bankruptcy

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Rattner: Why I Fired GM's Wagoner

Former car czar calls deficiencies 'appalling'

(Newser) - Barack Obama's former car czar says he had no choice but to fire GM's Rick Wagoner. "Everyone knew Detroit's reputation for insular, slow-moving cultures," Steven Rattner writes in an essay for Fortune. "Even by that low standard, I was shocked by the stunningly poor management that we...

Simmons Bankruptcy: Study in Private Equity Run Amok

Buyout firms profited as mattress maker saw its debt skyrocket

(Newser) - The mattress company Simmons will be filing for bankruptcy protection soon, wiping out bondholders and jeopardizing more jobs at a company that's already fired a quarter of its work force. While Simmons watched its debts balloon nearly tenfold since 1991, a string of private equity firms bought and sold the...

CIT Bust Would Cost US $2.3B, Earn Goldman $1B

Taxpayers shares could go up in smoke while Goldman gains

(Newser) - Troubled commercial lender CIT, circling the drain for more than a year, would cost taxpayers $2.3 billion in shares purchased by the Treasury Department if it files for Chapter 11 soon—but Goldman Sachs, which gave the lender emergency funding, stands to collect a $1 billion windfall if it...

Fed May Have Outmuscled Other Lehman Creditors

Government creditors got their cash back; private investors still struggling

(Newser) - A special court examiner investigating the Lehman Brothers bankruptcy is trying to determine whether the Fed used its clout to get its money back from the collapsed bank ahead of other creditors. The central bank and its New York branch lent Lehman $46 billion before the bankruptcy but was promptly...

Leibovitz Staves Off Foreclosure
Leibovitz
Staves Off
Foreclosure
Sep 11, 2009 2:58 PM CDT

Leibovitz Staves Off Foreclosure

Photog gets reprieve, but property, rights to work still at risk

(Newser) - Annie Leibovitz has won an extension of her outstanding $24 million debt to Arts Capital Group, the New York Times reports. The celebrity photographer bought back the rights to her homes and intellectual property—both collateral in the loan—for an undisclosed sum as part of the restructured deal. But...

GM to Sell Opel to Canada's Magna

Detroit firm also recommends Vauxhall go to Magna

(Newser) - After painfully drawn-out negotiations, General Motors’ board has agreed to sell its Opel unit to Canadian firm Magna International, maintaining a tie that will keep Opel a "a fully integrated part of GM's global product development organization," the company said. The German government, which earlier this year loaned...

Bankrupt Lehman Stock Booms in Long-Shot Trading

Bankrupt company jumps sixfold in 'lottery ticket' deals

(Newser) - Here's a stock tip for you: Lehman Brothers. No, really—the busted financial giant, which had been trading at less than 5 cents a share, peaked at 32 cents last week, with volume hitting 100 million shares in late August after sitting at virtually zero most of the year. The...

Leibovitz's $24M Deadline Looms Tuesday

Photographer may be forced to file for bankruptcy

(Newser) - Annie Leibovitz's $24 million question looms Tuesday, the AP reports: Will the photographer of the stars be able to repay a $24 million loan or lose the rights to her catalog of iconic photographs. With such a staggering amount due in only a few days, Leibovitz’s best option...

Current Care Kills More Than 'Army of Death Panels'

System 'takes lives and breaks apart families'

(Newser) - Despite screeches that a government-run health care program will bump people into an early grave, "it’s a good bet that our existing dysfunctional health system knocks off far more people than an army of ‘death panels’ could, even if they did exist," writes Nicholas Kristof in...

Teen Lotto Winner Faces Bankruptcy

UK woman is broke, says money ruined her life

(Newser) - Callie Rogers was once the UK's second-youngest lottery winner, coming into more than $3 million in 2003 at the age of sixteen. Now at 22, she’s attempted suicide twice, drives a secondhand car, and works three jobs to avoid bankruptcy, the Mail reports. Rogers—who has two children with...

