bankruptcy court

10 Stories

Judge OKs Detroit Bankruptcy, Pension Cuts

Judge says filing was 'foregone conclusion'

(Newser) - A federal judge today gave Detroit the bankruptcy protection it sought, dismissing challenges from banks and labor unions, the Detroit News reports. Vested pensions aren't subject to any special protections either, Judge Steven Rhodes said; they're just contracts like any other, and "it has long been understood... More »

Casey Anthony Pays $25K —for Rights to Her Own Life

Bankruptcy trustee wanted to claim them to pay off her debts

(Newser) - Casey Anthony says she has almost literally no money, owes about $800,000 in legal bills and other liabilities, and is living off the charity of friends and strangers. But she does have one potential big asset—the rights to her life story, assuming she ever decides to sell them.... More »

Judge: Detroit Bankruptcy Can Go Ahead

Lawsuits from unions, retirees put on ice

(Newser) - Detroit's bankruptcy will charge ahead unhindered by lawsuits from retirees, a judge declared today. Federal bankruptcy Judge Steven Rhodes froze a number of lawsuits against the city and cleared the way for the bankruptcy to proceed, the Detroit News reports. Union lawyers asked Rhodes to stop the bankruptcy, on... More »

Judge OKs Hostess Liquidation Plan

Expect Twinkies brand to be sold

(Newser) - A bankruptcy court judge today approved a request by Hostess Brands to begin winding down its operations. The ruling came after the maker of Twinkies and other snack cakes failed in last-ditch negotiations to end a strike by its second-largest union. Hostess now has the green light to terminate the... More »

Twinkies Still Alive: Hostess, Union Agree to Talk

Bankruptcy judge tells them to enter mediation

(Newser) - Twinkies won't die that easily after all. Hostess Brands Inc. and its second largest union will go into mediation to try and resolve their differences, meaning the company won't go out of business just yet. The news came today after Hostess moved to liquidate and sell off its... More »

Reverend to Ministry: You Owe Me Millions

Rev. Robert Schuller gets his day in bankruptcy court

(Newser) - Rev. Robert Schuller's old ministry may be bankrupt, but he says they still owe him millions—and he's fighting for every cent. The once-powerful preacher showed up smiling in a crisp black suit today on the first day of the Crystal Cathedral Ministries' bankruptcy trial, the LA Times... 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 »

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 »

Fed May Have Outmuscled Other Lehman Creditors

Government creditors got their cash back; private investors still struggling

(Newser) - A special court examiner investigating the Lehman Brothers bankruptcy is trying to determine whether the Fed used its clout to get its money back from the collapsed bank ahead of other creditors. The central bank and its New York branch lent Lehman $46 billion before the bankruptcy but was promptly... More »

With Coyotes' Future Murky, Gretzky Quits as Coach

'Great One' not so much behind the bench, leaves with losing record in Phoenix

(Newser) - With the team’s future murky, Wayne Gretzky quit today as coach of the Phoenix Coyotes, marking the end of a tenure for the “Great One” that was anything but. Since Gretzky, 48, came aboard in 2005, the Coyotes are 143-161-24. He’s a part-owner of the financially troubled... More »

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