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Bankruptcy

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  • Movie Gallery Files for Bankruptcy Protection Tuesday, 16 Oct 2007 | 4:09 AM ET

    Debt-strapped video rental chain Movie Gallery said on Tuesday it filed for Chapter 11 bankruptcy protection in a move to slash debt by some $400 million and cut costs.

  • Billionaire Ross Offers to Buy American Home  Unit Friday, 21 Sep 2007 | 5:35 PM ET

    An affiliate of billionaire investor Wilbur Ross has offered to buy bankrupt American Home Mortgage's loan servicing unit for a price expected to be more than $400 million, court papers filed on Friday show.

  • Failed Lender Makes Grab for Employee Funds Tuesday, 18 Sep 2007 | 1:09 PM ET

    Bankrupt American Home Mortgage is attempting to seize as much as $27 million that former employees set aside from paychecks for retirement, according to an attorney representing them.

  • Bankrupt Bear Stearns Funds Shielded 30 More Days Thursday, 30 Aug 2007 | 7:17 PM ET

    A Manhattan bankruptcy judge on Thursday gave two bankrupt Bear Stearns  hedge funds 30 days of additional protection from creditors looking to seize their assets, but refused to permanently shield them from U.S. lawsuits.

  • Banks Step Up Borrowing From the Fed Thursday, 23 Aug 2007 | 6:03 PM ET

    Banks have stepped up their borrowing from the Federal Reserve, a development encouraged by central bank policymakers to help stem a credit crunch that has roiled Wall Street.

  • 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.