bankruptcy

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Up to 1M Americans Too Poor to Go Bankrupt

They can't afford $1,500 fees

(Newser) - Between 200,000 and 1 million Americans this year are so down-and-out they don't even have enough money to file for bankruptcy, a new study finds. The average cost of filing for Chapter 7 bankruptcy protection is about $1,500—$300 just for the paperwork fees in court and...

A First for US Public Pension Fund: Bankruptcy

Northern Mariana Islands' fund could run out of money in 2 years

(Newser) - It's a high-profile milestone out of a not-so-high-profile place. The Northern Mariana Islands' public pension fund sought bankruptcy protection last month, a notable move in that it's the first such US fund to do so. The Wall Street Journal paints a picture of a complicated road to collapse...

Octomom Files for Bankruptcy
 Octomom Files for Bankruptcy 
May 1, 2012 1:31 AM CDT

Octomom Files for Bankruptcy

Nadya Suleman reconsidering porn offers

(Newser) - Child-rich but cash-poor California mother Nadya Suleman filed for bankruptcy yesterday. The mother of 14, including her famous 3-year-old octuplets, has some $50,000 in assets, but owes up to $1 million to her father, a Christian school, the city of La Habra's water department, and the previous owner...

Pink Slime Maker Files Chapter 11

AFA Foods blames sudden drop-off in demand for beef products

(Newser) - Apparently it's going to take more than a couple of governors chowing on a burger to save pink slime: AFA Foods, a leading manufacturer of "boneless lean beef trimmings," today filed for Chapter 11 bankruptcy protection, citing a steep drop-off in demand for its products. AFA will...

Your Fuller Brush Man Is Broke
Your Fuller Brush Man
Is Broke
Feb 22, 2012 2:40 PM CST

Your Fuller Brush Man Is Broke

Century-old company files for bankruptcy

(Newser) - Another iconic American business is going belly up: Say goodbye to the Fuller Brush man. The Kansas company, whose door-to-door salesmen hawking cleaning products became a pop culture staple decades ago, has filed for bankruptcy, reports the Wall Street Journal . Alfred C. Fuller founded the firm in 1906 with $375,...

Detroit Bust Would've Been Better Than Bailout

Ex-Prez Bush says bailout his idea, and a good one

(Newser) - Three years ago, Mitt Romney wrote that President Obama should " Let Detroit Go Bankrupt ," instead of bailing out the struggling auto industry, in a famous New York Times column. And today? Even with the American auto industry on the rebound, Michigan's GOP primary looming on Feb. 28,...

American Airlines to Cut 13K Jobs

Airline will emerge from bankruptcy with fewer workers

(Newser) - The parent of American Airlines wants to eliminate about 13,000 jobs—15% of its workforce—as the third-biggest US airline remakes itself under bankruptcy protection. The company aims to cut labor costs by 20%, and will soon begin negotiations with its three major unions. AMR Corp. CEO Thomas W....

MF Global's Missing Cash May Be Gone Forever

Corzine company's trades may have 'vaporized' more than $1B

(Newser) - As officials search for the remainder of missing MF Global cash—which one insider puts at more than $1 billion—some are starting to fear the worst. In the words of one source to the Wall Street Journal : A "significant amount" of the money could have "vaporized,"...

Kodak Files for Bankruptcy
 Kodak Files for Bankruptcy 
Jan 19, 2012 6:30 AM CST

Kodak Files for Bankruptcy

Future looks bleak for photography pioneer's workers, retirees

(Newser) - The once-mighty Eastman Kodak company has filed for bankruptcy. The 131-year-old firm, unable to reinvent itself quickly enough for the digital age, filed for Chapter 11 bankruptcy protection this morning after running out of cash to fund its turnaround, the Wall Street Journal reports. The company says it has secured...

Real-Life 'Jerry Maguire' Files for Bankruptcy

Super agent Leigh Steinberg is millions in debt

(Newser) - The sports agent who inspired the movie Jerry Maguire is now probably very unhappy with said movie's catchphrase. Leigh Steinberg is "several million dollars" in debt and has filed for bankruptcy protection, reports the AP . "I just lost track while I was in rehab," he tells...

Lehman Lives on— and It's Getting Bigger

Financial giants refuse to die, Steven Davidoff explains

(Newser) - You might remember Lehman Brothers from its starring role in kicking off 2008's financial crisis by declaring bankruptcy, and hence, you might think it is dead and buried. But you'd be wrong, writes Steven Davidoff in the New York Times : Lehman is actually still shambling around, zombie-like, and...

