bankruptcy

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Chastain Gets Her Bra Back
 Chastain Gets Her Bra Back 
Jul 1, 2009 3:56 AM CDT

Chastain Gets Her Bra Back

Symbol of '99 World Cup victory rescued from bankruptcy court

(Newser) - The sports bra Brandi Chastain was wearing when she shredded her shirt after making a game-winning penalty kick in the 1999 World Cup has been returned to her, USA Today reports. Like much other memorabilia at New York City’s short-lived Sports Museum of America, it was taken by a...

Wreck Your Car? You Can Still Sue GM

(Newser) - General Motors had hoped to emerge from bankruptcy with a protective coating against future product-liability suits. No such luck, reports the Wall Street Journal. Bowing to government pressure, GM has agreed to change its bankruptcy terms, allowing drivers injured in accidents that stem from vehicle defects to sue the company,...

Eddie Bauer Goes Bankrupt
 Eddie Bauer Goes Bankrupt 
UPDATED
Jun 17, 2009 1:36 PM CDT

Eddie Bauer Goes Bankrupt

Formal announcement expected today

(Newser) - Eddie Bauer filed for Chapter 11 bankruptcy today, the Wall Street Journal reports. The clothing retailer lost $44.5 million in the first quarter and has $187.9 million in long-term debt. Shares plummeted on rumors of the bankruptcy after it failed to convert part of that debt into equity...

Credit Card Firms Cut Deals With Delinquents

Newly relaxed policies allow firms to settle for portion of debt

(Newser) - With countless customers running behind on payments, credit card companies are taking it easy on delinquents, letting them off the hook in exchange for partial repayments, the New York Times reports. The firms began easing up on their previous policies last fall, experts say; now they’re letting frontline workers...

Done Deal: Fiat Buys Chrysler Assets

Administration triumphs as bankruptcy effectively ends

(Newser) - Chrysler finalized its sale of assets to Fiat with a government wire transfer this morning that gave Chrysler $6.6 billion in funds to exit bankruptcy, the New York Times reports. The sale is good news for the Obama administration, which sought an “efficient” restructuring for Chrysler. It may...

Ginsburg Delays Chrysler-Fiat Deal

(Newser) - Supreme Court Justice Ruth Bader Ginsburg today put a temporary stay on the sale of Chrysler to Italian automaker Fiat, SCOTUSBlog reports. Ginsburg’s motion allows the justices to further consider the matter, and either postpone the sale or let it go forward. A full postponement of the sale would...

Lenders, Not Zell, May Run Tribune Co.
 Lenders, Not Zell, 
 May Run Tribune Co. 
ANALYSIS
Jun 8, 2009 1:09 PM CDT

Lenders, Not Zell, May Run Tribune Co.

(Newser) - The bankrupt Tribune Company could emerge from protection with its top creditors—and not chairman Sam Zell—in charge, the Chicago Tribune reports. Zell exerts control based on $90 million he spent to secure the option of buying 40% of the company for $500 million, and a $250 million loan....

Brits Hit Court to Battle Yanks for Madoff Assets

UK liquidators have already seized $235K Aston Martin

(Newser) - The Madoff liquidators are turning on each other, reports the Times of London. The trustees handling the London arm of the Ponzi schemer's imploded business recently seized several American assets, including a $235,000 vintage Aston Martin, that were acquired with London money. UK liquidators will argue tomorrow in a...

Court OKs Chrysler Sale to Fiat, Starting Monday

(Newser) - A federal appeals court today approved the sale of Chrysler to Italian automaker Fiat over objections from debt holders in Indiana, the Wall Street Journal reports. The court put the sale on hold until Monday afternoon, or until the Supreme Court issues a stay—which Indiana investors say they will...

Racing Legend Penske Will Buy Saturn From GM

(Newser) - Roger Penske, the racecar driver turned business tycoon, will buy the Saturn brand and dealer network from GM. The deal will save 350-plus dealerships and some 13,000 jobs if it goes through, the bankrupt parent company said in confirming the tentative agreement. The price is between $100 million and...

