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July 25, 2008 5:58:40 PM CDT

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Stories related to: bankruptcy

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  • July 2008

    • Vick Files for Bankruptcy

      newser  |  Bloomberg  |  Jul 8, 08 9:01 AM CDT

      Vick Files for Bankruptcy

      Imprisoned former NFL quarterback Michael Vick filed for Chapter 11 bankruptcy protection yesterday, Bloomberg reports. Vick reported debts of between $10 million and $50 million, with listed assets also at $10 million to $50 million. Vick owes millions to numerous parties, including the Atlanta Falcons and the Royal Bank of Canada. More »

      Tags

      Michael Vick  • bankruptcy

    • Italians Impatient With Alitalia Rescue Efforts

      newser  |  Bloomberg  |  Jul 4, 08 5:33 PM CDT

      Italians Impatient With Alitalia Rescue Efforts

      Fed up with government efforts to resuscitate Alitalia, many Italians think Rome needs to face reality and let the airline die, Bloomberg reports. PM Silvio Berluconi characterizes Alitalia’s survival as “a matter of national security,” but it hasn't turned a profit in nearly a decade. The latest plan for Alitalia is a restructuring scheme by Intesa Sanpaolo, Italy’s second-largest bank. More »

      Tags

      Italy  • airline  • bankruptcy  • Silvio Berlusconi  • government  • bailout  • Alitalia

  • June 2008

    • New Owners to Close All Sharper Image Stores

      newser  |  CNET  |  Jun 2, 08 6:03 AM CDT

      New Owners to Close All Sharper Image Stores

      Specialty gadget retailer Sharper Image, purchased Thursday in a bankruptcy auction for $49 million by investment firms Hilco Organization and Gordon Brothers, will close its remaining 86 stores, reports CNet. The new owners say they’ve developed a wide-ranging licensing strategy for the brand and will continue developing the company after unloading some $50 million in inventory. Sharper Image filed for bankruptcy in February. More »

      Tags

      bankruptcy  • retailing  • Sharper Image

  • May 2008

    • Bankrupt, Linens 'n Things Will Fold 120 Stores

      newser  |  MarketWatch  |  May 2, 08 5:45 PM CDT

      Bankrupt, Linens 'n Things Will Fold 120 Stores

      Linens 'n Things filed for bankruptcy protection today, MarketWatch reports, and plans to close 120 stores nationwide as other operations continue. "The significant deterioration in the mortgage, housing and credit markets and the resulting impact on the retail marketplace, particularly the home sector, has overwhelmed the operating and merchandising improvements that we have made over the past two years," the company's new chairman said. More »

      Tags

      retail  • consumer spending  • bankruptcy  • economics  • layoffs  • Chapter 11  • Linens 'n Things

  • April 2008

    • London-NYC Exec Airline Eos Files Chapter 11

      newser  |  Times (UK)  |  Apr 28, 08 6:06 AM CDT

      London-NYC Exec Airline Eos Files Chapter 11

      Business-class only Eos, struggling with rising fuel prices and unable to land a $50 million cash infusion to keep it aloft, filed for Chapter 11 bankruptcy protection last night, reports the Times of London. The airline, which offered business travelers cheap, high-quality flights between London and New York, follows fellow premium carrier Maxjet into bankruptcy. More »

      Tags

      airline industry  • bankruptcy  • Chapter 11

    • Retailers Checking Out as Economy Falters

      newser  |  New York Times  |  Apr 15, 08 8:00 AM CDT

      Retailers Checking Out as Economy Falters

      Stores across the country are closing their doors, the New York Times reports, victims of a downturn in consumer spending. Retailers are often heavily leveraged, and as the economy falters banks are tightening credit. Several chains, including Sharper Image, have declared bankruptcy; others like Footlocker, Ann Taylor, and Zales are closing stores to stay afloat. “You have the makings of a wave of significant bankruptcies,” said a former Kmart executive. More »

      Tags

      recession  • economy  • retail  • consumer spending  • bankruptcy  • retail stores  • Sharper Image  • Linens 'n Things

    • Linens 'n Things to Go Bust

      newser  |  Wall Street Journal  |  Apr 11, 08 6:50 AM CDT

      Linens 'n Things to Go Bust

      Linens ‘n Things ls expected to file for Chapter 11 by Tuesday, the deadline for a $15-million quarterly debt payment, the Wall Street Journal reports. The move would make the home-furnishings giant the first major retailer sunk by the housing crisis, after bloated debt and plummeting demand handed the New Jersey company $242 million in losses last year. More »

