Bankruptcy

If You Think Downsizing Might Save Your Company, Think Again

During the Great Recession of 2008, companies around the world downsized their workforces. American firms alone laid off more than 8 million workers from the end of 2008 to the middle of 2010. Even in healthier financial times, such as now, firms often downsize because it is seen as a way to reduce …

Harvard Business Review

How a GOP bill could cause the next financial crisis

A reboot of bankruptcy law for the big banks would put Wall Street in line before Main Street, again.<p>Wall Street’s gambles and risky borrowing directly led to the financial crisis, causing the collapse and near-collapse of megabanks and greatly harming millions of Americans. But thanks to …

Wall Street

These 10 Major Retailers Might Not Exist in 2018

See if your favorite is on the list.<p>Retailers in the United States are filing for bankruptcy at a record pace.<p>Already this year, 14 retailers have …

Business

Retailers Are Going Bankrupt at a Record Pace - Bloomberg

Retailers are filing for bankruptcy at a record rate as they try to cope with the rapid acceleration of online shopping.<p>In a little over three …

eCommerce

What Could Happen If The Government Shuts Down?

Congress reconvenes from recess this week. Unless it takes decisive action, the U.S. government is projected to run out of cash and partially shut …

Stocks

GM Loses Legal Bid to Limit Fallout From Ignition Switch Cases -- Update

The nation's top court on Monday rejected a request from General Motors Co. to limit the fallout from its ignition-switch defect.<p>The U.S. Supreme Court denied the Detroit auto maker's request to review a lower-court ruling that gave some victims' families the power to sue over defective ignition …

Lawsuits

Alitalia workers nix deal to avoid airline bankruptcy

ROME (AP) — Alitalia employees late Monday rejected a government-brokered package of job and wage cuts that was aimed at saving Italy's flagship airline from bankruptcy.<p>Immediately after the "no" votes won in a referendum on the proposed industrial plan that Italian Premier Paolo Gentiloni had …

Airlines

Seth Meyers Wonders if Trump’s First 100 Days Will End With Government Shutdown

This week will no doubt elicit many a look back at President Donald Trump’s first 100 days, but let’s be honest, do you really need one? You remember …

Seth Meyers

Creditors over environment: Alberta Court of Appeal upholds Redwater Energy decision

Decision could affect handling of abandoned wells across Canada<p>In a 2-1 decision, the Alberta Court of Appeals has upheld the Redwater Energy …

Law

Sears' turnaround timeline is shrinking — and it could be next in line to declare bankruptcy (SHLD)

Business Insider/Hayley Peterson<p>Time is running out for Sears to turn business around.<p>S&P Global Market Intelligence has identified Sears as the most vulnerable public retail company in the US, saying it has a 24% chance of default within a year.<p>This comes after Sears revealed Friday that it has …

Schadenfreude

IHeartMedia shares drop amid warning it may not survive another year

The shares of radio and billboard giant iHeartMedia Inc. have tumbled 27.3 percent since the company warned investors last Thursday that it may not …

21st Century

The retail apocalypse is accelerating

Mall traffic is sagging. Department store sales have been in decline since 2001. Most retailers are loaded up with debt. Many have been losing money. Now they’re running out of options. Store closings numbered in the thousands last year. This year they promise to get much worse. “Zombie malls” have …

Wall Street

12 Reasons Another Government Shutdown Would Hurt the Country

The last time the federal government was shut down nearly four years ago, hundreds of adults and children were temporarily denied access to National …

Government

The Evolution Petroleum Conundrum

Evolution Petroleum is in great financial shape with rising production, and an excellent cash balance.<p>Denbury Resources is the operator of the main …

Stocks

'Diamond' Joe Gutnick's wife paid $285,000 to work 'a few hours a day'

A company linked to bankrupt mining magnate "Diamond" Joe Gutnick is paying his wife, Stera Gutnick, $285,000 a year to work "a few hours a day" as a …

Lawsuits

Time to play the long game with Detroit schools

There are thankless tasks.<p>And there are tasks for which thanks comes in unorthodox or unobvious ways — delayed, indirect.<p>I’ve long believed that …

Education

Blavatnik Not to Blame for LyondellBasell Bankruptcy, Judge Says - Bloomberg

After almost a decade of being haunted by the failure of a leveraged buyout of LyondellBasell Industries NV, billionaire Len Blavatnik has …

Lawsuits

U.S. Retailers Face Growing Hostility From Suppliers - Bloomberg

When a group of disgruntled shoe manufacturers assembled in China earlier this year, they put up signs with messages in English, hoping they would be …

Business

Sports Direct enters US market with $101M Eastern Outfitters buy

Dive Brief:<p>U.K. sports retail company Sports Direct announced on Friday that it received the approval of the Delaware Bankruptcy Court to acquire …

eCommerce

Should RadioShack Executives Get $1.4 Million In Bonuses? No, Say Creditors

When a company has filed for bankruptcy and is closing stores, should the leaders who helped it to get there be rewarded with bonuses? That question …

Consumer Protection

Alitalia Staff Votes on Cost-Cutting To Avoid Bankruptcy

Alitalia employees are voting on whether to accept a government-brokered deal to save Italy’s flagship airline from bankruptcy.<p>Some 12,500 Alitalia …

Airlines

Malaysia, Abu Dhabi Reach Deal on 1MDB Debt, Straits Times Says - Bloomberg

Malaysia and Abu Dhabi have reached agreement on a partial debt settlement for embattled government fund 1Malaysia Development Bhd., the Straits …

21st Century

Navios Maritime Partners: Opportunistic Purchase Of 14 Containerships

Navios Maritime Partners issued a press release announcing the acquisition of 14 Panamax containerships from Rickmers Maritime for $113 million.<p>NMM …

Stocks

Focus on resources in Detroit schools' new start

If we are serious about improving public education for all children, we should invest in their schools and their educators. That’s why it is …

Education

Adeptus files for bankruptcy protection

Adeptus Health (NYSE:ADPT) has filed for bankruptcy protection under Chapter 11 of the U.S. Bankruptcy Code in a Texas court. The company will …

Business

Michigan official sees Detroit exit from state oversight in 2018

CHICAGO (Reuters) - Detroit's post-bankruptcy finances have improved to the point where the city should be able to exit state oversight in early 2018, a Michigan official said on Wednesday.<p>Eric Scorsone, who oversees local Michigan governments as a senior deputy state treasurer, said Detroit was on …

Flint

Adeptus files for bankruptcy after string of losses | Health Care

The nation's largest freestanding ER announced today that it is filing for bankruptcy after a long string of losses as its business model …

Health Care

Texas public schools would see some funding increases under bill passed by House | Education

AUSTIN -- The House late Wednesday tentatively approved what its leaders hope will be the first of a multi-year scrubbing of Texas’ …

Government

Proposed Aurora budget cuts not as drastic as originally thought

Aurora Public Schools’ budget situation is not as precarious as previously thought, causing the district to step back from more drastic scenarios …

Education

Oakland solar company has $50 million sale approved post-bankruptcy - San Francisco Business Times

A car painted in Sungevity livery in Oakland's Jack London Square.<p>Steven E.F. Brown<p>Oakland solar company Sungevity's $50 million sale to private …

San Francisco