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Company Bankruptcies

Eastman Kodak has begun preparations for a possible bankruptcy filing even as it continues to pursue asset sales to raise much-needed cash, according to people familiar with the increasingly difficult financial situation at the company.

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CNNMoney: MF Global files for bankruptcy protectionupdated: Thu Dec 22 2011 09:43:00

MF Global, a trader in commodities and derivatives brought down by bad bets on Europe, filed for bankruptcy protection on Monday, leaving behind more than $2 billion in debt to some of Wall Street's biggest players.

American Airlines files for bankruptcyupdated: Tue Nov 29 2011 12:47:00

American Airlines' parent company has filed for Chapter 11 bankruptcy protection. CNN's Richard Quest reports.

CNNMoney: American Airlines files for bankruptcyupdated: Tue Nov 29 2011 11:44:00

American Airlines parent AMR, one of the few major U.S. airlines to avoid bankruptcy, finally succumbed Tuesday and filed for chapter 11.

CNNMoney: Los Angeles Dodgers file for bankruptcyupdated: Mon Jun 27 2011 17:29:00

The Los Angeles Dodgers filed for bankruptcy court protection early Monday, less than a week after Major League Baseball blocked the team from signing a new television deal to provide it with the cash it needed to meet the team's payroll.

CNNMoney: Pizza chain Sbarro files for bankruptcy protectionupdated: Mon Apr 04 2011 15:02:00

Sbarro Inc., a pizza and pasta fast-food chain popular in malls and airports, said Monday that it has filed for Chapter 11 bankruptcy protection.

CNNMoney: Harry & David seeks bankruptcy protectionupdated: Mon Mar 28 2011 08:05:00

Gift basket retailer Harry & David Holdings, known for its Fruit of the Month Club and the popcorn snack Moose Munch, filed for Chapter 11 bankruptcy protection Monday.

CNNMoney: MGM files for bankruptcyupdated: Wed Nov 03 2010 13:50:00

MGM has filed for Chapter 11 bankruptcy protection as part of a "pre-packaged" plan with creditors, the movie studio said Wednesday.

CNNMoney: National Enquirer parent plans bankruptcy filingupdated: Mon Nov 01 2010 15:14:00

American Media, the publisher of the National Enquirer, announced plans Monday to file Chapter 11 later this month.

Fortune: Corporate bankruptcy: Costly and often worthlessupdated: Thu Sep 09 2010 05:55:00

Unsecured creditors of Lehman Brothers may have choked last week when Harvey Miller, the lead attorney on the bank's bankruptcy, told Congress that the final bill to unwind its sprawling claims would likely hit $2 billion and take two more years to settle. He also said some of those creditors might only collect twenty cents on the dollar for approved claims.

Fortune: Why cities aren't hitting panic button -- yetupdated: Fri Feb 12 2010 03:59:00

Cities and other municipalities are in a world of budgetary hurt. Is a wave of bankruptcies on the way?

CNNMoney: CIT files for 5th largest U.S. bankruptcyupdated: Sun Nov 01 2009 18:10:00

CIT Group Inc., one of the nation's leading funders of small and medium-sized businesses, filed for the fifth largest bankruptcy by assets in U.S. history Sunday as part of a reorganization plan that has the support of an overwhelming majority of debtholders.

CNNMoney: Carl Icahn lends CIT a handupdated: Fri Oct 30 2009 23:18:00

Small business lender CIT Group got a hand Friday from a most unlikely source: a billionaire activist investor who has spent the past month trying to foil the company's restructuring plans.

CNNMoney: GM bankruptcy plan approvedupdated: Mon Jul 06 2009 08:51:00

General Motors' plan to restructure, with a lot of help from the federal government, has been approved by a bankruptcy judge.

U.S. judge approves sale of GM assetsupdated: Mon Jul 06 2009 02:12:00

A U.S. federal judge in the GM bankruptcy case late Sunday approved the sale of the troubled automaker's assets to a "new GM," court documents showed.

CNNMoney: Eddie Bauer files for bankruptcyupdated: Wed Jun 17 2009 17:35:00

Eddie Bauer Holdings Inc. filed for Chapter 11 bankruptcy protection Wednesday, citing an inability to pay back debt.

