Latest Corporate bankruptcy News

A Latam airplane sits parked at the Arturo Merino Benitez airport in Santiago, Chile, Tuesday, May 26, 2020. South America’s biggest carrier is seeking U.S. bankruptcy protection as it grapples with a sharp downturn in air travel sparked by the coronavirus pandemic. (AP Photo/Esteban Felix)

Latam Airlines seeks bankruptcy protection as travel slumps

May. 26, 2020 12:58 PM EDT

BANGKOK (AP) — Latam Airlines, South America’s biggest carrier, sought U.S. bankruptcy protection Tuesday as it grapples with a sharp downturn in air travel sparked by the coronavirus pandemic. The Chapter 11 bankruptcy filing underscores the severity of the financial challenges facing the travel...

South American carrier Latam Airlines seeking Chapter 11 bankruptcy protection amid travel downturn sparked by pandemic

May. 26, 2020 1:24 AM EDT
SANTIAGO, Chile (AP) — South American carrier Latam Airlines seeking Chapter 11 bankruptcy protection amid travel downturn sparked by pandemic.
FILE - In this May 6, 2020, file photo, a Hertz car rental is closed during the coronavirus pandemic in Paramus, N.J. Hertz filed for bankruptcy protection Friday, May 22, 2020, unable to withstand the pandemic that has crippled global travel and with it, the heavily indebted 102-year-old car rental company's business. (AP Photo/Ted Shaffrey, File)

Debt and coronavirus push Hertz into bankruptcy protection

May. 23, 2020 12:29 AM EDT

Hertz filed for bankruptcy protection Friday, unable to withstand the coronavirus pandemic that has crippled global travel and with it, the heavily indebted 102-year-old car rental company's business. The Estero, Florida-based company's lenders were unwilling to grant it another extension on its auto lease debt...

Judge lifts stay on sale of Venezuela's US refineries

May. 22, 2020 10:49 PM EDT

CARACAS, Venezuela (AP) — A U.S. judge on Friday approved moving forward with the sale of Venezuela’s prized U.S.-based CITGO refineries, allowing a Canadian mining company to collect $1.4 billion it lost in a decade-old takeover in the South American nation by the late socialist President Hugo...

Car rental company Hertz files for bankruptcy protection, pushed by debt and coronavirus pandemic

May. 22, 2020 10:34 PM EDT
ESTERO, Fla. (AP) — Car rental company Hertz files for bankruptcy protection, pushed by debt and coronavirus pandemic.
FILE - This Jan. 14, 2019, file photo shows Pacific Gas & Electric vehicles parked at the PG&E Oakland Service Center in Oakland, Calif. A decision was announced Friday, May 1, 2020, that Pacific Gas & Electric Corp. will sweep out three quarters of its board of directors to start with a mostly clean slate when it emerges from a bankruptcy case triggered by deadly wildfires ignited in Northern California by the utility's neglected electrical grid. (AP Photo/Ben Margot, File)

Officials: Email delays key vote on PG&E's bankruptcy plan

May. 21, 2020 4:10 PM EDT

BERKELEY, Calif. (AP) — California power regulators unexpectedly delayed a key vote Thursday on Pacific Gas & Electric's plan for getting out of bankruptcy after saying one of the utility's most outspoken critics sent an improper email attacking the company's proposal to pay wildfire victims. ...

Caribbean telecom provider Digicel files for bankruptcy

May. 19, 2020 5:22 PM EDT

SAN JUAN, Puerto Rico (AP) — Digicel, a Caribbean-based telecommunications and entertainment provider that services more than 20 islands in the region as well as Central America and Oceania, has filed for bankruptcy court reorganization. A spokesman for Digicel said Tuesday that the Chapter 15 filing in...

FILE - In this March 31, 2020 file photo, a woman pulls groceries from a cart to her vehicle outside of a Walmart store in Pearl, Miss.  Walmart became a lifeline to millions of people as the coronavirus spread, and its profit and sales surged during the first quarter, topping almost all expectations.  (AP Photo/Julio Cortez, File)

Walmart becomes a pandemic lifeline, online sales surge 74%

May. 19, 2020 4:46 PM EDT

NEW YORK (AP) — Walmart emerged as one of the few lifelines to millions of people as the coronavirus spread, leading to surging profit and sales for the world's largest retailer. Online sales in the U.S. jumped 74% for its fiscal first quarter that ended April 30, which captured the brunt of the...

Pier 1 to go out of business and close all 540 stores

May. 19, 2020 3:26 PM EDT

NEW YORK (AP) — Pier 1, the seller of wicker chairs and scented candles, said it will go out of business and permanently close all 540 of its stores. The Fort Worth, Texas- based company said Tuesday that it was unable to find a buyer for its business after filing for bankruptcy protection earlier this...

FILE - In this Feb. 18, 2020, file photo, Boy Scouts of America uniforms are displayed in the retail store at the headquarters for the French Creek Council of the Boy Scouts of America in Summit Township, Pa.   Nine sex-abuse lawsuits were filed Tuesday, May 19 2020, in upstate New York against three Boy Scout local councils, signaling an escalation of efforts to pressure councils nationwide to pay a big share of an eventual settlement in the Scouts’ bankruptcy proceedings. The lawsuits were filed shortly after an easing of coronavirus lockdown rules enabled courts in some parts of New York to resume the handling of civil cases.  (Christopher Millette/Erie Times-News via AP, File)

Boy Scout councils under pressure to share sex abuse costs

May. 19, 2020 1:14 PM EDT

NEW YORK (AP) — Nine sex abuse lawsuits were filed Tuesday in New York against three Boy Scout local councils, signaling an escalation of efforts to pressure councils nationwide to pay a big share of an eventual settlement in the Scouts’ bankruptcy proceedings. The lawsuits were filed shortly after...