      Tags

      retail sales  • retail  • bankruptcy  • retail stores  • Chapter 11  • Linens 'n Things

    • Frontier Airlines Latest Carrier to File for Bankruptcy

      newser  |  Wall Street Journal  |  Apr 11, 08 6:25 AM CDT

      Frontier Airlines Latest Carrier to File for Bankruptcy

      Discount carrier Frontier Airlines today said it was filing for Chapter 11 but would keep flying thorough its reorganization, the Wall Street Journal reports. The carrier made the move after its credit-card processing company decided to withhold a larger share of ticket revenues from Frontier. Aloha and ATA also declared bankruptcy this month; both discontinued operations. Frontier reported a $18.7-million loss in 2007. More »

      Tags

      bankruptcy  • Aloha Airlines  • ATA  • Chapter 11  • Frontier Airlines

    • Thousands Stuck as Asian Budget Airline Folds

      newser  |  New York Times  |  Apr 9, 08 8:00 AM CDT

      Thousands Stuck as Asian Budget Airline Folds

      Thousands of passengers have been stranded in Hong Kong, London, and Vancouver with the collapse of Asian budget airline Oasis, the New York Times reports. In a sign that the industry's woes are spreading rapidly, the Hong Kong-based airline joins three US budget carriers to have gone under this month in the face of soaring fuel prices and economic jitters. More »

      Tags

      gas prices  • airline industry  • airline  • bankruptcy  • Hong Kong  • airline passengers  • Aloha Airlines  • ATA  • Skybus  • stranded passengers  • budget airlines  • Oasis

    • WR Grace Makes Deal to Settle Asbestos Claims

      newser  |  Baltimore Sun  |  Apr 8, 08 1:21 PM CDT

      WR Grace Makes Deal to Settle Asbestos Claims

      Chemical company WR Grace cleared a major hurdle in its 7-year effort to emerge from bankruptcy yesterday, agreeing to pay more than $3 billion to settle asbestos-related personal injury lawsuits, reports the Baltimore Sun . The deal, which a bankruptcy judge must approve, would establish a trust fund to settle current and future lawsuits. "In the final analysis, nothing will really compensate for people who lose their husbands or wives," said a lawyer for the claimants. More »

      Tags

      cancer  • bankruptcy  • civil lawsuits  • class action  • asbestos

    • Skybus Airlines Goes Bust

      newser  |  Columbus Dispatch  |  Apr 5, 08 5:37 AM CDT

      Skybus Airlines Goes Bust

      Anybody who wondered how Skybus could make money with its famous $10 airfares can stop: they didn't. The Ohio-based airline has become the latest US carrier to go bankrupt in the face of soaring fuel costs and a sluggish economy, the Columbus Dispatch reports. It made its last flight yesterday and passengers boarding planes were warned their return tickets had suddenly become one-way. More »

      Tags

      gas prices  • airline industry  • airline  • bankruptcy  • Aloha Airlines  • ATA  • Columbus  • Skybus

    • ATA Goes Bankrupt, Cancels All Flights

      newser  |  WTHR Eye Witness News Indianapolis  |  Apr 3, 08 7:57 AM CDT

      ATA Goes Bankrupt, Cancels All Flights

      Passengers booked on ATA Airlines flights got a rude awakening this morning: The low-cost carrier declared bankruptcy in the middle of the night, shut down operations, and canceled all further flights, Eyewitness News reports. “Unfortunately, we were not in a position to provide our customers or others with advance notice,” the company said in a statement. More »

      Tags

      airline industry  • airline  • bankruptcy  • flight cancellation  • ATA

  • March 2008

    • Aloha Airlines Shuts Down

      newser  |  Honolulu Advertiser  |  Mar 31, 08 7:11 AM CDT

      Aloha Airlines Shuts Down

      Unable to find a buyer and running out of cash, Hawaii’s ubiquitous Aloha Airlines is shutting down operations after today, idling 1,900 workers and ending more than six decades of island-hopping and transpacific flights, the Honolulu Advertiser reports. The airline filed for bankruptcy March 20 because of rising fuel prices and fierce competition from startup go! airlines. More »

      Tags

      gas prices  • airline industry  • United Airlines  • bankruptcy  • Aloha Airlines

