Tag: Bankruptcies

Home in Ashes, They’re Forced to Fight for Share of PG&E Money

Neil and Kathinka McKeown’s home in Calaveras County, Calif., burned down in a 2015 wildfire that regulators believe started when a power line made contact with a tree. Late last year, they thought they were finally close to rebuilding after reaching a seven-figure settlement with Pacific Gas & Electric, whose line was involved. But PG&E […]

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The World���s Last Blockbuster Has No Plans to Close. Here���s Why It���s Still Open.

Fifteen years ago, a movie fan could go into any of Blockbuster’s 9,000 stores and walk out with a Steven Spielberg hit. Now, options are limited for those who want to rent a hard copy of “Saving Private Ryan” from somewhere other than a library. There are only two Blockbuster stores left in the world. […]

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The World’s Last Blockbuster Has No Plans to Close. Here’s Why It’s Still Open.

Fifteen years ago, a movie fan could go into any of Blockbuster’s 9,000 stores and walk out with a Steven Spielberg hit. Now, options are limited for those who want to rent a hard copy of “Saving Private Ryan” from somewhere other than a library. There are only two Blockbuster stores left in the world. […]

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PG&E Says It Probably Caused the Fire That Destroyed Paradise, Calif.

Pacific Gas & Electric said Thursday that its equipment probably caused the Camp Fire, the catastrophic November blaze that destroyed thousands of homes in Paradise, Calif., and killed at least 86 people. PG&E, which filed for bankruptcy protection in January, said it had recorded a $10.5 billion charge in anticipation of damage claims for that […]

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Jeffrey Skilling, Former Enron Chief, Released After 12 Years in Prison

Jeffrey K. Skilling, the former chief executive of Enron whose lies contributed to the sudden collapse of the energy company in one of the country’s most high-profile cases of corporate fraud, was released from federal custody on Thursday after serving more than 12 years in prison, the federal authorities said. Mr. Skilling, 65, was released […]

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McKinsey Will Return $15 Million in Fees Over Disclosure Failures

McKinsey & Company agreed Tuesday to a $15 million settlement with the Justice Department to resolve an investigation into allegations that it did not make required disclosures of its financial connections with other parties while working on bankruptcies. The settlement arose from complaints that McKinsey had held back information about its investments and other deals […]

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Payless Shoes to Shut All U.S. Stores and Wind Down Online Operation

Payless ShoeSource, a once-popular seller of inexpensive women’s footwear and a staple in many suburban shopping malls, is closing all of its American stores. The company said on Saturday that it would begin liquidating all 2,100 of its stores in the United States and Puerto Rico. Payless is also winding down its online business. The […]

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Lampert’s Deal for Sears Is Approved, but Judge Scolds Him in the Process

A federal bankruptcy judge on Thursday approved Edward S. Lampert’s plan to buy Sears, but the judge implored Mr. Lampert to make a fresh start. Mr. Lampert, a billionaire hedge fund manager, could avoid becoming the “cartoon character” his critics have painted him as, Judge Robert Drain said — a cross between Jay Gould, the […]

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The Very High Costs of Climate Risk

Before the catastrophic Camp Fire destroyed Paradise, Calif., the Pacific Gas and Electric Company was worth more than $25 billion. Now it’s C.E.O. has stepped down and the company, which provides natural gas and electricity to 16 million people in California, has filed for bankruptcy as it confronts billions of dollars in potential liability claims […]

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PG&E Files for Bankruptcy Protection in Face of Large Wildfire Liabilities

LOS ANGELES — Pacific Gas and Electric, the largest electric utility in California, filed for bankruptcy protection on Tuesday in anticipation of billions of dollars in liability claims for two years of wildfires. PG&E, which faces damage claims estimated at tens of billions of dollars for wildfires started by its equipment, said this month that […]

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PG&E Bankruptcy Could Deal Blow to Its Solar-Power Suppliers’ Finances

LOS ANGELES — Pacific Gas and Electric promises that its customers’ lights will stay on if it follows through on plans to file for bankruptcy this month. But companies that supply the California utility’s electricity may have more to worry about. PG&E said Monday that it would use bankruptcy to resolve huge liabilities arising from […]

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Sears Won’t Close Yet as Its Chairman, Edward Lampert, Fends Off Creditors

Sears lives. For now. The bankrupt retailer and Edward S. Lampert have reached $5.3 billion deal that would keep its 425 stores open and its 50,000 employees at work, according to a person familiar with the situation. In the deal, which was reached in the early morning hours on Wednesday, Mr. Lampert would acquire most […]

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Utility Company PG&E Plans Bankruptcy Filing Over California Wildfires

LONDON — Pacific Gas and Electric Company, which has been struggling with a financial crisis stemming from California’s historic wildfires, intends to file for Chapter 11 bankruptcy protection by the end of the month, according to a regulatory filing. The company, which is the largest investor-owned utility in California, said it faced an estimated $30 […]

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Amid Ongoing Reorganization, U.S.A. Gymnastics Files for Bankruptcy

In a move meant to stabilize an organization still reeling, and barely standing, in the wake of the Larry Nassar sexual abuse scandal, U.S.A. Gymnastics filed for bankruptcy on Wednesday in Indianapolis. Kathryn Carson, the federation’s newly elected chairwoman, characterized the bankruptcy filing as a reorganization, “not a liquidation,” of the federation, which oversees the […]

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Donald Trump Fails, Again

Donald Trump has failed at most things he’s tried to do in life, with the crucial exception of selling himself as a success. Consider his business record over the past thirty years. In 1988, he bought Manhattan’s Plaza Hotel for over $400 million — at the time “an unprecedented sum for a hotel,” according to […]

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California Utility Gets Reassurance on Wildfire Liability

After its stock plummeted over its possible role in California’s deadly wildfires, the state’s largest utility won back some investor confidence on Friday after its chief regulator offered a backstop. Shares in the company, Pacific Gas and Electric Company, which serves most of the state’s northern half, had plunged over concerns that it could face […]

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Common Sense: Sears’s Edward Lampert Was a Wizard. Now He’s Coming to Terms With Failure.

By age 25, Edward S. Lampert was already a Wall Street wunderkind, celebrated for his intellect, ambition and prodigious work ethic. The famed investor Richard Rainwater, the billionaire Hollywood mogul David Geffen, and Michael Dell and Thomas J. Tisch were among the prominent backers who gave him more than $200 million in startup capital. At […]

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How the Hedge Fund Manager Running Sears Cut His Losses

The hedge fund manager Edward S. Lampert has spent the last 14 years steering Sears as it spun off businesses, took on debt and, this week, filed for bankruptcy protection. It has been a long, and often painful, trip, but how has Mr. Lampert fared? His hedge fund, ESL Investments, appears to have racked up […]

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