Tag Archives: bankruptcy

One Of America's Oldest Coal Companies Just Filed For Bankruptcy

One Of America's Oldest Coal Companies Just Filed For BankruptcyFacing declining demand and saddled with mounting debt, one of the oldest and



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Budget airline files for bankruptcy, hundreds of passengers stranded

Budget airline files for bankruptcy, hundreds of passengers strandedPrimera Air announced Sunday night that it would cease all operations starting Oct. 2 and file for bankruptcy.



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Gunmaker Remington files for bankruptcy

Gunmaker Remington files for bankruptcyUS gunmaker Remington filed for bankruptcy on Sunday, as the more than 200-year-old firearms manufacturer vies to restructure its massive debts. “Directors have determined that it is advisable and in the best interests of the Company that the Company file, or cause to be filed, a Voluntary Petition commencing the Chapter 11 Case,” the bankruptcy filing says. Remington had announced it would file for bankruptcy in February, just two days before a shooting at a Parkland, Florida high school killed 17 people and reignited a national debate on gun control.



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Manafort's LA bankruptcy fight may offer new avenue for Mueller probe

Manafort's LA bankruptcy fight may offer new avenue for Mueller probeBy Nathan Layne LOS ANGELES (Reuters) – Federal prosecutors who have already indicted President Donald Trump’s former campaign chairman Paul Manafort on charges of money laundering, bank fraud and covertly lobbying for pro-Russian interests may have additional leverage arising from a loan he received while engaged in the bankruptcies of properties in California, several former law enforcement officials say. Reuters has found new information about Manafort’s handling of the loan and its potential link to the bankruptcies as Special Counsel Robert Mueller seeks to pressure Manafort to cooperate with his investigation into Trump’s campaign team and possible collusion with Russian efforts to interfere in the 2016 election.  At issue is whether the failure to disclose a loan from a lender that was also the main creditor in the California bankruptcy cases represented an illegal concealment of material information.



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Puerto Rico pension, highway agency join government in bankruptcy

Puerto Rico pension, highway agency join government in bankruptcyPuerto Rico’s federal oversight board has sought bankruptcy protection for the island’s highway authority and largest public pension, making them the latest commonwealth entities to turn to a court to work out debt. The board filed the cases late on Sunday in U.S. District Court in San Juan, under a process akin to U.S. bankruptcy, known as Title III, that was created by the U.S Congress last year. The latest filings could set the stage for an unconventional fight between retirees and the very lenders whose money was supposed to sustain them, an indication of just how complex Puerto Rico’s debt structure is.



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Puerto Rico retirees will get bankruptcy committee: U.S. Trustee

Puerto Rico retirees will get bankruptcy committee: U.S. TrusteeBy Nick Brown NEW YORK (Reuters) – The U.S. Department of Justice’s bankruptcy watchdog said on Friday it plans to appoint a committee of retirees in Puerto Rico’s bankruptcy to negotiate for pensioners facing benefit cuts as part of the island’s debt restructuring. Puerto Rico, carrying some $ 50 billion in unfunded pension liabilities, “clearly needs a retiree committee and sooner rather than later,” the office of the U.S. Trustee said in a filing in federal court in San Juan. Puerto Rico filed the biggest municipal bankruptcy in U.S. history earlier this month.



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U.S. chief justice taps New York judge to handle Puerto Rico bankruptcy

U.S. chief justice taps New York judge to handle Puerto Rico bankruptcyU.S. Chief Justice John Roberts on Friday appointed a federal judge based in Manhattan to oversee Puerto Rico’s landmark bankruptcy case two days after the island’s government filed for protection from creditors. In a brief statement, Roberts said he had designated U.S. District Judge Laura Taylor Swain of the Southern District of New York to handle the biggest bankruptcy in the history of the U.S. municipal debt market.



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Puerto Rico files for biggest ever U.S. local government bankruptcy

Puerto Rico files for biggest ever U.S. local government bankruptcyPuerto Rico announced a historic restructuring of its public debt on Wednesday, touching off what may be the biggest bankruptcy ever in the $ 3.8 trillion U.S. municipal bond market. While it was not immediately clear just how much of Puerto Rico’s $ 70 billion of debt would be included in the bankruptcy filing, the case is sure to dwarf Detroit’s insolvency in 2013. The move comes a day after several major creditors sued Puerto Rico over defaults its bonds.



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With execs in hot seat, Wells Fargo gets OK for bankruptcy plan

With execs in hot seat, Wells Fargo gets OK for bankruptcy planRetail banking giant Wells Fargo has fixed problems in its 2015 bankruptcy plan and will now be allowed to open new international branches, US banking regulators said Monday. A Treasury Department agency found this month found the bank’s board as early as 2005 had received “regular” reports that employee firings and internal ethics complaints were related to unethical sales practices. Monday’s announcement reversed an action taken by the Federal Reserve Board and Federal Deposit Insurance Corporation, which in December jointly found that Wells Fargo had failed to remedy problems in its 2015 bankruptcy plan.



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Toshiba approves bankruptcy for US atomic unit: report

Toshiba approves bankruptcy for US atomic unit: reportToshiba has approved a plan to place its US nuclear unit in bankruptcy protection, a report said Wednesday, as the troubled division wrestles with multi-billion-losses and accounting fraud claims. Japan’s Nikkei business daily said Toshiba’s board gave Westinghouse Electric the green light to make a Chapter 11 filing in a US court, which temporarily shelters struggling firms as they try to restructure their affairs and outstanding debts. Toshiba, a pillar of corporate Japan and one of its best-known brands overseas, declined to comment on the report.



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