bankruptcy

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Court Clears Path to 'New' GM

Court ordered stay on asset sale expires

(Newser) - General Motors is set to complete its bankruptcy reorganization, the Detroit Free Press reports. The sale of certain GM divisions to the “new” GM—largely owned by the US Treasury—is expected to happen tomorrow, at the expiration of a holding period for opponents of the deal to make...

Dykstra Files for Chapter 11
 Dykstra Files for Chapter 11 
Jul 9, 2009 12:52 PM CDT

Dykstra Files for Chapter 11

Says he has $50K in assets, owes $10-$15M

(Newser) - Former New York Met and Philadelphia Phillie Lenny Dykstra has filed for Chapter 11 bankruptcy protection in California yesterday, citing no more than $50,000 in assets and debts between $10 million and $50 million, the Philadelphia Inquirer reports. After making $36.5 million playing ball, Dykstra launched a magazine...

Judge Greenlights GM Asset Sale

Firm will transform into leaner car maker owned by US, Canada, UAW

(Newser) - GM has won approval for a restructuring plan in which the car maker will sell its most valuable assets to a new firm—also called GM—owned by the US and Canadian governments and a UAW health care trust, the New York Times reports. Judge Robert Gerber agreed with GM...

Ruth Madoff May Not Keep Her $2.5M For Long

Victims can still sue swindler's wife to recoup losses

(Newser) - When she leaves her Manhattan penthouse, Ruth Madoff will have a mere $2.5 million to her name—and she might not have that for long either, Newsday reports. Madoff’s deal with the government—in which she’ll gives up more than $80 million in assets, keeping just the...

Health Insurance No Guarantee Against Ruin

Three-quarters of those bankrupted by medical costs were insured

(Newser) - As lawmakers weigh health-reform plans, it’s becoming increasingly clear that just having coverage won’t necessarily protect individuals from financial disaster, the New York Times reports. Some three-quarters of those bankrupted by health care costs were insured at the time of their ailment. “Underinsurance is the great hidden...

Chastain Gets Her Bra Back
 Chastain Gets Her Bra Back 
Jul 1, 2009 3:56 AM CDT

Chastain Gets Her Bra Back

Symbol of '99 World Cup victory rescued from bankruptcy court

(Newser) - The sports bra Brandi Chastain was wearing when she shredded her shirt after making a game-winning penalty kick in the 1999 World Cup has been returned to her, USA Today reports. Like much other memorabilia at New York City’s short-lived Sports Museum of America, it was taken by a...

Wreck Your Car? You Can Still Sue GM

(Newser) - General Motors had hoped to emerge from bankruptcy with a protective coating against future product-liability suits. No such luck, reports the Wall Street Journal. Bowing to government pressure, GM has agreed to change its bankruptcy terms, allowing drivers injured in accidents that stem from vehicle defects to sue the company,...

Eddie Bauer Goes Bankrupt
 Eddie Bauer Goes Bankrupt 
UPDATED
Jun 17, 2009 1:36 PM CDT

Eddie Bauer Goes Bankrupt

Formal announcement expected today

(Newser) - Eddie Bauer filed for Chapter 11 bankruptcy today, the Wall Street Journal reports. The clothing retailer lost $44.5 million in the first quarter and has $187.9 million in long-term debt. Shares plummeted on rumors of the bankruptcy after it failed to convert part of that debt into equity...

Credit Card Firms Cut Deals With Delinquents

Newly relaxed policies allow firms to settle for portion of debt

(Newser) - With countless customers running behind on payments, credit card companies are taking it easy on delinquents, letting them off the hook in exchange for partial repayments, the New York Times reports. The firms began easing up on their previous policies last fall, experts say; now they’re letting frontline workers...

Done Deal: Fiat Buys Chrysler Assets

Administration triumphs as bankruptcy effectively ends

(Newser) - Chrysler finalized its sale of assets to Fiat with a government wire transfer this morning that gave Chrysler $6.6 billion in funds to exit bankruptcy, the New York Times reports. The sale is good news for the Obama administration, which sought an “efficient” restructuring for Chrysler. It may...

