Bankruptcy News

The American coal industry is in free-fall and companies are being forced to do whatever it takes to keep from closing their doors.

June 17, 2013 - In two separate rulings, and in two separate federal circuits, appeals courts have now allowed the discharge of federally backed student loans in two bankruptcy cases.

The company that owns the Chicago Tribune, Los Angeles Times and more than 20 television station made slightly less money last year as it ended a lengthy ordeal in bankruptcy court.

Emergency Manager Kevyn Orr's plan to suspend payments on $2 billion of Detroit's debt threatens a basic tenet of the $3.7 trillion municipal market: that states and cities will raise taxes as high as needed to avoid default.

Conservative Prime Minister Antonis Samaras' fragile three-party coalition formed to save debt-stifled Greece from bankruptcy this time last year is now flirting with the political instability that has forced three changes of government in as many years.

Orchard Supply Hardware Stores Corp has filed for Chapter 11 bankruptcy protection, court documents showed on Monday, with rival retailer Lowe's Companies set to buy the majority of its assets for $205 million in cash.

"The Real Housewives of New Jersey " star Teresa Giudice sold herself as a wealthy housewife to three adorable daughters and a hardworking man on the first season of the show.

The companies last week named eight senior executives, including five from US Airways and three from American parent AMR Corp. AMR and US Airways Group Inc. hope to complete their proposed merger this summer.

The emergency manager who was sent to reverse the fortunes of this financially troubled city asked some of its creditors on Friday to accept pennies on the dollar as he laid out his plan for tackling Detroit's staggering debt, kick-starting negotiations that could determine whether the city is headed to bankruptcy court.

West Virginia billionaire Jim Justice made his fortune in coal and agriculture, and he is revered in his home state as the man who rescued the historic Greenbrier resort from bankruptcy.

A company stuck in bankruptcy for 12 years may not seem like much of a catch, but investors have fallen in love with U.S. specialty chemical manufacturer W.R. Grace & Co and its surging sales to the energy sector.

Los Angeles, June 16: Sinbad, the 1990s comedian, has claimed he is broke again and reportedly he is filing for bankruptcy for the second time since 2009.

Bishop Andrew Merritt of the Straight Gate International Church located in Detroit in the sanctuary of his church on Saturday June 16, 2013.

Patriot Coal spent $57.7 million on "professional fees" during the 10 months between July 2012, when the company filed for Chapter 11 bankruptcy, and April 2013.

The Roman Catholic bishop of Stockton has warned parishioners that his diocese might run out of money before it has paid damages to all of the people who have sued over clergy sex abuse, a newspaper reported Saturday.

Half Price Lawyers, a full-service law firm offering counsel throughout the Las Vegas Valley, announced today the addition of Caleb Zobrist as the company's managing attorney for its bankruptcy department.

Halsey Minor, the CNET Networks Inc. founder who filed for bankruptcy last month, is seeking to reinstate his case after it was dismissed, saying he shouldn't be punished because his attorney missed a deadline for handing in documents.

As Detroit seeks an out-of-court resolution to its financial crisis, emergency manager Kevyn Orr continues to lay the groundwork for a potential Chapter 9 bankruptcy filing.

Two of the biggest companies in the industry most closely associated with Detroit expressed support for the city, which announced plans to miss debt payments today that will make it the most populous U.S. city to default since Cleveland in 1978.

CLICKONDETROIT.COM AND CLICK ON THE WEATHER TAB. ALSO MAKING NEWS AT THIS HOUR, DETROIT EMERGENCY MANAGER KEVYN ORR IS MEETING WITH THE CITY'S CREDITORS TO TRY AND BROKER A DEAL TO HELP KEEP DETROIT OUT OF BANKRUPTCY.