Latest Corporate bankruptcy News

Union: Furloughed workers at Remington plant terminated

Oct. 26, 2020 2:40 PM EDT

ILION, N.Y. (AP) — Almost 600 furloughed employees at the Remington Arms plant in upstate New York were told they would be terminated effective Monday, according to the workers' union. The Remington Outdoor Company entered into Chapter 11 bankruptcy this summer and the plant in the village of Ilion is not...

OxyContin maker Purdue Pharma to plead to 3 criminal charges

Oct. 21, 2020 4:01 PM EDT

WASHINGTON (AP) — Drugmaker Purdue Pharma, the company behind OxyContin, the powerful prescription painkiller that experts say helped touch off an opioid epidemic, will plead guilty to federal criminal charges as part of a settlement of more than $8 billion, the Justice Department announced Wednesday. ...

FILE - In this May 8, 2020 file photo, a parking lot at a JC Penney store is empty in Roseville, Mich.  J.C. Penney anticipates being out of bankruptcy protection before the December holiday season. The retailer said Wednesday, Oct. 21 that it filed a draft asset purchase agreement under which mall owners Brookfield Asset Management Inc. and Simon Property Group will acquire substantially all of its retail and operating assets through a combination of cash and new term loan debt. (AP Photo/Paul Sancya, File)

JC Penney sees bankruptcy protection exit by Christmas

Oct. 21, 2020 9:25 AM EDT

NEW YORK (AP) — J.C. Penney believes it will emerge from bankruptcy protection before Christmas under a new ownership agreement that would save tens of thousands of jobs. The beleaguered, century-old retailer said Wednesday that it has filed a draft asset purchase agreement with the two biggest mall...

Wisconsin's Country USA and Rock USA festivals call it quits

Oct. 21, 2020 9:07 AM EDT

OSHKOSH, Wis. (AP) — Two of Wisconsin's biggest annual music festivals are shutting down for good following COVID-related cancellations this summer. The company that puts on the 25-year-old Country USA and the 9-year-old Rock USA in Oshkosh said this week it plans to file for bankruptcy. The events have...

Robert Murray, center, chief executive of Murray Energy Corp., smiles while talking to Dave Canning, left, and Mike Glassom, right, two miners in charge of drilling bore holes into the Crandall Canyon Mine, before a news conference northwest of Huntington Utah, Sunday, Aug, 26, 2007. Murray, the founder and former president and CEO of a major U.S. coal operator that recently emerged from federal bankruptcy, has retired as chairman of the company's board. Murray ended a six-decade career by announcing his retirement Monday, Oct. 19, 2020 as board chairman of American Consolidated Natural Resource Holdings Inc. (AP Photo/Kenny Crookston)

Bob Murray retires as board chairman of US coal giant

Oct. 20, 2020 2:17 PM EDT

CHARLESTON, W.Va. (AP) — Robert Murray, the founder and former president and CEO of a major U.S. coal operator that recently emerged from federal bankruptcy, has retired as chairman of the company's board. Murray ended a six-decade career by announcing his retirement Monday as board chairman of American...

Lakes Region General Hospital files Chapter 11 bankruptcy

Oct. 19, 2020 6:18 PM EDT

LACONIA, N.H. (AP) — A New Hampshire hospital moved to file Chapter 11 bankruptcy on Monday. Lakes Region General Hospital has begun the legal and regulatory process of filing Chapter 11 and has received an offer from Concord Hospital to potentially acquire hospital assets, WMUR-TV reported. Concord...

Today in History

Oct. 15, 2020 12:00 AM EDT

Today in History Today is Thursday, Oct. 15, the 289th day of 2020. There are 77 days left in the year. Today’s Highlight in History: On Oct. 15, 1976, in the first debate of its kind between vice-presidential nominees, Democrat Walter F. Mondale and Republican Bob Dole faced off in Houston. On this...

FILE - In this Nov. 29, 2018, file photo, Archbishop John C. Wester, head of the Archdiocese of Santa Fe, talks during a news conference in Santa Fe. New Mexico's largest Catholic diocese has filed a complaint against the U.S. Small Business Administration. The Archdiocese of Santa Fe claims the agency is illegally blocking it from applying for federal aid meant to help businesses affected by the coronavirus outbreak. (AP Photo/Susan Montoya Bryan, File)

Judge: Victims can sue Santa Fe Archdiocese over transfer

Oct. 13, 2020 1:36 PM EDT

ALBUQUERQUE, N.M. (AP) — A U.S. bankruptcy judge has ruled that lawyers for clergy sex abuse survivors can file lawsuits alleging the Archdiocese of Santa Fe fraudulently transferred millions to avoid bigger payouts to victims. The recent decision by Judge David T. Thuma in the Chapter 11 reorganization...

FILE - This July 1, 2013, file photo, shows the exterior of the Mallinckrodt Pharmaceuticals office in St. Louis. Mallinckrodt is seeking protection in federal bankruptcy court, as the generic drugmaker deals with lawsuits over its role in the U.S. opioid crisis. The company said Monday, Oct. 12, 2020, that it voluntarily started Chapter 11 proceedings to reduce debt and resolve several billion dollars of possible legal liabilities. (Whitney Curtis/AP Images for Mallinckrodt, File)

Mallinckrodt, ensnared in opioid crisis, seeks Chapter 11

Oct. 12, 2020 9:49 AM EDT

A New Jersey drugmaker ensnared in the fallout from America's opioid crisis is seeking bankruptcy protection. Mallinckrodt said Monday that it had begun Chapter 11 proceedings to restructure debt and resolve “several billion dollars of otherwise unmanageable potential legal liabilities.” The...

US seeks mining withdrawal of polluted Montana site

Oct. 10, 2020 4:17 PM EDT

BILLINGS, Mont. (AP) — U.S. officials in Montana have proposed withdrawing 2,600 acres of a degraded gold mining area to prevent additional mining and protect restoration work. The Billings Gazette reports in a story on Saturday that the U.S. Bureau of Land Management wants to withdraw the land in the...