Twinkies Maker Hostess Files for Chapter 11 Bankruptcy Protection
 Hostess Files for Bankruptcy 
Jan 11, 2012 7:03 AM CST

Hostess Files for Bankruptcy

Second Chapter 11 filing in recent years

(Newser) - Bad news for Twinkies lovers: Hostess filed for Chapter 11 bankruptcy protection today. But never fear, the company will continue operating during bankruptcy proceedings with help from a $75 million loan. "We remain hopeful that we can reach an agreement that will allow us to amend our labor contracts...

Kodak Might File for Bankruptcy
Kodak Might File
for Bankruptcy
Jan 4, 2012 6:44 PM CST

Kodak Might File for Bankruptcy

Once-mighty photography company is burning through cash

(Newser) - An American icon might soon go bust. The Wall Street Journal reports that Kodak is preparing to file for Chapter 11 bankruptcy protection. The former photography giant is trying to stave that off but is caught in a kind of Catch-22 noted by the Journal: It wants to avoid bankruptcy...

Bankrupt Rapper Could Lose ... His Name
 Bankrupt 
 Rapper 
 Could Lose 
 ... His Name 
IN CASE YOU MISSED IT
Jan 1, 2012 7:00 PM CST

Bankrupt Rapper Could Lose ... His Name

'Young Buck' will be sold along with other assets: trustee

(Newser) - Rapper Young Buck could lose more than just his stuff in his bankruptcy liquidation case—he could lose the very right to be called “Young Buck.” His trademarked name will be sold off, along with his other assets, according to the trustee administering his estate. His financial woes...

Saab Declares Bankruptcy
 Saab Declares Bankruptcy 
Dec 19, 2011 7:19 AM CST

Saab Declares Bankruptcy

GM vetoes deal involving Chinese company

(Newser) - Saab finally threw in the towel today, after former owner General Motors once again vetoed a rescue plan involving China’s Zhejiang Youngman Lotus Automobile. Saab’s current owner, Swedish Automobile, filed for its bankruptcy, saying that "the company, without further funding, will be insolvent, and that filing bankruptcy...

Bankruptcy: Wrong for You, OK for American Airlines

It's a double standard that needs to go

(Newser) - When American Airlines declared bankruptcy even though it could afford to pay its debts , pundits largely applauded this smart business move. Many homeowners face the same predicament, observes James Surowiecki in the New Yorker : "They can still pay their debts, but doing so is like setting a pile of...

Corzine: 'I Simply Do Not Know Where the Money Is'

Former MF Global chief testifies today

(Newser) - In an appearance before a House panel today, Jon Corzine plans to offer up an apology—but not much else. "I simply do not know where the money is, or why the accounts have not been reconciled to date," the former MF Global chief will testify before the...

Jon Corzine Blew Off MF Global Risk Executive Michael Roseman on European Bond Dangers
 Corzine Blew Off Risk Officer 
Dec 6, 2011 8:31 AM CST

Corzine Blew Off Risk Officer

CRO Michael Roseman went to board of directors with fears

(Newser) - Jon Corzine can’t say that nobody warned him that his bets on European debt might ruin MF Global, because his chief risk officer did just that—repeatedly. Michael Roseman told Corzine that the company didn’t have the cash to handle the risk it was taking on, and that...

American Airlines Bankruptcy Designed to Cut Union Benefits, Stephen Gandel Observes
American Went Bankrupt
to Undercut Union
OPINION
Nov 30, 2011 1:51 PM CST

American Went Bankrupt to Undercut Union

Healthy companies use bankruptcy to cut labor costs: Stephen Gandel

(Newser) - American Airlines has $4 billion in the bank, doesn’t need emergency financing, and feels quite confident it can keep paying its vendors, business partners, and creditors in full. So where was the crisis that pushed it into bankruptcy ? “It doesn’t appear there was any,” writes...

American Airlines Files for Bankruptcy

Parent firm says voluntary move best choice for firm

(Newser) - American Airlines and American Eagle's parent companies are filing for bankruptcy protection. AMR Corp. and AMR Eagle Holding Corp. said today that they filed voluntary petitions to reorganize, saying it's in the best interest of the companies and its shareholders. American says it sought protection to reduce its...

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