Recent Updates
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Court hearings resume in Jefferson bankruptcy case
Bankruptcy 01/05/2012Court hearings in Jefferson County's record-setting bankruptcy filing are scheduled to resume Thursday. The Birmingham News reports that U.S. Bankruptcy Judge Thomas Bennett is expected to consider a variety of motions. Jefferson County filed the lar...
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Saab files for bankruptcy after Chinese deal fails
Bankruptcy 12/19/2011Saab Automobile filed for bankruptcy on Monday, giving up a desperate struggle to stay in business after previous owner General Motors Co. blocked takeover attempts by Chinese investors. Saab CEO Victor Muller personally handed in the bankruptcy appl...
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Wall St. seeks dismissal of Ala. record bankruptcy
Bankruptcy 12/16/2011Wall Street creditors asked a federal judge Thursday to throw out the record bankruptcy filed by Alabama's largest county over more than $4 billion in debt, arguing state law doesn't allow it. Lenders claimed during a hearing and in court documents t...
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City Council in Pa. capital again seeks bankruptcy
Bankruptcy 12/12/2011The City Council has appealed a judge's decision to throw out the bankruptcy petition of Pennsylvania's debt-choked capital city, its attorney said. The appeal was filed Saturday in federal court, City Council attorney Mark Schwartz said in an email....
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American Airlines files for bankruptcy protection
Bankruptcy 11/29/2011The parent company of American Airlines filed for bankruptcy protection Tuesday, seeking relief from crushing debt caused by high fuel prices and expensive labor contracts that its competitors shed years ago. The company also replaced its CEO, and th...
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Ala. county files for largest municipal bankruptcy
Bankruptcy 11/10/2011Alabama’s most populous county filed what became the largest municipal bankruptcy in U.S. history in an effort to retake control of its beleaguered sewer system and wipe away as much of its whopping $4.15 billion in debt as possible. Jefferson County...
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MF Global faces class-action suits after bankruptcy
Bankruptcy 11/06/2011Two class-action lawsuits have been filed against bankrupt brokerage MF Global as customers struggle to recover funds from the first major US casualty of the European debt crisis. On Saturday, Seattle-based Hagens Berman said it was "investigating wh...
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Debt-crippled Pa. capital files for bankruptcy
Bankruptcy 10/13/2011Pennsylvania's distressed capital city filed for bankruptcy Wednesday, citing "imminent jeopardy" from lawsuits related to a debt-saddled municipal incinerator and setting up a power struggle between the mayor and City Council. The federal petition f...
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Bankruptcy judges asking $100 to cover Kagan talk
Bankruptcy 10/05/2011The national organization of bankruptcy judges says reporters are welcome to cover Supreme Court Justice Elena Kagan's talk at its convention in mid-October, if they pay $100. Groups sometimes close their events to the press or allow reporters in wit...
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Saab gets bankruptcy protection
Bankruptcy 09/22/2011A Swedish appeals court tossed a lifeline Wednesday to cash-strapped car maker Saab, approving its application for bankruptcy protection as it awaits funding from Chinese investors.The ruling by the Court of Appeal for Western Sweden, overturning a l...
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SC attorney's bankruptcy case headed to court
Bankruptcy 09/19/2011A bankruptcy trustees for an attorney well known for his television commercials and highway billboards will ask a court to convert the case to a straight liquidation, saying the lawyer is unlikely to be able to repay his creditors. The Sun News of My...
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Bankruptcy court rules against gay-marriage ban
Bankruptcy 06/15/2011Gene Balas and Carlos Morales were facing health problems and crushing financial pressures plaguing many U.S. households when they decided to file bankruptcy as a married couple. The Obama administration said they couldn't, citing the Defense of Marr...