Recent Updates
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Delphi seeks to end health benefits for retirees
Bankruptcy 02/06/2009Troubled auto parts supplier Delphi Corp. has asked a bankruptcy judge to allow it to cancel health care and life insurance benefits for current and future salaried retirees, citing the steep downturn in the overall auto industry in recent months. Th...
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Delaware bankruptcy court restricts Nortel trading
Bankruptcy 01/16/2009The U.S. Bankruptcy Court for the District of Delaware ordered trading restrictions on shares of Nortel Networks Corp., the Canadian telecommunications equipment maker said Friday. Toronto-based Nortel said restrictions were set on trading of its com...
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Chesapeake Corp. files for bankruptcy protection
Bankruptcy 12/30/2008Specialty packaging company Chesapeake Corp. has filed for Chapter 11 bankruptcy protection and plans to sell itself to a group of investors for about $485 million.The company's stock, which is traded over-the-counter, closed at 6 cents Monday, well ...
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Ill. farmer pleads guilty in bankruptcy fraud case
Bankruptcy 11/27/2008A southern Illinois farmer pleaded guilty Wednesday to federal bankruptcy fraud charges, and his attorney said outside court that his client had nothing to do with the unsolved killings of a potential witness and his wife.Joseph Diekemper, 60, of Car...
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Circuit City files for bankruptcy protection
Bankruptcy 11/11/2008Circuit City Stores Inc., the nation's second-biggest electronics retailer, filed for bankruptcy protection on Monday but plans to stay open for business as the busy holiday season approaches.It said it decided to file for bankruptcy protection becau...
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British bankruptcies jump 9.5 percent in 3Q
Bankruptcy 11/10/2008Individual bankruptcies in Britain jumped 9.5 percent in the third quarter from last year, while company insolvencies rose a stunning 26 percent as the financial crisis hiked the cost of loans, official figures showed Friday.Britain's Office for Nati...
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Bankruptcy judge orders victim to pay back thief
Bankruptcy 09/22/2008Mark Poveromo feels ripped off twice over. A judge ordered him to repay money he collected from a builder convicted of stealing from him — and told him to kick in the thief's attorney fees and court costs, too.Some legal experts say the case, in whic...
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Lehman Brothers schedules bankruptcy court hearing
Bankruptcy 09/17/2008Lehman Brothers has scheduled a hearing in its bankruptcy case that could lead to a judge's approval of an asset sale.The investment bank, which filed the biggest U.S. bankruptcy case on Monday, has on its agenda for the meeting Tuesday afternoon a m...
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Lehman Brothers files for Chapter 11 protection
Bankruptcy 09/15/2008Lehman Brothers, a 158-year-old investment bank choked by the credit crisis and falling real estate values, filed for Chapter 11 bankruptcy protection from its creditors on Monday and said it was trying to sell off key business units.The filing was m...
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Imprisoned Vick files Chapter 11 bankruptcy
Bankruptcy 07/10/2008Seven months after Michael Vick was sentenced to federal prison, the fallen Falcons quarterback found himself in a “precarious financial position” and filed for bankruptcy. One of his creditors is the Falcons.In Chapter 11 documents filed in federal ...
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Vick files for bankruptcy protection
Bankruptcy 07/08/2008Imprisoned quarterback Michael Vick is seeking bankruptcy protection, saying he owes between $10 million and $50 million to creditors.Vick filed Chapter 11 papers in U.S. Bankruptcy Court in Newport News on Monday. The seven largest creditors listed ...
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Chrysler, Plastech may have interim deal
Bankruptcy 02/05/2008Negotiators for Chrysler LLC and a troubled parts supplier were trying to end a dispute that shut down or canceled a shift at five Chrysler plants and threatened to idle all 14 of the automaker's assembly facilities.Plastech Engineered Products Inc.,...