Latest Corporate bankruptcy News

FILE - In this Sept. 12, 2019, file photo, cars pass Purdue Pharma headquarters at night in Stamford, Conn. OxyContin maker Purdue Pharma should not be able to make any more political contributions without a judge's permission, lawyers for its creditors said in a Friday, July 10, 2020 court filing. (AP Photo/Frank Franklin II, File)

Lawyers seek to halt Purdue Pharma political contributions

Jul. 11, 2020 1:31 PM EDT

OxyContin maker Purdue Pharma should not be able to make any more political contributions without a judge's permission, lawyers for its creditors said in a court filing. The issue came up this week after it was reported that the company, which has a long history of influencing policymakers, made contributions to...

Chief Yeoman Warder Peter McGowran, right, speaks on a radio flanked by Yeoman Gaoler Jim Duncan as they stand next to the gates at the main entrance before opening to visitors at the Tower of London, in London, Friday, July 10, 2020. The Tower of London reopened to visitors Friday as the British government continues to relax its coronavirus restrictions. (AP Photo/Matt Dunham)

Retail bankruptcy filings keep coming, coffee habits change

Jul. 10, 2020 1:56 PM EDT

The outbreak of the coronavirus has dealt a shock to the global economy with unprecedented speed. Following are developments Friday related to the national and global response, the work place and the spread of the virus. ________________________ RETAIL: — Clothing company Express has reopened about 95% of...

Sur La Table closing stores, seeking bankruptcy protection

Jul. 9, 2020 4:29 PM EDT

SEATTLE (AP) — Cookware and kitchen chain Sur La Table is closing 56 of its 121 stores as it seeks bankruptcy protection, the latest retail casualty of the coronavirus pandemic. The privately held Seattle-based company said that has agreed to sell the remaining stores to affiliates of Fortress Investment...

Libbey wants to shut down Shreveport glass tableware plant

Jul. 9, 2020 1:13 PM EDT

SHREVEPORT, La. (AP) — An Ohio company that bills itself as one of the world’s largest glass tableware manufacturers says it wants to shut down its Louisiana plant by the end of the year. Libbey Inc. of Toledo, Ohio, will negotiate with unions representing the 450 workers at the plant in...

RavnAir Group begins selling planes as part of auction

Jul. 8, 2020 6:15 PM EDT

ANCHORAGE, Alaska (AP) — Alaska aviation companies bought dozens of planes sold at auction by RavnAir Group, three months after the regional carrier filed for federal bankruptcy protection. The company, at auction Tuesday, sold 15 Cessnas to Grant Aviation, which serves the Yukon-Kuskokwim Delta, Bristol...

CORRECTS DATE OF PHOTO TO AUG. 4, 2011, INTEAD OF SEPT. 11, 2001 - FILE - In this Aug. 4, 2011, file photo, a man passes a Brooks Brothers store on Church Street in New York's financial district. The 200-year-old fashion retailer that says it's put 40 U.S. presidents in its suits, is filing for bankruptcy protection on Wednesday, July 8, 2020. (AP Photo/Mark Lennihan, File)

Brooks Brothers, worn by Lincoln and Kennedy, goes bankrupt

Jul. 8, 2020 5:03 PM EDT

NEW YORK (AP) — Brooks Brothers, the 200-year-old company that dressed nearly every U.S. president, filed for bankruptcy protection Wednesday, the latest major clothing seller to be toppled by the coronavirus pandemic. Founded in New York in 1818, Brooks Brothers survived two world wars, the Great...

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...