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Bankruptcy News

PG&E will file for bankruptcy protection at end of January

California’s largest power company intends to file for bankruptcy as it faces tens of billions of dollars in potential liability following massive wildfires that devastated parts of the state over the last two years.

Building boom turning to bust as Turkey's economy slows

Mudurnu - Deep in a provincial region of northwestern Turkey, it looks like a mirage -- hundreds of luxury houses built in neat rows, their pointed towers somewhere between French chateau and Disney castle.

Sears prepares to liquidate as ESL bid fails to impress bankers

Tens of thousands of jobs are at risk after Sears Chairman Eddie Lampert’s bid to buy several hundred stores out of bankruptcy fell short of bankers’ qualifications, according to people with knowledge of the matter.

California's largest utility considering filing for bankruptcy

PG&E shares fell 20 percent in after-hours trading Friday after it was reported the utility had been considering bankruptcy or selling off its natural gas division in a plan to cover liability costs and avoid bankruptcy.

Without financing, path to liquidation begins at 4 pm for Sears

Sears is nearing a crucial deadline that could determine whether it survives. The company set Friday at 4 p.m. as the deadline for potential buyers to bid for Sears' assets. Without financing, Sears and KMart are on the path to liquidation.

Historic UK music retailer HMV collapses due to digital surge

London - British music retailer HMV, which was launched by English composer Edward Elgar in 1921 and helped propel the Beatles to fame, collapsed into administration on Friday as consumers switch to digital streaming in droves.

Historic UK music retailer HMV collapses for second time

London - British music retailer HMV, which was launched by English composer Edward Elgar in 1921, has collapsed into administration after weak Christmas sales and amid a declining market for CDs and DVDs, its owner said on Friday.

Scandal-hit US archidiocese to file for bankruptcy

Los Angeles - The Archdiocese of Santa Fe, which is facing a litany of lawsuits in New Mexico over claims of sexual abuse committed by priests, has announced it will file for bankruptcy protection.

Drought across northern and central Europe worst in recent memory

Farmers across northern and central Europe are facing crop failure and bankruptcy as one of the most intense regional droughts in recent memory strengthens its grip.

Central Africa says Boris Becker's diplomatic passport is 'fake'

Bangui - The Central African Republic (CAR) said on Tuesday that a diplomatic passport that tennis star Boris Becker claims entitles him to immunity in bankruptcy proceedings in Britain "is a fake.

Central Africa says Boris Becker's diplomatic passport is 'fake'

Bangui - The Central African Republic (CAR) said on Tuesday that a diplomatic passport that tennis star Boris Becker claims entitles him to immunity in bankruptcy proceedings in Britain "is a fake.

Boris Becker claims diplomatic immunity in bankcruptcy case

London - Three-time Wimbledon champion Boris Becker is claiming diplomatic immunity from ongoing bankruptcy proceedings in the UK on the basis that he is an ambassador for the Central African Republic, British media reported Friday.

Retailers filing for bankruptcies at staggering rates

Retail bankruptcies and defaults hit a peak last year, soaring past records set during the recession, and things could get even worse this year, according to the credit-ratings agency S&P Global Ratings.

Winn-Dixie owner Bi-Lo preparing for bankruptcy next month

Jacksonville - Supermarket company Bi-Lo LLC, which owns the Winn-Dixie chain, is planning to close at least 200 stores in a potential bankruptcy, two people familiar with the matter said on Friday, with the filing to come as soon as next month.

Bankrupt Takata faces angry shareholders

Toukyo - Takata executives faced angry investors Tuesday after the company at the centre of the world's biggest auto safety recall filed for bankruptcy and said it was being bought by a US company.

Japan's airbag giant Takata files for bankruptcy

Toukyo - Japan's crisis-hit car parts maker Takata filed for bankruptcy protection Monday and said its chief executive would quit after a deadly airbag crisis that triggered the auto industry's biggest ever safety recall.

Sears Canada files for creditor protection

Montr - Sears Canada filed for court protection from creditors Thursday as the onetime retail giant seeks to adapt to a changed landscape and tougher online competition.

Georgia Power has a new deal with Plant Vogtle contractors

Atlanta - Georgia Power reached an agreement with Toshiba that will pay Georgia Power $3.68 billion beginning in October 2017 through January 2021, clearing a path for the troubled Plant Vogtle expansion held up by Westinghouse taking bankruptcy in March.

Possible Westinghouse bankruptcy may be security risk for U.S.

