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Philadelphia Orchestra Files for Bankruptcy

Going for Baroque?

Apr 17, 2011 9:58 AM CDT

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...

Border Files for Bankruptcy Protection, Will Close 30% of Its Stores

Borders Closing 30% of Stores

Feb 16, 2011 6:58 AM CST

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...

Sam Zell
Steps Down as
Tribune CEO

Dec 2, 2009 3:05 PM CST

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...

Mega-Lender CIT
Files Chapter 11

Nov 1, 2009 4:43 PM CST

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...

Court Clears Path
to 'New' GM

Jul 9, 2009 1:55 PM CDT

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...

Six Flags Files for Bankruptcy

Jun 13, 2009 1:04 PM CDT

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...

GM Will Declare
Bankruptcy June 1: Insiders

May 28, 2009 1:27 PM CDT

GM Will Declare Bankruptcy June 1: Insiders

(Newser) - General Motors will file for bankruptcy protection Monday, insiders tell Bloomberg. The company has apparently decided that it cannot make the government-mandated June 1 deadline to shed $44 billion in debt. The timeline is unclear, but bondholders' agreement today to forgive debts in exchange for a stake in the “...

US Likely to Own
70% of Bankrupt GM

May 26, 2009 4:57 PM CDT

US Likely to Own 70% of Bankrupt GM

(Newser) - If General Motors goes into bankruptcy next Monday—as is widely expected—the US government will own 70% of the automaker, the New York Times reports. Under a plan that GM officials detailed today to union members, the UAW would take a 17.5% stake though its health care fund,...

Chrysler Woos
Current Owners
With $1K Coupons

May 15, 2009 10:04 AM CDT

Chrysler Woos Current Owners With $1K Coupons

Company hopes to help sales

(Newser) - In an effort to boost sales, bankrupt Chrysler is planning to send $1,000 coupons to all its current customers, the Wall Street Journal reports. The certificates, good toward the purchase of any new Chrysler vehicle, will be mailed in the next month or so with a letter from CEO...

GM Seeks Ways Around $1B Debt Payment

Apr 22, 2009 1:03 PM CDT

GM Seeks Ways Around $1B Debt Payment

Automaker will swap for equity or seek court protection

(Newser) - General Motors won’t make a $1 billion payment on its debt June 1, an exec told the Wall Street Journal today, and will instead try to swap it for stake in the company—or turn to courts for protection. “They want us to be a viable entity when...