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FRIDAY, NOVEMBER 27, 2009
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NEWS ABOUT: bankruptcy

bankruptcy stories: 221 news summaries

21 - 40 of 221 Stories | << Prev 1 2 3 4 5 6 ... 12 Next >>

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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 »

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bankruptcy • commercial paper • FDIC • TARP • lenders • CIT Group

UPDATED


 Done Deal: 
 GM Out of Bankruptcy 


Good assets go to US-backed firm

Jul 10, 09 8:26 AM CDT
(Newser) - As of 6:30 this morning, the new General Motors is on its way: The old firm sold its good assets to a new automaker backed by the government via a bankruptcy overhaul far speedier than experts expected, the New York Times reports. The new firm, Vehicle Acquisition Company, will... More »

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bankruptcy • General Motors • automaker • auto industry • US automakers

 Court Clears Path 
 to 'New' GM 

Court ordered stay on asset sale expires

Jul 9, 09 1:55 PM CDT
(Newser) - General Motors is set to complete its bankruptcy reorganization, the Detroit Free Press reports. The sale of certain GM divisions to the “new” GM—largely owned by the US Treasury—is expected to happen tomorrow, at the expiration of a holding period for opponents of the deal to make... More »

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bankruptcy • General Motors • Detroit • auto industry • Big Three • bankruptcy protection • bankruptcy reorganization

 Dykstra Files for Chapter 11 

Says he has $50K in assets, owes $10-$15M

Jul 9, 09 12:52 PM CDT
(Newser) - Former New York Met and Philadelphia Phillie Lenny Dykstra has filed for Chapter 11 bankruptcy protection in California yesterday, citing no more than $50,000 in assets and debts between $10 million and $50 million, the Philadelphia Inquirer reports. After making $36.5 million playing ball, Dykstra launched a magazine... More »

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MLB • Philadelphia Phillies • New York Mets • bankruptcy • baseball • Chapter 11 • Lenny Dykstra

 Judge Greenlights 
 GM Asset Sale 

Firm will transform into leaner car maker owned by US, Canada, UAW

Jul 6, 09 1:44 AM CDT
(Newser) - GM has won approval for a restructuring plan in which the car maker will sell its most valuable assets to a new firm—also called GM—owned by the US and Canadian governments and a UAW health care trust, the New York Times reports. Judge Robert Gerber agreed with GM... More »

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bankruptcy • General Motors • automaker • restructuring • auto industry • car dealers • automobile

Ruth Madoff May Not Keep Her $2.5M For Long

Victims can still sue swindler's wife to recoup losses

Jul 2, 09 11:05 AM CDT
(Newser) - When she leaves her Manhattan penthouse, Ruth Madoff will have a mere $2.5 million to her name—and she might not have that for long either, Newsday reports. Madoff’s deal with the government—in which she’ll gives up more than $80 million in assets, keeping just the... More »

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bankruptcy • lawsuit • Fairfield • Ponzi scheme • Bernard Madoff • Ruth Madoff • trustee • bankruptcy trustee

Health Insurance No Guarantee Against Ruin

Three-quarters of those bankrupted by medical costs were insured

Jul 1, 09 8:06 AM CDT
(Newser) - As lawmakers weigh health-reform plans, it’s becoming increasingly clear that just having coverage won’t necessarily protect individuals from financial disaster, the New York Times reports. Some three-quarters of those bankrupted by health care costs were insured at the time of their ailment. “Underinsurance is the great hidden... More »

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health care • health insurance • bankruptcy • health care reform • women's issues

 Chastain Gets Her Bra Back 

Symbol of '99 World Cup victory rescued from bankruptcy court

Jul 1, 09 3:56 AM CDT
(Newser) - The sports bra Brandi Chastain was wearing when she shredded her shirt after making a game-winning penalty kick in the 1999 World Cup has been returned to her, USA Today reports. Like much other memorabilia at New York City’s short-lived Sports Museum of America, it was taken by a... More »

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World Cup • bankruptcy • soccer • Women's World Cup • US Soccer • bra • Brandi Chastain

(Newser) - General Motors had hoped to emerge from bankruptcy with a protective coating against future product-liability suits. No such luck, reports the Wall Street Journal. Bowing to government pressure, GM has agreed to change its bankruptcy terms, allowing drivers injured in accidents that stem from vehicle defects to sue the company,... More »

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bankruptcy • General Motors • product liability • auto bailout

