Business Events Bankruptcy

  • The Chapter 11 filing affords "finality" for WMC, given its limited cash-- $175,000-- and support from GE, and the threat of further claims, WMC Chief Executive Mark Asdourian said in a filing with the U.S. bankruptcy court in Wilmington, Delaware. WMC was bought by General Electric's GE Capital unit in 2004, and originated more than $65 billion of mortgage loans from...

  • NEW YORK, April 18- Sears Holdings Corp sued longtime former Chairman Eddie Lampert, his hedge fund ESL Investments and others like Treasury Secretary Steven Mnuchin, claiming they illegally siphoned billions of dollars of assets from the retailer before it went bankrupt. Others sued include ESL President Kunal Kamlani; Bruce Berkowitz and his Fairholme...

  • NEW YORK, April 18- Sears Holdings Corp sued longtime former chairman Eddie Lampert, his hedge fund ESL Investments and others like Treasury Secretary Steven Mnuchin, claiming they illegally siphoned billions of dollars of assets from the retailer before it went bankrupt. Others sued include ESL President Kunal Kamlani; Bruce Berkowitz and his Fairholme...

  • In this Nov. 17, 2004 file photo, Kmart chairman Edward Lampert listens during a news conference to announce the merger of Kmart and Sears in New York.

    Sears filed a lawsuit against its former CEO Eddie Lampert, Treasury's Mnuchin, and others for allegedly stealing billions from the retailer.

  • NEW YORK, April 18- Sears Holdings Corp sued longtime Chairman Eddie Lampert, his hedge fund ESL Investments, and former directors including Treasury Secretary Steven Mnuchin, accusing them of allowing the retailer to be looted of billions of dollars before its October 2018 bankruptcy. Other defendants include Bruce Berkowitz and his Fairholme Capital...

  • A charred vehicle was left in the middle of Honey Run Road as the Camp Fire continues with zero containment in Paradise, Calif., on Friday, Nov. 9, 2018.

    California Gov. Gavin Newsom on Friday released a wildfire report that slams PG&E for its role in major blazes and suggests the state could push to break up the utility.

  • CHICAGO, April 12- Four banks on Friday fired back at a move by Puerto Rico's federally created financial oversight board to force them to disclose customer information related to certain debt issued by the bankrupt U.S. commonwealth. The board on Monday asked the U.S. District Court judge hearing the island's bankruptcy cases to compel the banks to submit...

  • PG&E crews remove power lines damaged by fire off Bille Road in Paradise, Calif., on Saturday, Nov. 10, 2018.

    A U.S. bankruptcy judge deferred a ruling on whether to approve a PG&E plan to pay up to $350 million in bonuses to 10,000 employees.

  • SAN FRANCISCO, March 27- Bankrupt California power provider PG&E Corp won court approval on Wednesday for a $5.5 billion loan to help maintain electricity and natural gas delivery and for investments to reduce the risk of wildfires as it reorganizes. San Francisco- based PG&E filed for Chapter 11 bankruptcy protection in January in the aftermath of...

  • A tractor fills in an area of a corn field where rains washed out the soil in Princeton, Illinois.

    Congress is considering reforms to the Chapter 12 bankruptcy law to allow more financially distressed family farmers to remain in operation.

  • March 22- A major battery storage project that would help California replace three of its natural gas power plants may need to be scrapped as a result of PG&E Corp's bankruptcy, according to court documents filed this week. Because PG&E can reject contracts in bankruptcy, energy developer esVolta LP said in papers filed with the U.S. Bankruptcy Court in San...

  • *India gearing up for general election starting April. *India one of world's fastest-growing aviation markets. NEW DELHI, March 19- India's government has asked state-run banks to rescue privately held Jet Airways without pushing it into bankruptcy, as Prime Minister Narendra Modi seeks to avert thousands of job losses weeks before a general election, two...

  • Pier 1, which has roughly 987 stores in the United States and Canada, has added debt restructuring specialists at Kirkland& Ellis LLP to a roster of advisers counseling the chain as it explores strategic alternatives, the sources said. As of December, the company had about $200 million in long-term debt. However, a bankruptcy filing is not yet on the horizon for...

  • March 13- Purdue Pharma's Chief Executive Officer Craig Landau said the company is considering bankruptcy, the Washington Post reported on Wednesday, as the OxyContin maker faces a slew of lawsuits alleging the drugmaker contributed to opioid epidemic sweeping the United States. Filing for Chapter 11 protection would halt the lawsuits and allow Purdue to...

  • DUBAI/ RIYADH, March 9- A Saudi court has approved an application by detained and indebted billionaire Maan al-Sanea and his company, Saad, to have their case resolved through the kingdom's new bankruptcy law, the company's financial adviser and two sources familiar with the matter told Reuters. Creditors have spent the past 10 years pursuing Saad, which is based...

  • SAUDI COURT APPROVES AL-SANEA AND SAAD'S FILING FOR FINANCIAL REORGANISATION UNDER BANKRUPTCY LAW.

  • NEW YORK, March 6- Sears is back into court, less than one month after emerging from bankruptcy protection. Craftsman had been an iconic Sears brand before Stanley paid about $900 million for it in March 2017, while giving Sears what it called a "limited" license to sell some Craftsman products. Sears emerged from Chapter 11 in February after longtime Chairman...

  • It said it has not been spared in the recent downturn in the retail sector, having lost money for six straight years as annual sales plunged 53 percent, to $104 million.

  • Here's what you need to know about Purdue Pharma and the opioid crisis

    Katie Zezima, Washington Post reporter who has been covering the opioid crisis for eight years, joins 'The Exchange' to discuss oxycontin maker Purdue exploring bankruptcy after being pressured for its role in the opioid crisis.

  • March 4- OxyContin maker Purdue Pharma LP is exploring filing for bankruptcy to address potentially significant liabilities from roughly 2,000 lawsuits alleging the drugmaker contributed to the deadly opioid crisis sweeping the United States, people familiar with the matter said on Monday. "We will oppose any attempt to avoid our claims, and will continue...