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SATURDAY, NOVEMBER 7, 2009
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NEWS ABOUT: bankruptcy

bankruptcy stories: 218 news summaries

1 - 20 of 218 Stories | 1 2 3 4 5 ... 11 Next >>

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 Mega-Lender CIT 
 Files Chapter 11 

Bailed-out firm's move will cost government $2.3B

Nov 1, 09 4:43 PM CST
(Newser) - CIT Group, a major lender to small and medium-sized American businesses, filed for Chapter 11 today. The move means the government is most likely out the $2.3 billion in TARP bailout funds it put up last year. The "prepackaged" procedure is intended to allow CIT, which reported $71... More »

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Carl Icahn • bankruptcy • bailout • Chapter 11 • Troubled Asset Relief Program • Wall Street bailout • TARP • Jeffrey Peek • bankruptcy protection • CIT Group

 Rattner: Why I 
 Fired GM's Wagoner 

Former car czar calls deficiencies 'appalling'

Oct 21, 09 3:33 PM CDT
(Newser) - Barack Obama's former car czar says he had no choice but to fire GM's Rick Wagoner. "Everyone knew Detroit's reputation for insular, slow-moving cultures," Steven Rattner writes in an essay for Fortune. "Even by that low standard, I was shocked by the stunningly poor management that we... More »

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bankruptcy • General Motors • restructuring • Rick Wagoner • Obama administration • Steven Rattner

Simmons Bankruptcy: Study in Private Equity Run Amok

Buyout firms profited as mattress maker saw its debt skyrocket

Oct 5, 09 7:30 AM CDT
(Newser) - The mattress company Simmons will be filing for bankruptcy protection soon, wiping out bondholders and jeopardizing more jobs at a company that's already fired a quarter of its work force. While Simmons watched its debts balloon nearly tenfold since 1991, a string of private equity firms bought and sold the... More »

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private equity • bankruptcy • Thomas H. Lee Partners • credit market • buyout firms • mattress

CIT Bust Would Cost US $2.3B, Earn Goldman $1B

Taxpayers shares could go up in smoke while Goldman gains

Oct 5, 09 4:29 AM CDT
(Newser) - Troubled commercial lender CIT, circling the drain for more than a year, would cost taxpayers $2.3 billion in shares purchased by the Treasury Department if it files for Chapter 11 soon—but Goldman Sachs, which gave the lender emergency funding, stands to collect a $1 billion windfall if it... More »

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Goldman Sachs • bankruptcy • risk management • bailout • Chapter 11 • credit default swap • CIT Group

Fed May Have Outmuscled Other Lehman Creditors 

Government creditors got their cash back; private investors still struggling

Oct 2, 09 8:05 AM CDT
(Newser) - A special court examiner investigating the Lehman Brothers bankruptcy is trying to determine whether the Fed used its clout to get its money back from the collapsed bank ahead of other creditors. The central bank and its New York branch lent Lehman $46 billion before the bankruptcy but was promptly... More »

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Ben Bernanke • Federal Reserve • bankruptcy • Lehman Brothers • loan • Timothy Geithner • creditor • bankruptcy court

Leibovitz
Staves Off
Foreclosure

Photog gets reprieve, but property, rights to work still at risk

Sep 11, 09 2:58 PM CDT
(Newser) - Annie Leibovitz has won an extension of her outstanding $24 million debt to Arts Capital Group, the New York Times reports. The celebrity photographer bought back the rights to her homes and intellectual property—both collateral in the loan—for an undisclosed sum as part of the restructured deal. But... More »

MORE ABOUT:
bankruptcy • photography • debt • Annie Leibovitz • loan

 GM to Sell Opel 
 to Canada's Magna 

Detroit firm also recommends Vauxhall go to Magna

Sep 10, 09 9:30 AM CDT
(Newser) - After painfully drawn-out negotiations, General Motors’ board has agreed to sell its Opel unit to Canadian firm Magna International, maintaining a tie that will keep Opel a "a fully integrated part of GM's global product development organization," the company said. The German government, which earlier this year loaned... More »

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Angela Merkel • Magna International Inc. • Germany • Canada • bankruptcy • General Motors • Detroit • acquisition • Big Three • Opel • Vauxhall

Bankrupt Lehman Stock Booms in Long-Shot Trading

Bankrupt company jumps sixfold in 'lottery ticket' deals

Sep 7, 09 7:36 AM CDT
(Newser) - Here's a stock tip for you: Lehman Brothers. No, really—the busted financial giant, which had been trading at less than 5 cents a share, peaked at 32 cents last week, with volume hitting 100 million shares in late August after sitting at virtually zero most of the year. The... More »

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bankruptcy • stock • Lehman Brothers • investment banks • financial crisis

 Leibovitz's $24M 
 Deadline Looms Tuesday 

Photographer may be forced to file for bankruptcy

Sep 6, 09 1:42 PM CDT
(Newser) - Annie Leibovitz's $24 million question looms Tuesday, the AP reports: Will the photographer of the stars be able to repay a $24 million loan or lose the rights to her catalog of iconic photographs. With such a staggering amount due in only a few days, Leibovitz’s best option... More »

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intellectual property • bankruptcy • loans • copyright • Annie Leibovitz

