WASHINGTON, Dec 3- U.S. banks are likely to cut back on risky short-term funding if markets believe bankruptcy not bailouts await them, a top Federal Reserve is set to tell lawmakers on Tuesday.» Read More
July 19- The emergency manager of Detroit, Kevyn Orr, with the blessing of the Governor of Michigan Rick Snyder, has gone to the federal courthouse and filed a petition for Chapter 9 municipal bankruptcy. Already Detroit's public pension funds and workers have filed state-level lawsuits against Orr and Snyder to halt them from filing for bankruptcy.
July 17- Creditors of bankrupt gas station operator Getty Petroleum Marketing Inc will pocket an extra $93 million under a settlement between Getty and its former parent, Russian oil giant Lukoil, court papers show.
SAO PAULO, July 3- For months, it was a mystery why bond and stock investors had differing views about the fate of Brazil's OGX Petróleo e Gas Participações SA. As things unravel for the embattled oil company and its billionaire owner Eike Batista, those views are finally converging.
BRUSSELS, June 27- The European Union agreed on Thursday to force investors and wealthy savers to share the costs of future bank failures, moving closer to drawing a line under years of taxpayer-funded bailouts that have prompted public outrage.
Orchard Supply Hardware Stores has filed for Chapter 11 bankruptcy protection, with rival retailer Lowe's Companies set to buy the majority of its assets for $205 million in cash.
*Lowe's to be "stalking horse" bidder. *Lowe's plans to have Orchard operate as a separate business. June 17- Orchard Supply Hardware Stores Corp has filed for Chapter 11 bankruptcy protection, court documents showed on Monday, with rival retailer Lowe's Companies set to buy the majority of its assets for $205 million in cash.
COLUMBIA, Md./ NEW YORK, June 16- A company stuck in bankruptcy for 12 years may not seem like much of a catch, but investors have fallen in love with U.S. specialty chemical manufacturer W.R. Grace& Co and its surging sales to the energy sector.
Specialized hedge funds which transformed corporate bankruptcies may be poised to descend on another landscape: struggling cities and counties - and no place beckons more than Detroit.
Under conditions to be announced Saturday, depositors in Bank of Cyprus will get shares in the bank worth 37.5 percent of their deposits over 100,000 euros, while the rest may never be paid back.
The president of Cyprus said on Friday the risk of bankruptcy had been contained and the country had no intention of leaving the euro.
"Did you know that a silent killer is lurking in your company? We’re talking about workplace frustration, which can undermine the energy, enthusiasm, and performance of your best talent."