Latest Corporate bankruptcy News

WeWork to sell MeetUp, cut jobs in 90-day turnaround plan

Nov. 8, 2019 8:11 PM EST

NEW YORK (AP) — WeWork said Friday it will divest from several side businesses and cut jobs as part of a 90-day plan to turn itself around following its botched attempt to sell stock on Wall Street. The office-sharing company will divest from five non-core businesses, including Meetup, the online community...

Chinese company in vaccine scandal declared bankrupt

Nov. 8, 2019 3:24 AM EST

BEIJING (AP) — A Chinese maker of rabies vaccine that was fined 9.1 billion yuan ($1.3 billion) in a quality scandal that set off a crackdown on the industry said Friday it has been declared bankrupt. Changchun Changsheng Life Sciences Ltd., which lost its production licenses last year, said in a statement...

PG&E falls into deeper hole in 3Q with $1.6 billion loss

Nov. 7, 2019 4:43 PM EST

Pacific Gas & Electric reported another huge loss on Thursday as the fallout from catastrophic wildfires blamed on its outdated transmission lines drive the bankrupt utility into a deeper hole. The company estimated it's facing a bill of more than $6 billion this year alone to pay for devastating fires in...

New York judge sets opioid crisis trial for January

Nov. 7, 2019 12:22 PM EST

CENTRAL ISLIP, N.Y. (AP) — A New York judge on Wednesday scheduled what could be the second state-level trial in the U.S. on the toll of opioids. Judge Jerry Garguilo set a trial date of Jan. 20 for claims brought by the state attorney general and the Long Island counties of Nassau and Suffolk against a...

Judge keeps lawsuits against Purdue, its owners on hold

Nov. 6, 2019 6:28 PM EST

A federal bankruptcy judge on Wednesday agreed to keep nearly 2,700 lawsuits against OxyContin maker Purdue Pharma and hundreds more against the family members who own the company on hold until at least April so the sides can keep working toward a settlement. A lawyer for Purdue, the maker of the highest-profile...

Bill addresses pensions, health care for miners, retirees

Nov. 6, 2019 3:33 PM EST

CHARLESTON, W.Va. (AP) — Senate Majority Leader Mitch McConnell is co-sponsoring a bill with West Virginia's two U.S. senators and others aimed at preserving the pensions of about 92,000 retired coal miners, as well as the health-care benefits of another 13,000 working miners. Democrat Joe Manchin and...

California utility meets with governor amid bankruptcy case

Nov. 5, 2019 5:25 PM EST

SACRAMENTO, Calif. (AP) — California's governor called the chief executive of a troubled utility to his office on Tuesday for a closed-door meeting as the company struggles to emerge from a high-profile bankruptcy while facing criticism for its practice of shutting off power for millions of people to...

Governor threatens possible PG&E takeover if no plan is made

Nov. 1, 2019 8:12 PM EDT

SACRAMENTO, Calif. (AP) — California's governor on Friday threatened a possible takeover of the troubled utility blamed for sparking deadly wildfires across the state with its outdated equipment unless it can emerge from bankruptcy ahead of next year's wildfire season with a plan focused on safety. Gov....

Bankruptcy judge approves sale of Barneys assets

Oct. 31, 2019 3:49 PM EDT

NEW YORK (AP) — Barneys New York, the iconic luxury chain, says a bankruptcy judge has approved the sale of its assets to fashion licensing company Authentic Brands Group. The New York-based retailer said Thursday there's still a chance that rival bidders could come forward before the sale closes on...

Purdue Pharma paid CEO $9M in year before bankruptcy

Oct. 30, 2019 3:58 PM EDT

OxyContin maker Purdue Pharma paid its CEO $9 million and its board chairman nearly $4 million in the 12 months before the company's bankruptcy filing last month, according to recently filed financial documents. Five other board members overseeing the private company were paid a combined $3.7 million over that...