Recent Updates
-
Station Casinos files for Ch. 11 protection
Bankruptcy 07/29/2009Station Casinos Inc. voluntarily filed for Chapter 11 bankruptcy protection Tuesday, after the casino operator and its bondholders failed to reach a full agreement during months of negotiations. The company, which blamed the faltering economy for a f...
-
Lear files for Chapter 11 bankruptcy protection
Bankruptcy 07/07/2009Struggling automotive parts supplier Lear Corp. said it has filed for Chapter 11 bankruptcy protection after receiving the support it needed from lenders and bondholders.The company, which makes automotive seating systems and electronics, had been ne...
-
GM bankruptcy plan gains approval
Bankruptcy 07/06/2009General Motors cleared a major hurdle toward a quick exit from bankruptcy as a judge approved a government-backed plan to create a "new GM" that sheds major debts of the ailing Detroit automaker.The ruling released late Sunday paves the way for a "re...
-
Court to determine if bankruptcy hearing needed
Bankruptcy 06/15/2009The Supreme Court will decide whether student loans can be dismissed through bankruptcy with just a notice to the collector instead of a hearing proving that paying the money back would cause an "undue hardship." Francisco Espinosa gave United Studen...
-
Bankruptcy Judge To Show Exacting Style in GM Reorganization
Bankruptcy 06/02/2009U.S. Bankruptcy Judge Robert Gerber, who oversaw the biggest asset sale and the largest financing loan in court history, will show an exacting style of inquiry during General Motors Corp.’s reorganization, lawyers said. A U.S. judge in New York’s Sou...
-
GM workers taking in bankruptcy, its effects
Bankruptcy 06/01/2009For General Motors Corp. workers and others across the nation, reaction to the automaker's historic bankruptcy filing Monday and the effect on their plants and lives ranged from resignation to fear. Markis Coleman, 30, a GM employee at a plant in Ori...
-
GM shares fall below $1 as deadline approaches
Bankruptcy 05/29/2009Shares of General Motors Corp. have fallen below $1 for the first time in 76 years as a Chapter 11 bankruptcy filing for the automaker appears increasingly likely. GM shares lost more than 22 percent to fall as low as 87 cents in morning trading on F...
-
GM Debt-Equity Swap Fails Before Bankruptcy Deadline
Bankruptcy 05/27/2009A General Motors Corp. bankruptcy filing seemed inevitable after a rebellion by its bondholders forced it to withdraw on Wednesday a plan to swap bond debt for company stock. GM has until Monday to complete a government-ordered restructuring that inc...
-
Court lets stand $13M judgment against Chrysler
Bankruptcy 05/26/2009The Supreme Court has rejected a request from Chrysler to overturn a $13 million punitive damages award to the parents of an 8-month-old boy who died in the crash of a Dodge Caravan. The justices without comment Tuesday left in place a ruling by the ...
-
Filene's Basement files for Ch. 11 reorganization
Bankruptcy 05/04/2009Discount retailer Filene's Basement says it has filed to reorganize under Chapter 11 bankruptcy protection, less than two weeks after its new owner said it was reviewing "all available options." The privately held company also reached a deal that wil...
-
Chrysler To File For Bankruptcy
Bankruptcy 04/30/2009Storied Detroit automaker Chrysler will file for bankruptcy in New York court almost immediately, senior administration officials said Thursday. "We worked very hard to keep this company out of bankruptcy," one official said on a conference call with...
-
Wamu Sues jpmorgan to Recover $4 Billion in Deposits
Bankruptcy 04/29/2009Lawyers for Washington Mutual Inc. have filed a bankruptcy court complaint against JPMorgan Chase & Co. over some $4 billion in disputed assets. Seattle-based WaMu, which filed for Chapter 11 reorganization along with its Washington Mutual Invest...