

  • 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...

  • The winner of RadioShack's name and data is... Thursday, 14 May 2015 | 7:09 AM ET
    RadioShack closes a store in New York.

    The auction for RadioShack's brand and customer data has closed with the Standard General hedge fund winning at $26.2 million.

  • SAN FRANCISCO, May 13- The auction for bankrupt electronic retailer RadioShack's brand and customer data has closed with the Standard General hedge fund posting a winning bid of $26.2 million after objections piled up to their sale. Standard General affiliate General Wireless, which had already bought more than 1,700 RadioShack stores, on Tuesday won the...

  • 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...

  • In auction for RadioShack name, bid stands at $15M Tuesday, 12 May 2015 | 1:57 PM ET
    Radio Shack

    The auction for bankrupt electronic retailer RadioShack's name and customer data will resume, despite objections.

  • May 12- Patriot Coal Corp filed for bankruptcy protection on Tuesday, just 18 months after emerging from its previous Chapter 11, and said it was in negotiations with a potential buyer. The company listed assets and liabilities of more than $1 billion in its bankruptcy petition, which it filed in the U.S. Bankruptcy Court in the Eastern District of Virginia.

  • Patriot Coal files for Chapter 11 bankruptcy again Tuesday, 12 May 2015 | 9:16 AM ET

    May 12- Patriot Coal Corp filed for bankruptcy protection on Tuesday, less than two years after emerging from Chapter 11 protection.

  • Detroit delays bond sale related to bankruptcy exit Monday, 11 May 2015 | 6:02 PM ET

    Detroit is taking advantage of a new law that should give the bonds investment-grade ratings that could save the city between $20 million and $30 million over the life of the issue, according to the office of Michigan Governor Rick Snyder, a Republican. Detroit privately placed $275 million of variable-rate bonds with Barclays Capital to finance its Dec. 10...

  • Why Chicago is not 'the next Detroit' Friday, 8 May 2015 | 2:14 PM ET
    Chicago skyline

    The city of the broad shoulders is facing its own financial problems, but comparisons to Detroit are far off the mark.