Latest Corporate bankruptcy News

Sears sues former chairman Eddie Lampert

Apr. 18, 2019 2:02 PM EDT

NEW YORK (AP) — Sears Holdings Corp. is suing its former chairman and largest shareholder Eddie Lampert, alleging the billionaire stripped the once iconic company of more than $2 billion in assets. The lawsuit, which was filed late Wednesday with the U.S. Bankruptcy Court of the Southern District of New...

Caesars names gambling-industry veteran as new CEO

Apr. 16, 2019 2:04 PM EDT

LAS VEGAS (AP) — Caesars Entertainment is appointing a gambling-industry veteran as its new chief executive. The casino giant named Tony Rodio as CEO Tuesday. He'll replace Mark Frissora, who guided the company through bankruptcy reorganization after joining Caesars in 2015. The change in leadership comes...

Correction: Johnson Publishing-Bankruptcy story

Apr. 10, 2019 10:24 AM EDT

CHICAGO (AP) — In a story April 9 about Johnson Publishing Co. filing for bankruptcy, The Associated Press reported erroneously that the company owns Ebony and Jet magazines. It is the former owner. A corrected version of the story is below: Ex-publisher of iconic black magazines files for bankruptcy...

Sears ditches clothing with new smaller format

Apr. 4, 2019 1:58 PM EDT

NEW YORK (AP) — After its journey through bankruptcy, Sears is getting ready to open its first batch of smaller stores that won't carry clothing but will instead focus on appliances, mattresses and home services. The move comes after Sears has shuttered hundreds of stores in recent years. The first three...

California eyes risk pool as it struggles with costly fires

Apr. 3, 2019 9:13 PM EDT

SACRAMENTO, Calif. (AP) — Officials were struggling Wednesday to find ways for homeowners to afford insurance in fire-prone areas of California and for utilities to survive liability from devastating wildfires that threaten to worsen with climate change. One option on the table is the creation of a new...

Troubled California utility names new chief executive, board

Apr. 3, 2019 9:11 PM EDT

SACRAMENTO, Calif. (AP) — The troubled California utility Pacific Gas & Electric Corp. named a new chief executive and board members Wednesday amid a bankruptcy proceeding. The San Francisco-based utility chose Bill Johnson as its chief executive officer and president and named 10 new board members,...

Mt. Gox bitcoin exchanges' Karpeles appeals conviction

Mar. 29, 2019 8:52 AM EDT

TOKYO (AP) — Mark Karpeles, who headed Mt. Gox, a Japan-based bitcoin exchange that went bankrupt after a massive hacking, is appealing his conviction on charges of manipulating electronic data. Karpeles' lawyer Nobuyasu Ogata said Friday his client was just trying to reduce risks for Mt. Gox users. The...

California governor criticizes PG&E's plan for new board

Mar. 28, 2019 7:29 PM EDT

SACRAMENTO, Calif. (AP) — California Gov. Gavin Newsom said Thursday that Pacific Gas & Electric Corp. plans to remake its board of directors with hedge fund financiers and people who have little experience in utility operations and safety, and he urged the utility's leader to change course. "With this...

The Latest: Utility shares few details on new board plans

Mar. 28, 2019 5:27 PM EDT

SACRAMENTO, Calif. (AP) — The Latest on Pacific Gas & Electric Corp.'s board restructuring (all times local): 2:15 p.m. A Pacific Gas & Electric spokeswoman has declined to address whether the utility is planning to replace its board with hedge fund financiers and people without utility expertise....

Maker of OxyContin agrees to $270M settlement in Oklahoma

Mar. 26, 2019 6:21 PM EDT

OKLAHOMA CITY (AP) — The maker of OxyContin and the company's controlling family agreed Tuesday to pay a groundbreaking $270 million to Oklahoma to settle allegations they helped create the nation's deadly opioid crisis with their aggressive marketing of the powerful painkiller. It is the first settlement...