Pittsburgh - U.S. nuclear developer Westinghouse Electric Company announced on Tuesday it would be seeking bankruptcy protection from creditors, as it continues to struggle to limit losses that have thrown parent company, Toshiba into crisis mode.

South Korea withdraws support for Hanjin shipping line

South Korea has withdrawn its support for shipping giant Hanjin, signaling it sees no future for the ailing company. With bankruptcy the only option left, 45 loaded container ships have been left stranded at sea.

Hulk Hogan verdict forces Gawker founder Denton into bankruptcy

New York - Gawker founder Nick Denton declared bankruptcy on Monday after a federal judge allowed collection efforts to begin on $140 million in damages the news website was found liable for in a lawsuit filed by professional wrestler Hulk Hogan.

Aeropostale files for bankruptcy protection, closes Canada stores

New York - After three consecutive years of losses, teen clothing retailer Aeropostale Inc. filed for Chapter 11 bankruptcy on Wednesday and pledged to reorganize.

Longtime San Francisco waterfront restaurant puts off eviction

San Francisco - An iconic waterfront restaurant that evoked a simpler time in San Francisco's colorful history filed for bankruptcy last Wednesday morning, just in time to head off eviction by the city's sheriff's department.

U.S. judge OKs $338 mn settlement in Canada rail disaster

New York - A US bankruptcy court approved Friday a Can$445 million ($338 million) settlement for victims of the fiery 2013 Lac-Megantic rail disaster in Quebec that killed 47 people.

Last-ditch offer could save Greece from bankruptcy

Athens - Electioneering was never like this! Down to its last day before an emergency summit on his country's future in the European Union, Greek Prime Minister Alexis Tsipras made a new offer Sunday to keep international bailout loans coming.

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.
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Winn-Dixie Corporate Offices  5050 Edgewood Ct.  Jacksonville  Duval County  Florida.
Winn-Dixie Corporate Offices, 5050 Edgewood Ct., Jacksonville, Duval County, Florida.
Michael Rivera
Charlotte Russe store front in August 2012.
Charlotte Russe store front in August 2012.
Cr.sf.olm
A Linens & Things going out of business
A Linens & Things going out of business
Flickr user Stephen Yeargin
Sign of the times - Foreclosure
Sign of the times - Foreclosure
respres
Untitled
PG&E
Around 85 Hanjin cargo ships are stranded outside ports in 26 countries.
Around 85 Hanjin cargo ships are stranded outside ports in 26 countries.
Bernard Fuchs
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
Borders bookstore.  Rogers  Ark.  Feb. 20  2011
Borders bookstore. Rogers, Ark. Feb. 20, 2011
ARRIVAL: New Jersey Gov. Chris Christie (left) greets U.S. President Barack Obama and FEMA Administr...
ARRIVAL: New Jersey Gov. Chris Christie (left) greets U.S. President Barack Obama and FEMA Administrator Craig Fugate on the tarmac at Atlantic City International Airport after the two federal officials arrived to tour storm damage from Hurrican Sandy in 2012.
White House photo by Chuck Kennedy
OFFICIAL: European Commission President Jean-Claude Juncker attends a European People s Party conven...
OFFICIAL: European Commission President Jean-Claude Juncker attends a European People's Party convention in Vilnius, Lithuania, in 2013.
European People's Party
The store front of Winn-Dixie Store #736 in Port Charlotte  Florida. This store is located in the Pr...
The store front of Winn-Dixie Store #736 in Port Charlotte, Florida. This store is located in the Promenades Mall on Tamiami Trail.
PCHS-NJROTC
Charlotte Russe store front in August 2012.
Charlotte Russe store front in August 2012.
Cr.sf.olm
Hanjin container shipping company filed for bankruptcy protection  stranding ships  sailors and merc...
Hanjin container shipping company filed for bankruptcy protection, stranding ships, sailors and merchandise at sea in 2016.
Ingrid Taytar
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
Philadelphia Energy Solutions  owner of two refineries  has filed for Chapter 11 bankruptcy.
Philadelphia Energy Solutions, owner of two refineries, has filed for Chapter 11 bankruptcy.
PES
Untitled
Solyndra Corporation
Hostess Twinkees
Hostess Twinkees
Larry D. Moore
Hanjin shipping containers awaiting pickup.
Hanjin shipping containers awaiting pickup.
Daryl Mitchell
The expansion of the Vogtle Power Plant in Georgia is already four years behind schedule.
The expansion of the Vogtle Power Plant in Georgia is already four years behind schedule.
Westinghouse Electric Co.

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