Birmingham mayor faces bribery charges Dec 2, 2008
- The mayor of Alabama's largest city, Larry Langford, was arrested Monday on federal bribery and fraud charges connected to a multibillion-dollar sewer bond deal that has driven the surrounding county to the brink of bankruptcy ... County nearly bankruptThe county is trying to avoid filing what would be the largest municipal bankruptcy in U.S. history over $3. (MSNBC -- Crime)
Conch House wins round Dec 2, 2008
Conch House owners won their case in federal bankruptcy court against a New York bank that wanted the business shut down and its assets sold off ... They'll be back in the U.S. Bankruptcy Court for the Middle District of Florida, in Jacksonville, in January to show a judge the owners' plan to pay off their debts and get the property out of bankruptcy ... Intervest National Bank of New York requested the Conch House case be converted from Chapter 11 Bankruptcy to Chapter 7, which would have... (The St. Augustine Record)
Loan, not bailout, to automakers is worth the jobs it would save Dec 2, 2008
If one of the Detroit automakers declares bankruptcy you can be sure sales will stop for that manufacturer. Not slow, but stop. (Atlanta Journal-Constitution -- Opinion)
READERS WRITE Dec 2, 2008
If necessary, file Chapter 11 bankruptcy and start from scratch. Overhead and cost-cutting are the only answers in competing with foreign manufacturers. (Atlanta Journal-Constitution -- Opinion)
Recession-Hit Automakers Brace for Grim US Sales Dec 2, 2008
They insist that bankruptcy isn't an option, even as companies burn through cash and bleed jobs. The auto industry's plight comes under an intense spotlight just one day after the United States got some grim news of its own: The economy has been stuck in a recession since December 2007. (ABC News -- Wire)
Market Forecaster Dec 2, 2008
Additionally, the auto industry is near bankruptcy, making it harder for the auto makers to produce enough flexible hybrid vehicles to use the ethanol that is produced. Producers continue to struggle with the harvest and fall field work activities, which has their focus rather than marketing corn. (Midwest Bulls Eye, NE)
Qimonda On Brink Of Bankruptcy Dec 2, 2008
Munich-based Qimonda is an important employer in the region, and politicians are unlikely to let the company fall into bankruptcy without a fight. . (Forbes -- Technology)
Tata Motors Drops After Sales Decline, Rating Cut (Update1) Dec 2, 2008
The company needs money to replace the loans it had used to fund the of the U.K.-based luxury units from Ford Motor Co. A global credit crunch after the bankruptcy of Lehman Brothers Holdings Inc. has cut the availability of financing for companies amid a worldwide recession. Tata Motors needs to repay the entire $3 billion loan by June 2009. (Bloomberg)
Fundamentals-Regal Entertainment Group Dec 2, 2008
Founded: Created in 2002 as holding company for three theater chains Edwards Theatres, Regal Cinemas and United Artists Theatres as they left Chapter 11 bankruptcy protection. Activities: Parent of Regal Cinemas Corp., with 549 theaters (6,754 screens) in 39 states and the District of Columbia; in the Capital Region, it operates 72 screens at theaters in Queensbury, Clifton Park, Colonie, Guilderland, East Greenbush, Latham and Wilton. (Albany Times Union)
Big 3 automakers need to take a road trip Dec 2, 2008
So the Big Three automaker CEOs, who flew to Washington in luxury jets, want to bum $25 billion of the taxpayers' money to stay out of bankruptcy. Great. (Albany Times Union)
Garcias says adios Dec 2, 2008
The restaurant is filing for bankruptcy, as is its owner, Rick Lamparelli ... Michael O Connor, Lamparelli s bankruptcy attorney, could not be reached for comment. (Albany Business Review, NY)
Rants and Raves Dec 2, 2008
GEORGIA SCHOOL SUPERINTENDENT filed for bankruptcy. Sad that her husband's construction company couldn't hold on. (The Augusta Chronicle)
Rebate Checks Bouncing After Company Goes Bankrupt Dec 2, 2008