CNNMoney: GMGMQ isn't pretty in 'Pink'updated: Fri Jun 12 2009 11:56:00

General Motors has been pretty active in its first two weeks as a bankrupt company.

CNNMoney: Obama lawyer: Chrysler-Fiat must be allowedupdated: Mon Jun 08 2009 12:13:00

A top Obama administration lawyer urged the Supreme Court on Monday to allow Chrysler's bankruptcy to proceed, noting that the needs of the economy outweigh the needs of the deal's detractors.

CNNMoney: Chrysler set to emerge from bankruptcyupdated: Mon Jun 01 2009 13:56:00

A bankruptcy judge has approved the sale of most of Chrysler's assets to a group led by Italian automaker Fiat, clearing the way for the automaker to emerge from Chapter 11 protection soon.

Europe jobs at risk as GM files for bankruptcyupdated: Mon Jun 01 2009 12:17:00

The future of thousands of car industry jobs in Europe remained uncertain Monday as General Motors filed for bankruptcy after reaching a deal to sell off its European operations, including German automaker Opel, UK-based Vauxhall and Saab.

CNNMoney: GM to head into bankruptcyupdated: Mon Jun 01 2009 07:48:00

General Motors, the nation's largest automaker and for decades an icon of American manufacturing, stood on the brink of a bankruptcy filing and a de facto government takeover on Monday.

Celebrating GM's pastupdated: Sun May 31 2009 23:16:00

CNN's Maggie Lake examines General Motor's storied past as it heads into an uncertain future.

GM expected to file for bankruptcy Mondayupdated: Sun May 31 2009 23:16:00

General Motors, the nation's largest automaker and for decades an icon of American manufacturing, stood on the brink of a bankruptcy filing and a de facto government takeover on Monday.

CNNMoney: Fiat was Chrysler's only optionupdated: Wed May 27 2009 21:06:00

Bankrupt automaker Chrysler LLC "went around the world" searching for a business partner but only Italy's Fiat was willing to strike a deal after last year's economic tumble, a former Chrysler executive told a federal judge Wednesday.

CNNMoney: GM and Chrysler: Make or break weekupdated: Tue May 26 2009 16:25:00

The next seven days could be the most important in the history of the U.S. auto industry.

CNNMoney: Chrysler, dealers await judgment dayupdated: Mon May 25 2009 12:51:00

Wednesday is judgment day for Chrysler and hundreds of auto dealers, when their fate could be decided in bankruptcy court, but some experts think it's already a done deal.

CNNMoney: Chrysler seeking quick fix for bankruptcyupdated: Mon May 04 2009 16:58:00

Chrysler LLC is seeking a quick resolution to its bankruptcy filing so it can move ahead with its merger.

CNNMoney: What's next for Chrysler ownersupdated: Fri May 01 2009 10:30:00

Thursday afternoon, Chrysler filed for Chapter 11 bankruptcy. So what does that mean for you if you've got a Chrysler parked out in the driveway?

CNNMoney: GM's mother of all scare tacticsupdated: Wed Feb 18 2009 10:21:00

Why should U.S. taxpayers give General Motors another $16 billion in aid? After all, just two months ago the ailing carmaker claimed the first $13 billion would do the trick.

CNNMoney: Is Sirius XM seriously toast?updated: Wed Feb 11 2009 13:42:00

It's not often that a company with a stock trading for just six cents a share makes headlines. But when that company just happens to be the employer of Howard Stern, you can understand why it's in the news.

CNNMoney: Bankruptcy filings rise 30% this yearupdated: Mon Dec 15 2008 17:36:00

Bankruptcy filings rose 30% during the government's 2008 fiscal year, which ended Sept. 30, according to figures released Monday by the Administrative Office of the U.S. Courts.

Fortune: How Lehman's fall created a global panicupdated: Mon Dec 15 2008 12:03:00

The world changed forever on Sept. 15, 2008, the Monday Meltdown, a day that will live in the annals of finance alongside Black Tuesday, Oct. 29, 1929. We are still odds-on to avoid a depression like the one that followed Oct. 29, but the Monday Meltdown made one more likely, and has claimed trillions of dollars of wealth worldwide and triggered a global recession. Understanding the financial shock that occurred that day is vital to finding a way out of our current mess.

