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Bankruptcy
Toys R Us will shutter its doors in the U.S. Friday, leaving in its wake a great deal of sadness, pockets of anger and some slim hope. The retailer filed for bankruptcy this past September with $4.9 billion in debt, a vestige from its $6.6 billion acquisition by Kohlberg Kravis Roberts, Bain Capital Partners and …
The number of people filing for bankruptcy in the U.S. and U.K. has been falling steadily for the past few years, but charities and analysts are concerned that homeowners could get in trouble if the U.S. Federal Reserve and the Bank of England raise interest rates. The latest figures from the U.K. government, released in …
Finding it hard to flourish in a smartphone-dominated world, in-flight catalog maker SkyMall has filed for bankruptcy, according to a court filing. SkyMall, once the sole catalog provider for airline passengers, has faced increased competition from e-commerce providers, such as Amazon.com and eBay.com. CEO Scott Wiley called the company a victim of evolving technology, dogged …
A crucial vote looms on Friday in the long-running saga of Detroit’s bankruptcy, as a clutch of creditors decide whether to approve a restructuring plan that would cut the cash-strapped city’s $18 billion of debt. The Detroit Free Press reported that nearly 70,000 of the city’s 170,000 debtholders are allowed to vote on the blueprint, seen as …
Detroit has reached a settlement with bond insurers over the treatment of some bonds in the city’s bankruptcy, Detroit emergency manager Kevyn Orr told CNBC Wednesday. The settlement specifically pertains to unlimited-tax general obligation bonds, Orr said on “Squawk on the Street.” The agreement frees up roughly $100 million for the city’s pensions and “that’s pretty good,” he …
The historic Detroit bankruptcy case moves into a crucial and contentious phase with the expected filing this week of the city’s so-called plan of adjustment. That is the city’s plan to settle with its creditors and emerge from America’s largest-ever municipal bankruptcy. The plan has implications not only for Detroit, which is struggling under some …
