NEW YORK — The amusement park company Six Flags is seeking Chapter 11 bankruptcy protection, saying it needs to reorganize and shed $1.8 billion of debt. Mark Shapiro, the New York-based company's chief executive officer, says the move won't affect the ...Read More
After years of third-stringing it, Sony's beleaguered PS3 may finally be rallying, according to sales data cited on Sony's US PlayStation blog. The company's American division reports year-over-year October hardware sales lifted nearly 70 percent, and says its online PlayStation ...Read More
NEW YORK (CNNMoney.com) -- Small business credit card lender Advanta has filed for bankruptcy, five months after it cut off new lending on its 1 million customer accounts. Advanta's lending arm, Advanta Bank Corp., was not included in Sunday's Chapter 11 ...Read More
Nov. 3 (Bloomberg) -- The timing of CIT Group Inc.’sbankruptcy filing may have helped U.S. retailers avoid a holidayseason with empty shelves. “Most retailers have dodged a bullet,” said CraigShearman, a spokesman for the National Retail Federation. “Mostof the merchandise for ...Read More
CIT made the filing in New York Bankruptcy Court after a debt-exchange offer to bondholders failed. CIT said in a statement that its bondholders overwhelmingly opted for a prepackaged reorganization plan that will reduce total debt by $10 billion while ...Read More
Asian stock markets fell Monday after grim news about American consumers sowed more doubts about the strength of the U.S. economic recovery and sent Wall Street tumbling last week.
Exacerbating investor worries was U.S. lender CIT Group's bankruptcy filing Sunday, which ...Read More
NEW YORK (Reuters) - CIT Group Inc's (CIT.N) bankruptcy filing could push at least some small businesses it finances to look for a new lender, but finding new credit will be tough.
CIT filed for bankruptcy protection on Sunday, and said ...Read More
Small- and midsize-business financier CIT Group's bankruptcy protection filing Sunday could put most of its clients back into the precarious position the federal government was trying to prevent with its $2.3 billion cash infusion late last year. CIT is the largest ...Read More
* CIT's $42 bln factoring business in doubt * Small businesses still facing credit crunch NEW YORK, Nov 1 (Reuters) - CIT Group Inc's (CIT.N)bankruptcy filing, while long expected, could still trigger afinancing crunch for many of the hundreds of thousands of ...Read More
CIT Group Inc. plans to file for bankruptcy as soon as Sunday afternoon, said people familiar with the matter, in a high-stakes restructuring intended to keep the doors open at one of the U.S.'s largest small-business lenders. CIT's board was meeting ...Read More
When Lehman Brothers, with its 158-year history as a pillar of finance, vaporized in a bankruptcy filing last year, one asset it left behind was its art collection. Assembled over many years, it's a wide-ranging selection of works, including signed prints ...Read More
CHICAGO (AP) - Capmark Financial Group, one of the largest U.S. commercial real estate lenders, has filed for bankruptcy protection amid mounting bad debt, becoming the latest casualty in the turbulent U.S. real estate market. Capmark has been hurt by rising ...Read More
CONCORD, N.H.—New Hampshire's consumer advocate says FairPoint Communications' bankruptcy should not affect customers' phone service. Meredith Hatfield said Monday's bankruptcy filing was expected since FairPoint missed a major debt payment a month ago. She said the company has a line of ...Read More
America's commercial real estate market continues to look sick. The latest indication comes Sunday following the abrupt bankruptcy filing of Capmark Financial Group, the massive commercial real estate financier that formed in 2006 when GMAC agreed to sell the majority ...Read More
One of the nation's largest commercial-real-estate lenders filed for bankruptcy protection in Delaware, the latest sign that problems in that market are far from over. Capmark has been one of the biggest lenders to the nation's investors and developers of office ...Read More
NEW YORK (AP) -- The trustee overseeing jailed financier Bernard Madoff's assets has labeled the New York Mets winners in the epic fraud. He says the baseball team made nearly $48 million in the Ponzi scheme.
Court-appointed trustee Irving Picard has ...Read More
NEW YORK—The trustee overseeing jailed financier Bernard Madoff's assets has labeled the New York Mets winners in the epic fraud. He says the baseball team made nearly $48 million in the Ponzi scheme. Court-appointed trustee Irving Picard has labeled investors who ...Read More
With the first in a series of major sex abuse trials set to start Monday, the Catholic Diocese of Wilmington filed for bankruptcy late Sunday after settlement talks with 13 alleged victims broke down. The diocese, which includes Delaware and Maryland's ...Read More
(WILMINGTON, Del.) — A Delaware bishop says a bankruptcy filing by the Catholic Diocese of Wilmington is the best way to ensure reconciliation and compensation for all victims of clergy sexual abuse there. The diocese filed for Chapter 11 bankruptcy protection ...Read More
A sex abuse case against Delaware's Catholic Diocese of Wilmington and a former priest will be delayed after the church filed for federal bankruptcy protection on the eve of proceedings. The bankruptcy filing late Sunday automatically delays the case that had ...Read More
ANNAPOLIS, Md.---- A sex abuse case against Delaware's Catholic Diocese of Wilmington and a former priest will be delayed after the church filed for federal bankruptcy protection on the eve of proceedings. The bankruptcy filing late Sunday automatically delays the case ...Read More
