(Reuters) – McDonald’s Corp (MCD.N) has been sued by 52 Black former franchise owners who accuse the fast-food giant of racial discrimination by steering them to depressed, crime-ridden neighborhoods and setting them up for failure. In a complaint seeking up t... More »
NEW YORK (Reuters) – The survival of J.C. Penney Co Inc hangs on whether the department store chain can reach a complex deal within days to sell itself to an alliance of retail mavens and distressed-debt investors. The 118-year-old retailer blew through a Frid... More »
BERLIN (Reuters) – The German parliament’s financial committee will hold an extraordinary meeting on the Wirecard (WDIG.DE) scandal on Wednesday next week and Finance Minister Olaf Scholz is expected to be there, a Social Democrat (SPD) lawamker said on Monday... More »
BERLIN (Reuters) – Around one fifth of German companies (21%) believe their survival is threatened by the coronavirus crisis, Germany’s Ifo institute said on Monday, with travel agents, hotels and restaurants particularly concerned. “We could see a wave of ins... More »
SAO PAULO (Reuters) – Passenger revenue at Latin America’s No. 2 airline, Avianca Holdings AVT_p.CN, has fallen 51% for the year as of early June compared with a year ago, the carrier said, in a look into the dire financial toll that the coronavirus has taken ... More »
(Reuters) – J. Crew Group Inc filed for bankruptcy protection on Monday with a plan to hand over control to lenders, adding to a list of brick-and-mortar retailers pushed to the brink by widespread store closures in response to the COVID-19 pandemic. The New Y... More »
BERLIN (Reuters) – The German government and the federal state of Hesse have agreed to provide Condor with loans worth 550 million euros ($596.31 million), the economy minister said on Monday, after the owner of Poland’s LOT pulled out of a deal to buy the air... More »
SYDNEY (Reuters) – Virgin Australia Holdings Ltd (VAH.AX) on Tuesday succumbed to third-party led restructuring that could lead to a sale, making Australia’s second-biggest airline the Asia-Pacific region’s biggest victim of the coronavirus crisis gripping the... More »
BEIJING/SHANGHAI (Reuters) – Shares in HNA Group-controlled companies rose on Monday after the Chinese aviation and tourism conglomerate said it had asked the government to help it resolve liquidity risk caused by the coronavirus outbreak which has put heavy p... More »
NEW DELHI (Reuters) – U.S. satellite broadband provider Hughes Network Systems may have to shut its Indian operations due to unpaid levies owed to the government, which could put thousands of banking services at risk, a company letter seen by Reuters showed. I... More »
JOHANNESBURG (Reuters) – South African Airways (SAA) had to be placed on “business rescue” because there was no other viable and financially workable option to secure a credible future for the state-owned airline, President Cyril Ramaphosa said on Monday. SAA ... More »
(Reuters) – Fashion retailer Forever 21 Inc filed for bankruptcy on Sunday, as it joined a growing list of brick-and-mortar players who have succumbed to the onslaught of e-commerce companies such as Amazon.com Inc (AMZN.O). Since the start of 2017, more than ... More »
NEW YORK (Reuters) – The U.S. government on Thursday charged the founder of reverse mortgage provider Live Well Financial Inc with engineering a $140 million fraud by inflating the value of its bonds, in what he called a “self-generating money machine.” Michae... More »
(This story has been corrected to fix a typo in final paragraph.) By Luis Valentin Ortiz SAN JUAN (Reuters) – Two of Puerto Rico’s top government officials resigned on Saturday following the publication of a bombshell group chat in which Governor Ricardo Rosse... More »
SAO PAULO (Reuters) – U.S. hedge fund Elliott Management is opposing a new plan by Brazilian airline Azul SA to purchase some of the routes operated by financially troubled rival Avianca Brasil for $145 million, according to a legal document seen by Reuters. E... More »
(Reuters) – Dutch chip equipment maker ASML Holding NV said on Saturday a U.S. court had issued its final judgment in favor of ASML in an intellectual property theft case against U.S. software maker Xtal. The Santa Clara County Superior Court in California awa... More »
NEW YORK (Reuters) – PG&E Corp investor BlueMountain Capital Management LLC on Friday named 13 people it hopes to install as directors at the embattled power utility weeks after the company filed for bankruptcy in the wake of California’s catastrophic wildfire... More »
