Latest Corporate bankruptcy News

AME Zion Church removes bishop after alleged misconduct

Jul. 30, 2021 18:54 PM EDT

The African Methodist Episcopal Zion Church has removed a prominent bishop from office after his peers accused him of fraudulently having church property deeds transferred to a shell corporation that then secured millions of dollars in loans against those properties. ...

Attorney: $35M settlement was opioid firm's best, last offer

Jul. 29, 2021 13:15 PM EDT

NASHVILLE, Tenn. (AP) — An attorney who helped reach a $35 million settlement with an opioid manufacturer over the company's role in the epidemic in Tennessee said Thursday that his team accepted the drug maker's “last, best and final” offer, arguing the agreement avoids the possible...

Former Virginia lawyer pleads guilty to obstruction

Jul. 23, 2021 08:16 AM EDT

RICHMOND, Va. (AP) — A former Virginia lawyer has pleaded guilty in connection with allegations that he wrongfully obtained $4 million in funds primarily from the bankruptcy of the LandAmerica Financial Group, federal authorities said. Bruce H. Matson faces up to five...

Judge OKs distribution for $192M nuclear project settlement

Jul. 19, 2021 16:29 PM EDT

COLUMBIA, S.C. (AP) — Investors who lost fortunes in the failure of a multi billion-dollar nuclear reactor construction deal in South Carolina will soon begin to see their portions of a $192 million settlement, under a recently approved distribution. Last week, a...

Report: Appalachian states face billions in mining cleanup

Jul. 14, 2021 17:12 PM EDT

LOUISVILLE, Ky. (AP) — The cleanup and reclaiming of coal mines in seven Appalachian states will cost billions, and Kentucky and West Virginia have the largest bills coming due, according to an environmental group's new report. Total reclamation liability for the two...

Firm gets more time to explain bills for bailout legislation

Jul. 13, 2021 14:17 PM EDT

CLEVELAND (AP) — A federal bankruptcy judge on Tuesday gave law firm employees another three months to explain in detail the millions of dollars they billed for lobbying and other work on behalf of an electric utility in support of a now-tainted Ohio energy bill. Judge...

Nordstrom buys minority share in 4 UK fashion brands

Jul. 12, 2021 09:30 AM EDT

NEW YORK (AP) — Nordstrom says it's acquiring a minority interest in four fashion brands owned by a British company called Asos as the department store chain aims to attract more customers in their 20s. The brands— Topshop, Topman, Miss Selfridge and HIIT— were...

Schumer wants NRA investigated for bankruptcy fraud

Jul. 11, 2021 22:46 PM EDT

NEW YORK (AP) — U.S. Senate Majority Leader Chuck Schumer on Sunday called on the Justice Department to investigate the National Rifle Association for bankruptcy fraud, saying the financially stable gun-rights group abused the system when it sought bankruptcy protection in the wake of a New...

Historic Warsaw store, seeking rebirth, hit by pandemic

Jul. 11, 2021 02:34 AM EDT

WARSAW, Poland (AP) — The Jablkowski Brothers Department Store was once a Warsaw landmark that revolutionized shopping and brought goods to a modernizing society in the early 20th century. But unlike Harrods in London and other Western counterparts, the business was forced into bankruptcy...

Months after filing for bankruptcy, Belk names new CEO

Jul. 07, 2021 15:57 PM EDT

CHARLOTTE, N.C. (AP) — A North Carolina-based department store chain has named a new CEO, months after it filed for and emerged from Chapter 11 bankruptcy, the company said in a statement. Belk's news release said Wednesday that Nir Patel has been promoted to CEO from...