Latest Corporate bankruptcy News

Victims' group seeks dismissal of archdiocese bankrucptcy

Jul. 6, 2020 6:54 PM EDT

NEW ORLEANS (AP) — An organization of victims of sexual abuse by Roman Catholic clergy is seeking dismissal of a bankruptcy filing by the Archdiocese of New Orleans. The Survivors Network of those Abused by Priests said in a Monday news release that its filing, submitted Friday in U.S. Bankruptcy Court in...

File---Picture taken June 24, 2020 shows the Wirecard logo at the headquarters of the payment service provider in Aschheim, Germany.  (Sven Hoppe/picture-alliance/dpa via AP, file)

Second executive arrested in Wirecard scandal in Germany

Jul. 6, 2020 10:37 AM EDT

FRANKFURT, Germany (AP) — Another executive with bankrupt payment company Wirecard has been arrested in Germany on suspicion of aggravated fraud, prosecutors said Monday. The suspect, the head of a company subsidiary in Dubai, had returned to Germany to face proceedings. The arrest comes after former CEO...

File---Picture taken June 24, 2020 shows the Wirecard logo at the headquarters of the payment service provider in Aschheim, Germany.  (Sven Hoppe/picture-alliance/dpa via AP, file)

Germany to revamp financial oversight after Wirecard scandal

Jul. 5, 2020 8:03 AM EDT

BERLIN (AP) — Germany's finance minister says he wants to revamp the oversight system for the country's financial industry in the wake of the accounting scandal at payment systems provider Wirecard. The Munich-based Wirecard filed for bankruptcy recently after auditors couldn’t find accounts in the...

Lucky Brand files for bankruptcy, has offer to sell company

Jul. 4, 2020 4:46 PM EDT

LOS ANGELES (AP) — Denim retailer Lucky Brand Dungarees has filed for bankruptcy protection, blaming its troubles in part on the coronavirus pandemic, and said it has a deal lined up to sell the company. Lucky said it plans to close 13 stores and could shutter more during the bankruptcy process. Los...

Kenai loses air traffic after virus arrives, RavnAir departs

Jul. 2, 2020 9:46 AM EDT

KENAI, Alaska (AP) — The coronavirus pandemic and the bankruptcy of an air carrier have combined to drastically reduce travel through a Southcentral Alaska airport, an official said. The Kenai Municipal Airport had 18,000 fewer passengers through May compared to same period during the previous year, The...

File---Picture taken June 24, 2020 shows the Wirecard logo at the headquarters of the payment service provider in Aschheim, Germany.  (Sven Hoppe/picture-alliance/dpa via AP, file)

Wirecard headquarters raided in probe of accounting scandal

Jul. 1, 2020 5:04 AM EDT

BERLIN (AP) — Investigators searched the headquarters of German payment systems provider Wirecard and four other locations Wednesday as part of their probe of an accounting scandal that led to the arrest of the company's longtime CEO and forced the firm to file for bankruptcy protection. Twelve prosecutors...

Mexico's legacy airline Aeromexico files for bankruptcy

Jun. 30, 2020 10:13 PM EDT

MEXICO CITY (AP) — Mexico’s oldest legacy airline, Aeromexico, said Tuesday it has filed for Chapter 11 reorganization, a form of bankruptcy in which the carrier can keep operating while its debts and obligations are sorted out. The airline said “this legal process will not interrupt the...

A Texas-based oil and gas company files for bankruptcy

Jun. 30, 2020 4:06 PM EDT

OKLAHOMA CITY (AP) — Texas oil and gas company Sable Permian Resources has recently filed for bankruptcy. Sable Permian Resources filed for Chapter 11 bankruptcy protection last week in federal bankruptcy court in Houston, according to a news release. Permian Resources was once part of American Energy...

In a Wednesday June 10, 2020 photo, hundreds of tent pads remain empty where normally thousands of Boy Scouts would be arriving at and departing Philmont Scout Ranch in Colfax County, New Mexico. On June 4, the camp announced all 2020 summer programs would be canceled. (Eddie Moore/Albuquerque Journal)/The Albuquerque Journal via AP)

Philmont Ranch closure latest struggle for Boy Scouts

Jun. 29, 2020 4:23 PM EDT

CIMARRON, N.M. (AP) — Normally, Philmont Scout Ranch would be filled with thousands of adolescent boys, dozens of campfires and songs echoing off aged rocky walls. But in these abnormal times, tent pads lay empty and trails remain untouched except by crews putting out small brush fires. Owned by the Boy...

Alaska's RavnAir Group approved for July bankruptcy sale

Jun. 29, 2020 9:57 AM EDT

ANCHORAGE, Alaska (AP) — A federal bankruptcy judge has approved a plan for an auction to sell Alaska's RavnAir Group in whole or part. The auction of the state’s largest rural air carrier is expected to be held after July 4 and before a July 9 court hearing scheduled to finalize a sale, The Alaska...