OPINION

Current Care Kills More Than 'Army of Death Panels'

System 'takes lives and breaks apart families'

Aug 30, 09 8:09 AM CDT
(Newser) - Despite screeches that a government-run health care program will bump people into an early grave, "it’s a good bet that our existing dysfunctional health system knocks off far more people than an army of ‘death panels’ could, even if they did exist," writes Nicholas Kristof in... More »

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health care costs • divorce • health insurance • bankruptcy • health care reform • Obama administration • Nicholas Kristof • President Obama

 Teen Lotto Winner 
 Faces Bankruptcy 

UK woman is broke, says money ruined her life

Aug 24, 09 12:27 PM CDT
(Newser) - Callie Rogers was once the UK's second-youngest lottery winner, coming into more than $3 million in 2003 at the age of sixteen. Now at 22, she’s attempted suicide twice, drives a secondhand car, and works three jobs to avoid bankruptcy, the Mail reports. Rogers—who has two children... More »

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bankruptcy • lottery • lotto

(Newser) - The latest media company to groan under debt in the current recession, Reader's Digest Association, yesterday announced plans to file for Chapter 11 bankruptcy. The publisher insists that "business as usual" will continue for its publications and employees, with no mass layoffs in store as the company slashes its... More »

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bankruptcy • ad revenue • Chapter 11 • Reader's Digest • print journalism

GLOSSIES

 How Annie Leibovitz 
 Got Underwater 


Aug 17, 09 1:46 PM CDT
(Newser) - Photographer to the stars Annie Leibovitz is in a widely reported financial pickle, but it really comes as no surprise to those close to her, New York reports. Leibovitz is now engaged in baroque legal wrangling over her catalog, but her troubles started earlier. Insiders say a suspected “... More »

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Vanity Fair • bankruptcy • photography • debt • Vogue • photographers • spending • Annie Leibovitz • underwater • economic downturn • Susan Sontag • catalog

(Newser) - United Airlines’ dismal service and financial stature may soon send it to Chapter 11, but that doesn’t mean it isn’t a “teachable moment,” Shaun Rein writes in Forbes. Herewith, three lessons:
  • Loyal customers return: "Consumers are more price sensitive in this economy,
... More »

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bankruptcy • airline industry • United Airlines • transportation • air travel • customer service • employees • morale • brand loyalty

Mickelson Looks to Buy Waffle House Franchise

Golfer's company makes $20.2 million offer for budget restaurant chain

Jul 23, 09 6:08 PM CDT
(Newser) - Phil Mickelson has made a bid for SouthEast Waffles, a group of 105 Waffle House restaurants in four southern states, the Tennessean reports. Mickelson’s GS Acquisitions offered to buy SouthEast Waffles out of bankruptcy for $20.2 million. Though neither Mickelson nor his two other partners at GS have... More »

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golf • Phil Mickelson • bankruptcy • acquisition • restaurant industry • restaurant chain • Waffle House

(Newser) - Stephen Baldwin has declared bankruptcy after grappling unsuccessfully with millions of dollars of debt, reports AP. The actor owes $1.2 million in mortgages on a New York property, $1 million in back taxes and $700,000 in credit card debt, according to documents filed yesterday in a New York... More »

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bankruptcy • debt • court • Stephen Baldwin • actor • I'm A Celebrity ... Get Me Out of Here!

UPDATED

CIT Strikes $3B Deal,
Averting Bankruptcy


Jul 19, 09 10:46 PM CDT
(Newser) - CIT Group Inc. has made a deal for a $3 billion rescue package from bondholders to stay afloat, Reuters reports. The board of the lender, which was facing bankruptcy, struck a tentative agreement tonight. It includes high interest rates and apparently lacks long-term solutions, reports the Wall Street Journal. But... More »

MORE ABOUT:
bankruptcy • bondholder • lenders • CIT Group

Bankruptcy Looms as Feds Refuse to Bail Out CIT Group

Treasury 'drawing line in sand,' says analyst

Jul 16, 09 2:47 AM CDT
(Newser) - The Obama administration has rejected CIT Group's pleas for a bailout, and the troubled commercial lender is likely to file for bankruptcy as early as today, reports the Washington Post. CIT—which has already received $2.3 billion in TARP funds—provides financing to close to a million small- and... More »

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bankruptcy • Treasury Department • bailout • financial crisis • TARP • lenders • CIT Group

(Newser) - The man tabbed by President Obama to see General Motors and Chrysler through bankruptcy is leaving the post, the New York Times reports. Though Steven Rattner’s former investment firm is under investigation, it’s unclear if that affected his decision. Treasury Secretary Tim Geithner said today that, with both... More »

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Chrysler • bankruptcy • General Motors • auto industry • Obama administration • President Obama • Steven Rattner • Ron Bloom

(Newser) - One of America's biggest commercial lenders is preparing to file for bankruptcy, the Wall Street Journal reports. CIT Group, which lends to about a million small and medium-sized businesses, probably won't be able to make a $1 billion payment due in August and has hired bankruptcy counsel. In the meantime,... More »

MORE ABOUT:
bankruptcy • commercial paper • FDIC • TARP • lenders • CIT Group

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