bankruptcy

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Collapse of Crypto Exchange Is Taking a Toll on Bitcoin

FTX files for bankruptcy, and the drama is hurting the value of the top cryptocoin

(Newser) - Embattled cryptocurrency exchange FTX—short billions of dollars—is seeking bankruptcy protection following its collapse this week. Meanwhile, FTX and its CEO and founder Sam Bankman-Fried are under investigation by the DOJ and the SEC to determine whether any criminal activity or securities offenses were committed, per the AP . The...

Judge Approves $2.46B Plan in Abuse Case Against Scouts

More than 80,000 men have filed claims

(Newser) - A bankruptcy judge on Thursday approved a $2.46 billion reorganization plan proposed by the Boy Scouts of America, which would allow it to keep operating while compensating tens of thousands of men who say they were sexually abused as children while involved in Scouting. Although legal hurdles remain, the...

New Mega Cruise Ship No One Wants Is Headed for Scrapyard

Owner of unfinished Global Dream II files for bankruptcy, without a buyer for vessel

(Newser) - The Global Dream II's maiden voyage will be one its builders probably didn't anticipate: from the shipyard to the scrapyard. Intended to be "one of the world's largest liners," the cruise ship was designed to transport 9,000 passengers and was nearing completion in a...

A Cosmetics Giant Files for Bankruptcy

Iconic Revlon is struggling to deal with debt, supply issues, changing tastes

(Newser) - Revlon, the 90-year-old multinational cosmetics company, has filed for Chapter 11 bankruptcy protection, weighed down by rising debts, global supply chain disruptions, and new rivals. With household names like Almay to Elizabeth Arden, Revlon has been a mainstay on store shelves for decades, the AP reports. And it's a...

Boris Becker Guilty in Bankruptcy Case
Boris Becker
Is Going to Prison
UPDATED
Apr 29, 2022 10:20 AM CDT

Boris Becker Is Going to Prison

Tennis great gets 2.5 years for financial offenses

(Newser) - Update: Boris Becker is going to prison. A judge in London sentenced the former tennis star to 2½ years behind bars on Friday for shady financial moves during bankruptcy, reports the AP . It could have been worse for the 54-year-old, however: He faced up to seven years for the offenses....

Alex Jones&#39; Infowars Files for Bankruptcy
Infowars Files
for Bankruptcy
Apr 18, 2022 6:49 AM CDT

Infowars Files for Bankruptcy

Move by Alex Jones comes amid legal losses over his Sandy Hook hoax claims

(Newser) - Alex Jones' legal and financial trouble keeps mounting. His Infowars site has filed for bankruptcy after Jones lost three lawsuits to relatives of victims in the Sandy Hook school shooting, reports Bloomberg . Jones initially spread the conspiracy theory that the shooting was a hoax, though he has since recanted. Victims'...

Prosecutors: Boris Becker Tried to Conceal Tennis Trophies

Wimbledon champ is on trial, said to have 'acted dishonestly' in hiding assets during bankruptcy

(Newser) - Former tennis champion Boris Becker went on trial Monday in London for allegedly concealing property—including nine trophies—from bankruptcy trustees and dodging his obligation to disclose financial information to settle his debts. Prosecutors said Becker, 54, "acted dishonestly" when he hid or failed to hand over assets before...

Boy Scouts Reach Pivotal Agreement in Bankruptcy Case

It would be one of the largest sums in US history involving sexual abuse cases

(Newser) - The Boy Scouts of America have reached an $850 million agreement with attorneys representing some 60,000 victims of child sex abuse in what could prove to be a pivotal moment in the organization’s bankruptcy case, the AP reports. The settlement would mark one of the largest sums in...

Judge Shoots Down NRA Bankruptcy
Judge Shoots Down
NRA Bankruptcy
May 11, 2021 5:32 PM CDT

Judge Shoots Down NRA Bankruptcy

He accuses 'solvent' group of trying to use filing to dodge New York lawsuit

(Newser) - The National Rifle Association's attempt to use bankruptcy to leave New York and reorganize in Texas was shot down by a federal judge in Dallas Tuesday. US Bankruptcy Judge Harlin Hale, ruling after a 12-day trial that concluded May 3, said the gun rights group's bankruptcy wasn't...

Many Have Lukewarm Reaction to OxyContin Maker's Offer

$10B plan calls for turning the pharmaceutical giant into a new company

(Newser) - Some state attorneys general and opioid addiction activists pushed back Tuesday against a settlement offer from OxyContin maker Purdue Pharma, saying it didn't include enough money and goes too far in protecting the company and family members who own it from future liability. A group of nearly half the...

