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Business Failures

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  • LONDON, June 10- Global regulators have yet to agree on who would pay the trillions of dollars that would be needed to bail out any failed clearing house for derivatives, a senior European Commission official said on Friday. While policymakers don't want taxpayers to rescue clearers, central banks like the Bank of England and European Central Bank have said they...

  • WASHINGTON, May 21- Two U.S. Louisiana Senator David Vitter withdrew a proposed amendment to the financial regulatory bill that aimed to end "too big to fail" by requiring certain mega banks to face new 10 percent capital levels. Pennsylvania's Pat Toomey withdrew another proposed change that would have repealed a major provision of the Dodd-Frank Wall Street...

  • 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...

  • 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...

  • *SEC says company hid information from investors, auditor. In a complaint filed in the federal court in Indianapolis, the SEC accused ITT, Chief Executive Kevin Modany and CFO Daniel Fitzpatrick of hiding how ITT expected to owe hundreds of millions of dollars because its underlying loans had performed "abysmally," with "extremely high" default rates.

  • NEW YORK, April 15- Ernst& Young LLP will pay $10 million to settle a New York lawsuit accusing the accounting firm of helping Lehman Brothers Holdings Inc deceive investors in the years leading up to its 2008 collapse, the New York attorney general said on Wednesday. While the $10 million was much smaller than what the attorney general's office had sought, Ernst&...

  • Food recalls: Glass found in baby food Wednesday, 15 Apr 2015 | 1:45 PM ET
    Food recalls: Glass found in baby food

    CNBC's Tyler Mathisen and Amanda Drury report on the latest food recalls.

  • NEW YORK, April 15- Ernst& Young LLP will pay $10 million to settle a New York lawsuit accusing the accounting firm of helping Lehman Brothers Holdings Inc deceive investors in the years leading up to its 2008 collapse, the New York attorney general said on Wednesday. While the $10 million was much smaller than what the attorney general's office had sought, Ernst&...

  • NEW YORK, April 15- Ernst& Young LLP is near settling a high-profile lawsuit filed by New York state that accused the accounting firm of helping Lehman Brothers Holdings Inc deceive investors in the years leading up to its 2008 collapse, people familiar with the matter told Reuters. A spokeswoman for Ernst& Young declined to comment, as did a spokesman for New York...

  • 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, which was acquired in a $7.2 billion deal in 2011 by a team of investors led by KKR& Co, had a total debt of about $3.9 billion as of Dec. 31. The company had earlier hired restructuring advisers Kirkland& Ellis LLP and Blackstone Group LP, according to a person familiar with the matter. The Tulsa, Oklahoma- based company, which had about $23.8 million in cash...

  • MADRID, March 27- Andorra will create a' bad bank' to group the assets of Banca Privada d' Andorra linked to illicit activity, it said late on Thursday, as the principality battles to rebuild the reputation of its banking system. Andorra, a small mountainous state whose economy relies heavily on financial services, took control of BPA this month after the U.S....

  • UPDATE 1-RadioShack auction headed for courtroom showdown Wednesday, 25 Mar 2015 | 5:34 PM ET

    March 25- An auction for RadioShack Corp failed to resolve whether the electronics retailer will remain in business as bidders attacked each in court filings, setting up a showdown before a judge on Thursday. By early Wednesday, however, one of RadioShack's lenders, Salus Capital Partners, asked the U.S. Bankruptcy Court judge overseeing the case to intervene.

  • NEW YORK, March 23- The trustee recovering money for Bernard Madoff's victims on Monday announced a settlement to recoup $93 million from a "feeder fund" that sent client money to the swindler's firm, boosting the total sum raised to roughly $10.65 billion. Irving Picard, the trustee, said the settlement calls for the Defender Ltd feeder fund to receive a $522.8...

  • House Republicans take aim at Dodd-Frank in budget plan Tuesday, 17 Mar 2015 | 11:20 AM ET

    WASHINGTON, March 17- Republican lawmakers took aim at the Dodd-Frank Wall Street reform law Tuesday, unveiling a plan that would gut regulators' authority to manage the collapse of big banks and give Congress direct control of the U.S. consumer finance bureau's budget. The proposal, led by House Budget Committee Chairman Tom Price, pledges to make "great strides...

  • WASHINGTON, March 12- Exide Technologies has agreed to shutter its lead-acid battery recycling facility in Vernon, California, and pay $50 million in clean-up costs to avoid criminal prosecution for illegal storage of hazardous waste. As part of a deal reached late Wednesday with the U.S. Attorney's Office in California's central district, Exide also...

  • MELBOURNE, March 12- London copper jumped on Thursday after better-than-expected lending data out of China brightened the outlook for demand and triggered short-covering, adding to support built on supply concerns. Three-month copper on the London Metal Exchange jumped by 1.3 percent to $5,802 by 0728 GMT, after a small loss in the previous session when it...

  • Doral Financial files for Chapter 11 bankruptcy Wednesday, 11 Mar 2015 | 11:46 PM ET

    March 11- Doral Financial Corp filed for voluntary Chapter 11 bankruptcy protection on Wednesday, saying it intends to wind down its businesses, liquidate its assets, and seek approval for a liquidation plan. Doral Financial Corp, which has retail banking operations in Puerto Rico and the United States, listed assets of $50 million to $100 million and...

  • March 3- The operating unit of casino company Caesars Entertainment Corp unveiled its plan to cut $10 billion of debt and to exit Chapter 11 in a late Monday filing with a U.S. Bankruptcy Court. Bankruptcy Judge Benjamin Goldgar in Chicago and creditors, a process that can easily take a year. The plan was filed on Monday when the parent company Caesars...

  • Shares of the bank plunged 46.3 percent and were then halted on Friday, after the FDIC recalled a press release announcing that the bank was closed. The FDIC said the press release, announcing that it had been appointed as receiver to the bank, had been sent in error. Doral was closed by the Office of the Commissioner of Financial Institutions of Puerto Rico, which...