bankruptcy

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'No Other Way': Airbag Maker Takata on Bankruptcy Filing

Japanese company was brought down by recall costs, lawsuits

(Newser) - Shattered by recall costs and lawsuits, Japanese airbag maker Takata Corp. filed Monday for bankruptcy protection in Tokyo and the US, saying it was the only option to keep supplying replacements for faulty airbag inflators linked to the deaths of at least 16 people. The company's bankruptcy filings cleared... More »

Takata Bankruptcy Will Mean Less Money for Airbag Victims

Filing expected by the end of this month

(Newser) - An expected bankruptcy filing by Japanese airbag maker Takata will leave little money for dozens of people who sued the company over deaths and injuries caused by its exploding airbag inflators, according to outside legal experts and lawyers suing the company. Takata Corp. and its US operations are likely to... More »

Puerto Rico's Unprecedented Move to Ease $123B Debt

Step toward bankruptcy would dwarf Detroit's restructuring

(Newser) - Puerto Rico has taken a big step toward a bankruptcy that would be unprecedented in two ways: It would be the first by an American state or territory, and it would be by far the biggest of its kind, dwarfing Detroit's $18 billion restructuring in 2013. Puerto Rico's... More »

Payless to Close 400 Stores After Bankruptcy Filing

The shoe chain filed for bankruptcy protection

(Newser) - Payless ShoeSource has filed for Chapter 11 bankruptcy protection, becoming the latest retailer to succumb to increasing competition from online rivals like Amazon, the AP reports. The Kansas-based retailer said Tuesday that it will be immediately closing nearly 400 stores as part of the reorganization. It has over 4,400... More »

Toshiba Throws In Nuclear Towel: Chapter 11 for Westinghouse

Challenges proved too great—and may be nuclear industry harbinger

(Newser) - More fallout from Toshiba's reported "nuclear" loss last month, this time in the form of a bankruptcy filing. In what the AP says was a "largely expected" move, Toshiba noted in a statement Wednesday that its Westinghouse nuclear unit has submitted a Chapter 11 petition to the... More »

How This 'Fastest-Growing Company' Lost Everything

Inc. goes inside the 'cautionary tale' of Fuhu

(Newser) - Nearly a year after the once extremely promising and successful tablet company Fuhu went broke, Inc. sat down with CEO Jim Mitchell and President Robb Fujioka—the "headstrong" mastermind—to sort out what went wrong where. The great unraveling of a company that was No. 1 on the Inc.... More »

Sports Authority Execs Sought Nearly $3M in 'Bankruptcy Bonuses'

Not so fast, says judge

(Newser) - A bankruptcy judge is "not surprised" some of the 14,000 or so employees who lost their jobs when Sports Authority shut down are "sending angry emails" after four top executives sought nearly $3 million in bonuses, the Wall Street Journal reports. Judge Mary Walrath says it would... More »

Gawker Founder Files for Bankruptcy

Nick Denton owes Hulk Hogan $125M

(Newser) - Gawker founder Nick Denton filed for personal bankruptcy Monday amid the website's battle with Hulk Hogan. Denton listed $10 million to $50 million in assets and $100 million to $500 million in debts, the New York Post reports; Denton owes Hogan $125 million after a jury sided with the... More »

Employees Say Kmart Is on Its Last Legs

Company says it's 'focused on restoring profitability'

(Newser) - Kmart says it's "focused on restoring profitability to the company." Employees say it's preparing to declare bankruptcy within a year. As Business Insider reports, Kmart—which has seen sales plummet to less than a third of what they were in 2000—is clearing out stock rooms,... More »

Gawker for Sale After Declaring Bankruptcy

And Gawker-hater Peter Thiel is 'closer to his goal'

(Newser) - Gawker Media—responsible for blogs like Deadspin, io9, and Jezebel—filed for Chapter 11 bankruptcy Friday as a result of Hulk Hogan's successful lawsuit against it, the Wall Street Journal reports. According to Recode , Gawker will be put up for auction, with the first bid coming in at less... More »