But now some relationships have gone bad because CPG has filed for Chapter 11 bankruptcy. The end result is thousands of deal-seeking rebate holders who studied the ads and went after the bargains may not get all their entitled money. (KLAS-TV.com, NV)
Hawaiian Telcom hints at bankruptcy if debt talks fail Dec 2, 2008
Hawaiian Telcom Inc. has warned that it may be forced to file for bankruptcy reorganization if it can't reduce its debt load ... A bankruptcy filing by the phone company would be the first by a major local utility and would be the state's largest since Hawaiian Airlines' Chapter 11 reorganization in 2003 ... It successfully emerged from bankruptcy in 2005. (Honolulu Advertiser)
Hawaiian Tel releases statement on filing Dec 2, 2008
Hawaiian Telcom Communications, Inc. today announced that to continue its balance sheet restructuring process and ensure the Company's long-term financial health, it has filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware in Wilmington. The Company will continue to operate its business without interruption. (Honolulu Advertiser)
Lingle issues statement on Hawaiian Telecom Dec 2, 2008
Gov. Linda Lingle issued the following statement today regarding Hawaiian Telcom's announcement to file for Chapter 11 bankruptcy protection. "Today, Hawaiian Telcom announced that it has filed for Chapter 11 bankruptcy protection. Our Department of Commerce and Consumer Affairs, the Consumer Advocate and the Public Utilities Commission has been closely monitoring the company's financial circumstances and correspondingly has been informed of the company's hopes to restructure in an effort to... (Honolulu Advertiser)
More » Dec 2, 2008
Hawaiian Telcom files for bankruptcy ... Hawaiian Telcom filed for voluntary bankruptcy protection early this morning after it was unable to reach an 11th-hour deal with its creditors ... The state's largest telephone company filed for Chapter 11 reorganization in U.S. Bankruptcy Court in Delaware to shield its assets from bondholders, who could have demanded hundreds of millions of dollars from the company. (Honolulu Advertiser)
HawTel Q&A: bankruptcy will not affect operations Dec 2, 2008
Hawaiian Telcom issued the following list of questions and answers, concerning its bankruptcy filing today ... Q: How do I know that you are not going to cut corners and try to save money now that you are in bankruptcy. (Honolulu Advertiser)
Judge approves $660-million clerical abuse settlement Dec 2, 2008
The San Diego Diocese filed for bankruptcy in late February, on the eve of what would have been the first of many trials involving allegations of sexual abuse by priests and other church officials. The bankruptcy filing put the trials in limbo ... Sipe, who lives in La Jolla, said he believed the church filed for bankruptcy so Brom would not have to testify. (Yahoo News -- Catholic Church Abuse Scandal)
Hawaiian Telcom bankruptcy rare among traditional telcoms Dec 2, 2008
is one of only a handful of legacy telephone companies to declare bankruptcy and it may be the only company providing statewide land-line service to do so. While scores of telecommuncations companies have tumbled into bankruptcy or closed since the dot-com bubble burst in 2000, most were exclusively wireless specialists, long-distance providers or Internet service providers ... But the good news is that like the airlines that have filed for bankruptcy, Hawaiian Telcom can get rid of their debt... (Pacific Business News, HI)
Hawaiian Telcom losses top $425M Dec 2, 2008
Hawaiian Telcom s filing for bankruptcy protection follows years of losses totaling more than $425 million. That includes losses of $105 million so far this year. (Pacific Business News, HI)
Hawaiian Telcom files for bankruptcy Dec 2, 2008
Hawaiian Telcom Communications filed for Chapter 11 bankruptcy protection Monday morning. The company had been working on a debt-restructuring agreement with its creditors but said that filing Chapter 11 in Delaware was the best way to restructure its debt with minimal impact to its business. (Pacific Business News, HI)
