bankruptcy protection

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It's Chapter 11 for Guitar Maker to the Stars

Les Paul maker Gibson to 'refocus' on musical instruments

(Newser) - It made what VH1 calls "arguably the most famous guitar in rock," the Les Paul Standard cradled by Led Zeppelin's Jimmy Page. Now Gibson needs help churning out its guitars also favored by David Bowie and John Lennon . The company filed for Chapter 11 bankruptcy protection Tuesday,... 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 »

Hanjin Shipping Crisis Hits Tech Giants

Company promises to pay $90M to resolve issues

(Newser) - Some 85 Hanjin ships carrying up to 24 crew members each are now stranded around 50 ports in 26 countries over fears the company can't pay port fees—and food and water supplies are dwindling, per Bloomberg . "Our ships can become ghost ships," says a rep for... 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 »

Mt. Gox Goes Bankrupt

Company says it lost 750K of customers' bitcoins

(Newser) - Mt. Gox is filing for bankruptcy protection, CEO Mark Karpeles announced at a press conference today, saying the bank may have lost 750,000 of its customers' bitcoins ("essentially all of them," reports the New York Times ), along more than 100,000 of its own. At current... More »

Biggest Broke City Can Enter Bankruptcy: Judge

Stockton, Calif., allowed to pay less to bondholders

(Newser) - The biggest US city to file for bankruptcy was allowed to press ahead today despite outcry from its creditors, the Wall Street Journal reports. A federal judge approved Chapter 9 protection for Stockton, Calif., saying it "will not be able to perform its obligations to its citizens" without bankruptcy... More »

Girls Gone Wild Files for Bankruptcy

We know you must be devastated

(Newser) - In what may be a perfect example of "what goes around comes around," Girls Gone Wild has filed for bankruptcy. Founder Joe Francis put his 16-year-old empire under bankruptcy protection yesterday in an effort to keep Las Vegas resort owner Steve Wynn from grabbing any of those assets,... More »

Tribune Company Set to Exit Bankruptcy

But it may soon sell off its newspapers

(Newser) - The Tribune Company is set to emerge from bankruptcy today, four years after it filed for Chapter 11 protection as the American economy nosedived. The reorganized multimedia company has a new board of directors that includes plenty of entertainment industry veterans, and profitable assets including eight major daily newspapers and... More »

Up to 1M Americans Too Poor to Go Bankrupt

They can't afford $1,500 fees

(Newser) - Between 200,000 and 1 million Americans this year are so down-and-out they don't even have enough money to file for bankruptcy, a new study finds. The average cost of filing for Chapter 7 bankruptcy protection is about $1,500—$300 just for the paperwork fees in court and... More »

Blacks Face Discrimination in Bankruptcy, Too

African-Americans steered more often toward costlier Chapter 13

(Newser) - It looks to be a discriminatory double-whammy: The banking industry steers black people toward bad home loans, and bankruptcy lawyers stick it to them when the loans go bust. A new study shows that black people are twice as likely to end up in the tougher and more expensive form... 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 »

'Wealthiest Divorcee' Files for Bankruptcy

Patricia Kluge and husband have $46M in liabilities, says lawyer

(Newser) - Patricia Kluge's downfall appears to be complete: The one-time billionaire divorcee and winemaker filed for personal bankruptcy protection this week, the New York Post reports. Kluge, a socialite and one-time pin-up girl, snagged a reported $1 billion in her 1990 divorce, along with a 45-room mansion. But the 62-year-old... 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 Closing 30% of Stores

Struggling chain files for bankruptcy protection

(Newser) - It's not exactly the most surprising news of the day: Borders is filing for bankruptcy protection and will shutter about 30% of its stores—or about 200 locations—over the next few weeks. The 40-year-old company, which has struggled in the face of competition from Amazon, the Kindle, and deep-discounters... More »

Sam Zell Steps Down as Tribune CEO

Randy Michaels steps up as court ruling beats back creditors

(Newser) - Maverick takeover artist Sam Zell resigned as CEO of the Tribune Co. today, naming Randy Michaels as his successor. Zell is still chairman of the news giant he bought, disastrously, in 2007. Tribune, which has been bankrupt for almost a year, yesterday won an extension until February of the right... 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 »

Court Clears Path to 'New' GM

Court ordered stay on asset sale expires

(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 »

Six Flags Files for Bankruptcy

(Newser) - Theme park operator Six Flags has declared bankruptcy, Bloomberg reports. The company has not had a profitable year since 1998 and is burdened with $2.4 billion in debt. Six Flags underwent a wide-ranging reorganization starting in 2005 when Washington Redskins owner Daniel Snyder became chairman. The company, whose 20... More »

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