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Bankruptcy

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  • New Century Financial, the largest U.S. subprime lender under bankruptcy protection, was authorized to obtain up to $150 million of financing to keep it operating while in Chapter 11.

  • New Century Files For Bankruptcy, Cuts 3,200 Jobs Monday, 2 Apr 2007 | 2:41 PM ET

    New Century Financial on Monday filed for Chapter 11 bankruptcy protection and said it would cut 3,200 jobs, or 54% of its work force,  in the biggest collapse of a mortgage lender in the U.S. housing downturn.

  • Delta Files to Trade Under Old Symbol 'DAL' Wednesday, 28 Mar 2007 | 4:53 PM ET

    Delta Air Lines said Thursday it applied to list its new common stock on the New York Stock Exchange, trading under its old symbol of "DAL" once it emerges from bankruptcy.

  • For those looking for inspiration, passion and hope, "The Boy Who Harnessed The Wind" delivers. It’s the story of a young boy from the African country of Malawi who overcomes all odds to realize a dream that changes his life and those who live in his tiny village. The story’s protagonist, William, is an industrious youth with a great imagination. The story follows his struggles with poverty and a lack of education and shows how one idea can change an entire society.

    Edward Bastian, chief financial officer for Delta Air Lines, said the company’s plan to emerge from bankruptcy assumes oil will be priced at $65 a barrel or higher.

  • People's Choice Home Loan, a California-based mortgage lender to people with poor credit histories, on Tuesday filed for Chapter 11 bankruptcy protection from creditors, court papers show.

  • About 39,000 Delta employees will share $480 million in lump-sum payouts and equity in the company when the nation's third-largest carrier emerges from Chapter 11 protection in May, according to material to be disclosed in a bankruptcy court filing Tuesday.

  • We could very well see a big publicly-traded subprime lender go bankrupt. That's what one of the biggest subprime investors in the U.S. told Erin Burnett on "Street Signs." "We had a lot of rumors going around about liquidations of CDOs and Wall Street banks pulling warehouse lines and potentially pulling lines for additional originators and what it led to was a drive...

  • US Airways' Parker Says Delta Bid, Deadline Are Firm Tuesday, 30 Jan 2007 | 5:19 PM ET

    After a nightmarish ride through bankruptcy and the threats of corporate murder-suicide, Delta Air Lines is poised to emerge from Chapter 11 limbo. And that, says CNBC's Phil LeBeau, may spell "the last stand of Doug Parker," the CEO of US Airways Group.

  • Delta CEO Tells CNBC Proposed US Airways Merger Is Flawed Wednesday, 24 Jan 2007 | 4:52 PM ET

    "The problem is not the price," Grinstein said of the proposed $10.5 billion deal. "The problem is whether it can be done and the cost of doing it."

  • Mills Says High Debt Could Force Bankruptcy Tuesday, 9 Jan 2007 | 12:17 PM ET

    The Mills Corp. warned that a heavy debt load could force the mall developer into bankruptcy if it is unable to follow through with its plans to sell all or part of the company.

  • Delta Air Lines said it narrowed its loss in November to $49 million, keeping it on track to exit bankruptcy as a stand-alone company in the spring.

  • US Airways CEO Rules Out Higher Offer for Delta Now Thursday, 28 Dec 2006 | 2:45 PM ET

    US Airways has no intention right now to increase its $8.4 billion offer for Delta Air Lines and it can't see itself backing out of its pursuit of Delta for any reason, Chief Executive Doug Parker said.

  • Delta Bankruptcy Hearing Set for February Thursday, 28 Dec 2006 | 2:20 AM ET

    Lawyers for Delta Air Lines, the nation's third-largest carrier, said Wednesday they have scheduled a Feb. 7 hearing in bankruptcy court to consider approval of the disclosure statement to the carrier's reorganization plan.

  • "It expects Delta to consider methodically, proactively and fairly strategic alternatives to its proposed stand-alone Chapter 11 plan," said Jefferies & Co., the group's financial advisor.

  • Highland Capital Management proposed a refinancing plan worth up to $4.7 billion to Delphi Corp.'s board on Thursday, competing with a plan already accepted by the nation's largest auto parts maker earlier this week.

  • Delta Rejects US Airways' Bid, Woos Creditors Tuesday, 19 Dec 2006 | 1:38 PM ET

    Delta Air Lines  has rejected US Airways' $8.4 billion hostile bid in favor of a plan to re-emerge from bankruptcy as a standalone company. CNBC's Phil LeBeau says Delta focused today on convincing creditors their plan is best for them.

  • Delphi To Get $3.4 Billion From Private Equity Group Monday, 18 Dec 2006 | 4:37 PM ET

    Delphi laid out a road map for its reorganization on Monday that includes up to a $3.4 billion investment from a private equity group in the bankrupt auto parts maker, potential creditor recoveries and an executive succession plan.

  • Delta to File for $12 Billion Reorg: Paper Monday, 18 Dec 2006 | 12:19 PM ET

    Delta Air Lines, working to beat back an $8.4 billion merger bid from US Airways Group, is expected as soon as Tuesday to file a sweeping bankruptcy reorganization plan, the Wall Street Journal said on its Web site, citing people familiar with the matter.

  • Wilbur Ross, CEO, WL Ross & Co. Tuesday, 12 Dec 2006 | 5:31 PM ET

    The billionaire investor tells CNBC’s Maria Bartiromo why he thinks Asian tigers, private equity buyouts and bankruptcies will keep rising in 2007.

  • One Year Later: Are U.S. Bankruptcy Laws Working? Wednesday, 6 Dec 2006 | 12:36 PM ET

    It has been one year since the U.S. Senate enacted a massive overhaul of laws to regulate filing for bankruptcy. Filings are at a 10-year low since then – but there’s skepticism about whether these reforms are really helping. Robert Lawless – professor at the University of Illinois College of Law – will appear before a Senate judiciary committee today to give his take on just how effective these laws have been.