Tag: Bankruptcies

PG&E Reaches $13.5 Billion Deal With Wildfire Victims

After months of tense negotiations, Pacific Gas & Electric and lawyers for victims of wildfires that killed dozens of people and destroyed tens of thousands of homes and businesses agreed on Friday to a multibillion-dollar legal settlement. The victims wouldn’t receive all of the $13.5 billion that is being made available under the agreement. Some […]

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McKinsey Faces Criminal Inquiry Over Bankruptcy Case Conduct

McKinsey & Company, the elite consulting firm that advises many of the world’s largest and most powerful institutions, is facing a federal criminal investigation of its conduct advising bankrupt companies, according to five people familiar with the matter. Prosecutors and other Justice Department officials in New York and Washington are trying to determine if McKinsey […]

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China Is Trying to Clean Up Its Banks. It’s Messy.

HONG KONG — One bank failed. A second and third were bailed out. Worried depositors of two more banks then rushed to pull out their savings for fear of losing them in a spectacular failure. These stumbles, which have occurred in quick succession since May, would stir fears of a financial meltdown had they happened […]

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California Mayors Back Plan to Make PG&E a Cooperative

Frustrated with wildfires and intentional blackouts caused by Pacific Gas & Electric, more than two dozen California mayors and county leaders are calling for a customer-owned power company to replace the giant utility. In a letter delivered Tuesday to the California Public Utilities Commission, the local officials embraced a proposal by Mayor Sam Liccardo of […]

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Barneys New York Closing Sales Have Started

Days after Barneys New York was sold for pieces, the store-closing sales have started. But a warning before you run out the door: It’s a very Barneys kind of sale, at least for now. You’ll find a $1,690 Chloe bag for a mere 5 percent off. That’s an $85 savings. You could grab an Altuzarra […]

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Can PG&E Survive the California Wildfires?

California’s Pacific Gas & Electric problem isn’t going away. The giant utility has been in bankruptcy for months, and it is not clear who will end up controlling it. This uncertainty has extended into the wildfire season, exposing not just the shortcomings in PG&E’s fire-prevention efforts but also the threat that fire liabilities still pose […]

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Murray Energy Is 8th Coal Company in a Year to Seek Bankruptcy

Murray Energy, once a symbol of American mining prowess, has become the eighth coal company in a year to file for bankruptcy protection. The move on Tuesday is the latest sign that market forces are throttling the Trump administration’s bid to save the industry. The collapse of the Ohio-based company had long been expected as […]

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One Family Built Forever 21, and Fueled Its Collapse

When Forever 21 filed for bankruptcy last month, the fast fashion chain described its history in documents that read, at times, like a pitch for a memoir or a Netflix special. Photos of the company’s husband and wife founders, Do Won and Jin Sook Chang, and their two daughters appeared under headings like “Forever Striving: […]

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Battle for PG&E Hinges on Rival Plans and Uncertain Costs

SAN FRANCISCO — California’s biggest utility is battling for its future. And it’s not a simple fight. Wildfire victims are joining forces with bondholders to contest its bankruptcy plan. Hedge funds are arrayed on both sides. Shareholders could come away winners or losers — and so could customers. The competing interests are colliding in a […]

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California Wildfire Victims Risk Being Left Out as Utility Manages Bankruptcy

SAN FRANCISCO — After a succession of devastating wildfires in the last four years, tens of thousands of Californians — many with broken spirits, many homeless — may now lose out on compensation from the company that was to blame. A deadline for victims to file claims is less than three weeks away. About 30,000 […]

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‘Feeding Frenzy’: How New Yorkers Plundered the Chicago Taxi Trade

Oct. 4, 2019 Image In the fall of 2006, Chicago held an auction to sell taxi medallions, the permits that let people own and operate cabs. Hundreds of bids poured in, including some offering to pay much more than expected. The city raised millions of dollars. Officials declared the sale a success. But there was […]

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What Really Happened at Sonia Rykiel

