NEW YORK, Aug 13- Former Transmar Commodity Group Ltd chief executive Peter G. Johnson was sentenced to three years in prison on Monday after he pleaded guilty to defrauding banks in order to win a $400 million credit line for the now bankrupt New Jersey- based cocoa trading company, prosecutors said. He had pleaded guilty to conspiracy to commit bank fraud and wire...
Aug 8- Puerto Rico has reached a deal with bondholders and insurers of debt issued by its bankrupt sales tax financing corporation, COFINA, the U.S. territory's governor and federal oversight board said on Wednesday. Puerto Rico has been in bankruptcy court since May 2017 trying to restructure about $120 billion of debt and pension obligations.
Gump's Corp, which was founded in 1861 near Union square in San Francisco, said it had been navigating an overwhelmingly difficult retail environment. Gump's Holdings LLC, which owns Gump's Corp and Gump's By Mail, filed for bankruptcy protection under Chapter 11 on Aug. 3, the parent company said in a statement on Tuesday. Gump's Holdings listed assets and...
Governor Ricardo Rossello and Puerto Rico's legislature filed lawsuits in July claiming the board, which was created by the U.S. Congress under the so-called PROMESA Act in 2016, overstepped its power by imposing a belt-tightening fiscal plan and budget on the government that require public policy actions. Swain noted that the PROMESA Act is "an awkward...
Aug 6- Mattress Firm Inc, the largest U.S. mattress retailer, is considering a potential bankruptcy filing as it seeks ways to get out of costly store leases and shut some of its 3,000 locations that are losing money, people familiar with the matter said. Steinhoff acquired Mattress Firm for $3.8 billion in 2016.. Both Houston- headquartered Mattress Firm and...
The rate of those 65 and older filing for bankruptcy is three times what it was in 1991, a new study finds, as more enter their later years in a precarious position, The New York Times reports.
Aug 6- National Stores Inc, which operates the Fallas, Factory 2- U and other discount apparel and housewares stores, on Monday filed for Chapter 11 bankruptcy, becoming the latest U.S. retailer to succumb to financial pressure as more consumers shop online. The family-owned company founded in 1962 plans to close 74 of its 344 stores, which now employ more than...
Aug 6- Reliance Communications Ltd said on Monday it had received approval from the Supreme Court to proceed with the sale of its wireless assets to Reliance Jio after it agreed to pay 5.5 billion rupees to settle dues with Swedish telecom gearmaker Ericsson. In May, India's bankruptcy court admitted a plea by Ericsson seeking insolvency resolution against...
Aug 2- Gadget and gift chain Brookstone has filed for Chapter 11 bankruptcy protection for the second time in five years, it said on Thursday, the latest U.S. retailer to succumb to a prolonged decline in shopping at malls. Brookstone filed for bankruptcy and emerged in 2014 under the ownership of a consortium of Chinese investors but its U.S. business has...
According to a bankruptcy filing Thursday, Brookstone has assets of $50 million to $100 million, and liabilities of $100 million to $500 million. The Merrimack, New Hampshire, company was sold at auction in June of that year before emerging from bankruptcy protection. Brookstone Inc. was founded in 1965 when Pierre de Beaumont put an ad in Popular Mechanics...
The company says it will continue to operate its airport, e-commerce and wholesale businesses, and hopes to sell them.
SAO PAULO, Aug 1- Oi SA, Brazil's largest fixed-line telecom firm, is about to formally call for a general shareholders' meeting, a source with direct knowledge of the matter told Reuters, as the company pushes ahead with its aggressive restructuring plan. A quick reorganization also could help speed up consolidation in Brazil's competitive telecoms sector.
NEW YORK, July 31- McKinsey& Co urged a Manhattan federal judge to dismiss turnaround veteran Jay Alix's lawsuit claiming the consulting firm operates as a "criminal enterprise" by hiding conflicts of interest in its bankruptcy and restructuring operations. Alix's lawyer Sean O'Shea rejected McKinsey's defenses. Alix's 150- page complaint said McKinsey and...
NEW YORK, July 31- McKinsey& Co urged a Manhattan federal judge to dismiss turnaround veteran Jay Alix's lawsuit claiming the consulting firm operates as a "criminal enterprise" by hiding conflicts of interest in its bankruptcy and restructuring operations. Alix's lawyer Sean O'Shea rejected McKinsey's defenses. Alix's 150- page complaint said McKinsey and...
RadioShack is staging a comeback. The toy company is bringing its signature electronics back to stores across America in a new partnership with HobbyTown after emerging from bankruptcy — for a second time — as a shell of its former self last year.
BEIJING, July 23- Chinese soybean crusher Shandong Sunrise Group has filed for bankruptcy after failing to repay its debts, according to a court filing, highlighting the problems facing the sector as demand for animal feed declines and credit remains tight. The company registered the bankruptcy on Friday with a court in the county of Juxiang in Shandong...
EXCLUSIVE- BANKRUPTCY JUDGE ALLOWED MARBLE RIDGE, BURLINGTON TO PARTICIPATE IN OI CAPITAL HIKE, DENIED SILVER POINT'S REQUEST- DOCUMENTS.
Only a handful of the retailers that filed for bankruptcy in 2017 have successfully re-emerged.
July 13- A federal judge on Friday rejected an attempt by a major Puerto Rico bondholder to throw out the U.S. territory's historic municipal bankruptcy case. District Judge Laura Taylor Swain ruled that the creation by the U.S. Congress of a financial oversight board for Puerto Rico under a law known as PROMESA and the appointment of the board's members did not...
July 13- A federal judge on Friday rejected an attempt by a major Puerto Rico bondholder to throw out the U.S. territory's historic municipal bankruptcy case. District Judge Laura Taylor Swain ruled that the creation by the U.S. Congress of a financial oversight board for Puerto Rico under a law known as PROMESA and the appointment of the board's members did not...
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