Bennigan's Lakeline closes Dec 2, 2008
In July, Metromedia Restaurant Group, owner of Bennigan's and Steak recently announced it had filed for bankruptcy. Few franchises nationwide remained open, including the one at Lakeline. (Cedar Park Hill Country News Weekender, TX)
Cycling sponsor goes bankrupt, CEO under fire Dec 2, 2008
IT Factory, a main sponsor of team Saxo Bank-IT Factory, filed for bankruptcy ... COPENHAGEN, Denmark (AP) -- Danish media are reporting that one of the main sponsors of Danish cycling team Saxo Bank-IT Factory has declared bankruptcy and its chief executive is suspected of fraud ... However, the team's future is uncertain after Denmark's TV2 News reported that IT Factory has filed for bankruptcy. (SportsIllustrated.CNN -- More)
Hillary, yes; Bill, no Dec 2, 2008
Pilgrim s Pride Corp. (PPC) said Monday that it had lined up $450 million in new funding after the largest U.S. chicken producer by revenue filed for bankruptcy protection ... VeraSun filed for bankruptcy protection last month ... Bank of America has lined up to provide $450 million in debtor-in-possession funding, subject to approval by the bankruptcy court in the northern district of Texas. (Atlanta Journal-Constitution)
Birmingham mayor arrested Dec 2, 2008
The bond deals which funded years of work on a substandard county sewer system went sour and have helped push surrounding Jefferson County to the brink of filing the largest municipal bankruptcy in U.S. history ... Jefferson County is trying to avoid filing bankruptcy over $3 ... 2 billion in bond debt, which would nearly double the record for a municipal bankruptcy of $1. (Atlanta Journal-Constitution)
Pilgrim's Pride files for bankruptcy Dec 2, 2008
Pilgrim s Pride files for bankruptcy protection ... MILWAUKEE Pilgrim s Pride Corp., the nation s largest chicken producer, filed for Chapter 11 bankruptcy protection on Monday, hobbled by its debt load and volatile feed prices ... The Pittsburg, Texas-based company sought bankruptcy protection in a filing with the U.S. Bankruptcy Court for the Northern District of Texas on Monday, saying that as of Sept. 27 it had $3. (Atlanta Journal-Constitution)
Frontier loses $20.5M in October Dec 2, 2008
The Denver-based airline, which has two daily flights out of Wichita's Mid-Continent Airport, filed for Chapter 11 bankruptcy protection in April. Reader Comments. (Wichita Business Journal, KS)
Qimonda delays earnings, warns on cash Dec 2, 2008
The Associated Press, quoting a Qimonda spokesman, reported that bankruptcy is possible. Qimonda s North American headquarters are in Cary. (Raleigh Triangle Business Journal, NC)
Buffeted by financial crisis, countries seek euro's shelter Dec 2, 2008
Iceland, an island country of 300,000 people, stared over the abyss of national bankruptcy before securing a lifeline from the International Monetary Fund. The Icelandic krona's plunge of nearly 80 percent against the euro made the country's banks, which had heavy liabilities in other currencies, insolvent almost overnight. (International Herald Tribune)
U.S. bailout monitor sees lack of a coherent plan Dec 2, 2008
A Harvard law school professor and a consumer bankruptcy expert, Warren was named by Senate Majority Leader Harry Reid to the new five-member panel, created as part of the $700 billion Troubled Asset Relief Program, known as TARP, enacted in October ... Warren, on the law faculty at Harvard since 1995, has written extensively and testified frequently before Congress on consumer credit laws and personal bankruptcy reform. (International Herald Tribune)
ConsumerMan:Say noto gift cards Dec 2, 2008
The bulk of these worthless cards came from a few big stores that filed for bankruptcy: The Sharper Image, Linens N Things and Bombay Company ... Remember: theres no guarantee a company in Chapter 11 bankruptcy will survive ... In bankruptcy court, gift card holders are unsecured creditors. (MSNBC -- Business)
Business bankruptcy filings drop slightly Dec 2, 2008