Fortune: Lehman throws in the keysupdated: Mon Dec 15 2008 07:04:00

At close to midnight, Mark Shafir, Lehman's global head of M&A, and Mark Shapiro, the head of Lehman's restructuring practice, went to see Fuld in his 31st floor office. They told Fuld there was a way Barclays could buy Lehman's U.S. securities business out of bankruptcy, which would get Barclays what it really wanted and potentially save 10,000 jobs.

Fortune: Paulson tells Lehman where to goupdated: Mon Dec 15 2008 07:02:00

Back uptown, at Lehman, Fuld and McDade were making frantic calls to whoever would listen to their pleas for help, including Paulson, Cox and Geithner. "But it crystallized in the course of the afternoon that it didn't look like they were going to do anything for us," a senior Lehman official said, despite Fuld's belief after having dinner with Paulson in April that "we have huge brand with [T]reasury."

CNNMoney: Why GM can't survive bankruptcyupdated: Tue Nov 25 2008 16:29:00

It worked for the airlines, but it might not work for General Motors. Saving the company through bankruptcy is probably not a viable option for the troubled automaker.

Commentary: How Obama can fix the economyupdated: Mon Nov 17 2008 15:02:00

President-elect Barack Obama has been holding his economic cards close to his vest. He did not participate in person at last weekend's meeting of G20 leaders.

Recent grads face the harsh economic realityupdated: Tue Sep 23 2008 16:15:00

As some of the world's largest banks teetered on financial demise, college seniors and recent alums had more on their minds than what it meant for their financial aid and student loans.

CNNMoney: Lehman layoffs, the tip of the icebergupdated: Sun Sep 21 2008 15:12:00

Lehman Brothers employees face the bleakest employment conditions in recent Wall Street history, and experts say there will likely be more painful financial sector job losses to come.

CNNMoney: Judge: No protection for Bear Stearnsupdated: Thu Aug 30 2007 05:29:00

A federal judge denied Thursday Bear Stearns Cos. bankruptcy protection for two failed hedge funds it managed, but granted the investment bank 30 days to refile before investors can seize assets.

Fortune: RANKED BY PERFORMANCEupdated: Mon Jul 23 2007 00:00:00

Biggest Thanks to high oil prices, Exxon Mobil again set a profit record.

Fortune: HOW THE COMPANIES MEASURE UP RANKED BY PERFORMANCEupdated: Mon Jul 23 2007 00:00:00

Exxon Mobil (No. 2) had a record $39.5 billion profits, which is impressive enough. Even more remarkable is that its earnings grew $3.4 billion in 2006, while Royal Dutch Shell (No. 3) had only a small increase, and BP (No. 4) saw profits fall. Russian gas giant Gazprom (No. 52) grew its profits 37%, to $20.3 billion.

CNNMoney: Delta exits bankruptcy with planes fullupdated: Mon Apr 30 2007 06:13:00

Delta Air Lines emerged from bankruptcy early Monday as a leaner but still independent carrier after a 19-month reorganization that saw it fight off a $10 billion hostile takeover.

CNNMoney: New Century files for Chapter 11 bankruptcyupdated: Mon Apr 02 2007 11:04:00

New Century Financial Corp. said Monday it will immediately cut 3,200 jobs, or 54 percent of its work force, as part of its Chapter 11 bankruptcy reorganization.

CNNMoney: Another airline lands in Chapter 11updated: Mon Nov 07 2005 13:35:00

Low-cost startup airline Flyi Inc. announced Monday that its parent company, Independence Air, has filed for Chapter 11 bankruptcy protection.

Fortune: THREE CHEERS FOR BANKRUPTCYupdated: Mon Oct 17 2005 00:01:00

WILBUR ROSS WELL REMEMBERS THE days when bankruptcy meant death. "When I started doing this, when a company went bankrupt, everyone would hang their heads in shame," he recalls of the late 1970s. N...

CNNMoney: Delphi files for bankruptcyupdated: Sat Oct 08 2005 17:32:00

Auto parts maker Delphi said Saturday it filed for bankruptcy after warning for months that a filing was in the cards.

U.S. carriers file for bankruptcyupdated: Thu Sep 15 2005 03:15:00

On a grim day for America's beleaguered commercial aviation industry, both Delta Air Lines and Northwest Airlines have filed for bankruptcy protection trying to stem a hemorrhage of financial losses aggravated by high fuel prices and price pressure from lower-cost carriers.