    • Bankrupt Lender's Audit Lapses 'Mind Boggling'

      newser  |  New York Times  |  Mar 27, 08 8:23 AM CDT

      Bankrupt Lender's Audit Lapses 'Mind Boggling'

      Auditors at now-bankrupt New Century Financial—once one of the nation’s largest subprime lenders and one of the earliest to fail—were accused of “mind boggling” lapses in a Justice Department report on the debacle released yesterday. Partners at accounting firm KPMG are said to have ignored “significant improper and imprudent practices” in order to keep the company’s business, the New York Times reports. More »

      Tags

      credit crisis  • subprime crisis  • bankruptcy  • Justice Department  • Enron  • Arthur Anderson

    • Mortgage Meltdown Hits Small Builders

      newser  |  Wall Street Journal  |  Mar 21, 08 3:00 AM CDT

      Mortgage Meltdown Hits Small Builders

      The housing market collapse that's sending homeowners into foreclosure is starting to hit small- and medium-size builders left with developments they're unable to sell, the Wall Street Journal reports. Buyers are canceling contracts and builders are missing mortgage payments on often highly leveraged projects. Small regional banks, in turn, could be the next victims. More »

      Tags

      housing market  • subprime crisis  • foreclosure  • mortgage crisis  • mortgage  • banking  • bankruptcy  • construction  • small businesses  • homebuilders  • residential building

    • Gift Cards Not Looking So Sharp

      newser  |  MarketWatch  |  Mar 4, 08 11:00 AM CST

      Gift Cards Not Looking So Sharp

      Consumers holding Sharper Image gift cards are out a collective $25 million after the gadget retailer stopped honoring the cards when it filed for bankruptcy in February, MarketWatch reports. With the shaky economy likely to produce more bankruptcies over the next year or two, consumers would be wise to redeem other cards they may be hoarding. More »

      Tags

      US economy  • bankruptcy  • retailing  • Chapter 11  • Sharper Image  • gift cards

    • One Million Going Bankrupt

      newser  |  Reuters  |  Mar 4, 08 4:28 AM CST

      One Million Going Bankrupt

      More than a million Americans are headed for bankruptcy in 2008, mostly due to crippling household debt, according to the American Bankruptcy Institute. There were 76,120 bankruptcy filings last month—a 37% increase over February last year, and the biggest monthly spike since the change in personal bankruptcy laws in 2005. February's filings were up 15% over January. More »

      Tags

      US economy  • subprime crisis  • bankruptcy  • Chapter 13

  • February 2008

    • China ATM Glitch Nets Man Life

      newser  |  Los Angeles Times  |  Feb 28, 08 11:56 AM CST

      China ATM Glitch Nets Man Life

      It seemed like a miracle to Xu Ting of Guangzhou: a misplaced decimal point somewhere in the bowels of an ATM meant that his $140 withdrawal debited his account only 14 cents. Over several hours he made another 170 transactions, pocketing more than $24,000. But after getting robbed and buying lottery tickets, he ended up in court—where he was sentenced to life imprisonment for bank robbery, writes the Los Angeles Times . More »

      Tags

      China  • troop withdrawal  • bank  • bankruptcy  • ATM  • Chinese banks

    • Mortgage Crisis: Judges to the Rescue?

      newser  |  Los Angeles Times  |  Feb 26, 08 1:00 PM CST

      Mortgage Crisis: Judges to the Rescue?

      Over the loud objections of lenders, Senate Democrats are lining up behind a plan to give bankruptcy judges the power to alter mortgages, the LA Times reports. The proposals could go to the floor as early as today. “This bill will have more impact… than any other option currently on the table,” said Jack Kemp, housing secretary in the first Bush administration. More »

    • Mortgage Crisis Sparks GOP Defections

      newser  |  Politico  |  Feb 19, 08 7:47 PM CST

      Mortgage Crisis Sparks GOP Defections

      GOP lawmakers are breaking ranks over the housing crisis as they see constituents suffering foreclosures, Politico reports. Ohio Rep. Steve Chabot, the owner of a 97.5% lifetime American Conservative Union rating, recently snubbed party leaders and the White House by co-writing a bill to let bankruptcy judges re-write mortgages. Chabot sees foreclose blight "every day" in his district, one lobbyist said. More »

      Tags

      Congress  • foreclosure  • bankruptcy  • stimulus package

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