Latest Corporate bankruptcy News

Report: Power lines sparked massive Southern California fire

Mar. 13, 2019 9:01 PM EDT

LOS ANGELES (AP) — One of the largest fires in California history was sparked by Southern California Edison power lines that came into contact during high winds, investigators said Wednesday. The resulting arc ignited dry brush on Dec. 4, 2017, starting the blaze in Ventura and Santa Barbara counties that...

With lawsuits looming, OxyContin maker considers bankruptcy

Mar. 13, 2019 5:55 PM EDT

The company that has made billions selling the prescription painkiller OxyContin said Wednesday that it is considering legal options including bankruptcy, a move that could upend hundreds of lawsuits claiming it had a major role in causing the U.S. opioid drug crisis. "As the company has stated, it is exploring...

Bankrupt California utility wants to give $235M in bonuses

Mar. 7, 2019 2:47 PM EST

SAN FRANCISCO (AP) — Pacific Gas & Electric Corp. sought a judge's approval to pay $235 million in bonuses to thousands of employees despite the California utility's bankruptcy. The money is intended to provide incentives to workers and will not be distributed if the company doesn't meet safety and...

Collapsed bridge builder files for bankruptcy in Miami

Mar. 7, 2019 8:08 AM EST

MIAMI (AP) — A judge in Miami will allow a construction company being sued for wrongful death related to a bridge collapse to restructure its financial obligations under Chapter 11 bankruptcy rules. Magnum Construction Management LLC — known as MCM — was the builder of the pedestrian bridge...

Holiday season defines winners and losers in retail

Mar. 5, 2019 4:23 PM EST

NEW YORK (AP) — The 2018 holiday season turned out to be a mixed bag for retailers, with some of them defying a gloomy government report in December that raised concerns that shoppers were hunkering down everywhere. Retailers like Walmart, Target and Best Buy that have been responding faster to a more...

Failing Payless to honor gift cards, store credit into March

Feb. 20, 2019 8:38 AM EST

TOPEKA, Kan. (AP) — The failing Payless ShoeSource chain will honor gift cards and store credit until March 11 as the company liquidates all operations. The Topeka, Kansas, company, which filed for bankruptcy protection this week, will allow returns and exchanges of non-final sale items through the end of...

Payless files for bankruptcy, closing North American stores

Feb. 19, 2019 2:39 PM EST

NEW YORK (AP) — Payless ShoeSource has filed for Chapter 11 bankruptcy protection and is shuttering its remaining stores in North America. The filing on Monday came a day after the shoe chain began holding going-out-of-business sales at its North American stores. The company, based in Topeka, Kansas,...

California governor names new leaders on water, education

Feb. 13, 2019 12:08 AM EST

SACRAMENTO, Calif. (AP) — California Gov. Gavin Newsom named new leaders Tuesday to top posts in water, transportation and education policy, his latest moves to set the state government on a fresh path during his first months in office. It's typical for new governors to shake up key posts even when the...

California governor scales back high-speed train

Feb. 12, 2019 9:16 PM EST

SACRAMENTO, Calif. (AP) — California Gov. Gavin Newsom declared Tuesday there "isn't a path" for completing the state's plan for a high-speed rail line between San Francisco and Los Angeles, yet his office insisted he is fully committed to building such a project. Newsom, delivering his first State of the...

Mexican state electric firm aims to rework private contracts

Feb. 11, 2019 8:37 PM EST

MEXICO CITY (AP) — Mexico's state-run electric company is looking to renegotiate generous natural gas contracts it has with private sector firms that stipulate payments even when gas isn't being delivered. Federal Electricity Commission director Manuel Bartlett said Monday the company runs the risk of...