Chapter 11

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Treasury Seeks Bankruptcy Financing for GM, Chrysler

Obama administration will not rule out Chapter 11 for ailing autos

(Newser) - Treasury advisers are working to line up $40 billion in financing for General Motors and Chrysler—5 times the size of any previous bankruptcy loan—just in case the two automakers need it, the Wall Street Journal reports. While efforts continue to restructure the companies by other means, the administration...

20-Newspaper Chain Files for Bankruptcy

(Newser) - The owner of the New Haven Register and a cluster of other newspapers filed for bankruptcy protection today, the third publisher to recently go under, the Wall Street Journal reports. Known for its tight-fisted spending, Journal Register took on debt by boldly paying $400 million for a Michigan newspaper chain...

Nonprofits Are Going Bust, Too
Nonprofits Are Going Bust, Too
Feb 20, 2009 1:26 PM CST

Nonprofits Are Going Bust, Too

More charities and arts groups are filing for bankruptcy during the slowdown

(Newser) - It's not just homeowners and businesses seeking bankruptcy protection in the cooling economic climate: Nonprofit organizations are hurting, too, and some aren't going to survive. With dwindling donations, tight loans, and stagnant state funding, social service charities and arts groups are running up huge debts, reports the New York Times....

Satellite Radio Is Doomed
 Satellite Radio Is Doomed 
OPINION
Feb 11, 2009 2:40 AM CST

Satellite Radio Is Doomed

Auto downturn looks likely to kill Sirius and the satellite radio biz

(Newser) - The country’s only satellite radio company is close to filing for bankruptcy, and columnist Mike Elgan is having an “I told you so” moment. Before Christmas Elgan predicted in ComputerWorld that Sirius XM wouldn’t survive the recession, given its shaky financial status—and the downturn now looks...

Sirius XM Prepares to File for Bankruptcy

(Newser) - Sirius XM is preparing to file for bankruptcy this week, the New York Times reports. The satellite radio company, which has more than $5 billion in assets and a stable of personalities such as Howard Stern, is working with financial advisers to prepare the Chapter 11 filing. The development could...

Lehman Collapse Leaves Goats in the Lurch

Goat-grazing biz among the herd of creditors burned by bankruptcy

(Newser) - Lehman's collapse has left creditors from Caribbean laborers to the world's biggest banks fighting for a share of what little cash remains, the Wall Street Journal reports. One California business that hires out goats to munch shrubs was shocked to learn that it may face ruin because of the bankruptcy...

Minneapolis Newspaper Files for Bankruptcy

Star Tribune , overwhelmed by debt, plans to keep operating under reorganization

(Newser) - The Minneapolis Star Tribune has filed for bankruptcy protection after missing payments to creditors, the paper reports. Like most other 3-D news outlets, the 15th-largest daily in the country has seen a steep decline in advertising revenue. The Chapter 11 filing shows assets of $493.2 million and debt of...

A Rash of Retailers About to Go Bankrupt

Debt, trimmed consumer spending push retailers to brink

(Newser) - Look for a wave of retailers going bankrupt in the months ahead, reports the Wall Street Journal, as dismal holiday sales take their toll on a business sector that's weak from expanding too fast and taking on too much debt. Lenders who traditionally have supported the segment are pulling back,...

Tribune Company Files for Bankruptcy

Financing billions in debt becomes too onerous in down economy

(Newser) - The Tribune Company filed today for Chapter 11 bankruptcy protection, due to mounting debt and an inability to pay interest in the floundering economy, the Wall Street Journal reports. Tribune’s profits declined 83% in the third quarter, making it difficult to finance $12 billion in debt. The company has...

Chrysler Hires Bankruptcy Firm
 Chrysler Hires Bankruptcy Firm 
Dec 5, 2008 3:00 PM CST

Chrysler Hires Bankruptcy Firm

Privately owned automaker preparing for Chapter 11 should feds not help out

(Newser) - Chrysler has contracted a law firm to help it prepare for bankruptcy, the Wall Street Journal reports. The hiring of Jones Day suggests the automaker faces immediate failure if Congress decides to deny financial assistance to Detroit automakers. Jones Day has experience in automotive matters and has represented the United...

