Latest Corporate bankruptcy News

California regulators order inquiry into power outages

Nov. 13, 2019 10:37 PM EST

SAN FRANCISCO (AP) — California regulators opened a formal investigation Wednesday into preemptive power outages that blacked out large parts of the state in October, drawing strong rebukes from public officials and residents who said the shut-offs were too broad and poorly executed. The unanimous vote by...

Navajo company confident about Wyoming, Montana coal bonding

Nov. 13, 2019 7:14 PM EST

CHEYENNE, Wyo. (AP) — Navajo tribal energy company officials expressed confidence Wednesday they will be able to secure necessary bonding for recently purchased coal mines in Wyoming and Montana without financial backing from the Navajo Nation. The Navajo Transitional Energy Co. has adequate potential...

Navajo leader: Tribe won't back energy company's new mines

Nov. 12, 2019 11:05 PM EST

FLAGSTAFF, Ariz. (AP) — The Navajo Nation will not financially back bonds a tribal energy company needs for a trio of newly acquired coal mines off the reservation, the tribal president said Tuesday, explaining that it's too risky and his administration wants the company to move away from coal. The Navajo...

No. 1 milk company declares bankruptcy amid drop in demand

Nov. 12, 2019 3:41 PM EST

Got milk? Increasingly, Americans don't, and that led the nation's biggest milk producer to file for bankruptcy Tuesday. Dean Foods blamed a decadeslong drop in milk consumption that has seen people turn to alternatives like soda, juice and almond milk. The Dallas company said it may sell itself to the Dairy...

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...

Governor asks court to release 38 Studios grand jury records

Nov. 7, 2019 5:02 PM EST

PROVIDENCE, R.I. (AP) — Rhode Island Gov. Gina Raimondo is asking the state Supreme Court to release records from the grand jury investigation into the state's deal with a video game company owned by former Boston Red Sox pitcher Curt Schilling. The Providence Journal reports Raimondo's senior counsel...

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...