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Bankruptcy

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  • Bank of America's decision to throw Countrywide Financial a $2 billion lifeline is far more than BofA telling Countrywide 'here's some money, pay us back when you can'. Countrywide is paying dearly for the injection.

  • New Delta Air Lines CEO Downplays Merger Speculation Wednesday, 22 Aug 2007 | 10:14 AM ET

    Delta Air Lines' newly named chief executive, Richard Anderson, foresees further consolidation in the airline industry, but said Delta is not about to make a move to acquire Northwest Airlines.

  • Mortgage Lender First Magnus Shutting Down Friday, 17 Aug 2007 | 6:01 AM ET

    First Magnus Financial, a national mortgage lender that was on track to fund $36 billion in loans this year, stopped originating new loans Thursday and said it was suspending operations.

  • Impac Mortgage Holdings has no intention of declaring bankruptcy amid turmoil in U.S. mortgage markets, Chief Executive Joseph Tomkinson said on Wednesday.

  • BNP, Commerzbank, among HomeBanc Creditors Sunday, 12 Aug 2007 | 10:25 AM ET

    Leading European banks BNP Paribas, Deutsche Bank and Commerzbank are among the creditors of HomeBanc, the U.S. mortgage group which filed for Chapter 11 bankruptcy protection.

  • American Home Mortgage Files Bankruptcy Monday, 6 Aug 2007 | 3:02 PM ET

    American Home Mortgage Investment filed for Chapter 11 bankruptcy protection after a tumultuous week in the debt markets brought a once-thriving business to its knees.

  • Delphi said Monday it tentatively agreed to contracts with four more unions, including one that recently warned a strike was possible if talks stalled.

  • American Home Mortgage to Close Operations Friday Friday, 3 Aug 2007 | 5:48 AM ET

    American Home Mortgage plans to close most operations on Friday and said nearly 7,000 employees will lose their jobs as the lender becomes one of the biggest casualties of the U.S.housing downturn.

  • Bally Total Fitness Files Chapter 11 Bankruptcy Wednesday, 1 Aug 2007 | 7:08 AM ET

    Bally Total Fitness Holding, one of the largest U.S. health club operators, has filed for bankruptcy protection, after struggling in recent years with membership declines and too much debt.

  • Delphi

    A union representing more than 2,000 of Delphi's hourly workers said Friday it has told the auto parts maker that it plans to terminate its contracts, a first step toward a possible strike in October.

  • Tom's Foods Pension Plan Taken Over by Feds Monday, 16 Jul 2007 | 3:53 PM ET

    The Pension Benefit Guaranty Corporation, the federal agency that insures private defined-benefit pension plans, is taking over payments for nearly 3,000 workers and retirees of Tom's Foods.

  • Delphi Makes Pension Payment: Filing Friday, 13 Jul 2007 | 4:12 PM ET

    Delphi said in a regulatory filing Friday that it contributed about $48 million to its U.S. pension plans.  The amount represents the part of the pension contribution related to services rendered by Delphi employees in the second quarter of 2007, the auto supplier said in a filing with the U.S. Securities and Exchange Commission.

  • Judge Won't Cut New Parmalat From Suit Tuesday, 3 Jul 2007 | 2:01 AM ET

    Parmalat can be sued by shareholders in a suit involving its predecessor company, Parmalat Finanziaria's collapse into bankruptcy in 2003, a judge ruled.

  • Trump Entertainment Buyout Fizzles; Shares Plunge Monday, 2 Jul 2007 | 1:46 PM ET

    Casino operator Trump Entertainment Resorts said Monday it did not reach a deal with potential acquirers and has ended discussions to sell itself, sending its shares down 14 percent.

  • UAW Members Ratify Deal with Delphi Friday, 29 Jun 2007 | 1:39 PM ET
    Terry Frantz prepares the engine compartment of a Cadillac CTS at the GM Lansing Grand River assembly plant Monday, Jan. 7, 2002, in Lansing, Mich. (AP Photo/Al Goldis, Pool)

    The United Auto Workers said that members have ratified a deal that gives Delphi concessions on wages, benefits and plant closings the auto parts maker has said it must have to exit bankruptcy.

  • Northwest Airlines Blames Pilots for Flight Delays Wednesday, 27 Jun 2007 | 7:55 PM ET

    Eagan, Minn.-based Northwest, which emerged from Chapter 11 bankruptcy protection May 31, is citing a higher-than-normal rate of absentee calls as one of the key factors for recent flight delays.

  • Calpine Files Reorganization Plan Thursday, 21 Jun 2007 | 5:08 AM ET

    After 18 months in bankruptcy and billions of dollars in losses, power producer Calpine thinks its business is still worth $21.7 billion. But that doesn't necessarily mean there will be anything of value left for the company's current stockholders.

  • Delphi and UAW Close to Completing a Labor Deal Wednesday, 20 Jun 2007 | 12:04 PM ET

    Delphi and the United Auto Workers are very close to completing a labor deal the U.S. auto-parts maker needs to complete its reorganization, two UAW sources said on Wednesday.

  • New Century Financial has warned that its effort to liquidate assets could be stymied if General Electric Capital is allowed to proceed with plans to seize computers and other equipment it leased to the bankrupt housing lender.

  • Northwest Airlines, which is set to exit bankruptcy Thursday, is coming out of the restructuring process "really strong,"  Douglas Steenland, chief executive officer at Northwest Airlines, told CNBC.  Northwest's emergence from bankruptcy marks the end of a 20-month spell in Chapter 11 for the No. 5 U.S. carrier, and the first time in almost five years that a major U.S. airline has not been in bankruptcy.