With two weeks to go before the government deadline to approve GM’s restructuring plan, the AP says that GM’s CEO Rick “The Station” Wagoner told the press that if GM is allowed to go into bankruptcy, it will simply be liquidated.
Ever acoustically bankrupt, Muzak,the makers of elevator music, have declared themselves financially bankrupt by filing for Chapter 11. The company’s unique style of precisely limited in tempo and dynamics and unswervingly bland music may not be long for this world. Office workers and elevator riders, rejoice.
Black Angus filed for bankruptcy yesterday. The recession bodes ill for casual dining; “The debtors’ restaurants primarily are located in some of the areas hardest hit by the mortgage crisis, causing consumers in those markets to cut back on discretionary spending,” said the company in a statement filed with the bankruptcy court. Guess it turns out you can’t feed yourself with home equity after all. [Bloomberg] (Thanks to Ken!) (Photo: bdjsb7)
Bally Total Fitness has filed for Chapter 11 Bankruptcy… again. [MarketWatch]
Earlier this year when the Sharper Image declared bankruptcy, they briefly stopped accepting gift certificates. Eventually, they did start accepting them again — but with the requirement that consumers buy twice the face value of the card. This, it seems, has caused a fair amount of panic among consumers. Chain emails are circulating warning shoppers not to buy gift cards from various retailers — claiming that they are going out of business. But are they?
If you have a Circuit City refund check not deposited before 11/10, it’s going to bounce.
Bankers worked hard over the weekend to prevent the American financial system from imploding.
- Lehman filed for Chapter 11
- Bank of America bought Merrlil Lynch
- A special trading session was opened Sunday from 2-6pm to allow traders to try to unwind their positions
- The Fed is expected to temporarily make it easier for banks to borrow from the government
- European Central Banks stand ready to pump billions into the global market
- Washington Mutual’s new CEO’s disclosure of further writedowns and setting aside of capital calmed investors and stemmed the massive selloff of its stock
Consumers Union (CU) filed a petition with the FTC Thursday to protect consumer gift card holders more when retailers go bankrupt. For as long as the stores remain open, CU wants companies to have to hold gift card funds in a secure trust, unless bankruptcy courts say otherwise. Currently…
Even though they filed for Chapter 11, the makers of Olevia brand TVs have pledged that they will continue to honor their warranties, reports Marketnews. The news should come as a relief to worried consumers. Olevia was known for making good HD-LCD tvs at a good price.
If you have an Olevia TV, your warranty is probably going to be worthless now. Parent company Syntax-Brillian has filed for Chapter 11 bankruptcy protection. Olevia is going to be spun off into its own limited liability company. An Engadget commenter suggests that after the bankruptcy proceedings, Syntax-Brillian will have no assets, only liabilities. In accounting terms, outstanding warranties are a liability. It’s just an educated guess, but don’t plan on counting on Olevia to fulfill their warranties (not like they were so great at service to begin with). Instead, if you bought an Olevia on a credit card, you may have extended warranty protection through your credit card company, as Meghann describes in a recent post (see number 6).