NEW YORK (Reuters) – A U.S. agency that insures worker pensions sought permission on Friday to take over two underfunded Sears Holdings Corp pension plans, after objecting to Sears Chairman Eddie Lampert’s proposed $5.2 billion buyout of the bankrupt retailer.... More »
(Reuters) – PG&E Corp shareholder BlueMountain Capital Management LLC said on Thursday it is preparing a challenge to the embattled utility owner’s board, arguing its plan to file for bankruptcy in the wake of catastrophic wildfires in California is harming in... More »
WILMINGTON, Del. (Reuters) – Bank of America said on Thursday it was standing by its pledge to stop financing civilian assault weapons and suggested it may be preparing to exit a loan for gun maker Remington Outdoor Corp that sparked criticism of the lender. T... More »
(Reuters) – Private equity firm Lantern Capital is the winning bidder for substantially all the assets of the Weinstein Company, the TV and film studio that filed for bankruptcy after co-founder Harvey Weinstein was accused of sexual assault, the Weinstein Com... More »
BOSTON (Reuters) – A union of Caesars Entertainment Corp employees on Thursday asked its board to remove several private equity representatives from the compensation committee, citing high pay for top executives as Caesars’ operating unit emerged from bankrupt... More »
SEOUL (Reuters) – The South Korean government said on Monday it would join forces to help normalize General Motors Co’s South Korean unit. The government said in a statement that it respected a tentative wage deal struck between the company and the union. Sour... More »
(Reuters) – No. 2 U.S. nursing home chain HCR ManorCare Inc won court approval on Friday for a plan to exit a $7.1 billion Chapter 11 bankruptcy by transferring ownership to its landlord, Quality Care Properties Inc (QCP.N). U.S. Bankruptcy Judge Kevin Gross i... More »
(Reuters) – Senior scholars in Islamic finance are exploring ways to prevent legal disputes that have roiled the industry, with new rules aiming to clarify responsibilities, while others raise the prospect of penalties for their peers. The discussions are part... More »
FILE PHOTO: The logo of Mexican construction company ICA is seen in Mexico City, March 8, 2016. REUTERS/Edgard Garrido MEXICO CITY (Reuters) – Mexico’s state workers’ pension fund plowed more than $20 million into ICA (ICA.MX) and became the largest shareholde... More »
The logo of Takata Corp is seen on its display at a showroom for vehicles in Tokyo, Japan, February 9, 2017. Picture taken February 9, 2017. REUTERS/Toru Hanai WILMINGTON, Del. (Reuters) – Takata Corp’s U.S. unit reached a settlement with its creditors, lawyer... More »
FILE PHOTO: The Philadelphia Energy Solutions oil refinery owned by The Carlyle Group is seen at sunset in front of the Philadelphia skyline March 24, 2014. REUTERS/David M. Parrott/File Photo (Reuters) – Philadelphia Energy Solutions LLC, the owner of the lar... More »
FILE PHOTO: Paypal co-founder Peter Thiel speaks at the Republican National Convention in Cleveland, Ohio, U.S. July 21, 2016. REUTERS/Jonathan Ernst/File Photo NEW YORK (Reuters) – Venture capitalist Peter Thiel has made an offer for Gawker, hoping to overcom... More »
FILE PHOTO: Rare documents of the pasenger liner “Titanic” about its shipwreck are displayed at the Hotel Drouot auction house in Paris, France, November 23, 2017. The sale of the most important private stock of manuscripts from bankrupt French company Aristop... More »
FILE PHOTO: Maria Contreras-Sweet listens to remarks during her ceremonial swearing-in as Administrator of the Small Business Administration at the White House in Washington April 7, 2014. REUTERS/Kevin Lamarque (Reuters) – Maria Contreras-Sweet, the former he... More »
A U.S. congressional committee on Thursday set a Nov. 2 deadline for the Puerto Rico Electric Power Authority (PREPA) to provide information related to its $300 million contract with a small Montana firm to repair damage to the utility's infrastructure caused ... More »
Boeing Co (BA.N) had pumped in more than 100 million pounds ($130 million) into Britain's Monarch Airlines [MONA.UL] which collapsed last week, the Financial Times reported on Monday. More »
An unexpected helping hand from creditors, landlords and vendors is allowing more U.S. retailers to stay in business following bankruptcy with most of their stores and employees in the fold. More »
