Category Archives: Bankruptcy

Kodak eyes bankruptcy cash from Citigroup: report

By doris | Published: January 13, 2012

Full Story at news.Yahoo.com (Reuters) – Eastman Kodak Co is in advanced talks with Citigroup Inc to obtain financing that would be used if the money-losing photography company files for bankruptcy protection, Bloomberg News said on Thursday, citing three people familiar with the matter. Advisers to Kodak are also lining up a “stalking horse” that [...]

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A sad end to Saab’s story

By doris | Published: January 1, 2012

Full Story at BottomLine.msnbc.msn.com With the filing of bankruptcy papers this week it’s all over for Saab but the funeral. Or is it? Few automakers have existed so long and so close to the precipice — or shown the uncanny ability to come back from the seeming dead. But this week’s developments would suggest that [...]

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Get ready to pay more for your mail

By doris | Published: November 22, 2011

Full Story at BottomLine.msnbc.msn.comThanks for your waiting for me to begin again. The cash-strapped U.S. Postal Service is raising rates for its more profitable express mail and priority mail shipping next year, part of its efforts to stave off bankruptcy. The new prices, which take effect Jan. 22, include the introduction of a new flat [...]

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Los Angeles Dodgers file for bankruptcy

By doris | Published: June 27, 2011

Full Story at money.cnn.com NEW YORK (CNNMoney) — The Los Angeles Dodgers filed for bankruptcy court protection early Monday, less than a week after Major League Baseball blocked the team from signing a new television deal to provide it with the cash it needed to meet the team’s payroll. The bankruptcy filing also comes in [...]

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US, AIG announce plan to end federal stake

By doris | Published: January 15, 2011

Full Story at msnbc.com NEW YORK — The U.S. government and AIG, the giant insurer rescued with $182 billion at the depths of the 2008 financial meltdown, announced a plan Friday to end taxpayer involvement in the company over the next two years. American International Group Inc. paid its $21 billion outstanding balance to the [...]

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GM vs. Ford: Which stock is the better buy?

By doris | Published: January 6, 2011

Full Story at money.cnn.com NEW YORK (CNNMoney) — Perhaps more iconic U.S. companies should consider government-sponsored bankruptcies. Shares of General Motors (GM) are up about 15% since the new GM went public in mid-November. By way of comparison, the S&P 500 and top rival Ford Motor (F, Fortune 500) are both up about 8%.

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Pontiac shifts into park after 84 muscular years

By doris | Published: November 1, 2010

Full Story at msnbc.com DETROIT — Pontiac, whose muscle cars drag-raced down boulevards, parked at drive-ins and roared across movie screens, is going out of business on Sunday. The 84-year-old brand, moribund since General Motors decided to kill it last year as it collapsed into bankruptcy, had been in decline for years. It was undone [...]

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Blockbuster files for bankruptcy

By doris | Published: September 24, 2010

Full Story at money.cnn.com NEW YORK (CNNMoney.com) — Blockbuster filed for bankruptcy Thursday in its latest attempt to overcome nearly $1 billion in debt. The movie rental store’s U.S. businesses filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of New York. As part of its recapitalization plan, Blockbuster (BBI, [...]

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Bankruptcy can save your house from foreclosure

By doris | Published: July 26, 2010

Full Story at money.cnn.coom NEW YORK (CNNMoney.com) — Slick TV commercials and online ads tell delinquent borrowers that they can save their homes by filing for personal bankruptcy. But is it true — or just too good to be true?Bankruptcy can bring foreclosure proceedings to a halt, end harassment from debt collectors, and give borrowers [...]

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What killed Lehman

By doris | Published: March 15, 2010

Full Story at money.cnn.com NEW YORK (CNNMoney.com) — Failings by Lehman Brothers executives and its auditor led to the bank collapse that unleashed the worst of the financial crisis, according to a report by a court-appointed investigator. Lehman “repeatedly exceeded its own internal risk limits and controls,” and a wide range of bad calls by [...]

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CIT loss won’t be last for taxpayers

By doris | Published: November 3, 2009

Full Story at money.cnn.con NEW YORK (Fortune) — CIT Group is the first big bailout loss for taxpayers, but it won’t be the last. CIT (CIT, Fortune 500) filed for Chapter 11 bankruptcy protection Sunday. The New York-based small business lender said all its common and preferred shares will be canceled, which will wipe out [...]

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Angry auto dealers flex muscle in Congress

By doris | Published: July 17, 2009

Full Story at money.cnn.com NEW YORK (CNNMoney.com) — Dealers who have been muscled out at Chrysler Group and General Motors are trying to get Congress to force the automakers to take them back. The push by the dealers to reverse the cuts has garnered strong bipartisan support, especially from powerful Democratic leaders Financial Service Committee [...]

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Auto parts supplier Lear files for bankruptcy

By doris | Published: July 11, 2009

Full Story at msnbc.com NEW YORK – Struggling automotive parts supplier Lear Corp. filed for bankruptcy protection on Tuesday after receiving the support it needed from lenders and bondholders. The move had been expected from Lear, which missed an interest payment on its bond debt last week and revealed its intention to seek court protection [...]

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GM bankruptcy plan approved

By doris | Published: July 6, 2009

Full Story at money.cnn.com NEW YORK (CNNMoney.com) — General Motors’ plan to emerge from bankruptcy, with a lot of help from the federal government, has been approved by a federal judge. Judge Robert Gerber gave his approval late Sunday after three days of hearings last week, saying it “is the only available means to preserve [...]

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