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Sat, 09/10/2011 - 20:05 by Neka Sehgal
Saab, the struggling Swedish automaker could face bankruptcy, after its request to seek government protection from its creditors was rejected by a local court Thursday.
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Tue, 03/29/2011 - 14:39 by Cooshalle Wilson
Iconic 100-year-old fruit basket company has filed for Chapter 11 bankruptcy protection.
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Sat, 11/06/2010 - 10:06 by Prince damin
Fort Lauderdale, Fla. -- Regional U.S. carrier Gulfstream International Airlines said flights would continue despite the company having filed for Chapter 11 bankruptcy protection.
"We are operating our full schedule of fights and honoring all tickets and reservations," the carrier's president, David Hackett, said Friday, the South Florida Sun Sentinel reported.
Gulfstream has 600 employees and would likely not have a downsizing due to the bankruptcy, the company said.
A full schedule for the company's 23 planes is 150 flights per day, mostly in Florida and the Bahamas.
As of midsummer, ticket sales were up 10 percent from the summer of 2009 but previously there had been a decline of about 30 percent, Hackett said.
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Fri, 10/08/2010 - 10:23 by Natalie James
Toni Braxton is bankrupt again! The R&B singer has filed yet again for Chapter 7 bankruptcy in California, according to multiple tabloid reports.
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Tue, 08/31/2010 - 10:00 by Prince damin
Windsor, Ontario -- Canadian furniture retailer Bedroom Depot, which filed for bankruptcy protection last week, said it would honor some orders customers have already paid-for.
Customers who paid by credit card or check would have to wait for two weeks, The Windsar Star reported Monday.
But orders would only be filled if the stores have them in stock and on the premises, the company said.
Copyright 2010 United Press International, Inc. (UPI).
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Thu, 07/09/2009 - 04:06 by Salinder Kumar
Sacramento -- Former New York Mets player Lenny Dykstra, who is facing multiple lawsuits, has filed for bankruptcy protection in California, his lawyer said.
Dykstra, 46, who was part of the 1986 World Series-winning Mets, is facing divorce proceedings, foreclosure on his mansion and at least 20 lawsuits, mostly related to The Players Club magazine he created in 2008, the New York Daily News reported Wednesday.
"In a move that will shield his property from a host of merit-less claims, Mr. Lenny Dykstra filed a petition for Chapter 11 protection," said the player's California attorney, Walter Hackett.
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Tue, 07/07/2009 - 22:51 by surajdogra
New York -- U.S. automobile seat producer Lear Corp. filed for bankruptcy protection Tuesday after securing funds to keep its business in operation, court records show.
The company that produces 54,000 auto seats each day in 36 countries said it had $1.27 billion in assets and $4.5 billion in debts, The Detroit News reported.
Sales in 2008 reached $13.6 billion.
Its restructuring plan calls for most of the company's good assets to be transferred to secured lenders and noteholders, while the "bad" assets would be sold under the Section 363 of the bankruptcy code.
General Motors Corp. and Chrysler LLC used Section 363 to race through bankruptcy proceedings.
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Wed, 06/17/2009 - 01:38 by Salinder Kumar
Ottawa -- A Canadian parliamentary committee in Ottawa wants to hear from the chief of Nortel Networks why executives got bonuses during bankruptcy protection.
Earlier this week, the Finance Committee requested Chief Executive Officer Mike Zafirovski to explain why the millions of dollars in bonuses were paid as employees' and pensioners' benefits were delayed, the Canwest News Service reported.
The Toronto company declined, saying it would be inappropriate while the communications giant is before bankruptcy courts in the province of Ontario and the United States.
However, Tuesday morning, the committee voted that it has "supremacy," and ordered Zafirovski to appear Thursday, the report said.
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Tue, 06/16/2009 - 01:19 by surajdogra
Spartanburg, S.C. -- U.S. hotel chain Extended Stay filed for bankruptcy protection Monday, saying its revenue streams had dropped significantly.
The company, which owns 680 properties and manages 77,000 hotel rooms, said it had $7.1 billion in assets and $7.6 billion in liabilities, Business First of Columbus, Ohio, reported Monday.
Extended Stay Hotels is based in Spartanburg, S.C., and filed for Chapter 11 protection from its creditors in New York.
The hotel bills itself as mid-priced and frequently rents suites that include kitchens to help travelers lower the costs of long-term visits.
Court papers said the company's revenues fell 23 percent January through May compared to the first five months of 2008.
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Tue, 06/02/2009 - 10:04 by Salinder Kumar
Toronto, June 2: As General Motors filed for bankruptcy protection in New York Monday under pressure from President Barack Obama, Canada acquired 12 percent equity of the failed auto giant by investing $9.5 billion in its bailout.
Under bankruptcy protection, the US government will acquire about 60 percent of the equity of the 'new GM' on an investment of $30 billion in the company, in addition to $20 billion it has already spent to keep the once-mighty auto-maker going.
The auto industries in Canada and the US are deeply integrated, with Canadian plants of the three auto giants accounting for 20 percent of their overall production.
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Tue, 06/02/2009 - 10:04 by Salinder Kumar
Toronto, June 2: As General Motors filed for bankruptcy protection in New York Monday under pressure from President Barack Obama, Canada acquired 12 percent equity of the failed auto giant by investing $9.5 billion in its bailout.
Under bankruptcy protection, the US government will acquire about 60 percent of the equity of the 'new GM' on an investment of $30 billion in the company, in addition to $20 billion it has already spent to keep the once-mighty auto-maker going.
The auto industries in Canada and the US are deeply integrated, with Canadian plants of the three auto giants accounting for 20 percent of their overall production.
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