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Bankruptcy News

Judgement handed down in nation's largest labor-trafficking case

New Orleans - On Wednesday, a New Orleans jury awarded $14 million to five Indian men, lured to the U.S. and forced to live in inhumane conditions after Hurricane Katrina while working for a U.S. ship repair firm.

Homeless in Detroit set up tent city in the shadow of downtown

Detroit - With Detroit, Michigan looking to the future after shedding a $7.0 billion bankruptcy debt, city officials are now going to need to address the tent city of homeless people that has been set up in the shadow of the downtown area.

Back from the edge — Radio Shack gets new financing offer

New York City - Ubiquitous US electronics retailer RadioShack Corp. reportedly has received an offer of nearly $600 million in financing that could enable it to avoid bankruptcy.

Ontario provincial governments look to liquidate GM holdings

When General Motors emerged from bankruptcy in 2010, the Canadian federal and Ontario provincial governments found themselves among the largest shareholders in one of the biggest automakers in the world and, currently, the governments want to liquidate.

Judge declares Mexicana airline bankrupt

Mexico - A Mexican judge has declared Mexicana de Aviacion, one of Latin America's oldest airlines, bankrupt and ordered the sale of the debt-ridden company's assets, a court said Friday.

LightSquared asks court not to re-open trial with Ergen

Broadband company LightSquared has urged a judge not to re-open a trial that ended last week over Dish Network Corp Chairman Charles Ergen's purchase of LightSquared debt, saying it would delay resolution...

Bankrupt Fisker sells assets to China's Wanxiang

Washington - The one-time star electric carmaker Fisker Automotive said Monday it sold "substantially all" of its assets to the Chinese auto parts group Wanxiang for $150 million.The news came after last year's bankruptcy filing by Fisker, whose sleek, sporty elect...

Austrian offers up 7,000 artworks to save DIY chain

Vienna - An Austrian businessman offered Monday to sell his renowned 7,000-work contemporary art collection to the state for 86 million euros ($118.5 million) to save his stricken international home improvement chain."My wife and I are ready to hand over the en...

Judge hears arguments on LightSquared bankruptcy plan

A member of a committee helping to oversee LightSquared's restructuring said on Wednesday he believes the company's plan to subordinate the claims of its largest creditor, Dish Network Corp <DISH.O>...

Ahead of bankruptcy hearing, LightSquared seeks finding against Ergen

Broadband company LightSquared on Monday urged a judge to find that its largest creditor, Dish Network Corp Chairman Charles Ergen, acquired his debt holding improperly. U.S.

Sandwich chain Quiznos files for bankruptcy protection

Sandwich chain Quiznos Corp filed for pre-packaged bankruptcy protection on Friday after struggling for years with high debt and rising competition.

Bitcoin exchange MtGox files for US bankruptcy protection

New York - The troubled Bitcoin exchange MtGox filed for protection under US bankruptcy law Monday, 10 days after doing the same in Japan after a huge loss of the digital currency, a court document showed.The Japanese firm is now protected temporarily under Chapt...

Pizza chain Sbarro files for bankruptcy again

New York - US pizza chain Sbarro Monday filed for bankruptcy protection for the second time in three years as a slowdown in mall traffic weighs on sales at its fast food restaurants.The restauranteur requested protection under Chapter 11 while it reorganizes its ...

Pizza chain Sbarro files for bankruptcy protection

Pizza chain Sbarro LLC has filed for bankruptcy protection for the second time in three years after struggling with too much debt and fewer customers in malls that house many of its restaurants.

Mt. Gox files U.S. bankruptcy, opponents call it a ruse

Mt. Gox, once the world's largest bitcoin exchange, received U.S. bankruptcy protection on Monday to temporarily halt U.S. legal action against the Japanese company by traders who allege the operation was a fraud.

Bitcoin exchange MtGox files for bankruptcy

MtGox, one of the largest Bitcoin exchanges, has filed for bankruptcy. Bitcoins provide a bank account to anyone with a mobile phone, no ID required. However, the freedom to trade seems to have led to a weakness in the systems of major bitcoin exchanges.

