bankruptcies

What Should You Know About The Reborn General Motors?

What Should You Know About The Reborn General Motors?

Cupcakes all around! Government General Motors emerged from bankruptcy today, and the shiny new version of GM is now leaner, in charge, and ready to manufacture cars that people actually want to buy. Maybe.

G.M. Agrees To Remain Responsible For Shoddy Cars After Bankruptcy

G.M. Agrees To Remain Responsible For Shoddy Cars After Bankruptcy

General Motors has reached an agreement with the government to let consumers file what are known as product-liability claims after the company escapes from bankruptcy protection. The big win for consumers means that if a manufacturing defect in an old G.M. causes injuries in the future, consumers will still be able to sue G.M. in state court.

Six Flags Over Bankruptcy Court

Six Flags Over Bankruptcy Court

Those home ticket-printing fees just weren’t enough to help Six Flags pay down their $2.4 billion debt load. The economy and bad weather have taken their toll, and the company declared Chapter 11 bankruptcy over the weekend.

Most Bankruptcies Caused By Health Problems Suffered By People With Health Insurance

Most Bankruptcies Caused By Health Problems Suffered By People With Health Insurance

A recent Harvard study tells us that health problems cause more than half of America’s bankruptcies, and that the vast majority of people seeking bankruptcy protection have health insurance. The study paints a hauntingly familiar picture: people get sick, insurance covers nothing, so they’re forced to mortgage their homes to stay alive.

10 Crappy Cars That Blew Up GM

10 Crappy Cars That Blew Up GM

GM is bankrupt so now the hindsighted punditing can kick into overdrive, hence Jalopnik’s gallery of the 10 vehicles that bankrupted General Motors. I always liked the GMC Envoy XUV, pictured, because beneath its pricey and puzzling retractable rear roof each one came with a free set of antique cabinets.

https://consumerist.com/2009/06/01/want-to-see-the-top/

Want to see the top 10 biggest bankruptcies in U.S. history so far? [Fortune]

Car Dealerships Feebly Fight Back Against Bankrupt Automakers

Car Dealerships Feebly Fight Back Against Bankrupt Automakers

As GM’s bankruptcy looms, let’s take a look at what might be in store for its network of dealerships. Chrysler dealers are understandably angry at the company’s shutting down of dealerships, refusal to take back unsold inventory, and general inability to, in the words of Jon Stewart, “be a f@#king person.” Or ethically behaving corporate entity, whatevs.

https://consumerist.com/2009/06/01/on-sunday-a-judge-approved/

On Sunday, a judge approved the sale of nearly all of Chrysler’s assets to a group led by Italy-based Fiat. [BBC]

GM Files For Bankruptcy Today

GM Files For Bankruptcy Today

After failing to get its debt-for-stock offer approved last week, and missing the June 1st deadline for concessions from creditors and its union, GM will file for bankruptcy later today. Reuters notes that its filing will be the third-largest in U.S. history, after Lehman Bros and Washington Mutual, and the largest ever in manufacturing.

GM Bondholders Say No To Debt-For-Stock Offer

GM Bondholders Say No To Debt-For-Stock Offer

GM’s debt-for-stock offer to its bondholders expires tonight. The company needs 90% of the bondholders to agree but has a fraction of that, notes CNN, which almost assures a bankruptcy filing in the coming days. We say “almost” because it’s possible the Treasury Department will extend talks with bondholders until June 1st, when GM’s other deadlines hit.

Need A Suit? S&K Menswear Closing All 105 Stores

Need A Suit? S&K Menswear Closing All 105 Stores

The decline in the “work clothing” market continues to take its toll. S&K Menswear are closing all 105 of their retail stores. The liquidation will be handled by Gordon Brothers, so don’t expect any actual deals. Going-out-of-business sales started on Thursday, May 21.

BankUnited Fails, Gets Sold

BankUnited Fails, Gets Sold

BankUnited FSB, a Florida-based bank with $12.8 billion in assets and $8.6 billion in deposits, today became the latest bank to fail, thanks to its massive undercapitlization. The Office of Thrift Supervsion closed it, the FDIC was the receiver, and a group of private-equity firms bought its remains. The dour news had no effect on the companies website, which remained a cheerful display of sunny beaches and palm trees. An online poll asked customers, ” Memorial Day is next weekend. What is your favorite way to celebrate? A. Cooking out in the grill B. Going to the beach C. Getting away for the weekend D. Chaining the doors shut and getting a direct flight to Anguilla.” What happens when a bank fails and what do you need to do? 60 Minutes has the answer.

Linens ‘N Things Returns From The Dead In Online Form

Linens ‘N Things Returns From The Dead In Online Form

Linens ‘N Things is back. It’s an Internet-only entity for now, and sells higher-end items than the original incarnation. We’re talking $1600 linens and marble cheese-serving things here.

What Can I Do With My KB Toys Gift Card?

What Can I Do With My KB Toys Gift Card?

We’ve been hearing from a growing number of readers who still have balances on their KB Toys gift cards and want to know what to do. KB filed for Chapter 11 bankruptcy and liquidated in December 2008, and stopped accepting gift cards on December 31, 2008. Gift card holders have only one option left, and not a very good one.

Got Debt So Bad It's Defaulted? 3 Ways To Deal

Got Debt So Bad It's Defaulted? 3 Ways To Deal

Getting into debt is easy. Winding up in default is easier yet; all you have to do is not pay your bills for several months! So how do you deal when the lender doesn’t want to wait around for you any longer and has moved on to more drastic action? Here’s three ways, only two of which are advisable.

How Does The Chrysler Bankruptcy Impact Your Mutual Fund?

How Does The Chrysler Bankruptcy Impact Your Mutual Fund?

What impact does the Chrysler bankruptcy have on regular investors who hold bond funds? Most likely little to none, it turns out. Consumer Reports points out that most mutual funds have been avoiding Chrylser, GM, and Ford debt for years now—and if your fund does include Chrysler, it’s probably a tiny portion of your overall investment.

General Motors Defaults, Idles Plants

General Motors Defaults, Idles Plants

General Motors is projected to default on its next bond payment—the last before the June 1st government-imposed restructuring deadline. Next freeway exit: bankruptcy.

Ritz Camera Files For Bankruptcy

Ritz Camera Files For Bankruptcy

Ritz Camera, an occasional and colorful character on our blog (scam confessions! feedback bribery!) has just filed for Chapter 11 bankruptcy protection.