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Bankruptcy News

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

14 min ago | Sunherald.com

Detroit still needs $350M from state lawmakers

The city has an $816 million pledge from foundations, philanthropists and Gov. Rick Snyder to shore up pension funds and prevent the sale of city-owned art as part of Detroit's strategy for exiting the largest public bankruptcy in U.S. history.

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Related Topix: Michigan, Michigan Government, US Governors, Rick Snyder, Economics News

4 hrs ago | Key 103

Mt Gox Bitcoin Exchange Heads For Liquidation

A court-appointed administrator confirmed the rejection and said CEO Mark Karpeles is also likely to be investigated for liability in the collapse of the Tokyo-based firm.

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Related Topix: Economics News, Bitcoin

6 hrs ago | Reuters

GM to seek court protection against ignition suits

General Motors Co said it would ask a U.S. bankruptcy court to bar plaintiffs from proceeding with lawsuits against the automaker for claims related to any actions before it filed for bankruptcy in 2009.

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Related Topix: Economics News

8 hrs ago | Norwalk Citizen News

Court rejects bankruptcy protection for Mt. Gox

Mt. Gox said Wednesday the Tokyo District Court decided the company, which was a trading platform and storehouse for the bitcoin virtual currency, would not be able to resurrect itself under a business rehabilitation process filed for in February.

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Related Topix: Economics News, Bitcoin

13 hrs ago | Metro Times

Detroit bankruptcy 'cramdown' could end pension fight

After rejecting two previous proposals, U.S. Bankruptcy Judge Steven Rhodes last week approved an agreement that has the city of Detroit paying $85 million to escape a disastrous interest-rate swap deal with two banks.

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Related Topix: Detroit, MI, Economics News

Tue Apr 15, 2014

Nanaimo Daily News

Mediators say deal in Detroit bankruptcy means no pension cuts to police, fire retirees

The city of Detroit reached a deal with a group of retired police officers and firefighters that would protect pensions but trim annual cost-of-living payments - the first major agreement with retirees in the bankruptcy case, mediators announced Tuesday.

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Related Topix: Pension, Personal Finance, Economics News, Retirement, Rick Snyder, US Governors

Detroit Free Press

GM seeks bankruptcy ruling on its product liability protection

General Motors wants to delay a federal judge in San Francisco from ruling on a class-action case until a bankruptcy judge in New York decides whether the company is shielded from all product liability claims tied to crashes or defects before it exited bankruptcy in July 2009.

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Related Topix: Economics News

Bradenton.com

Miss. man pleads not guilty in bankruptcy fraud

Prosecutors claim that after Community Home Financial Services filed for Chapter 11 bankruptcy protection, the 57-year-old Dickson wired nearly $9.1 million from the mortgage company's accounts, mostly to a bank in Panama.

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Related Topix: Economics News, Bradenton, FL

Dallas Morning News

EFH delays 10-K again, negotiations with creditors continue

Energy Future Holdings has delayed filing its 10-K earnings statement yet again, as the Texas power giant continues to negotiate with creditors ahead of a bankruptcy filing.

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Related Topix: Economics News, US Securities and Exchange Commission, Financial Services, Corporate / Securities Law, Law, TXU, Energy

WTNH

Textbook publisher quits Stamford for Boston

The company, which emerged from Chapter 11 bankruptcy protection this month after restructuring its finances, will locate 500 jobs in Boston and is looking to add about 50 full-time jobs.

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Related Topix: Economics News

WISH-TV Indianapolis

Firm nears takeover of Indiana Limestone Co.

An investment firm is the only bidder to take over a southern Indiana company that supplied limestone to the Empire State Building, the Pentagon and other iconic buildings.

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Related Topix: Economics News

Business Journal

Coldwater Creek bankruptcy filing affects five Tampa Bay stores

The women's clothing store, based in Sandpoint, Idaho, filed for Chapter 11 protection after it unsuccessfully tried to sell the company, according to a report by the Denver Business Journal .

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Related Topix: Economics News, Sandpoint, ID

The New Zealand Herald

Call for clearer KiwiSaver bankruptcy rules

Calls are being made for clearer rules around what happens to a person's KiwiSaver savings when they are declared bankrupt.

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Related Topix: Economics News, Personal Finance, Retirement

Mon Apr 14, 2014

Reuters

Mt. Gox founder won't appear in U.S. for questions about bankruptcy case

Mark Karpeles, the founder of Mt. Gox, said he would not come to the United States to answer questions about the Japanese bitcoin exchange's U.S. bankruptcy case, Mt.

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Related Topix: Economics News, Bitcoin

WXYZ

Tentative agreement could speed up bankruptcy

Sources are confirming to 7 Action News that Detroit has reached a tentative agreement with one group of Detroit retirees.

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Related Topix: Economics News, Detroit, MI, Pension, Personal Finance

Northern Michigan News

Free Press columnist wins Pulitzer for commentary

Detroit Free Press columnist Stephen Henderson has been awarded a Pulitzer Prize for his commentary on the city's financial crisis, it was announced Monday.

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Related Topix: Columbia University, Journalism, Detroit, MI, Economics News

Patch.com

Coldwater Creek Files for Bankruptcy, Will Close Stores

By Liz Taurasi Stricken with declining sales, a severe cash crunch and mounting debts, women's retailer Coldwater Creek announced it has filed for Chapter 11 bankruptcy protection and all stores would be closing.

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Related Topix: Economics News, Rolling Hills Estates, CA

Sofia News Agency

Bulgarian Railway Co Faces Bankruptcy Unless Accounts Are Unblocked

Deputy Transport Minister Anton Ginev has cautioned that the Bulgarian State Railways company faces bankruptcy unless its accounts are unblocked.

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Related Topix: Europe, Bulgaria, World News, Economics News

Independent.ie

Number declaring bankruptcy to soar into the thousands

The newly created Insolvency Service of Ireland expects a huge surge in the number of people declaring bankruptcy.

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Related Topix: Economics News

Sun Apr 13, 2014

The Washington Post

Apollo's Momentive Files for Bankruptcy With Exit Financing

Momentive Performance Materials Inc., a maker of coatings and resins found in shampoos and auto parts, filed for bankruptcy after struggling to make payments on debt dating to its 2006 buyout by Leon Black's Apollo Global Management LLC. The chemical producer listed $2.69 billion in assets and $4.17 billion in debt in its Chapter 11 filing ... (more)

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Related Topix: Economics News, White Plains, NY, Waterford, NY, Business News

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