Chapter 11

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'Dawning of a New Era' With Toys R Us Bankruptcy

'Finally, the straw broke the camel's back'

(Newser) - More trouble in the world of big-box stores: Toys R Us, hobbled by a huge debt load and struggling to compete with online retailers, has filed for Chapter 11 bankruptcy protection. Dave Brandon, chief executive of the world's biggest toy store chain, describes the move as the "dawning... 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 »

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 »

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 »

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 »

Atari Files for Bankruptcy in US

In an effort to free itself from its French parent company

(Newser) - Atari is going bankrupt, but don't worry: It has an extra life. Or at least, that's what Atari Inc., the New York-based part of the legendary video game company, is hoping. It has declared Chapter 11 bankruptcy in an effort to free itself of its French parent company... More »

Pink Slime Maker Files Chapter 11

AFA Foods blames sudden drop-off in demand for beef products

(Newser) - Apparently it's going to take more than a couple of governors chowing on a burger to save pink slime: AFA Foods, a leading manufacturer of "boneless lean beef trimmings," today filed for Chapter 11 bankruptcy protection, citing a steep drop-off in demand for its products. AFA will... More »

Kodak Files for Bankruptcy

Future looks bleak for photography pioneer's workers, retirees

(Newser) - The once-mighty Eastman Kodak company has filed for bankruptcy. The 131-year-old firm, unable to reinvent itself quickly enough for the digital age, filed for Chapter 11 bankruptcy protection this morning after running out of cash to fund its turnaround, the Wall Street Journal reports. The company says it has secured... More »

Hostess Files for Bankruptcy

Second Chapter 11 filing in recent years

(Newser) - Bad news for Twinkies lovers: Hostess filed for Chapter 11 bankruptcy protection today. But never fear, the company will continue operating during bankruptcy proceedings with help from a $75 million loan. "We remain hopeful that we can reach an agreement that will allow us to amend our labor contracts... More »

Nostalgia Goes Belly-Up: Friendly's Files Chapter 11

Ice cream chain's model 'is no longer viable,' says expert

(Newser) - You may have let out a nostalgic, "Awwww" when you heard the news that ice cream chain Friendly's filed for Chapter 11 bankruptcy protection this morning. "Oh, that's so sad. I love Friendly's," says one mother whose kids enjoy the same Fribble concoctions she... More »

Solar Firm Touted by Obama Goes Belly-Up

...leaving Uncle Sam on the hook for $535M

(Newser) - One of the showpieces for President Obama’s green jobs push is going under—and leaving the federal government on the hook for $535 million worth of guaranteed loans in the process. Solyndra, a California-based solar cell manufacturer, told workers yesterday that it would be closing its remaining plant, laying... More »

Philly Orchestra Files for Backruptcy

Board cites large decline in audience, but musicians say move premature

(Newser) - The 111-year-old Philadelphia Orchestra is filing for Chapter 11 bankruptcy protection, citing a "tremendous decline" in audiences. The orchestra, made internationally famous by such great conductors as Stokowski and Ormandy, has $46 million in operating costs this year, but is expecting just $33 million in revenues, reports the AP... More »

Borders on Brink of Bankruptcy

Chain expected to slash up to 200 stores

(Newser) - Struggling bookstore chain Borders may file for bankruptcy protection as early as next week, sources tell Bloomberg . The chain is still looking at its options for restructuring ahead of a bankruptcy filing, and is considering closing up to 200 of its 650 stores, the sources say. The chain, which was... More »

Crystal Cathedral Megachurch Bankrupt

Chapter 11 is all part of God's plan, pastor says

(Newser) - California megachurch Crystal Cathedral Ministries has filed for bankruptcy protection amid a flood of lawsuits from unpaid creditors and a steep drop in donations. Officials of the Orange County church, best known for its Hour of Power telecast, say the filing was necessary because creditors refuse to prolong a moratorium... More »

Mega-Lender CIT Files Chapter 11

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

(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 »

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

Taxpayers shares could go up in smoke while Goldman gains

(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 »

Reader's Digest to File Chapter 11

(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 »

Dykstra Files for Chapter 11

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

(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 »

GM Declares Bankruptcy

Obama plans speech outlining firm's future

(Newser) - Once king of the auto industry, General Motors filed for bankruptcy this morning, the Wall Street Journal reports. The firm must cut some 21,000 workers and close 12 to 20 factories and 40% of dealerships, adds the New York Times. GM says it owes $172.8 billion and has... More »

General Motors: How a Giant Fell

After decades of dominance, automaker blamed others for downfall

(Newser) - General Motors dominated the auto industry for much of the 20th century, and its downfall took place over decades. Many of the attributes GM once saw as strengths, from its rigid structure to its diverse range of vehicles, became liabilities as Japanese competitors sucked away even its most loyal customers,... More »

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