Reader's Digest to File Chapter 11

(Newser) - The latest media company to groan under debt in the current recession, Reader's Digest Association, yesterday announced plans to file for Chapter 11 bankruptcy. The publisher insists that "business as usual" will continue for its publications and employees, with no mass layoffs in store as the company slashes its...

How Annie Leibovitz Got Underwater
 How Annie Leibovitz 
 Got Underwater 
GLOSSIES
Aug 17, 2009 1:46 PM CDT

How Annie Leibovitz Got Underwater

(Newser) - Photographer to the stars Annie Leibovitz is in a widely reported financial pickle, but it really comes as no surprise to those close to her, New York reports. Leibovitz is now engaged in baroque legal wrangling over her catalog, but her troubles started earlier. Insiders say a suspected “contract...

Doomed United Is Textbook of Biz Don'ts

(Newser) - United Airlines’ dismal service and financial stature may soon send it to Chapter 11, but that doesn’t mean it isn’t a “teachable moment,” Shaun Rein writes in Forbes. Herewith, three lessons:
  • Loyal customers return: "Consumers are more price sensitive in this economy, and they are
...

Mickelson Looks to Buy Waffle House Franchise

Golfer's company makes $20.2 million offer for budget restaurant chain

(Newser) - Phil Mickelson has made a bid for SouthEast Waffles, a group of 105 Waffle House restaurants in four southern states, the Tennessean reports. Mickelson’s GS Acquisitions offered to buy SouthEast Waffles out of bankruptcy for $20.2 million. Though neither Mickelson nor his two other partners at GS have...

Stephen Baldwin Declares Bankruptcy

(Newser) - Stephen Baldwin has declared bankruptcy after grappling unsuccessfully with millions of dollars of debt, reports AP. The actor owes $1.2 million in mortgages on a New York property, $1 million in back taxes and $700,000 in credit card debt, according to documents filed yesterday in a New York...

CIT Strikes $3B Deal, Averting Bankruptcy
CIT Strikes $3B Deal,
Averting Bankruptcy
UPDATED
Jul 19, 2009 10:46 PM CDT

CIT Strikes $3B Deal, Averting Bankruptcy

(Newser) - CIT Group Inc. has made a deal for a $3 billion rescue package from bondholders to stay afloat, Reuters reports. The board of the lender, which was facing bankruptcy, struck a tentative agreement tonight. It includes high interest rates and apparently lacks long-term solutions, reports the Wall Street Journal. But...

Bankruptcy Looms as Feds Refuse to Bail Out CIT Group

Treasury 'drawing line in sand,' says analyst

(Newser) - The Obama administration has rejected CIT Group's pleas for a bailout, and the troubled commercial lender is likely to file for bankruptcy as early as today, reports the Washington Post. CIT—which has already received $2.3 billion in TARP funds—provides financing to close to a million small- and...

Obama's Car Czar Steps Down
 Obama's Car Czar 
 Steps Down 
Jul 13, 2009 7:47 PM CDT

Obama's Car Czar Steps Down

(Newser) - The man tabbed by President Obama to see General Motors and Chrysler through bankruptcy is leaving the post, the New York Times reports. Though Steven Rattner’s former investment firm is under investigation, it’s unclear if that affected his decision. Treasury Secretary Tim Geithner said today that, with both...

Major Small-Business Lender Faces Bankruptcy

(Newser) - One of America's biggest commercial lenders is preparing to file for bankruptcy, the Wall Street Journal reports. CIT Group, which lends to about a million small and medium-sized businesses, probably won't be able to make a $1 billion payment due in August and has hired bankruptcy counsel. In the meantime,...

Done Deal: GM Out of Bankruptcy

 Done Deal: 
 GM Out of Bankruptcy 
UPDATED
Jul 10, 2009 8:26 AM CDT

Done Deal: GM Out of Bankruptcy

Good assets go to US-backed firm

(Newser) - As of 6:30 this morning, the new General Motors is on its way: The old firm sold its good assets to a new automaker backed by the government via a bankruptcy overhaul far speedier than experts expected, the New York Times reports. The new firm, Vehicle Acquisition Company, will...

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