Recent Updates
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GM workers taking in bankruptcy, its effects
Bankruptcy 06/01/2009For General Motors Corp. workers and others across the nation, reaction to the automaker's historic bankruptcy filing Monday and the effect on their plants and lives ranged from resignation to fear. Markis Coleman, 30, a GM employee at a plant in Ori...
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GM shares fall below $1 as deadline approaches
Bankruptcy 05/29/2009Shares of General Motors Corp. have fallen below $1 for the first time in 76 years as a Chapter 11 bankruptcy filing for the automaker appears increasingly likely. GM shares lost more than 22 percent to fall as low as 87 cents in morning trading on F...
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GM Debt-Equity Swap Fails Before Bankruptcy Deadline
Bankruptcy 05/27/2009A General Motors Corp. bankruptcy filing seemed inevitable after a rebellion by its bondholders forced it to withdraw on Wednesday a plan to swap bond debt for company stock. GM has until Monday to complete a government-ordered restructuring that inc...
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Court lets stand $13M judgment against Chrysler
Bankruptcy 05/26/2009The Supreme Court has rejected a request from Chrysler to overturn a $13 million punitive damages award to the parents of an 8-month-old boy who died in the crash of a Dodge Caravan. The justices without comment Tuesday left in place a ruling by the ...
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Filene's Basement files for Ch. 11 reorganization
Bankruptcy 05/04/2009Discount retailer Filene's Basement says it has filed to reorganize under Chapter 11 bankruptcy protection, less than two weeks after its new owner said it was reviewing "all available options." The privately held company also reached a deal that wil...
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Chrysler To File For Bankruptcy
Bankruptcy 04/30/2009Storied Detroit automaker Chrysler will file for bankruptcy in New York court almost immediately, senior administration officials said Thursday. "We worked very hard to keep this company out of bankruptcy," one official said on a conference call with...
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Wamu Sues jpmorgan to Recover $4 Billion in Deposits
Bankruptcy 04/29/2009Lawyers for Washington Mutual Inc. have filed a bankruptcy court complaint against JPMorgan Chase & Co. over some $4 billion in disputed assets. Seattle-based WaMu, which filed for Chapter 11 reorganization along with its Washington Mutual Invest...
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Investors take Madoff to bankruptcy court
Bankruptcy 04/14/2009A small group of investors took Bernard Madoff to bankruptcy court on Monday, saying the disgraced financier bilked them out of nearly $64 million. A Manhattan judge cleared the way for the newly filed Chapter 7 petition last week by granting a reque...
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Vick to make first court appearance in bankruptcy
Bankruptcy 04/02/2009A judge wants to know more about suspended NFL star Michael Vick's bankruptcy plan, which is based on his goal of resuming his football career when he gets out of jail. Vick is scheduled to make his first personal appearance in a Virginia bankruptcy ...
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Star Tribune seeks to abandon union's contract
Bankruptcy 03/12/2009The Star Tribune of Minneapolis returns to bankruptcy court Thursday, a day after seeking permission to void one of its labor contracts to further cut costs. Lawyers for the newspaper, which filed for Chapter 11 bankruptcy protection in January, told...
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Spansion Files for Bankruptcy Protection in the U.S.
Bankruptcy 03/02/2009Spansion Inc., the U.S. maker of memory chips for mobile phones, filed for bankruptcy protection to restructure its debt after failing to make an interest payment on $266 million of bonds. The company listed debt of $2.4 billion and assets of $3.8 bi...
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Journal Register files for bankruptcy protection
Bankruptcy 02/23/2009The Journal Register Co. filed Saturday for bankruptcy protection from its creditors and said slumping advertising revenue and circulation are to blame. In the Chapter 11 filing in U.S. Bankruptcy Court in Manhattan, Journal Register proposed a restr...