On the other side of bankruptcy are creditors, those who are owed money by someone who files a bankruptcy case. Creditors have rights in bankruptcy just like the debtors who file the case do. And they can run into problems for being paid by a debtor near in time to filing of a bankrupt...
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Bankruptcy judge Christopher Klein ruled last week that the unusual legal protections enjoyed by California pensions, which make it virtually impossible to cut the costs of a pension plan in the Golden State, did not apply in bankruptcy court. Stockton city officials and lawyers were livid. They ...
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It was akin to Trump’s 1993 proclamation, after huddling with bankruptcy lawyers to obtain new lines of credit, having had “the most successful year I’ve had in business!”–he reprised in a compulsive act of boosterism over the next decade, and continues to rely upon in the pandemic....
Soon thereafter the company began to collapse. In November 1981 it filed for Chapter 11 bankruptcy protection, closing more than a third of its units. In Leominster and Stoughton MA, early morning customers had to pick up and get out immediately so the restaurants could be padlocked. ...
The burden has pushed some cities to the edge of bankruptcy.Yet a string of court rulings, known collectively as “the California Rule,” has posed a formidable barrier to change. It prohibits cuts in pension benefits already granted or promised. Under the rule, pensions are considered binding...
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Before the chain filed for bankruptcy in October 2023, the Wall Street Journal estimated that it would close 400-500 of the 2,054 stores it owned across 17 states. Initially, they laid out a plan to close 154 stores but the number has grown significantly since then. ...
bankruptcy court on Wednesday to allow it to auction off pieces of its business and to keep customer names secret for at least six months while it works to recover funds lost in what was allegedly a huge fraud. FTX will ask U.S. Bankruptcy Judge John Dorsey in Delaware to approve ...