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 [...]

AFA Foods, one of America's largest ground beef processing companies, filed for bankruptcy this week after it claims the "pink slime" controversy significantly changed the meat market. The pink slime, which is an ammonia-treated beef filler, created a major uproar that critics say should be banned. The backlash has caused many U.S. supermarket chains to [...]

Last week,  American Airlines parent company AMR Corp. sought bankruptcy protecting by filing for Chapter 11 bankruptcy at the U.S. Bankruptcy Court for the Southern District of New York. American Airlines officials contemplated filing for bankruptcy for ten years as the airline became unable to make a profit.  Over the past decade, the company is [...]