Yet another hurdle in the race to the altar for American Airlines and US Airways has been cleared, with the bankruptcy court giving its blessing on the matter, but reserving judgment on a proposed $19.9 million payout to outgoing CEO Tom Horton. [More]
bankruptcy
Community Raises $80,000 In Attempt To Save Local Toy Store
By 3.15.13
Just a week ago, it looked like an independent Illinois toy store would be going out of business after the bank chose to not renew the store’s business loan for another year. But online efforts to raise money by today’s deadline may have saved the store. [More]
Bankruptcy Finally Ends Father’s 4-Year Struggle To Repay Dead Son’s Student Loan
By 12.19.12
Back in June, we told you about the California man who had spent years trying to sort out his late son’s student loans, only to keep running into dead ends and and roadblocks. Now, after four years of struggling to figure out how much is owed and to whom, he’s finally getting some relief. [More]
Bankrupt Hostess Wants To Reward Executives With $1.8 Million In Bonuses
By 11.29.12
Only days after being unable to work things out with a striking union, and forcing us all to devour faux Twinkies for our creamy, spongy sugar fix, the folks at Hostess Brands Inc. are asking for a bankruptcy court to approve up to $1.8 million in bonus payments to top executives. [More]
Hostess To Liquidate Assets Into Sugary, Cream-Centered Cash
By 11.16.12
Unable to reach a deal with a labor union representing around one-third of its employees, management of Hostess Brands — the Twinkie and Wonder Bread people — have asked a bankruptcy court to allow it to close up shop and liquidate all of its assets. [More]
Pizza Franchisees Say Chain Owners Took Groupon Money But Didn’t Share
By 11.15.12
Back in August, the owners of New England’s Upper Crust chain of pizzerias ran two offers on Groupon, selling more than 6,000 $12 vouchers that could be redeemed for $25 in food. But some franchisees who run independently own Upper Crust stores say they were not told in advance about the Groupons and that they never saw a lick of that cash. [More]
Forget The Fiscal Cliff, Twinkies Could Soon Disappear Forever
By 11.15.12
Already struggling to work its way out of bankruptcy protection, Hostess is now in the midst of a strike that the company says could force it to close up shop for good and liquidate all of its cream-filled products. [More]
To Preserve The Brand, Hostess Leaves Equity Owners Without A Twinkie To Show For Their Investment
By 10.11.12
Back in January, Hostess Brands Inc., makers of the Twinkie and lots of other snacks (but mostly the Twinkie) declared bankruptcy. Yesterday the company finally filed its plan to get out of bankruptcy, which basically amounts to telling its equity owners, “Thanks for all the money, now go away.” [More]
We Cosigned Our Unemployed Son's Student Loans. Now We're Screwed
By 8.24.12
If you retain one piece of information from reading this site, let it be this one: never co-sign anyone’s student loans. Not your spouse’s student loans. Not your best friend’s student loans. Not your nephew’s student loans. Not even your own child’s student loans. It is the worst possible kind of debt to assume on behalf of someone else. The balances can be huge, the debt can’t be discharged in bankruptcy, and there’s nothing to repossess. That’s what anonymous parents M and D have learned, the very hard way. [More]
San Bernardino Declares Fiscal Emergency, Prepares To File For Bankruptcy
By 7.19.12
California continues to show signs of how hard the housing crisis has hit it, with San Bernardino likely to become the third city to declare bankruptcy in the state. The city council declared a fiscal emergency, which will allow it to file for bankruptcy protection without having to discuss it with creditors. [More]
Report: Bankruptcies Dropping Toward Pre-Crash Levels
By 7.6.12
We’re nearing the All-Star break for baseball, which means it’s time to enjoy the annual tradition of looking at the American Bankruptcy Institute’s half-year stats. The bad news is that a butt-ton of people and businesses in the U.S. are still filing for bankruptcy, but on the up side, that number continues to show a downward trend after its most recent peak in 2010. [More]
City At Vanguard Of Housing Crash Could File Bankruptcy This Week
By 6.25.12
Back in August 2007, when many of us were still taking out adjustable-rate loans to pay for the water slide on our new champagne-filled jacuzzis, reports of impending doom were coming Stockton, Calif., a city that had suddenly jumped to the head of the foreclosure pack, with 1-in-27 homes being taken back by the bank. Now, five years on, it looks like Stockton could be due for another ignominious honor, as it stands to become the largest U.S. city to declare bankruptcy. [More]
Debt Collectors Now Going After Former Hollywood Video Employees
By 6.19.12
Zeke once worked for now bankrupt and defunct Hollywood Video. Employees had special accounts allowing them to rent older movies (more than a few weeks old) for free and not have to pay late fees when they didn’t bring them back. Zeke is sure that he wouldn’t hallucinate free movie rentals, but the collection agency that sent him the letter insists that this policy never existed, and that it’s up to him to prove that he didn’t owe the company $28.95 in late fees at the time he quit. [More]
Are Student Loans A Ticking Time Bomb For The Economy?
By 3.12.12
Four years later, we’re still standing on the rim of a smoldering crater where the housing market used to be, pledging we’ll never let another financial disaster like that happen again. But some prognosticators worry we could soon be bracing for another blast, judging by the growing number of people who can’t pay back their student loans. [More]
Kodak Gets Out Of The Digital Camera Business
By 2.9.12
Kodak, the company whose name was once synonymous with photography, announced today that it will phase out its digital cameras, pocket video cameras and digital picture frames during the first half of this year, as it fights to crawl out from under Chapter 11 bankruptcy protection. [More]
Kodak Wants To Wipe Its Name Off Of Academy Awards Venue
By 2.2.12
It’s generally seen as bad form for a bankrupt company like Kodak to have its name plastered on a theater as a title sponsor. Kodak, which filed for Chapter 11 protection last month, has realized it would have a lot more cash to burn if it could wriggle out of a $75 million, 20-year commitment to slap its name on the Kodak Theatre, which hosts the Academy awards. [More]
Kodak Files For Bankruptcy Protection
By 1.19.12
As predicted earlier this month, struggling photography pioneer Eastman Kodak has filed for Chapter 11 bankruptcy protection while it attempts to raise cash by selling off some of its more than 1,000 patents. [More]
Report: Kodak Prepping To File For Chapter 11
By 1.4.12
The new year isn’t getting off to a good start for the photo folks at Eastman Kodak Co., which is reportedly preparing to file for Chapter 11 bankruptcy protection if it can’t unload a pile of its patents on buyers in the next few weeks. [More]