The number of Florida businesses filing for bankruptcy dropped slightly in November compared to last year, but the pace of filings still broke an annual record since at least 1990 ... But, the consumer bankruptcy number was still significantly higher than last year s total of 1,047. (South Florida Business Journal, FL)
Big Three Take Second Shot At Bailout Bid Dec 2, 2008
"The automakers need to deal with their problems and the mechanism in the law to legally restructure at a faster rate and make hard decisions is the bankruptcy court." ... All three companies are expected to resist calls for bankruptcy ... The executives said last month bankruptcy cannot be an option because no one would buy a car from an automaker that may not survive the life of the vehicle. (CBS News -- 60 minutes II)
Pilgrim's Pride files Chapter 11 Dec 2, 2008
com Pilgrim's Pride, the nation's largest chicken producer with two plants in Athens, filed for Chapter 11 bankruptcy reorganization Monday, asking for court protection as it seeks financing to stay in business ... Pilgrim's Pride, the nation's largest chicken producer with two plants in Athens, filed for Chapter 11 bankruptcy reorganization Monday, asking for court protection as it seeks financing to stay in business ... The first action a company filing for Chapter 11 typically takes, though,... (Athens Banner-Herald)
Albany Intl Corp. to waive Eclipse debt Dec 2, 2008
Albuquerque-based Eclipse filed for Chapter 11 bankruptcy protection on Nov. 25, citing more than $1 billion in debts ... Albany International could recover the money that Eclipse owes during the course of bankruptcy proceedings, but Albany International officials said it is too early to determine how much money the company could receive, if any. (New Mexico Business Weekly, NM)
Empty Stores Don't Worry Town Supv. Dec 2, 2008
Bankruptcy created two empty store fronts in the Jefferson Road retail area ... Bankruptcy created two empty store fronts in the Jefferson Road retail area. (R News)
Auto-parts boss follows his dream after layoff Dec 2, 2008
The Georgia-based company filed for bankruptcy, and 2,700 employees, including 148 in Scottsdale, lost their jobs. In a Bankruptcy Court filing last month, the Scottsdale dealership reported its loss of $1. (AZCentral -- Business)
Pilgrims Pride Files For Bankruptcy Dec 2, 2008
Pilgrims Pride Files For Bankruptcy / - Waco, Temple, Killeen Weather and News Authority ... Pilgrims Pride Files For Bankruptcy ... (November 26, 2008)Pittsburg, Texas-based poultry producer Pilgrims Pride, whose Waco processed products plant employs about 700, filed for Chapter 11 bankruptcy Monday. (KWTX.com, TX)
Enron's Skilling May Report to Federal Prison Today Dec 2, 2008
Skilling maintains his innocence and said he was made a scapegoat in Enron's collapse and bankruptcy. Skilling, who transformed Enron from a sleepy pipeline company into the world's largest energy trader before the company plunged into bankruptcy in 2001, has been under house arrest in his 9,215-square-foot Mediterranean mansion in Houston's River Oaks section. (Yahoo News -- Enron)
Law firm's Enron settlement is $18.5 million Dec 2, 2008
Houston-based law firm Andrews Kurth has agreed to pay Enron's bankruptcy estate $18 ... "As noted in the motion that was filed yesterday with the bankruptcy court, we have continuously denied wrongdoing and culpability with respect to our work for Enron," Andrews Kurth managing partner Howard Ayres said in a statement today ... U.S. Bankruptcy Judge Arthur Gonzalez must approve the accord. (Yahoo News -- Enron)
Detroit Selling Cuts, Green Cars in Aid Push Dec 2, 2008
For both GM and Chrysler, a federal bailout may be all that stands between them and bankruptcy protection ... A bankruptcy filing by either could force the other as well as Ford and many of their suppliers to follow suit, and potentially leave the United Auto Workers union permanently crippled ... In November, Mr. Wagoner told Congress that bankruptcy is not a viable option for GM, saying customers will not buy cars from an auto maker in bankruptcy court. (SmartMoney)
