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Bankruptcy

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  • May 4- Corinthian Colleges Inc, the for-profit college operator hamstrung by federal and state investigations, filed for bankruptcy in Delaware on Monday, about a week after announcing it would shutter its remaining campuses and cease operations. In April, the Department of Education fined Corinthian $30 million for misrepresenting job placement rates to...

  • Top court rejects homeowner's bankruptcy appeal Monday, 4 May 2015 | 11:18 AM ET
    U.S. Supreme Court

    The U.S. Supreme Court ruled against a man, saying he couldn't appeal a court rejection of his bankruptcy plan.

  • WASHINGTON, May 4- The U.S. Supreme Court on Monday ruled against a Massachusetts man battling his mortgage lender over a bankruptcy plan in a case in which the Obama administration and even Bank of America Corp had backed the homeowner. On a 9-0 vote, the court said Louis Bullard, who owes community bank Blue Hills Bancorp Inc $387,000 for the mortgage on a property...

  • CHARLESTON, W.Va.— Freedom Industries is proposing paying $6.7 million to various parties, including victims of the company's January 2014 chemical spill. In Charleston federal bankruptcy court Thursday, the company proposed a plan to offer spill victims $2.7 million. Other creditors would get $500,000, an additional $500,000 would pay the IRS taxes, and...

  • CHICAGO, April 29- A judge on Wednesday allowed the operating unit of Caesars Entertainment Corp to control its bankruptcy for another month, as creditors try to reach common ground with a court-appointed investigator probing the company's pre-bankruptcy dealings. An independent examiner has been tapped to investigate whether the company's equity...

  • FRANKFURT, April 28- The head of Germany's Bundesbank criticised Greece's government on Tuesday for failing to implement reforms and said it was possible for a country within the currency union to become insolvent. "Member states must take responsibility for the consequences of their political decisions," Jens Weidmann, also a member of the European Central...

  • ATLANTIC CITY, N.J.— On Monday, New Jersey casino regulators told a bankruptcy court it can't transfer the license of Atlantic City's former Revel casino to new owner Glenn Straub. That's because utility company ACR Energy Partners cut off service to the building on April 9— two days after Straub bought it— in the absence of a contract for future service there.

  • ATLANTIC CITY, N.J.— Another day, another difficulty for the new owner of Atlantic City's former Revel casino. New Jersey's Division of Gaming Enforcement says Glenn Straub's Polo North Country Club cannot simply assume Revel's casino license in bankruptcy court. Owners of casinos in New Jersey have to apply for a license from the state Casino Control...

  • Money warning to rich athletes   Monday, 27 Apr 2015 | 8:42 AM ET
    Money warning to rich athletes

    Phil Buchanon, "New Money: Staying Rich" author, discusses the perils many high-paying young athletes face by getting rich quick and spending lavishly.

  • Ballers gone bankrupt   Monday, 27 Apr 2015 | 8:40 AM ET
    Ballers gone bankrupt

    "Squawk Box's" Joe Kermen reports results of a recent report by the National Bureau of Economic Research which shows one in six NFL players go bankrupt within 12 years of retirement.

  • Why Kaisa’s default isn’t a sign of more to come Tuesday, 21 Apr 2015 | 2:10 AM ET

    Despite fears Kaisa's bond default may herald of a wave of more to come from China, the developer's troubles may be more of a one-off soap opera.

  • April 16- The Internal Revenue Service is seeking to recoup $3.22 billion from Texas businessman Samuel Wyly and the estate of his late brother Charles Wyly, after the brothers allegedly hid income by setting up sham overseas trusts. According to claims filings on Wednesday with the U.S. bankruptcy court in Dallas, the IRS believes Samuel Wyly owes $2.03...

  • NEW YORK, April 15- General Motors Co will not have to face dozens of lawsuits accusing it of concealing an ignition-switch defect that has been blamed for more than 200 deaths and serious injuries, a U.S. bankruptcy judge ruled on Wednesday. Bankruptcy Judge Robert Gerber means GM may avoid potentially billions of dollars in liability, as well as the cost of...

  • Germany declines comment on Greek bankruptcy plan report Wednesday, 15 Apr 2015 | 6:12 AM ET

    BERLIN, April 15- The German government declined comment on Wednesday on a story in German weekly Die Zeit which said Berlin was working on a plan that would allow Greece to receive financing from the European Central Bank even if it missed payments to creditors. "The plan under discussion is aimed at allowing he ECB to continue financing of Greece in the event of...

  • MOSCOW, April 15- Russia's top lender, Sberbank, plans to file a bankruptcy lawsuit against Mechel after talks on restructuring the steel producer's debt failed, RIA news agency quoted Sberbank's head, German Gref, as saying on Wednesday.

  • US firms seek bankruptcy at fastest rate since 2010 Tuesday, 14 Apr 2015 | 7:53 PM ET

    The number of bankruptcies among publicly traded U.S. companies has climbed to the highest first-quarter level for five years.

  • WILMINGTON, Del, April 14- The number of bankruptcies among publicly traded U.S. companies has climbed to the highest first-quarter level for five years, according to a Reuters analysis of data from research firm bankruptcompanynews.com. The $34 billion in assets held by the 26 companies is the second highest for a first quarter in the past decade.

  • The company listed assets of $100 million to $500 million and liabilities of $500 million to $1 billion in its petition in the Delaware bankruptcy court. EveryWare which was formed through the merger of Anchor Hocking LLC and Oneida Ltd in March 2012, markets and distributes products such as bakeware, storageware and cookware in the United States, Canada,...

  • April 2- A federal bankruptcy judge in New Jersey on Thursday said she would approve an $82 million sale of Atlantic City's Revel Casino Hotel to Florida developer Glenn Straub. U.S. Bankruptcy Court Judge Gloria Burns said from the bench that she would sign off on the deal, the third one she has approved. Before that, Brookfield Asset Management backed out of its...

  • WASHINGTON, April 1- As the U.S. Supreme Court on Wednesday considered the case of a Massachusetts homeowner battling his mortgage lender over a bankruptcy plan, several justices focused their attention on his unlikely ally: Bank of America Corp.. Bank of America, one of the largest U.S. banks, filed a friend-of-the-court brief in support of Louis Bullard, who owes...