UPDATED

 Eddie Bauer Goes Bankrupt 

Formal announcement expected today

Jun 17, 09 1:36 PM CDT
(Newser) - Eddie Bauer filed for Chapter 11 bankruptcy today, the Wall Street Journal reports. The clothing retailer lost $44.5 million in the first quarter and has $187.9 million in long-term debt. Shares plummeted on rumors of the bankruptcy after it failed to convert part of that debt into equity... More »

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retail • bankruptcy • clothing • retail businesses • Eddie Bauer

Credit Card Firms Cut Deals With Delinquents

Newly relaxed policies allow firms to settle
for portion of debt

Jun 16, 09 8:25 AM CDT
(Newser) - With countless customers running behind on payments, credit card companies are taking it easy on delinquents, letting them off the hook in exchange for partial repayments, the New York Times reports. The firms began easing up on their previous policies last fall, experts say; now they’re letting frontline workers... More »

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bankruptcy • debt • unemployment • credit card • HSBC • settlement • payments • banks • credit card accounts • delinquency

 Done Deal: Fiat Buys 
 Chrysler Assets 

Administration triumphs as bankruptcy effectively ends

Jun 10, 09 10:31 AM CDT
(Newser) - Chrysler finalized its sale of assets to Fiat with a government wire transfer this morning that gave Chrysler $6.6 billion in funds to exit bankruptcy, the New York Times reports. The sale is good news for the Obama administration, which sought an “efficient” restructuring for Chrysler. It may... More »

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Chrysler • bankruptcy • General Motors • Detroit • automaker • auto industry • Big Three • wire transfer • Fiat • Obama administration

(Newser) - Supreme Court Justice Ruth Bader Ginsburg today put a temporary stay on the sale of Chrysler to Italian automaker Fiat, SCOTUSBlog reports. Ginsburg’s motion allows the justices to further consider the matter, and either postpone the sale or let it go forward. A full postponement of the sale would... More »

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Chrysler • Ruth Bader Ginsburg • bankruptcy • mergers and acquisitions • auto industry • US Supreme Court • sale • Fiat

(Newser) - The bankrupt Tribune Company could emerge from protection with its top creditors—and not chairman Sam Zell—in charge, the Chicago Tribune reports. Zell exerts control based on $90 million he spent to secure the option of buying 40% of the company for $500 million, and a $250 million loan.... More »

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media • Sam Zell • Tribune Company • Citigroup • bankruptcy • debt • JPMorgan Chase • Chicago Tribune • newspaper industry • creditor • lenders

Brits Hit Court to Battle Yanks for Madoff Assets

UK liquidators have already seized $235K Aston Martin

Jun 8, 09 5:51 AM CDT
(Newser) - The Madoff liquidators are turning on each other, reports the Times of London. The trustees handling the London arm of the Ponzi schemer's imploded business recently seized several American assets, including a $235,000 vintage Aston Martin, that were acquired with London money. UK liquidators will argue tomorrow in a... More »

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bankruptcy • Ponzi scheme • Bernard Madoff • Bernard L. Madoff Investment Securities • Irving Picard • Madoff Securities International

(Newser) - A federal appeals court today approved the sale of Chrysler to Italian automaker Fiat over objections from debt holders in Indiana, the Wall Street Journal reports. The court put the sale on hold until Monday afternoon, or until the Supreme Court issues a stay—which Indiana investors say they... More »

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Chrysler • bankruptcy • US Appeals court • Indiana • Fiat • Federal Court of Appeal

(Newser) - Roger Penske, the racecar driver turned business tycoon, will buy the Saturn brand and dealer network from GM. The deal will save 350-plus dealerships and some 13,000 jobs if it goes through, the bankrupt parent company said in confirming the tentative agreement. The price is between $100 million and... More »

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bankruptcy • General Motors • Saturn • auto industry • Big Three • Roger Penske

Indiana Makes Final Attempt to Block Chrysler Sale

State treasurer argues that deal tramples on bankruptcy law, Constitution

Jun 5, 09 5:49 AM CDT
(Newser) - Indiana's attempt to block Chrysler's sale to Fiat moves to a federal appeals court today, the Washington Post reports. The state's treasurer, who oversees three state pension and construction funds that hold $42 million of Chrysler's debt, is arguing that the deal to bring the company out of bankruptcy violates... More »

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Chrysler • bankruptcy • Indiana • Fiat • auto bailout

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