Were you 'goxed'? Might want to add this term to your vocabulary

Bitcoin experienced a significant rise, and now an even faster fall. One of the world's largest exchange for bitcoins was shut down and now filed for bankruptcy.

MtGox Bitcoin exchange 'files for bankruptcy protection'

Tokyo - The troubled MtGox bitcoin exchange filed for bankruptcy protection in Japan Friday after claims of a multi-million dollar theft from its digital vaults, media reports said.The Tokyo District Court accepted the application from MtGox, Jiji Press and pu...

Clock ticks on Ergen, Falcone fight for LightSquared

With its money running out and a crucial court battle unresolved, the fight over bankrupt wireless venture LightSquared is going down to the wire.

Superstar Placido Domingo lights up NYC Opera tribute

New York - Placido Domingo, one of opera's most popular superstars, went back to his roots late Friday to celebrate the 70th anniversary of the now defunct New York company that launched his career.Since its first performance in 1944 the beloved New York City Ope...

Ergen balks at treatment under LightSquared's restructuring plan

Charlie Ergen, the largest creditor of bankrupt wireless venture LightSquared, on Friday objected to a framework of the company's restructuring plan that would pay him in the form of a note while giving o...

Op-Ed: Abusing the language — EU changing ‘bankruptcy’ to ‘debt adjusted’

Brussels - You’re not broke, you’re adjusted. You’re not miserable, you’re emotionally fluxed. You’re not using meaningful language, you’re finding excuses. The politically obsessive EU has decided that the word “bankruptcy” has too much of a stigma.

LightSquared may file new restructuring plan by Friday

LightSquared hopes to submit a consensual restructuring plan by Friday, although the judge overseeing the wireless venture's bankruptcy isn't convinced that will happen.

German wind park group Prokon files for insolvency

Frankfurt - Prokon, a German financier, developer and operator of wind parks which financed itself via retail investors, has filed for insolvency, it announced on its website on Thursday.

Montenegro launches tender for bankrupt aluminium plant

Podgorica - Montenegro on Saturday launched a tender to sell the partially state-owned KAP aluminium plant, its biggest industrial employer, which has been declared bankrupt, an official said.

Op-Ed: Manny Pacquiao could go bankrupt due to poor financial planning

What happens if boxer Manny Pacquiao suddenly gets injured or disabled in his next ring encounter? God forbid he does not because his fight purse won't be enough to settle his maturing tax obligations to the U.S. and the Philippine governments.

HipHop Caucus Detroit: Edutainment 101 Special

Detroit - The Hip Hop Caucus is a civil and human rights organization for the 21st century, which began in 2004. Its vision is to create a more "just and sustainable" world by engaging and mobilizing more people in the policy making process.

Review: Stranger than fiction, the lives of soap stars Special

Some of the plots in the UK's leading soaps beggar belief, but the off-screen trials and tribulations of their casts are stranger than fiction.

Op-Ed: What can be done about Detroit?

Detroit - The City of Detroit is broke. Can alternative economics solve this problem, or must it go down the tubes because of the lack of finance?
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Detroit Mayor David Bing during a meeting focusing on the financial stability of the city
Detroit Mayor David Bing during a meeting focusing on the financial stability of the city
City of Detroit
Borders bookstore.  Rogers  Ark.  Feb. 20  2011
Borders bookstore. Rogers, Ark. Feb. 20, 2011
Hostess Twinkees
Hostess Twinkees
Larry D. Moore
A Linens & Things going out of business
A Linens & Things going out of business
Flickr user Stephen Yeargin
Casey Anthony leaves the federal courthouse in Tampa  with a U.S. Marshal after a bankruptcy hearing...
Casey Anthony leaves the federal courthouse in Tampa, with a U.S. Marshal after a bankruptcy hearing Monday, March 4, 2013.
Twitter via AP
Solyndra Corporation
A Radio Shack store is seen at the West Valley Mall in Tracy  Calif.  60 miles east of San Francisco...
A Radio Shack store is seen at the West Valley Mall in Tracy, Calif., 60 miles east of San Francisco.
Davidcaballero864/Wikimedia Commons

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