Latest Corporate bankruptcy News

Atlantic City mayor: Tear down 'eyesore' of ex-Trump casino

Jan. 17, 2020 4:06 PM EST

ATLANTIC CITY, N.J. (AP) — Atlantic City's mayor wants to demolish the former Trump Plaza Hotel & Casino. Mayor Marty Small said in a speech Thursday to a business group that knocking down the vacant casino once owned by President Donald Trump is one of his main goals for 2020. It is currently owned...

FILE- This Aug. 23, 2006, file photo shows a Payless store front is seen in Philadelphia. Payless ShoeSource has emerged from bankruptcy for the second time, with a focus on international markets. The Topeka, Kan.-based chain said Thursday, Jan. 16, 2020, that it wants to reinvigorate Latin America, its largest business unit. (AP Photo/Matt Rourke, File)

Payless ShoeSource emerges from Chapter 11 bankruptcy

Jan. 16, 2020 2:45 PM EST

NEW YORK (AP) — Payless ShoeSource has emerged from bankruptcy for the second time, with a focus on international markets. The Topeka, Kansas-based company said Thursday it wants to reinvigorate its largest business unit, Latin America, It will also relaunch its U.S. e-commerce site and open some stores...

FILE - In this Oct. 31, 2019, file photo, smoke from the Maria Fire billows above Santa Paula, Calif. Federal officials are prepared to bill wildfire victims for a portion of the nearly $4 billion the government says it's owed by Pacific Gas & Electric Co., if the debt isn't resolved as part of the utility's bankruptcy case, according to a newspaper report Sunday, Jan. 12, 2020. (AP Photo/Noah Berger, File)

Report: Feds to bill fire victims if utility doesn't pay $4B

Jan. 12, 2020 2:53 PM EST

SAN FRANCISCO (AP) — Federal officials are prepared to bill wildfire victims for a portion of the nearly $4 billion the government says it's owed by Pacific Gas & Electric Co., if the debt isn't resolved as part of the utility's bankruptcy case, according to a newspaper report Sunday. The Federal...

FILE - This June 25, 2017 file, photo shows TK Holdings Inc. headquarters in Auburn Hills, Mich. Takata is recalling 10 million more front air bag inflators sold to 14 different automakers because they can explode with too much force and hurl shrapnel. The recall is the last one the bankrupt company agreed to in a 2015 settlement with U.S. safety regulators. It could bring to a close the largest series of recalls in U.S. history. (AP Photo/Paul Sancya, File)

Takata recall of 10M inflators could be last of air bag saga

Jan. 8, 2020 6:54 PM EST

DETROIT (AP) — Takata is recalling 10 million more front air bag inflators sold to 14 different automakers because they can explode with too much force and hurl shrapnel. The recall is the last one the bankrupt company agreed to in a 2015 settlement with the U.S. safety regulators. It could bring to a...

In this photo provided by the Emergency Situations Ministry of the Republic of Kazakhstan, police and rescuers work on the side of a plane crashed near Almaty International Airport, outside Almaty, Kazakhstan, Friday, Dec. 27, 2019. Almaty International Airport said a Bek Air plane crashed Friday in Kazakhstan shortly after takeoff causing numerous deaths. (Emergency Situations Ministry of the Republic of Kazakhstan via AP)

12 killed, dozens hurt after jetliner crashes in Kazakhstan

Dec. 27, 2019 4:44 PM EST

ALMATY, Kazakhstan (AP) — A jetliner with 98 people aboard struggled to get airborne and crashed shortly after takeoff Friday in Kazakhstan, killing at least 12 people, authorities said. The Bek Air jet, identified as a 23-year-old Fokker 100, hit a concrete wall and a two-story building soon after...

In this 2019 image provided by the American Bankruptcy Institute, Judge Robert Drain speaks on a panel in Washington. Drain, overseeing the bankruptcy of OxyContin maker Purdue Pharma, is known for his deep experience handling big, complicated corporate cases. He will decide whether to approve a potentially $12 billion plan to settle more than 2,700 lawsuits over Purdue Pharma's role in the nation's deadly opioid crisis. (Dave Scavone of Scavone Photography/ABI via AP)

Bankruptcy judge thrust into spotlight in Purdue Pharma case

Dec. 24, 2019 10:23 AM EST

WHITE PLAINS, N.Y. (AP) — The judge overseeing the bankruptcy of OxyContin maker Purdue Pharma warns that real-life court cases don't unfold like “Perry Mason.” But he’s afraid this one might come to resemble “Dr. Strangelove.” U.S. Bankruptcy Judge Robert Drain of White...

11 senators ask Purdue Pharma not to give CEO a bonus

Dec. 17, 2019 4:38 PM EST

WASHINGTON (AP) — OxyContin maker Purdue Pharma shouldn't give its CEO a bonus next year as the company goes through bankruptcy and tries to settle 2,700 lawsuits over the opioid crisis, 11 U.S. senators said in a letter Tuesday. A bankruptcy judge approved the company's plan to award bonuses to other...

FILE - In this Thursday, Sept. 12, 2019, file photo, cars pass Purdue Pharma headquarters in Stamford, Conn. A new court filing shows that the wealthy owners of OxyContin maker Purdue Pharma started taking far more money out of the company after it was fined in 2007 for misleading marketing of the powerful prescription painkiller. (AP Photo/Frank Franklin II, File)

Owners of OxyContin maker paid more after company's big fine

Dec. 16, 2019 10:25 PM EST

The wealthy owners of OxyContin maker Purdue Pharma started taking far more money out of the company after it was fined for misleading marketing of the powerful prescription painkiller. A court filing made by the company Monday evening shows Purdue made payments for the benefit of members of the Sackler family...

Protesters block traffic on Beale Street where a Pacific Gas & Electric building is located in San Francisco, Monday, Dec. 16, 2019. Pacific Gas & Electric will have to quickly reshuffle its board of directors and redraw a complex plan addressing more than $50 billion in potential wildfire claims to gain Gov. Gavin Newsom's support in time to meet a fast-approaching deadline to emerge from bankruptcy protection. (AP Photo/Jeff Chiu)

PG&E, California governor face off in bankruptcy dispute

Dec. 16, 2019 7:27 PM EST

SAN FRANCISCO (AP) — Pacific Gas & Electric Co. will have to quickly overhaul a complex plan addressing more than $50 billion in wildfire claims to gain California Gov. Gavin Newsom's support in time to meet a make-or-break deadline for getting out of bankruptcy. That sobering reality hit PG&E late...

FILE - In this Oct. 10, 2019, file photo, a Pacific Gas & Electric sign is shown outside of a PG&E building in San Francisco. Pacific Gas and Electric says it has reached a $13.5 billion settlement that will resolve all major claims related to devastating wildfires blamed on its outdated equipment and negligence. The settlement, which the utility says was reached Friday, Dec. 6, 2019, still requires court approval. (AP Photo/Jeff Chiu)

PG&E's stock surges 16% on tentative wildfire settlement

Dec. 9, 2019 5:20 PM EST

SAN FRANCISCO (AP) — PG&E's stock surged Monday after the utility reached a tentative $13.5 billion settlement resolving all major claims related to the Northern California wildfires of 2017 and 2018. The fires were blamed on Pacific Gas and Electric's outdated equipment and negligence. The utility...