Guitar Center Files for Bankruptcy
Guitar Center:
It's Bankruptcy Time
Nov 22, 2020 1:00 PM CST

Guitar Center: It's Bankruptcy Time

The nation's biggest musical instrument retailer files for Chapter 11

(Newser) - The Guitar Center filed for Chapter 11 bankruptcy Saturday as yet another US retailer revealed its pandemic financial woes, Reuters reports. In a bankruptcy filing , the 61-year-old company said it plans to stay afloat with up to $165 million in fresh equity investments and a debt reduction of nearly $800...

Not-So-Sweet News for Friendly&#39;s Chain
Another Corporate
Casualty of COVID
Nov 2, 2020 10:00 AM CST

Another Corporate Casualty of COVID

Friendly's restaurant chain, known for its ice cream sundaes, has filed for Chapter 11

(Newser) - Friendly's Restaurants, an East Coast dining chain known for its sundaes, is filing for bankruptcy protection. The company, which runs its restaurants under the parent company FIC Restaurants Inc., will sell substantially all of its assets to the restaurant company Amici Partners Group, per the AP . All 130 of...

COVID's 'Unprecedented Impact' Drives Another Big Bankruptcy

Ruby Tuesday reduced to 236 restaurants

(Newser) - Ruby Tuesday has filed for bankruptcy, partly blaming the "unprecedented impact" of the coronavirus pandemic, though it was struggling well before March. The classic American dining chain will permanently shutter 185 restaurants across the US, according to a Wednesday release. Another 236 restaurants will continue operating. "This announcement...

JCPenney Nearly Sold After 'Screaming Matches'

The department store chain negotiates a $1.75B deal

(Newser) - Looks like JCPenney has found itself a buyer. The dying department store chain—which filed for Chapter 11 bankruptcy protection back in May—has struck a tentative deal with a group of lenders and mall owners, USA Today reports. Brookfield Property Partners, Simon Property Group, and bankruptcy lenders are expected...

'Nation's First Department Store' Files for Bankruptcy

Lord & Taylor files for Chapter 11

(Newser) - Another big retail name is going under amid the coronavirus pandemic: Lord & Taylor filed for Chapter 11 bankruptcy protection Sunday. However, as the New York Times reports, the department store chain had been struggling even before COVID-19. Clothing rental start-up Le Tote bought Lord & Taylor last year, and...

COVID Brings Another Retailer to Chapter 11

Parent company of Ann Taylor, Lane Bryant seeks bankruptcy protection

(Newser) - The pandemic has pushed another big-name retailer into bankruptcy. The parent company of Ann Taylor and Lane Bryant filed for Chapter 11 protection on Thursday. The Ascena Retail Group plans to close about 1,100 stories across the country, including all of its Catherines stores and many of its Justice...

200-Year-Old Firm Becomes Latest Pandemic Victim

Brooks Brothers has filed for bankruptcy

(Newser) - Brooks Brothers, the 200-year-old company that dressed nearly every US president, filed for bankruptcy protection Wednesday, the latest major clothing seller to be toppled by the coronavirus pandemic. Founded in New York in 1818, Brooks Brothers survived two world wars and the Great Depression and even managed to stay afloat...

Fracking Pioneer Files for Bankruptcy

Chesapeake Energy says it has nearly $9B in debt

(Newser) - Chesapeake Energy, a shale drilling pioneer that helped to turn the US into a global energy powerhouse, has filed for bankruptcy protection. The Oklahoma City-based company said Sunday that it was a necessary decision given its debt, the AP reports. Its debt load is currently nearing $9 billion. It has...

America Is Hit With Another Big Bankruptcy

GNC files for Chapter 11

(Newser) - Like your vitamins and whey proteins? Better buy them now, because GNC has filed for Chapter 11 bankruptcy. The health and wellness company says it will shutter 800 to 1,200 stores and either reorganize or sell itself outright, USA Today reports. "The COVID-19 pandemic created a situation where...

SEC Puts Damper on Hertz Plan to Sell Possibly 'Worthless' Stock

Car rental company wanted to dump $500M in common stock during bankruptcy proceedings

(Newser) - After a tumultuous few months, Hertz now has another wrench thrown into its works. Unable to endure the coronavirus pandemic, the car rental company filed for bankruptcy protection last month, then noted Monday in a government filing that it planned to sell $500 million in common stock—all while warning...

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