Letters to the editor (Nov. 27) Dec 2, 2008
They should be allowed to go through bankruptcy, and then start over with all new management, new union contracts and a new vision for meeting the transportation needs of our rapidly warming globe. Matt Matthews, Corvallis. (Corvallis Gazette Times, OR)
Be careful of debt counselors: Some can make matters worse Dec 2, 2008
As for the possibility he could still face lawsuits about the charged-off debt, he offers a fail-safe response: "Hey, that's what bankruptcy (court) is for.". But Cox, the Council of Better Business Bureaus official, urges anyone facing similar problems to contact a reputable non-profit credit counselor. (USA Today -- Money)
New mortgage crisis looms Dec 2, 2008
Circuit City and Linens 'n Things have sought bankruptcy protection. Home Depot, Sears, Ann Taylor and Foot Locker are closing stores. (Casper Star-Tribune, WY)
Harvard-Led Push to Sell Private Equity Stakes Overwhelms Declining Market Dec 2, 2008
Sales will be driven next year by institutions such as New York-based Lehman, which filed for bankruptcy in September and had more than $1 billion invested in private-equity funds. which must repay a $60 billion federal loan, has about $28 billion in alternative assets, including private-equity stakes. (Bloomberg)
FBI Nabs Birmingham Mayor In Bribe Scheme Dec 2, 2008
(CBS/AP) The mayor of Alabama's largest city, a player in a multibillion dollar sewer bond deal that drove the surrounding county to the brink of bankruptcy, faces federal criminal charges stemming from a bribery scheme, the U.S. attorney's office said ... Those bonds went sour as the housing market plunged this year and credit costs skyrocketed and have pushed the state's largest county to the brink of bankruptcy. (CBS News -- US)
A People’s Stimulus Package Dec 2, 2008
The bankruptcy of the current Washington political establishment makes Rep ... This one act will save more homes from bankruptcy than any centralized government bureaucratic red tape ridden system. (Human Events Online)
Southwest Airlines bids on 14 LaGuardia slots Dec 2, 2008
The bid was submitted in connection with the publicly announced auction of ATA s rights in the U.S. Bankruptcy Court in Indianapolis ... The bankruptcy court must approve the bid and a reorganization plan for ATA Airlines before Southwest can gain the rights to the slots. (Queens Chronicle, NY)
Automakers ready bold pitch; UAW to mull concessions Dec 2, 2008
"We continue to believe bankruptcy is not a viable option.". A Senate committee will review the automakers' plans Thursday, and a House committee will do so Friday, with the same lineup of the three chief executives and UAW President Ron Gettelfinger expected to testify. (Detroit Free Press)
Court declares Hoy broke Dec 2, 2008
The bank yesterday secured a bankruptcy order against Mr Hoy whose penchant for the high life was well known in Geelong ... CBA's petition in the Federal Magistrates Court in Melbourne was supported by BMW Finance, which is claiming $10,000 from My Hoy, but these are likely to be followed by a string of claims to be filed with Mr Hoy's bankruptcy trustee, Nick Mellos, of Grant Thornton. (Sydney Morning Herald -- Business)
JPMorgan axes 9200 Washington Mutual jobs Dec 2, 2008
The holding company for Seattle-based Washington Mutual later filed for bankruptcy protection. About 4000 of the jobs will be cut by the end of January, and another 5200 later, JPMorgan spokesman Christine Holevas said. (Sydney Morning Herald -- Business)
State Deficit Grows to over $5 Billion Dec 2, 2008
Apparently there is no law preventing stores from doing this in fact some refer to it as bankruptcy planning. Comment on transmission line. (Agri-View, WI)
News Analysis: End of era on Wall Street Dec 2, 2008
Lehman Brothers, a 158-year-old firm that started as an Alabama cotton brokerage, filed for bankruptcy protection on September 15. And Merrill Lynch, known by its trademark bull logo, was acquired by Bank of America on the same day. (Xinhuanet, China)
