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...

Diana Rubito, foreground, plays with her son Bryce in the afternoon sun where they had the beach nearly all to themselves Tuesday afternoon, May 26, 2020 in Auburn, Maine. There were not many people swimming and taking advantage of the ideal weather at Crescent Beach Tuesday.   (Russ Dillingham/Sun Journal via AP)

Emergency operations center shut after workers show symptoms

May. 28, 2020 2:52 PM EDT

PORTLAND, Maine (AP) — Maine temporarily closed its state emergency operations center after seven employees showed coronavirus symptoms, forcing the remaining staff to begin conducting operations remotely on Thursday. The seven workers represented half of the staff working in the center during the...

Advocate for those abused by priests seek state police probe

May. 27, 2020 7:26 PM EDT

NEW ORLEANS (AP) — An advocate for people abused by priests asked Gov. John Bel Edwards on Tuesday to direct the Louisiana State Police to conduct a statewide investigation of the Catholic church for its role in child sexual abuse cases. Richard Windmann, leader of the state chapter of Survivors Network of...

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.
With the exception of the cleaning staff, the center court at Westmoreland Mall in Hempfield, Pa., near Pittsburgh, remains clear of large crowds on Monday, March 18, 2020, despite some businesses in the mall remaining open during the coronavirus pandemic. (Steve Adams/Pittsburgh Tribune-Review via AP)

Malls look toward rocky future following pandemic

May. 23, 2020 3:05 AM EDT

PITTSBURGH (AP) — America’s once-dazzling shopping industry is facing blow after blow as department stores anchoring malls across the country file for bankruptcy, a move that could leave already struggling shopping malls permanently in the dark. Sales have plummeted, with a record 16% drop in retail...

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...