Latest Corporate bankruptcy News

PG&E fire victims, bondholders offer bankruptcy exit plan

Sep. 20, 2019 12:52 PM EDT

SAN FRANCISCO (AP) — Pacific Gas and Electric Co. bondholders and wildfire victims have joined forces and proposed their own reorganization plan as they try to wrest control of the bankrupt company from its stockholders. The San Francisco Chronicle reports the two groups told PG&E's bankruptcy judge...

Who are the Sacklers, the family behind maker of OxyContin?

Sep. 19, 2019 10:28 PM EDT

For a family with its name on a wing of one of the world's most famous museums and a school at a prestigious university, members of the Sackler clan have done a remarkable job of vanishing from public life. The family owns OxyContin maker Purdue Pharma, which filed for bankruptcy this week as part of an effort to...

New company enters possible deal for idle Wyoming coal mines

Sep. 19, 2019 2:31 PM EDT

GILLETTE, Wyo. (AP) — Another buyer has entered a potential bankruptcy deal that could allow two idle Wyoming mines to reopen but would in effect pay the coal company to do so. Bristol, Tennessee-based Contura Energy said Wednesday it reached a tentative deal to pay Jasper, Alabama-based FM Coal $90...

Purdue Pharma asks judge to stop lawsuits against Sacklers

Sep. 18, 2019 8:58 PM EDT

OxyContin maker Purdue Pharma on Wednesday asked a bankruptcy court judge to halt all lawsuits against the company and its former directors, including members of the Sackler family, which owns the company. The request is a standard ask for a company that's filed for bankruptcy , as Purdue did this week in an...

Utah attorney general: Purdue Pharma 'morally bankrupt'

Sep. 18, 2019 1:17 PM EDT

SALT LAKE CITY (AP) — Utah Attorney General Sean Reyes is calling OxyContin maker Purdue Pharma a "morally bankrupt" company and heralding that it will be out of the pharmaceutical industry thanks to terms of a tentative settlement with states. Reyes said in a statement Tuesday that said no dollar amount...

Sanders-Biden feud ramps up in front of key union audience

Sep. 17, 2019 11:47 PM EDT

PHILADELPHIA (AP) — The high-stakes fight for working-class voters moved to Pennsylvania on Tuesday as a slate of Democratic White House hopefuls vowed to use the power of the presidency to crack down on corporate America and strengthen organized labor. But beneath all the agreement at the AFL-CIO...

Purdue Pharma to stay in business as bankruptcy unfolds

Sep. 17, 2019 7:41 PM EDT

WHITE PLAINS, N.Y. (AP) — A judge cleared the way Tuesday for OxyContin maker Purdue Pharma to stay in business while it pursues bankruptcy protection and settlement of more than 2,600 lawsuits filed against it in a reckoning over the opioid crisis. At the first court hearing since the Chapter 11 filing...

Texas oil company facing Idaho lawsuit files for bankruptcy

Sep. 17, 2019 5:52 PM EDT

BOISE, Idaho (AP) — A Texas company that made Idaho a natural gas and oil-producing state but is facing a federal lawsuit from disgruntled royalty recipients as well as an investigation by Idaho authorities has filed for bankruptcy protection. Alta Mesa Resources and associated companies filed for Chapter...

Purdue Pharma begins Chapter 11 bankruptcy journey

Sep. 17, 2019 7:29 AM EDT

NEW YORK (AP) — Purdue Pharma gets its day in court Tuesday after the OxyContin maker filed for bankruptcy and negotiated a potential multi-billion dollar settlement to resolve thousands of lawsuits. An initial hearing will be held in federal court in White Plains, New York, for the Chapter 11 bankruptcy...

The Latest: First hearing set on Purdue bankruptcy

Sep. 16, 2019 9:29 PM EDT

The Latest on Purdue Pharmas bankruptcy filing (all times local): 4 p.m. A judge will need to decide whether lawsuits against members of the Sackler family that owns Purdue Pharma can go ahead with the company seeking bankruptcy protection. But at a hearing Tuesday in White Plains, New York, Judge Robert Drain is...