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NEWS ABOUT: bankruptcy

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Judge Rejects Vick's Bankruptcy Plan

(AP) - A judge rejected Michael Vick's plan to emerge from bankruptcy today, telling the suspended NFL star to rethink how he'll pay back creditors. Vick, who is serving a 23-month prison sentence for bankrolling a dogfighting operation, had outlined a plan based on the goal of returning to the NFL.... More »

Vick Regrets 'Heinous' Dogfights

Disgraced QB testifies to being fleeced by financial advisers

(Newser) - Michael Vick showed contrition in bankruptcy court today for the dogfighting that landed him in federal prison, the Atlanta Journal-Constitution reports. “I committed a heinous act,” said the suspended NFL quarterback, moved from a Kansas prison to appear at the Virginia hearing. “It was very irresponsible.”... More »

Vick's New Job: Construction Worker

(Newser) - Lawyers for Michael Vick say the incarcerated football player “is going to turn a new leaf,” the Atlanta Journal-Constitution reports. In bankruptcy court in Virginia today, one of Vick’s attorneys said the convicted dogfighter has a $10-an-hour construction job lined up for him when he gets out... More »

Rival Bankruptcies Spook Jealous Ford

It's kinda jealous

(Newser) - Ford Motor Co., the lone member of the “Big Three” not to accept government help, is suddenly looking across town with dread and a touch of jealousy, the Wall Street Journal reports. A bankruptcy at GM or Chrysler could wreak havoc on Ford’s supply chain, as shared suppliers... More »

New GM Boss: Bankruptcy 'More Probable'

Announces program to help unemployed car owners

(Newser) - In his first press conference as CEO of foundering GM, Fritz Henderson today made it clear he wasn’t afraid to talk bankruptcy, saying it was now “more probable,” and that he might even decide to declare bankruptcy before his 60 days were up. “We will do... More »

Sun-Times Files for Bankruptcy

Conrad Black's back-tax debt does it in

(Newser) - The Sun-Times Media Group, owner of the Chicago Sun-Times, today announced that it had filed for Chapter 11 bankruptcy, in the hope of “making the company fit for a buyer.” Unlike the also-bankrupt owner of its competitor, the Tribune, the Sun-Times has just one debtor: Uncle Sam. The... More »

Was Obama Tough Enough?

(Newser) - Barack Obama gave GM and Chrysler some tough love yesterday. Too tough, or too much love? Here’s what the papers are saying:
  • Obama “delivered a believable, sharp, and necessary ultimatum,” says the Washington Post. He rightly demanded union concessions, and put bankruptcy back on the table.
  • But
... More »

White House Favors Managed Bankruptcy for Chrysler, GM

(Newser) - The Obama administration’s favored plan to rescue GM and Chysler is a managed bankruptcy that would relieve them of their biggest liabilities by splitting the carmakers into “good” and “bad” components, the Wall Street Journal reports. The “good” GM would  comprise profitable brands like Chevy and... More »

Bankrupt Vick Shops His Memoir

(Newser) - Former Atlanta Falcons star Michael Vick is shopping around a memoir that will likely "be a big mea culpa," Rush & Molloy write in the New York Daily News. The bankrupt quarterback has a tale to tell—from poverty to stardom to a 23-month prison sentence... More »

Commercial Real Estate Crisis May Rival '90s Disaster

(Newser) - Commercial real-estate borrowers are defaulting on their loans at an ever-faster pace, and experts now believe the crisis could match or exceed the early-1990s slump, the Wall Street Journal reports. That catastrophe killed off 1,000 banks and savings institutions, with lenders taking $48.5 billion in charges. This time,... More »

In Bankruptcy Maneuver, GM May Split in 2

If GM faces Chapter 11, a splitting of the company could avert disaster

(Newser) - General Motors executives and Treasury officials alike seem adamant that the company should avoid Chapter 11 bankruptcy at all costs, but bankruptcy scenarios are already crystallizing behind the scenes, BusinessWeek reports. One option calls for splitting the company into a “good GM,” which would emerge from bankruptcy with... More »

Vick Leaves Prison ... for Bankruptcy Court

Judge orders him to pay for transport

(Newser) - Michael Vick is out of jail, the Atlanta Journal-Constitution reports—though he’s in transit from Kansas to Virginia, where he’s to appear next week at a bankruptcy hearing. To add insult to injury, a judge ordered the NFL star to foot the $3,600 it costs to transport... More »

Bankruptcy Not the Way to Go: GM Boss

Wagoner maintains 99% of problems can be solved without filing

(Newser) - GM can still avoid bankruptcy, CEO Rick Wagoner said today, telling reporters in Washington that "99%" of the company’s problems could be fixed and that he was working with the UAW and bondholders to reduce debt and costs. Bankruptcy “could work,” he said, “but it... More »

Companies Likely to Drown in '09

(Newser) - As the recession deepens, the Motley Fool lists companies it thinks aren’t long for this world. Some highlights:
  • Rite Aid: Management has twice lowered its 2009 outlook, Wal-Mart is threatening, and its acquisition of Brooks and Eckerd had some nasty unintended consequences.
  • Sirius: Remains unprofitable, and its big contracts
... More »

Moody's Names 283 Companies Likely to Default

(Newser) - Credit-ratings agency Moody’s Investors Service today released what it calls “The Bottom Rung,” a list of 283 companies—15% of all those it tracks—it says are most likely to default on their debts. Moody’s has been widely lambasted for failing to catch the credit problems... More »

Circuit City Powers Down

Electronics retailer offers one more day of deep discounts

(Newser) - Today is the last day to benefit from the deeply slashed prices at the nation's closing Circuit City stores, NPR reports. Not everyone is pleased with the remaining selection of unwanted laptops and lonely printers, but shoppers are still finding deals, and the soon-to-be jobless employees seem to be doing... More »

House Homeowner Bill Lets Judges Reset Mortgages

Measure would allow bankruptcy judges to ease mortgage terms

(Newser) - The House has passed a homeowner rescue bill over the strenuous objections of the financial industry that would allow bankruptcy judges to change the terms of mortgages, the Washington Post reports. Judges could cut the principal on mortgages, extend terms and reduce interest rates under terms of the "cramdown"... More »

GM, Auditors Doubt Survival Unless Sales Pick Up Fast

Bankruptcy threatens if auto sales don't pick up

(Newser) - General Motors and its auditors expressed doubts about the automaker’s survival in an SEC filing today. Bankruptcy looms, the firm notes, if the viability plan it gave Congress fails, MarketWatch reports. That plan depends on vehicle sales recovering next year, as well as the company's ability to get financing... More »

Bankruptcies Could Boost US Car Sales

Restructuring could convince consumers to take a chance, say marketers

(Newser) - Contrary to what GM and Chrysler contend, bankruptcies could actually end up boosting their sales. Customers who backed away from the brands amid uncertainty may return once the future is known—even if it's one that entails Chapter 11, marketers tell Advertising Age. Case in point: Studebaker lasted 30 years... More »

Chavez Orders Army to Seize Rice Plants

Struggle over nationalization as plants fear bankruptcy

(Newser) - Venezuelan President Hugo Chavez has ordered the army to seize control of the nation's rice processing plants, continuing a trend of industrial nationalization by his government, reports the BBC. Chavez accused the plants of failing to meet government price quotas for grain, intended to ensure cheap food prices. The plants,... More »

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