Fisker Automotive could potentially be in financial danger after its sole electric battery manufacturer filed for bankruptcy last month. A123 Systems, which made all of Fisker's electric car batteries for its Karma model, filed for Chapter 11 protection in October with $376 million in debt. According to the Washington Times, A123 Systems is now requesting that [...]
AMR Corp., the parent company of American Airlines, posted a net loss of $82 million for the month of August. The Fort Worth-based company, which filed for Chapter 11 bankruptcy last November, also saw a $535 million loss in short-term investments and unrestricted cash, according to BusinessWeek. A majority of the commercial airline company's losses [...]
The cable-box repair company Contec Holdings Ltd., owned by Bain Capital, has filed for bankruptcy protection due to low demands for its services. Contec officials say operations will continue as normal during the bankruptcy process, which is expected to be completed in 60 days. The Huffington Post reports that lenders have agreed to loan the [...]
Former Oakland Athletics baseball player Jose Canseco has filed for Chapter 7 bankruptcy protection, according to the Las Vegas Sun. Canseco was named Rookie of the Year in 1986 and American League MVP in 1988. Canseco's bankruptcy petition lists his assets at less than $21,000 and his liabilities at more than $1.7 million. Nearly a [...]
Dynegy Inc., a Houston-based power company, has filed for bankruptcy protection in order to merge with its bankrupt subsidiary Dynegy Holdings as part of a reorganization plan. Last year, Dynegy had more than $5 billion in debt. According to the Wall Street Journal, the company's coal and natural gas power plants will continue to operate [...]
Former New York Mets outfielder Lenny Dykstra has pleaded guilty in Los Angeles to three charges in his bankruptcy fraud case. Dykstra faces up to 20 years in prison for money laundering, concealment of assets, and bankruptcy fraud. The Sacramento Bee reports that prosecutors say Dykstra illegally destroyed, sold, or hid property worth more than [...]
The Washington Post announced last Friday that Ritz Camera has filed for Chapter 11 bankruptcy protection, just three years after it emerged from its first bankruptcy filing. Officials say stiff competition with cellphone cameras has caused Ritz to struggle. The film and camera business plans on closing 128 of its 265 retail locations and laying [...]
An examiner has been appointed by a bankruptcy judge to investigate Residential Capital LLC's bankruptcy case following allegations that financial transactions between ResCap and Ally, a potential buyer of its assets, prior to its filing were improper. Reports by Reuters state that Warren Buffet's Berkshire Hathaway Inc. urged the investigation. Berkshire owns most of ResCap's [...]
Tribune Co. is nearing the end of its three-year bankruptcy proceedings after it submitted its second reorganization plan last week. The failing newspaper, radio and television station company filed for Chapter 11 protection in 2009. Under its plan, Tribune would leave bankruptcy protection with all of its assets. Should it be approved by the court, [...]
Former NFL player Jamal Lewis has asked the court to change his Chapter 11 bankruptcy filing to Chapter 7 in order for him to sell off his assets to pay off his debts. The former Baltimore Ravens running back filed for bankruptcy in April. According to Reuters, Lewis listed $10.6 million in liabilities and $14.5 [...]
One of the largest law firms in the United States, Dewey & LeBoeuf LLP, has filed for Chapter 11 bankruptcy protection this week in Manhattan. The New York-based firm has listed $193 million in assets with $245 million in liabilities. Dewey & LeBoeuf, which advised the Los Angeles Dodgers during its bankruptcy process, decided to [...]
Tennessee rapper Young Buck, 31, was evicted from his mansion following a judge's order that his home be sold to pay back the debt he owes in unpaid taxes. Young Buck, whose real name is David Darnell Brown, owes $334,000 to the IRS. Brown initially filed for Chapter 11 bankruptcy protection to put his debt [...]
Nadya "Octomom" Suleman's Chapter 7 bankruptcy filing has been thrown out of court by a judge after Suleman failed to file the necessary paperwork, the Washington Post reports. Suleman failed to provide the current paperwork to prove she owes more than $1 million. Bankruptcy court notified the mother of 14 on Monday that she needed [...]
The educational publishing company Houghton Mifflin Harcourt filed for bankruptcy protection last week in order to eliminate its $3.1 billion debt. The publisher's financial woes began in 2006 and 2007 when Education Media and Publishing Group borrowed heavily to acquire the company. So far more 70 percent of its creditors have approved of the proposed [...]
Last Friday a Delaware bankruptcy judge approved Tribune Co.'s request to pay up to $45 million in bonuses to its top 425 managers and executives. Tribune says the bonuses are appropriate and reasonable, and there has been no objections from creditors. Tribune, which owns the Chicago Tribune, the Los Angeles Times, and several other newspapers [...]
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