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Business Events Bankruptcy

  • NEW YORK, Aug 8- Three former executives at Transmar Commodity Group Ltd have been charged with defrauding banks to win a $400 million credit line for their now bankrupt, New Jersey- based cocoa trading company, federal prosecutors said on Tuesday. Peter G. Johnson, who was Transmar's chief executive; his son Peter B. Johnson, who oversaw Transmar's Euromar...

  • Venezuela could become first oil state to 'fully fail,' analyst warns

    Venezuela is teetering on the brink of a major meltdown and a key vote on could send the country over the edge.

  • WILMINGTON, Del., July 26- A U.S. bankruptcy judge on Wednesday gave Elliott Management Corp 11 more days to formalize its plans to bid on Oncor Electric Delivery Co before the court approves the $9 billion offer for the utility from Berkshire Hathaway Inc.. Judge Christopher Sontchi of the Delaware bankruptcy court pushed back the hearing for the approval of...

  • OSLO, July 26- Offshore drilling contractor Seadrill again delayed restructuring its $14 billion in debt and liabilities on Wednesday and reiterated that Chapter 11 bankruptcy was likely. Once the biggest offshore rig firm by market value and the crown jewel in the business empire of Norwegian billionaire John Fredriksen, Seadrill shares have fallen 99...

  • OSLO, July 26- Offshore drilling contractor Seadrill delayed the restructuring of its $14 billion in debt and liabilities on Wednesday and reiterated that Chapter 11 bankruptcy proceedings were likely. The crown jewel in the business empire of billionaire of John Fredriksen, has struggled as energy firms have slashed investment due to a more than 50 percent...

  • Private equity firm Sun Capital Partners is said to be considering a sale of restaurant chain Boston Market.

  • This woman lost $800,000 in the of the biggest corporate fraud cases ever

    Marlene Roth, a longtime employee of MCI and Worldcom, found out the hard way that if a company hits a rough patch so will your investments.

  • TORONTO, July 21- Sears Canada Inc said it would start liquidation sales on Friday at 54 stores that it plans to close as part of a court-approved restructuring plan to improve its performance following years of declining sales. Sears Canada, which in 2012 was spun off from U.S. retailer Sears Holdings Corp, filed for creditor protection in June and laid out a...

  • NEW YORK, July 20- Elias Sanchez, Governor Ricardo Rossellós liaison to Puerto Ricos financial oversight board who has been criticized over his financial disclosures, resigned on Thursday. Puerto Rico is in a historic economic crisis, with $72 billion in debt it cannot repay, a 45 percent poverty rate, and insolvent public pensions. Espacios Abiertos, a Puerto...

  • Halting the litigation would help Takata sell its healthy business to Key Safety Systems, which is owned by China's Ningbo Joyson Electronic Corp, according to TK Holdings Inc, the U.S. unit. Funds from that $1.6 billion proposed sale will be used to compensate injured drivers, according to court papers filed in the U.S. Bankruptcy Court in Wilmington, Delaware.

  • WILMINGTON, Del./ NEW YORK, July 17- The global recall of Takata Corp's defective air bags widened last week and the number of confirmed deaths rose, but legal experts said the bigger worry for car companies caught in the fallout is playing out in a Delaware bankruptcy courtroom. The car companies have been trying to use the bankruptcy to limit their liability for...

  • WILMINGTON, Del., July 12- An attorney for Elliott Management on Wednesday complained to a bankruptcy court judge that the owner of Texas's largest power distribution business did not provide the investment fund with information needed to line up financing for its offer of more than $18 billion to buy the company. Instead, Energy Future Holdings Corp, the...

  • Pedestrians walk past a Gymboree store in San Francisco, California.

    Gymboree will close 375 to 450 of its 1,281 stores in filing for a Chapter 11 bankruptcy reorganization.

  • CEO and Founder of Jawbone Hosain Rahman

    Jawbone had more than enough money to take on Fitbit and other health-tracking devices in the "wearables" market. That may have ended up being its biggest problem.

  • Jawbone's Jambox

    It's being reported that Jawbone — which made speakers, trackers and headsets — is liquidating, but its designs have staying power.

  • July 6- The energy unit of Warren Buffett's Berkshire Hathaway Inc is nearing a deal to acquire Oncor Electric Delivery Company LLC, allowing the utility to exit a three-year bankruptcy, according to people familiar with the matter. It also represents a return to a previously soured investment for Buffet, who in 2013 lost $873 million on his bonds in Oncor's...

  • A seven-member official committee will represent economic loss and personal injury or tort claimants, David Buchbinder, a lawyer with the U.S. Department of Justice's bankruptcy watchdog, told a meeting of creditors of Takata's U.S. business. Takata filed for bankruptcy in Japan and the United States last month, facing billions of dollars in liabilities from...

  • July 6- The energy unit of Warren Buffett's Berkshire Hathaway Inc is nearing a deal to acquire Oncor Electric Delivery Company LLC, which would allow the utility to exit a three-year-long bankruptcy, according to people familiar with the matter. Berkshire Hathaway Energy's deal for Dallas- based Oncor would come after the Public Utility Commission of Texas...

  • July 6- Sears Canada Inc on Thursday sought court approval for its restructuring efforts, two weeks after the Canadian retailer filed for creditor protection. The company set Oct. 4 as the deadline to obtain court approval of successful bids, while the company's sale and investment solicitation process has an expected completion date of Oct. 25.

  • July 5- True Religion Apparel Inc, whose heavily adorned denim jeans have fallen out of fashion, filed for bankruptcy on Wednesday with a deal in hand to slash its debt of about $500 million and emerge from court protection quickly as a going concern. The retailer joins American Apparel LLC, Payless ShoeSource Inc and other chains in bankruptcy as shoppers...