Vick's Finances Have Gone to the Dogs

Bankruptcy filing reveals former highest-paid NFL star's financial mess

(Newser) - Michael Vick is millions of dollars in debt, with his main hope of solvency hinging on the uncertain prospect of returning to the NFL, the AP reports. The former QB's bankruptcy filing puts his assets at $16 million but his debts at $20.4 million. Friends and family drive around...

Save GM With Guided Bankruptcy
 Save GM With 
 Guided Bankruptcy 
OPINION
Nov 18, 2008 8:07 AM CST

Save GM With Guided Bankruptcy

Let's make this a Chapter 11 affair, not a Chapter 7

(Newser) - GM is claiming all it needs is a “bridge loan,” but the automaker is losing money so fast that bridge would be burned by February, writes Andrew Ross Sorkin in the New York Times. What GM really needs is bankruptcy—but one guided by the government. “Taxpayers...

Circuit City Files for Bankruptcy
Circuit City Files for Bankruptcy
Nov 10, 2008 8:21 AM CST

Circuit City Files for Bankruptcy

Dropping consumer spending, tightening credit hurt the electronics giant

(Newser) - Circuit City Stores has filed for bankruptcy protection today, about a week after it said it would close 20% of its stores. The electronics retailer, based in Richmond, Va., has struggled as nervous consumers spend less and credit tightens.

Bankrupt Mervyn's Goes Belly Up
Bankrupt Mervyn's Goes Belly Up
Oct 18, 2008 6:39 AM CDT

Bankrupt Mervyn's Goes Belly Up

All of chain's 149 stores to be liquidated before end of year

(Newser) - Mervyn's will be closing all of its 149 stores before the end of the year and holding huge going-out-of business sales, the Bay Area's Daily Review reports. The California-based department store chain filed for bankruptcy in July and had been fruitlessly scrambling for a sale or a deal with landlords...

Boscov's Files for Chapter 11
Boscov's Files for Chapter 11
Aug 4, 2008 2:18 PM CDT

Boscov's Files for Chapter 11

Reading, Pa.-based department store chain to shutter 10 of 49 locations

(Newser) - The troubled department store chain Boscov's filed for Chapter 11 bankruptcy protection today, becoming the latest victim of the harsh consumer spending environment. The Reading, Pa.-based chain said it will close 10 of its 49 stores, citing sluggish consumer spending and credit issues—and acknowledging that some of its...

Steve & Barry's Heads to Chapter 11

Deep-discount fashion retailer can't find rescue funding

(Newser) - Dress-down discount clothing retailer Steve & Barry’s, which launched its first store nearly a quarter-century ago, could file for Chapter 11 bankruptcy protection as early as today after a fruitless search for rescue financing, reports the Wall Street Journal. The trendy retailer could close all of its 275 outlets,...

Bankrupt, Linens 'n Things Will Fold 120 Stores

Retailer files for Chapter 11 as consumer spending falls

(Newser) - Linens 'n Things filed for bankruptcy protection today, MarketWatch reports, and plans to close 120 stores nationwide as other operations continue. "The significant deterioration in the mortgage, housing and credit markets and the resulting impact on the retail marketplace, particularly the home sector, has overwhelmed the operating and merchandising...

London-NYC Exec Airline Eos Files Chapter 11

High costs, sagging economy put end to another business class carrier

(Newser) - Business-class only Eos, struggling with rising fuel prices and unable to land a $50 million cash infusion to keep it aloft, filed for Chapter 11 bankruptcy protection last night, reports the Times of London. The airline, which offered business travelers cheap, high-quality flights between London and New York, follows fellow...

Linens 'n Things to Go Bust
Linens 'n
Things to
Go Bust
Apr 11, 2008 6:50 AM CDT

Linens 'n Things to Go Bust

Home-furnishings giant may be first retail victim of market crisis

(Newser) - Linens ‘n Things ls expected to file for Chapter 11 by Tuesday, the deadline for a $15-million quarterly debt payment, the Wall Street Journal reports. The move would make the home-furnishings giant the first major retailer sunk by the housing crisis, after bloated debt and plummeting demand handed the...

Frontier Airlines Latest Carrier to File for Bankruptcy

Discount airline says it will continue flying as it reorganizes

(Newser) - Discount carrier Frontier Airlines today said it was filing for Chapter 11 but would keep flying thorough its reorganization, the Wall Street Journal reports. The carrier made the move after its credit-card processing company decided to withhold a larger share of ticket revenues from Frontier. Aloha and ATA also declared...

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