bankruptcy

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Trump's Onetime Boardwalk Empire Is Bankrupt

Trump Entertainment Resorts Inc. files for bankruptcy

(Newser) - Atlantic City's Trump Taj Mahal Casino Hotel and the Trump Plaza Hotel and Casino met their likely ends this morning in Delaware bankruptcy filings, Reuters reports. Trump Entertainment Resorts Inc.—associated with the billionaire and reality star Donald Trump basically only in name , as per CNBC —operates... More »

Many Parents Have to Pay Off Dead Kids' Student Loans

Families often have little legal recourse in these cases

(Newser) - Probably the last thing parents mourning a deceased child want to do is deal with late notices from creditors—especially when those notices are for a student loan taken out by their lost loved one. That's what happened to pastor Steve Mason, who found himself saddled with a $100,... More »

Mt. Gox Is Gone for Good

Company files for liquidation

(Newser) - Mt. Gox has given up its bid to rebuild itself, and appears headed for liquidation after a Tokyo court rejected its rebuilding plan. The court appointed provisional administrator Nobuaki Kobayashi to take control of the company's assets from CEO Mark Karpeles, Reuters reports. Karpeles is likely to be investigated... More »

9 Stars Who've Filed for Bankruptcy

Some of them have even filed twice

(Newser) - Being famous doesn't guarantee you'll never go broke, as these celebrities rounded up by Radar prove. A sampling:
  • Burt Reynolds: He filed for bankruptcy in the 1990s after his divorce; he was $10 million in debt at the time.
  • Toni Braxton: She's declared bankruptcy not once but
... More »

Sbarro Ready for Chapter 11, Round 2

Exiting bankruptcy in 2011 didn't appear to take

(Newser) - If at first you don't succeed, try, try, again: Probably not advice you'd want from your bankruptcy attorney, but Sbarro is getting ready to undergo its second round of Chapter 11, reports the Wall Street Journal . The pizza chain, which is carrying some $140 million in debt and... More »

Mt. Gox Goes Bankrupt

Company says it lost 750K of customers' bitcoins

(Newser) - Mt. Gox is filing for bankruptcy protection, CEO Mark Karpeles announced at a press conference today, saying the bank may have lost 750,000 of its customers' bitcoins ("essentially all of them," reports the New York Times ), along more than 100,000 of its own. At current... More »

Pension Cuts, Blight Fixes Highlight Detroit Plan

Some retirees face cuts of up to 34%

(Newser) - So how does a city $18 billion in debt go about ending the biggest municipal bankruptcy in US history? Detroit's emergency manager, Kevyn Orr, offered the broad strokes of the city's "adjustment plan" today:
  • Pension cuts: General city retirees face cuts of up to 34%, while police
... More »

Pharmacy Behind Meningitis Outbreak to Pay $100M

New England Compounding Center to set up fund for victim compensation

(Newser) - The pharmacy most prominently linked to last year's national meningitis outbreak has reached a preliminary agreement on a settlement that would require it to create a $100 million victim compensation fund, attorneys for the company's creditors announced today. The Massachusetts-based New England Compounding Center has already given up... More »

Casey Anthony $792K in Debt, but Won't Have to Pay

Judge eliminates most debts in her bankruptcy case

(Newser) - A bankruptcy judge ruled this week that Casey Anthony doesn't need to pay most of her $792,000 in debts, the Orlando Sentinel reports. Anthony filed for bankruptcy in January; most of the debts are to Jose Baez, her defense attorney in her murder trial. But the case is... More »

US Government Sells GM Stake, Loses $10.5B

Treasury secretary says bailout saved a million jobs

(Newser) - The US government ended up losing $10.5 billion on its bailout of General Motors, but still says the alternative would have been much worse. Treasury Secretary Jacob Lew announced today that the government sold its remaining shares in the Detroit automaker. The government received 912 million GM shares, or... More »

Judge OKs Detroit Bankruptcy, Pension Cuts

Judge says filing was 'foregone conclusion'

(Newser) - A federal judge today gave Detroit the bankruptcy protection it sought, dismissing challenges from banks and labor unions, the Detroit News reports. Vested pensions aren't subject to any special protections either, Judge Steven Rhodes said; they're just contracts like any other, and "it has long been understood... More »

Camera-Less Kodak Can Exit Bankruptcy

Radically changed company gets judge's OK to emerge from protection

(Newser) - A federal judge has approved Kodak's plan to emerge from bankruptcy protection. Judge Allan Gropper's ruling paves the way for the photography pioneer to emerge from court oversight as a new company focused on commercial and packaging printing. Many of its products and services are now gone, including... More »

Detroit Paying $275 an Hour for Bankruptcy Analyst, 22

Not everyone is thrilled with the revelation

(Newser) - Poor Wade P. Johnson: On the face of it, he's doing things exactly right. The 2012 Michigan State University grad landed a job in June as a financial analyst with Conway MacKenzie, a consulting company that's working on Detroit's restructuring. But to some he's become yet... More »

Who Killed the Motor City?

Pundits weigh in on what doomed Detroit

(Newser) - In the wake of Detroit's bankruptcy a lot of fingers are being pointed. The city's been locked in a well-documented downward spiral , but whose fault is that? Here are what some pundits are saying:
  • Racism and corporate greed were the main culprits, argues Mark Binelli at the Guardian
... More »

Detroit: What Went Wrong, What's Next

A look at what led to the city's landmark bankruptcy filing

(Newser) - Detroit's bankruptcy may not have surprised many people"this has been coming for ages," one pained city worker tells the New York Times —but it does have everyone talking. What went wrong? What happens next? We're glad you asked. What happened:
  • Much of the
... More »

Detroit Mayor: We'll 'Have to Make the Best of It'

After city files for Chapter 9 bankruptcy

(Newser) - The emergency manager who filed Detroit's historic bankruptcy today says residents don't have to worry about basic services getting cut in the interim, reports WXYZ . "Nothing changes from the standpoint of the average citizen's perspective," says Kevyn Orr. At a joint news conference, Mayor Dave... More »

Detroit Files for Bankruptcy

It's the biggest municipal filing in the nation's history

(Newser) - Detroit just entered the record books for all the wrong reasons. The city's emergency manager today filed what is the biggest municipal bankruptcy in the nation's history, reports the Detroit Free Press . The city is seeking Chapter 9 protection from creditors owed about $18.5 billion. (The exact... More »

Fisker: Doomed to Be the Next DeLorean?

Obama may have seen it coming

(Newser) - Fisker: It's the sexy electric sedan that Justin Bieber was busted speeding in and which scored a $529 million loan from the Obama administration. Now it's hurtling toward bankruptcy. So what went wrong? asks the Wall Street Journal . Faulty software, suppliers going bust, delayed releases, and car recalls... More »

Biggest Broke City Can Enter Bankruptcy: Judge

Stockton, Calif., allowed to pay less to bondholders

(Newser) - The biggest US city to file for bankruptcy was allowed to press ahead today despite outcry from its creditors, the Wall Street Journal reports. A federal judge approved Chapter 9 protection for Stockton, Calif., saying it "will not be able to perform its obligations to its citizens" without bankruptcy... More »

Dionne Warwick Files for Bankruptcy, Owes $10M in Taxes

Says she makes just $10 a month after expenses

(Newser) - The latest celebrity with big-time tax trouble : Dionne Warwick. The 72-year-old singer has filed for bankruptcy, TMZ reports. She owes $10.2 million in back taxes that have been accruing since 1991. Almost $7 million of that is owed to the IRS, and the rest to California, the BBC reports.... More »

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