Latest Corporate bankruptcy News

Boy Scouts could be hit with more sex abuse claims

Apr. 24, 2019 5:34 PM EDT

NEW YORK (AP) — The lawyers' ads on the internet aggressively seeking clients to file sexual abuse lawsuits give a taste of what lies ahead this year for the Boy Scouts of America: potentially the most fateful chapter in its 109-year history. Sexual abuse settlements have already strained the Boy Scouts'...

Judge OKs bankrupt PG&E's plan for $235 million in bonuses

Apr. 23, 2019 8:58 PM EDT

SAN FRANCISCO (AP) — A federal judge approved Pacific Gas & Electric Corp.'s plans Tuesday to pay $235 million in employee bonuses this year, despite the California utility's bankruptcy and objections from lawyers of victims of the state's massive wildfires. The Sacramento Bee reports that U.S....

California utility seeks higher rates for wildfire safety

Apr. 22, 2019 11:38 PM EDT

SACRAMENTO, Calif. (AP) — California utility Pacific Gas & Electric Corp. is asking state regulators for another increase in rates and profits, saying it's needed for wildfire safety and to attract investment as the utility goes through bankruptcy. The Sacramento Bee reports Monday that the request and...

Kansas couple may lose home after lawyer's embezzlement

Apr. 19, 2019 1:06 AM EDT

EUREKA, Kan. (AP) — When Roger and Marcia Altis' family business didn't quite work out as planned — especially after Roger's first heart attack — they decided to file for bankruptcy. Medical and other bills had piled up. The Internal Revenue Service came calling, demanding tax money. So the...

Sears sues former chairman Eddie Lampert

Apr. 18, 2019 2:02 PM EDT

NEW YORK (AP) — Sears Holdings Corp. is suing its former chairman and largest shareholder Eddie Lampert, alleging the billionaire stripped the once iconic company of more than $2 billion in assets. The lawsuit, which was filed late Wednesday with the U.S. Bankruptcy Court of the Southern District of New...

Caesars names gambling-industry veteran as new CEO

Apr. 16, 2019 2:04 PM EDT

LAS VEGAS (AP) — Caesars Entertainment is appointing a gambling-industry veteran as its new chief executive. The casino giant named Tony Rodio as CEO Tuesday. He'll replace Mark Frissora, who guided the company through bankruptcy reorganization after joining Caesars in 2015. The change in leadership comes...

Newsom weighs wildfire liability law, but no commitment

Apr. 12, 2019 5:26 PM EDT

SACRAMENTO, Calif. (AP) — Gov. Gavin Newsom said Friday that lawmakers should consider changing California's strict law that makes utilities pay for wildfire damage caused by their equipment, regardless of fault, a controversial proposal that has failed to gain traction in the past. "We're in real trouble...

The Latest: Governor reopens talks on utility liability

Apr. 12, 2019 4:59 PM EDT

SACRAMENTO, Calif. (AP) — The Latest on California Gov. Gavin Newsom's wildfire report (all times local): 2 p.m.: Gov. Gavin Newsom is reopening the conversation on California's strict law that makes utilities pay for wildfire damage caused by their equipment, regardless of whether they're found at fault....

Correction: Johnson Publishing-Bankruptcy story

Apr. 10, 2019 10:24 AM EDT

CHICAGO (AP) — In a story April 9 about Johnson Publishing Co. filing for bankruptcy, The Associated Press reported erroneously that the company owns Ebony and Jet magazines. It is the former owner. A corrected version of the story is below: Ex-publisher of iconic black magazines files for bankruptcy...

Bankruptcy judge rejects FirstEnergy subsidiary's plan

Apr. 6, 2019 3:42 PM EDT

COLUMBUS, Ohio (AP) — A federal bankruptcy judge has rejected a multi-billion dollar plan by a subsidiary of FirstEnergy Corp. to avoid paying the cost of cleaning up and decommissioning nuclear and coal powered electric plants in Ohio and Pennsylvania. Cleveland.com reports U.S. Bankruptcy Court Judge...