Indiana Makes Final Attempt to Block Chrysler Sale

State treasurer argues that deal tramples on bankruptcy law, Constitution

(Newser) - Indiana's attempt to block Chrysler's sale to Fiat moves to a federal appeals court today, the Washington Post reports. The state's treasurer, who oversees three state pension and construction funds that hold $42 million of Chrysler's debt, is arguing that the deal to bring the company out of bankruptcy violates...

Medical Bills Linked to 62% of Bankruptcies

Many bankrupt despite having health insurance, researchers find

(Newser) - Medical bills were a factor in 62% of American personal bankruptcies in 2007, marking a 50% rise over 6 years, a study found. Some three-quarters of these families couldn’t stay afloat despite having health insurance, Reuters reports. “Most medical debtors were well-educated, owned homes, and had middle-class occupations,...

Make Romney the Head of GM

 Make Romney 
 the Head of GM 
OPINION
Jun 3, 2009 7:40 AM CDT

Make Romney the Head of GM

Former Mass. governor could turn around automaker, says Bennet

(Newser) - Barack Obama wants to "take a hands-off approach" with General Motors, but as James Bennet writes in the Atlantic, there's no way to get the bankrupt automaker back into shape "without getting under the hood." GM needs someone who can "bring the hammer down" on its...

Vehicles That Drove GM to Bankruptcy
 Vehicles That Drove 
 GM to Bankruptcy 
ANALYSIS
Jun 1, 2009 5:45 PM CDT

Vehicles That Drove GM to Bankruptcy

(Newser) - With the move finally official, Matt Hardigree, for Jalopnik, lists the 10 vehicles that bankrupted General Motors:
  • Chevrolet SSR: “Meant to capture the imagination of buyers. Unfortunately, few buyers were imagining an expensive, gas-guzzling convertible truck that …was basically unusable as a truck."
  • Saturn L-Series: Trying “
...

Michael Moore: 9 Ways to Rise From GM's Ashes

Let's use their facilities to overhaul America's transit

(Newser) - The end of General Motors is an opportunity for an America that now owns 60% of the company, writes Michael Moore. Let’s take advantage of the death of a firm that built poor cars, battled environmental rules, and shipped jobs away by using its facilities to implement a new...

Obama: We Are 'Reluctant Shareholders'

(Newser) - President Obama heralded “the beginning of a new GM” today, explaining the administration’s plans for the bankrupt automaker. He also sought to reassure the public that he had “no interest” in running GM, despite the 60% stake the government will take in the company. “We are...

Bracing for 'Obama Motors'
 Bracing for 'Obama Motors' 
OPINION Roundup
Jun 1, 2009 10:59 AM CDT

Bracing for 'Obama Motors'

(Newser) - GM’s bankruptcy and semi-nationalization has everyone talking. Here’s what the papers are saying:
  • “Welcome to Obama Motors, and what is likely to be a long, expensive, and unhappy exercise in political car making,” writes the Wall Street Journal. The government seems incapable of hands-off management, and
...

GM Fleshes Out Plans to Close, Idle Plants

(Newser) - In the wake of this morning's bankruptcy filing, GM will permanently close nine more plants and idle three others to trim production and labor costs, the AP reports. Assembly plants in Pontiac, Mich., and Wilmington, Del., will close this year; plants in Spring Hill, Tenn., and Orion, Mich., will shut...

Judge Blesses Chrysler Deal; Bankruptcy Could End Today

(Newser) - Chrysler could shed its bankruptcy protection as soon as today, the Wall Street Journal reports, after Judge Arthur Gonzalez greenlighted the sale of the automaker's assets. Some Chrysler dealers and a group of Indiana pension funds had opposed the deal, which will split Chrysler between Fiat, the UAW, and US...

GM Declares Bankruptcy
 GM Declares Bankruptcy 
Jun 1, 2009 7:38 AM CDT

GM Declares Bankruptcy

Obama plans speech outlining firm's future

(Newser) - Once king of the auto industry, General Motors filed for bankruptcy this morning, the Wall Street Journal reports. The firm must cut some 21,000 workers and close 12 to 20 factories and 40% of dealerships, adds the New York Times. GM says it owes $172.8 billion and has...

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