PARIS — This should have been Sonia Rykiel’s moment. It was, after all, a brand founded by a woman half a century ago. A brand practically synonymous with female liberation and empowerment through clothes. A brand so embedded in the history of French women that a year ago Mayor Anne Hidalgo inaugurated the Allée Sonia […]

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Forever 21, Which Helped Popularize Fast Fashion, to File for Bankruptcy

Forever 21, the California retailer that helped popularize fast fashion in the United States with its bustling stores and $5 tops, said on Sunday night that it would file for bankruptcy, a sign of the eroding power of shopping malls and the shifting tastes of young consumers. The private, family-held company capped months of speculation […]

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The Plan for Puerto Rico’s $129 Billion Collapse: Cut 33% of Its Debt

After years of wrangling with its creditors, Puerto Rico disclosed a plan Friday for resolving the biggest governmental bankruptcy in United States history, by cutting $129 billion in debts to about $86 billion — a reduction of 33 percent. #g-debt_stack-box , #g-debt_stack-box .g-artboard { margin:0 auto; } #g-debt_stack-box p { margin:0; } #g-debt_stack-box .g-aiAbs { […]

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What Killed Thomas Cook, One of the Oldest Names in Travel?

The demise of Thomas Cook, Britain’s most venerated travel agency, is shaping up as one of the country’s greatest corporate fiascos. When the agency went out of business on Monday, it left some 150,000 vacationers stranded on foreign soil. It put about 21,000 jobs at risk. It prompted calls for an investigation of its management […]

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He Sued Over a Priest’s Abuse. Then the Diocese Filed for Bankruptcy.

Peter Saracino was in elementary school when, he said, a priest lured him away from a swimming pool and sexually abused him inside a seminary. He kept the secret for decades, even as his life fell apart. “We were raised to view the priest as another Christ,” Mr. Saracino said, “so when you get raped […]

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How Could Travel Giant Thomas Cook Fail?

After 178 years of operation, the British tour operator Thomas Cook, one of the world’s oldest travel brands, with 19 million annual customers, closed shop on Monday. The company announced that it would be liquidating its assets and filed for bankruptcy, despite attempts to rescue the brand. At the moment of its collapse, Thomas Cook […]

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Purdue Says Sacklers May Walk From Opioid Deal if Judge Does Not Block Cases

Members of the Sackler family could withdraw their pledge to pay $3 billion as part of a nationwide deal to address the opioid crisis if a bankruptcy judge does not block outstanding state lawsuits against them and their company, Purdue Pharma, Purdue lawyers said in a legal complaint. Whether the threat is posturing or real, […]

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G.M. Workers Say They Sacrificed, and Now They Want Their Due

DETROIT — A decade ago, when General Motors was on the brink of collapse and was ushered into bankruptcy by the federal government, the company’s unionized workers bore a significant portion of the pain to bring the automaker back to financial health. The United Auto Workers agreed to allow General Motors to hire significant numbers […]

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Would a Purdue Bankruptcy Protect the Sacklers? Good Question.

After months of negotiations and threats, Purdue Pharma has finally filed for bankruptcy. But it’s hardly a done deal. The bankruptcy filing is part of a settlement agreement that the company and its owners negotiated with lawyers for states and thousands of local governments that have struggled for years with the opioid crisis. They support […]

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Purdue Pharma Files for Chapter 11 Bankruptcy

Purdue Pharma, maker of OxyContin, the drug widely seen as igniting the opioid crisis, filed for Chapter 11 bankruptcy on Sunday night, a move at the center of the company’s efforts to shield itself and its owners from more than 2,600 federal and state lawsuits. The terms of the filing, which include a proposed resolution […]

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Forever 21, Losing Young Shoppers, Is Said to Be Near Bankruptcy Filing

Forever 21, the fast-fashion retailer that spread its gospel of $5 shirts and $15 dresses from Southern California to hundreds of malls around the world, is preparing to file for bankruptcy in the coming weeks, according to three people with knowledge of its plans. The privately held retailer, which has been in restructuring talks for […]

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