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Bankruptcy News

News on Bankruptcy continually updated from thousands of sources around the net.

2 hrs ago | The New Zealand Herald

Ex-Orcon owner gets bankruptcy reprieve

Warren Hurst's liabilities total more than $3.5 million and his creditors include former Orcon chief executive Greg McAlister, above left. Photo / Richard Robinson One of the former owners of internet company Orcon who has debts of $3.57 million has avoided bankruptcy and will attempt to appease creditors with a $343,000 deal.

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3 hrs ago | Canadian Business Magazine

Sept. 24 auction for closed $2.4 billion Revel casino approved by bankruptcy court judge

A bankruptcy court judge on Monday approved a Sept. 24 auction for the failed $2.4 billion Revel Casino Hotel in Atlantic City after a Florida developer offered $90 million cash for the closed building.

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4 hrs ago | Business Journal

Wall Street worried about dismal cash flows, possible bankruptcy at RadioShack

Wall Street is eyeing RadioShack warily after the electronics retailer's most recent Security and Exchange filings have shown continued liquidity problems and business struggles, which could force RadioShack to seek bankruptcy if it cannot raise new capital or find a partner or buyer. RadioShack, based in Fort Worth, Texas, has 48 stores in the St. Louis area, according to its online store locator.

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8 hrs ago | Business Journal

Couple faces criminal charges for hiding pricey items from bankruptcy

A Palm Beach couple face criminal charges for attempting to hide pricey assets such as jewelry and silverware from bankruptcy court.

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8 hrs ago | Business Journal

Couple faces criminal charges for hiding pricey items from bankruptcy

A Palm Beach couple face criminal charges for attempting to hide pricey assets such as jewelry and silverware from bankruptcy court. Dr. Richard S. Krugman and Tamara B. Giordano filed Chapter 7 in 2008 hoping to extinguish $2.9 million in debt.

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8 hrs ago | Reuters

UPDATE 1-Nextel carrier NII to seek bankruptcy as early as Monday -sources

NII Holdings Inc, the Nextel operator struggling with $5.8 billion in debt and fierce competition in Brazil and Mexico, plans to file for bankruptcy protection in the United States as early as Monday, according to two sources with direct knowledge of the situation. According to one source, who requested anonymity since the process is underway, the so-called Chapter 11 filing would allow Reston, Virginia-based NII Holdings to restructure debt with creditors by turning them into shareholders.

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Related Topix: Wireless, Telecom, NII Holdings, Economics News, Reston, VA

9 hrs ago | West Australian

RadioShack CFO resigns; AlixPartners MD named interim CFO

Struggling electronics retailer RadioShack Corp, which is teetering on the brink of bankruptcy, said John Feray resigned as chief financial officer last week. The company said on Monday it named AlixPartners LLP managing director Holly Etlin as interim CFO.

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Related Topix: RadioShack, Retail, Financial Services, AlixPartners, Economics News

12 hrs ago | ArkansasBusiness.com

Harvest Problems Crop Up in Turner Grain President's Bankruptcy Case

It looks like the 50-50 partnership has gone bad between farmer Keith Wilkison and Dale C. Bartlett, the president of Turner Grain Merchandising Inc. of Brinkley.

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Related Topix: Agriculture, Science, Economics News

13 hrs ago | Michigan Radio

After Detroit bankruptcy, is there enough money?

The pieces are falling into place for Detroit to eventually emerge from bankruptcy with a lot less of its budget-servicing debt. But the city of Detroit's budget could still be a house of cards.

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Related Topix: Detroit, MI, Economics News, Non-Profit, Home Listing, Home

17 hrs ago | West Australian

New asbestos compo plan 'morally bankrupt'

Asbestos victims have rejected a "morally bankrupt" proposal for James Hardie to ditch lump sum compensation packages in favour of instalment payments. The fund set up to compensate victims of James Hardie's building products warns it will face a $184 million shortfall by 2017 and wants to change how it handles payouts to suffers.

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Sun Sep 14, 2014

Detroit Free Press

Creditor Syncora to drop objections to Orr's plan in Detroit bankruptcy

I am a single mother of two kids; my son is a college senior and my daughter is a junior in high... Bond insurer Financial Guaranty Insurance Co. would be the sole remaining major creditor fighting the city's plan to slash more than $7 billion in liabilities and reinvest $1.4 billion in services over 10 years.

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Related Topix: Economics News, Detroit, MI

The Eastern Echo

How Kwame Kilpatrick gambled away Detroit's money

On July 18, 2013, Detroit filed for Chapter 9 bankruptcy after decades of social and industrial decline. By this time, only General Motors Company's headquarters remained in its borders, and only 713,862 remained of the 1.85 million citizens that lived in the city in the 1950s.

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Related Topix: Detroit, MI, Automakers, General Motors

Business Journal

Trump Taj Mahal officially warns 3,100 employees of a Nov. 13 closure

The closure of the Trump Taj Mahal casino is looking more and more like a reality. On Friday, the casino issued notices for 3,101 employees at the Atlantic City facility.

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National Public Radio

A Fresh Take On Dystopia In 'Chimpanzee'

The recent wave of dystopian novels - okay, let's call it a glut - has focused attention on all kinds of Earth-threatening ills, from climate change to genetically modified food. The plight of student-loan debtors and struggling academics, however, hasn't usually topped that list.

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Related Topix: Economics News, Arts, Literature

ArkansasBusiness.com

UPDATED: Affiliated Foods Files Chapter 11 Bankruptcy

The company employs 530 people at its Little Rock warehouse. Most of them will be let go over the next month, Affiliated's Al Miller told ArkansasBusiness.com .

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Hispanic Business

Brazil prosecutors file criminal charges against Eike Batista

Prosecutors in this metropolis said Saturday they accused Batista of "market manipulation" and "improper use of privileged information," crimes punishable by up to 13 years in prison. The office said it has requested that assets including houses, apartments, boats and airplanes be frozen to compensate investors who lost money when several of Batista's businesses, most of them listed on the , went bankrupt.

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Sat Sep 13, 2014

MarketWatch

Cost of Detroit's bankruptcy reaches $126 million

The cost of Detroit's historic bankruptcy has reached $126 million and counting, surpassing the bills the big auto makers faced when they were in similar straits. An internal report on fees to outside advisers shows costs have roughly grown by four times since December when the city reported the total bill at nearly $28 million.

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Forbes.com

Bid On Michael Jackson Treasures, Help Estate Fight IRS Too

I'm a tax lawyer based in San Francisco , but I handle tax matters everywhere. I enjoy untangling a tax mess from the past, disputing taxes with the government or planning taxes for the future.

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Related Topix: Tax, Dance, Black Entertainment, Pop/Rock, Michael Jackson, Economics News

WKXW-FM Trenton

Bankruptcy trustee objects to parts of proposed Revel deal

The proposed auction date for the Revel Casino Hotel is too soon and a $3 million breakup fee that would go to a Florida developer if he's outbid for the recently shuttered site is inappropriate, a U.S. Bankruptcy Court trustee said. DeAngelis says the Sept.

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AlertNet

ANALYSIS-Detroit end in sight as deals leave FGIC last major bankruptcy holdout

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