Visit our Filed page for categories. To browse by specific topic, see our Inside page. For a list of companies covered on this site, visit our Companies page.
Blockbuster's existing stores will remain open. (AP)
Blockbuster Inc. announced early Thursday that the company and its U.S. subsidiaries have filed voluntary Chapter 11 petitions with the U.S. Bankruptcy Court for the Southern District of New York, hurt by major shifts in the way consumers view movies and media. Get the full story »
Blockbuster Inc. is in the final stages of preparing a long-awaited bankruptcy filing, marking a milestone in consumers’ shift away from brick-and-mortar video stores to films delivered by mail and the Internet.
Blockbuster, struggling amid more than $900 million in debt, could file for Chapter 11 bankruptcy protection in the next few days, said people familiar with the matter. The filing could come as soon as Wednesday, they said, and is likely to come by Friday or sometime next week. Get the full story »
General Growth Properties Inc. says it will pay $230 million to some of the heirs of moviemaker and aviation mogul Howard Hughes to settle a dispute over a Las Vegas development. Get the full story »
Two of the largest senior creditors in Tribune Co.’s bankruptcy case filed a plan of reorganization in Delaware bankruptcy court Friday, providing an alternative solution to the management plan that has been in place since earlier this year.
The move makes allies out of two distressed debt hedge funds, Angelo, Gordon & Co. and Oaktree Capital Management, that had until recently been at odds with each other. And it comes in advance of a court-ordered mediation that is scheduled to begin Sept. 26. Get the full story »
Smurfit-Stone Container Corp. is planning to close and consolidate several eastern Henrico County, Va. plants within two months. The Chicago-based paper products company will close two Virginia container plants it owns. According to a notice the company filed with state officials, the closures would result in 229 job cuts by Oct. 31. Get the full story »
Former Disney Chief Executive Michael Eisner is downplaying reports he is being considered to head Tribune Co. after it exits bankruptcy protection.
The 68-year-old told a St. Louis radio station Tuesday that “somebody in the media” read more into his association with Tribune than was real. Get the full story »
A large junior creditor in Tribune Co.’s bankruptcy case asked the judge to appoint a Chapter 11 trustee to administer potential legal claims surrounding the company’s ill-fated 2007 leveraged buyout.
Contending that the debtor, its management and lawyers for the committee of unsecured creditors face too many conflicts of interest, Aurelius Capital Management said appointing an independent third party would be the only way to make sure potential claims get a fair hearing. Get the full story »
The unsecured creditor’s committee in Tribune Co.’s bankruptcy case asked a Delaware judge Monday for the right to sue Chicago real estate magnate Sam Zell, company officials and others who participated in the company’s ill-fated 2007 leveraged buyout. Get the full story »
From Crain’s Chicago Business | Brown’s Chicken and Pasta has agreed to be sold at auction as a going concern to speed its contentious bankruptcy proceedings.
The leaders of General Growth Properties Inc. will stay on for up to one year following completion of the company’s restructuring, which is expected in October, the company said Tuesday.
Chief Executive Officer Adam Metz and President and Chief Operating Officer Thomas Nolan have agreed to remain in their roles to oversee General Growth’s emergence from the largest real estate bankruptcy in U.S. history. Get the full story »
Litchfield-based Schutt Sports Inc., a maker of football helmets, face guards and other protective sports gear, said today that it has filed for Chapter 11 bankruptcy protection.
“This process will allow us to continue operating our business as usual and to continue servicing our customers without disruption,” Schutt Chief Executive Robert Erb said. ” We have the support of our bank, a great brand and look forward to strengthening our balance sheet and serving our customers for years to come.” Get the full story »
Consumer bankruptcies at the highest level since Congress changed the bankruptcy law in 2005 and made it tougher for people to file for relief from their debts, according to American Bankruptcy Institute Executive Director Samuel J. Gerdano. And he has estimated that by the end of this year, personal bankruptcies for 2010 will have totaled 1.6 million.
The judge in Tribune Co.’s stalemated bankruptcy case appointed a mediator Wednesday to try to forge a settlement of legal claims stemming from media company’s disastrous 2007 leveraged buyout.
The move comes after a reorganization plan previously filed by Tribune Co. management unraveled in the wake of an independent examiner’s report that supported many of the claims. Get the full story »
Visteon Corp. received court approval Tuesday to exit bankruptcy, ending a 15-month fight among hedge funds, lenders and an industry giant for a piece of the revived auto-parts maker.
Visteon’s reorganization caps a two-year stretch in which dozens of U.S. automotive companies collapsed into bankruptcy. Chrysler, General Motors, Delphi Corp. and Lear Corp. used Chapter 11 to remove crushing debt, shed obligations and close underutilized factories. Get the full story »
The board of directors of bankrupt Tribune Co. formed a special committee to oversee the media company’s contentious reorganization process and to manage any legal claims arising from its 2007 leveraged buyout.
Sources said the step is an effort to remove conflicts of interest from the debtor’s decision making process since some Tribune Co. board members and officers may be the target of buyout-related claims. Get the full story »