PI: Casey Anthony Told Lawyer She Killed Caylee

And she was having sex with lawyer as swap for legal representation: investigator affidavits

(Newser) - That Casey Anthony has a bankruptcy case working through the legal system isn't shocking—but a couple of documents included with court papers filed in April are. Per two affidavits by private investigator Dominic Casey, who worked with Anthony's defense team after she was accused of murdering her... More »

Elizabeth Warren: Donald Trump Is a 'Loser'

Massachusetts senator goes on the attack

(Newser) - Looks like Elizabeth Warren and Donald Trump won't be getting cozy anytime soon. The Massachusetts senator today called Trump "a loser" on Facebook and Twitter, just days after he was quoted in an interview mocking her claim to Native American heritage. "Let’s be honest—Donald Trump... More »

'Bankrupt' 50 Cent Ordered to Explain Instagram Photos

Creditors spotted pictures of him frolicking in cash

(Newser) - A bankruptcy judge who says the process is for "honest but unfortunate" debtors wants 50 Cent to explain why he has been acting like Scrooge McDuck in Instagram photos. He has been ordered to court to discuss the photos, including one of him spelling out "BROKE" in stacks... More »

Kickstarter Digs Deep Into Case of Doomed Drone

Was Europe's largest Kickstarter ever a scam?

(Newser) - It had all the makings of fraud, or at least some level of incompetence: a Kickstarter product that raised a ton of cash, didn't ship on time to backers, didn't work properly, and sent the manufacturer into bankruptcy. Not only that—it was the largest project out of... More »

Company Shkreli Wanted to Turn Around Files for Chapter 11

KaloBios Pharmaceuticals is still appealing its Nasdaq delisting

(Newser) - Earlier this month, Martin Shkreli's company dumped him as CEO after he was arrested for securities fraud . But the damage to KaloBios Pharmaceuticals has been done, and Tuesday the company filed for Chapter 11 bankruptcy protection in Delaware, Reuters reports. The filing lists assets of more than $8 million... More »

Feds: Only Congress Can Help Puerto Rico Now

Broke US territory faces looming humanitarian crisis

(Newser) - These are tough times indeed for the people of Puerto Rico: The US territory has been in a recession for almost a decade, has a $72 billion debt it can't pay —and it has now been informed that its only hope is quick action from Congress. The federal... More »

American Apparel Files for Chapter 11

But all its US stores, manufacturing operations will remain

(Newser) - American Apparel's legal troubles with its ousted founder , combined with dipping sales and huge debts, have proved too much for the company, which filed for bankruptcy in Delaware on Monday. As part of the Chapter 11 filing, more than $200 million of bonds will be swapped for stock in... More »

So Long, 20th Century: Columbia House Files Chapter 11

Ex-mail-order giant just couldn't compete with digital music, streaming

(Newser) - Nearly everyone with a penny and a PO box who came of age in the final part of the 20th century built up their CD—or gasp, cassette tape—collections with the help of mail-order giant Columbia House. But what the Verge calls the "Spotify of the '80s"... More »

What 50 Cent Really Spends His Money On

$5K on gardening sounds necessary

(Newser) - 50 Cent might have stretched the truth a bit in court when he told a lawyer all his Lamborghinis, Bentleys, and Rolls Royces were rented . New bankruptcy filings show he actually owns seven cars, including a Rolls Royce and three Chevy Suburbans, worth $500,000, report People and Page Six... More »

50 Cent Shares Truth of His Bling: My Watch Is Plastic

Rapper testifies in court

(Newser) - Rapper 50 Cent is one of hip-hop's five richest artists, according to Forbes. He tried to paint a much different picture in court yesterday. The multiplatinum-selling artist, born Curtis Jackson III, appeared in Manhattan state Supreme Court in a proceeding to decide possible additional punitive damages in an invasion-of-privacy... More »

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