Ginsburg Delays Chrysler-Fiat Deal

(Newser) - Supreme Court Justice Ruth Bader Ginsburg today put a temporary stay on the sale of Chrysler to Italian automaker Fiat, SCOTUSBlog reports. Ginsburg’s motion allows the justices to further consider the matter, and either postpone the sale or let it go forward. A full postponement of the sale would...

Lenders, Not Zell, May Run Tribune Co.
 Lenders, Not Zell, 
 May Run Tribune Co. 
ANALYSIS
Jun 8, 2009 1:09 PM CDT

Lenders, Not Zell, May Run Tribune Co.

(Newser) - The bankrupt Tribune Company could emerge from protection with its top creditors—and not chairman Sam Zell—in charge, the Chicago Tribune reports. Zell exerts control based on $90 million he spent to secure the option of buying 40% of the company for $500 million, and a $250 million loan....

Brits Hit Court to Battle Yanks for Madoff Assets

UK liquidators have already seized $235K Aston Martin

(Newser) - The Madoff liquidators are turning on each other, reports the Times of London. The trustees handling the London arm of the Ponzi schemer's imploded business recently seized several American assets, including a $235,000 vintage Aston Martin, that were acquired with London money. UK liquidators will argue tomorrow in a...

Court OKs Chrysler Sale to Fiat, Starting Monday

(Newser) - A federal appeals court today approved the sale of Chrysler to Italian automaker Fiat over objections from debt holders in Indiana, the Wall Street Journal reports. The court put the sale on hold until Monday afternoon, or until the Supreme Court issues a stay—which Indiana investors say they will...

Racing Legend Penske Will Buy Saturn From GM

(Newser) - Roger Penske, the racecar driver turned business tycoon, will buy the Saturn brand and dealer network from GM. The deal will save 350-plus dealerships and some 13,000 jobs if it goes through, the bankrupt parent company said in confirming the tentative agreement. The price is between $100 million and...

Indiana Makes Final Attempt to Block Chrysler Sale

State treasurer argues that deal tramples on bankruptcy law, Constitution

(Newser) - Indiana's attempt to block Chrysler's sale to Fiat moves to a federal appeals court today, the Washington Post reports. The state's treasurer, who oversees three state pension and construction funds that hold $42 million of Chrysler's debt, is arguing that the deal to bring the company out of bankruptcy violates...

Medical Bills Linked to 62% of Bankruptcies

Many bankrupt despite having health insurance, researchers find

(Newser) - Medical bills were a factor in 62% of American personal bankruptcies in 2007, marking a 50% rise over 6 years, a study found. Some three-quarters of these families couldn’t stay afloat despite having health insurance, Reuters reports. “Most medical debtors were well-educated, owned homes, and had middle-class occupations,...

Make Romney the Head of GM

 Make Romney 
 the Head of GM 
OPINION
Jun 3, 2009 7:40 AM CDT

Make Romney the Head of GM

Former Mass. governor could turn around automaker, says Bennet

(Newser) - Barack Obama wants to "take a hands-off approach" with General Motors, but as James Bennet writes in the Atlantic, there's no way to get the bankrupt automaker back into shape "without getting under the hood." GM needs someone who can "bring the hammer down" on its...

Vehicles That Drove GM to Bankruptcy
 Vehicles That Drove 
 GM to Bankruptcy 
ANALYSIS
Jun 1, 2009 5:45 PM CDT

Vehicles That Drove GM to Bankruptcy

(Newser) - With the move finally official, Matt Hardigree, for Jalopnik, lists the 10 vehicles that bankrupted General Motors:
  • Chevrolet SSR: “Meant to capture the imagination of buyers. Unfortunately, few buyers were imagining an expensive, gas-guzzling convertible truck that …was basically unusable as a truck."
  • Saturn L-Series: Trying “
...

Michael Moore: 9 Ways to Rise From GM's Ashes

Let's use their facilities to overhaul America's transit

(Newser) - The end of General Motors is an opportunity for an America that now owns 60% of the company, writes Michael Moore. Let’s take advantage of the death of a firm that built poor cars, battled environmental rules, and shipped jobs away by using its facilities to implement a new...

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