CNNMoney: Delta, Northwest file for bankruptcyupdated: Wed Sep 14 2005 17:44:00

The airline industry's five-year financial crisis came to a head Wednesday evening as Delta Air Lines and Northwest Airlines, two of the nation's largest carriers, both filed for bankruptcy.

CNNMoney: Delta flyers shouldn't be hurtupdated: Mon Sep 12 2005 15:18:00

Delta Air Line employees, creditors and investors are all likely to take hits if the No. 3 U.S. airline files for bankruptcy, but few passengers will see their travel plans, or prices, affected by the court action.

CNNMoney: Racing to file for bankruptcy?updated: Tue Jul 12 2005 06:14:00

Changes in the bankruptcy law could force more companies seeking protection from creditors to close and could prompt a rush to file under the existing law, according to a published report.

CNNMoney: Winn-Dixie cutting 22,000 jobsupdated: Tue Jun 21 2005 14:28:00

Bankrupt grocery chain Winn-Dixie said Tuesday it would close about a third of its 913 stores and cut 22,000 jobs as part of a plan to restructure and emerge from bankruptcy.

CNNMoney: Is business bankruptcy rampant?updated: Wed Jun 15 2005 07:56:00

A recent study says business bankruptcy rates are up to nine times higher than the government claims and also asserts that the new bankruptcy law may further hinder entrepreneurship, a newspaper said Wednesday.

CNNMoney: US Air-America West deal talks?updated: Wed Apr 20 2005 05:21:00

US Airways and America West Airlines Holdings Corp. (AWA) are in advanced merger talks to create a national low-cost airline rivaling discount king Southwest Airlines Co. (LUV) in size, say people familiar with the matter.

CNNMoney: Bankruptcy fees could skyrocketupdated: Tue Apr 12 2005 17:59:00

NEW YORK (CNN/Money) - Those who are least able to pay their bills are likely to see a price hike in the coming months if they file for bankruptcy.

CNNMoney: Twinkies' maker files bankruptcyupdated: Wed Sep 22 2004 05:57:00

Interstate Bakeries, maker of Wonder Bread and Twinkies, filed for bankruptcy court protection early Wednesday.

CNNMoney: US Air files Chapter 11 -- againupdated: Mon Sep 13 2004 08:30:00

US Airways Group headed to bankruptcy court Monday to seek permission to keep flying during its second bankruptcy filing in two years.

CNNMoney: US Air files Chapter 11updated: Sun Sep 12 2004 17:35:00

US Airways Group filed for bankruptcy protection Sunday for the second time in two years.

CNNMoney: US Air struggles to avoid bankruptcyupdated: Fri Sep 10 2004 06:07:00

US Airways Group made a new last-ditch proposal for concessions to its pilots' union Friday, a news agency reported, as the nation's No. 7 airline struggles to avoid a bankruptcy filing that could be just days away.

Fortune: Welcome to the New Asbestos Scandal. For a quarter-century, companies have struggled with asbestos liability. Now, thanks to theupdated: Mon Sep 06 2004 00:01:00

Joe Rice is smokestack industry's new best friend. That's an unaccustomed role for Rice, since he is the co-leader of Motley Rice (formerly Ness Motley), the most feared asbestos/tobacco/mass-tor...

CNNMoney: US Air flying towards shutdown?updated: Fri Aug 20 2004 12:52:00

US Airways faces a serious risk of going out of business, according to some leading airline analysts, despite claims by the CEO of the nation's No. 7 airline that no liquidation is imminent.

Delta may file for Chapter 11updated: Tue May 11 2004 11:24:00

Delta Air Lines may need to file for Chapter 11 bankruptcy protection if it is unable to create a more competitive structure, the company said in a regulatory filing Monday.

Fortune: Wilbur Ross Is A Man Of Steel ...and textiles and optical networking and anything else in deep, deep trouble.updated: Mon May 26 2003 00:01:00

Each weekday morning at eight, Wilbur Ross and his team of analysts gather around the conference table in their midtown Manhattan offices to go over what Ross calls his "shopping list." On that lis...