Alt-Energy Firms Sink With Prices, Credit Dec 2, 2008
But as the prices of corn and oil plunged, one major ethanol producer, VeraSun Energy, went into Chapter 11 bankruptcy. With the price of ethanol now tumbling to match the sinking price of the oil it replaces, ethanol plants across the U.S. are shutting down. (Investors Business Daily)
Experts: Langford's indictment will hurt economic development Dec 2, 2008
And if Jefferson County seeks bankruptcy protection, it could further complicate economic development projects because it will be difficult to secure long-term loans. Any elected official facing a host of legal or financial issues will have their ability to finalize a negotiation compromised, Crane said. (Birmingham Business Journal, AL)
Regulators OK Plan for PG&E Recovery Dec 2, 2008
California regulators approved a plan Thursday to pull Pacific Gas & Electric Co. out of bankruptcy, leaving ratepayers to foot most of the bill for the state s ill-fated experiment with power deregulation and drawing the curtain on one of the darkest episodes of the energy crisis. PGed financial markets when it sought bankruptcy protection in April 2001, becoming the largest utility to do so up to that time ... They have dishonored themselves by moving into U.S. Bankruptcy Court, Davis... (Yahoo News -- Utility Industry Deregulation)
San Jose's American Musical Theatre shuts Dec 2, 2008
American Musical Theatre of San Jose said Monday that it has closed its operations and will file Chapter 7 bankruptcy this week. All of the employees were laid off the day before Thanksgiving. (San Jose Business Journal, CA)
Houlihan Lokey to Host Its Media & Telecom Conference in New York Dec 2, 2008
com s Bankruptcy Insider. The firm has over 800 employees in 14 offices in the United States, Europe and Asia. (Business Wire (press release), CA)
Autoworker chief pleads for government aid Dec 2, 2008
Like many Republicans and some Democrats, Graham said it would be better to allow one or more of the struggling companies to go under and restructure in bankruptcy. Sen. (Columbia Daily Herald, TN)
Andersen Will Settle Suit Over WorldCom Dec 2, 2008
The fraud pushed the telecommunications company into the largest bankruptcy filing in U.S. history in 2002 and cost investors billions. WorldCom has emerged from bankruptcy protection and now operates as Ashburn, Va. (Yahoo News -- WorldCom/MCI)
General Growth gets loan extension Dec 2, 2008
In mid November, General Growth said it might seek bankruptcy protection from its creditors as it sought to refinance its debt. Last week, General Growth disclosed that New York-based hedge-fund manager Pershing Square Capital Management bought 20. (Charlotte Business Journal, NC)
Uncle Sam needs to go shopping. Not us Dec 2, 2008
On Wednesday, the New Yorker's James Surowiecki by arguing that the financial markets were freaking out over the possibility of a Big Three bankruptcy ... They're telling us both figuratively -- just look at the massive sell-off we've seen in the past week and a half -- and literally, since, day in and day out, traders and money managers are talking about how the fear of a G.M./Ford bankruptcy is dragging the market down ... People have been speculating about bankruptcy and predicting share... (Salon)
Asian Stocks Decline on Signs Global Recession Is Deepening; BHP Slumps Dec 1, 2008
Bankruptcy Protection ... The bankruptcy, Japans second-biggest this year, drove corporate failures of listed companies to the highest level since World War II, according to research company Teikoku Databank Ltd.. (Bloomberg -- Asia)
Oliver Stone's Chinese Art Fetches Top Price at Christie's Hong Kong Sale Dec 1, 2008
Subsequent major auctions in New York, London and Dubai fell short of estimates, spelling an art-world rout sparked by the Sept. 15 bankruptcy of Lehman Brothers Holdings Inc. and the ensuing global credit and stock-market crisis. Zhangs 1. (Bloomberg -- Asia)
