Latest Corporate bankruptcy News

FILE - In this Feb. 11, 2020, file photo, a Pacific Gas & Electric truck leaves the company's Oakland Service Center in Oakland, Calif. PG&E's chief financial officer, Jason Wells, is expected to face questions Thursday, May 28 about the company's plan to nearly double its debt to almost $40 billion to finance its payments to wildfire victims, insurers and government agencies in the second day of the company's bankruptcy trial. Meanwhile, the Public Utilities Commission will vote on the bankruptcy plan. (AP Photo/Ben Margot, File)

Regulators approve PG&E bankruptcy plan despite safety fears

May. 28, 2020 7:09 PM EDT

BERKELEY, Calif. (AP) — California power regulators on Thursday unanimously approved Pacific Gas & Electric's $58 billion plan for getting out of a bankruptcy caused by a series of deadly wildfires, despite ongoing worries about the utility's ability to safely operate its crumbling electrical grid. The...

Shoppers walks past a Nordstrom window display at The Grove shopping center Wednesday, May 27, 2020, in Los Angeles. California moved to further relax its coronavirus restrictions and help the battered economy. Retail stores, including those at shopping malls, can open at 50% capacity. (AP Photo/Marcio Jose Sanchez)

Nordstrom's 1Q sales fell 40% as pandemic shuttered stores

May. 28, 2020 6:13 PM EDT

NEW YORK (AP) — Upscale department store retailer Nordstrom reported Thursday that its sales plunged nearly 40% in its fiscal first quarter when the pandemic forced a temporary shutdown of its stores. The Seattle-based company, however, said it has improved its financial flexibility by reducing inventory...

Tuesday Morning becomes 5th big retailer to file Chapter 11

May. 27, 2020 10:29 AM EDT

NEW YORK (AP) — Discount goods retailer Tuesday Morning has filed for Chapter 11 bankruptcy, the fifth major retailer to do so since the pandemic. As part of the bankruptcy reorganization, the Dallas-based chain said Wednesday it plans to close approximately 230 of its 687 stores over the summer to focus...

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...