Fortune: A Tale of Two Bankruptcies US Airways will emerge from Chapter 11 far better off than United. Here's why.updated: Mon Feb 17 2003 00:01:00

When the nation's no. 1 carrier, United Airlines, tried to buy US Airways in 2000, it seemed more like a mercy killing than a merger. US Airways was a weak No. 6, with poor prospects as an independ...

Fortune: Greed-mart Attention, Kmart investors. The company may be bankrupt, but its top brass have been raking it in.updated: Mon Oct 14 2002 00:01:00

If you didn't know any better, you'd almost feel sorry for James Adamson, CEO of beleaguered, bankrupt Kmart. Despite laying off 22,000 employees and closing hundreds of stores so far this year, th...

FSB: Gains & Lossesupdated: Mon Apr 01 2002 00:01:00

Chapter 11 Hardship Pay

Fortune: The $200 Billion Miscarriage Of Justice Asbestos lawyers are pitting plaintiffs who aren't sick against updated: Mon Mar 04 2002 00:01:00

"You indicated that you walked three or four miles a day?" a defense lawyer asked plaintiff James Curry this past October in a rural courthouse in Lexington, Miss.

FSB: Looming Problems Corporate kindness might cost Aaron Feuerstein his family's mill.updated: Fri Mar 01 2002 00:01:00

Aaron Feuerstein's 96-year-old family company, Malden Mills, is known for two things: Polartec and compassion. When a 1995 fire devastated the Lawrence, Mass., factory, Feuerstein became a hero by ...

Fortune: Going For Broke Crash! There goes another company into bankruptcy. How did we get here? (Long story.) Are we updated: Mon Feb 18 2002 00:01:00

Thus far, 2002 has produced no shortage of unusual spectacles: Chelsea Clinton's glam Versace makeover, models and economists mingling at the World Economic Forum in New York City, and Virgin Recor...

Fortune: A Most Elegant Disasterupdated: Mon Mar 01 1999 00:01:00

Thirteen years ago, John Peterman walked into the office of New York marketing consultant Don Staley wearing a floor-length duster coat he'd bought in Wyoming. Staley had never seen Peterman lookin...

Fortune: BANKRUPTCY'S SPREADING BLIGHT Encouraged by recession and ill-conceived legal reform, once sound companies are failing in recordupdated: Mon Jun 03 1991 00:01:00

THE UNITED STATES of America is a great place to go broke. Any business in this bighearted country, whether insolvent or not, is free to shortchange its creditors while enjoying the full favor and ...

Fortune: STRATEGY FOR THE 1990s: BANKRUPTCYupdated: Mon Feb 11 1991 00:01:00

Filing for protection from creditors under the bankruptcy code used to be akin to contracting a social disease. Not anymore. Says Thomas J. Salerno, a partner at Streich Lang, the Phoenix law firm ...

Fortune: THE BIG MONEY IN BUSTED BONDS Who would invest in the troubled utility that owns Seabrook? Specialists who recall that bankrupt updated: Mon Feb 15 1988 00:01:00

AS IT STRUGGLES to avert bankruptcy, Public Service of New Hampshire finds its fate largely in the hands of a small group of investors who were attracted to the company precisely because of its fin...

Fortune: THE GAMBLER WHO REFUSED $2 BILLION Pennzoil's J. Hugh Liedtke, fighting Texaco, made a historic bet. Initial effect: Everybody lupdated: Mon May 11 1987 00:01:00

JUST THINK what they must be saying in Tokyo. Or Paris. Or Riyadh. 'Strange people, those Americans. Fighting for their competitive lives, they need strong companies. They also need oil, every drop...

Fortune: A RAZORBACK RIDES TO RESCUE MANVILLE Like the hogs of his native Arkansas, Thomas Stephens's new job is big and tough: wringing updated: Mon Jul 21 1986 00:01:00

FOR YEARS Thomas Stephens seemed destined to play permanent second fiddle to Josh Hulce at Manville Corp., the building-supply giant and onetime producer of asbestos. But events in late April abrup...

Fortune: Hunting Windfalls in Bankruptciesupdated: Mon Feb 03 1986 00:01:00

To hear Martin Whitman tell it, some of the safest and highest-yielding securities around are those of companies in deep trouble or even the bankruptcy courts. Whitman heads the New York investment...

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