Bankruptcy News

The owner of a downtown Bozeman rug gallery that was severely damaged in a natural gas explosion has filed for bankruptcy in federal court.

The Honolulu Symphony said Friday it's canceling concerts for the rest of the year and filing for bankruptcy, citing a big drop in donations.

Goldman Sachs was one of the last Wall Street giants to enter the subprime lending world, but when it did, it quickly climbed into bed with profligate, highflying firms - companies such as New Century Financial Corp.

A man who was so deep in debt that he did not have the money to visit his son 30 minutes away opened fire Friday at the engineering firm that fired him two years ago, killing one person and wounding five, authorities said.

SOUTHFIELD - The Lear Corporation, a global supplier of automotive seating systems, electrical distribution systems and electronic products, announced that the U.S. Bankruptcy Court of the Southern District of New York has entered an order confirming the company's plan of reorganization.

The number of people declared insolvent in England and Wales hit a new record high in the third quarter as more indebted Britons were worn down by the UK's longest ever recession.

Lear Corp. said Thursday that its reorganization plan was approved by a bankruptcy judge, paving the way for the auto supplier to emerge from Chapter 11 after just four months under court oversight.

A joint publishing venture between influential pastor Rick Warren and Reader's Digest magazine has collapsed less than a year after it was announced with great fanfare.

Sirius XM Radio Inc., the satellite radio provider that was on the brink of bankruptcy nine months ago, on Thursday reported a much improved third quarter as it signed up more subscribers and paid down debt.

An attorney representing Prichard in the south Alabama city's bankruptcy proceedings says the city's debt is probably more than $1 million.

CIT Group , an embattled small business lender that filed for bankruptcy Sunday as a result of lack of government-sponsored financial assistance, is now hoping regulators will give it a second chance to turn itself around.

A U.S. bankruptcy judge set a December 8 hearing to consider approval of CIT Group Inc's reorganization plan, aiding the large commercial lender's effort to emerge from bankruptcy by year's end.

Federal officials began the process of choosing creditor representatives in the Catholic Diocese of Wilmington's Chapter 11 bankruptcy by meeting with diocesan officials behind closed doors Wednesday.

NEW YORK Tribune Co. executives announced Tuesday that the company will end its employee stock ownership plan when the company emerges from bankruptcy.

Chrysler plans to revamp its struggling Dodge car brand under a new turnaround plan and says the company's cash has grown by nearly $2 billion since it exited bankruptcy protection in June.

In this Oct. 15, 2008 file photo, an exterior view of JPMorgan Chase offices is shown in San Francisco.

PHILADELPHIA The owners of Philadelphia's two major dailies are waging a late-stage battle to keep the newspapers from creditors in a looming bankruptcy auction.

General Motors reversed course on Tuesday by abandoning a long-expected sale of its Opel to a group led by Canadian auto supplier Magna and opting to keep the European unit after a year of uncertainty and high-stakes political negotiations.

The federal NDP is proposing legislation to protect pensions by giving them priority status when companies close.

A California debt collection company has agreed to a $2.55 million judgment to settle a lawsuit brought by thousands of Pennsylvanians who claim they were wrongly led to believe they had to pay costly fees to avoid criminal charges for bouncing checks.