Japan's Toshiba Corp (6502.T) said on Thursday it is buying back a 10 percent stake in Westinghouse Electric Co from minority shareholder Kazatomprom for 59 billion yen ($522 million), taking full ownership of the bankrupt U.S. unit. More »
The boss of Monarch Airlines said he was "absolutely devastated" by the failure of Britain's fifth largest carrier which wrecked the holiday plans of hundreds of thousands of tourists and left most of its staff out of work. More »
Britain's Monarch Airlines [MONA.UL] collapsed on Monday, causing the cancellation of hundreds of thousands of holidays, after falling victim to intense competition for flights and a weaker pound. More »
This summer, toy supplier Product Launchers delivered 100,000 specially ordered DC Comics fidget spinners to Toys 'R' Us, unaware that the biggest U.S. toy store chain was in financial trouble. More »
A Lufthansa (LHAG.DE) bid price of 200 million euros ($239 million) to buy assets from insolvent Air Berlin (AB1.DE) plus 100 million euros to meet operating costs is roughly correct, a source familiar with the talks said on Sunday. More »
Bankrupt Texas utility Energy Future Holdings will abandon a deal to sell power transmission company Oncor to Warren Buffett's Berkshire Hathaway Inc (BRKa.N) for $9 billion and will accept a $9.45 billion bid for Oncor by Sempra Energy (SRE.N) instead, people... More »
Warren Buffett takes pride in naming his price to buy a company, and not paying a nickel more. But the largest U.S. natural gas distribution utility, an unyielding hedge fund, and a Delaware bankruptcy judge now present one of the biggest challenges to the bil... More »
FILE PHOTO: Hosain Rahman, CEO and co-founder of Jawbone, speaks during the Samsung keynote with Jawbone products displayed in the background at the International Consumer Electronics show (CES) in Las Vegas, Nevada January 5, 2015. REUTERS/Rick Wilking Consum... More »
A U.S. judge has appointed a new receiver to oversee the unwinding of assets held by hedge fund firm Platinum Partners, after the first receiver resigned over disagreements with federal securities regulators. More »
FILE PHOTO: The logo of the American company Westinghouse is pictured in Le Bourget, near Paris October 14, 2014. REUTERS/Benoit Tessier/File Photo The U.S. administration has told India that Westinghouse Electric Co will emerge from bankruptcy and be sold by ... More »
Takata Corp. Chairman and CEO Shigehisa Takada bows as he attends a news conference after its decision to file for bankruptcy protection in Tokyo, Japan, June 26, 2017. REUTERS/Toru Hanai Japan’s Takata Corp (7312.T), the firm at the centre of the auto industr... More »
Japan’s Trade Minister Hiroshige Seko attends the 3rd Inter-sessional Regional Comprehensive Economic Partnership (RCEP) Ministerial Meeting in Hanoi, Vietnam May 22, 2017. REUTERS/Kham Japanese Trade Minister Hiroshige Seko said on Monday that Takata Corp’s (... More »
Dutch Finance Minister and Eurogroup President Jeroen Dijsselbloem rings the bell as he chairs a eurozone finance ministers meeting in Brussels, Belgium May 22, 2017. REUTERS/Francois Lenoir The sale of Banco Popular to Santander (SAN.MC) was a success, the he... More »
FILE PHOTO: The flags of the U.S. and Puerto Rico fly outside the Capitol building in San Juan, Puerto Rico May 4, 2017. REUTERS/ Alvin Baez The economically struggling U.S. island territory of Puerto Rico voted overwhelmingly on Sunday in favor of becoming th... More »
People walk in front of the headquarters of the Brazil’s largest fixed-line telecoms group Oi, in Rio de Janeiro, Brazil, June 22, 2016. REUTERS/Sergio Moraes Bernal and Alexandra Alper More »
FILE PHOTO – A logo of Takata Corp is seen with its display as people are reflected in a window at a showroom for vehicles in Tokyo, November 6, 2015. REUTERS/Toru Hanai/File Photo Ran Kim More »
Takata Corp is in talks with automotive firms including Key Safety Systems (KSS) on its restructuring but has not reached an agreement, the embattled Japanese air bag maker said in a statement on Thursday. More »
Students of the University of Puerto Rico protest as a meeting of the Financial Oversight and Management Board for Puerto Rico is taking place at the Convention Center in San Juan, Puerto Rico March 31, 2017. Picture taken March 31, 2017. REUTERS/Alvin Baez Ba... More »
China’s State Power Investment Corp said Westinghouse’s bankruptcy filing would not have a “substantial impact” on the country’s nuclear plans and the two sides would ensure a key AP1000 reactor project would be completed on schedule this year. More »
Consumers stand in front of an Oi store, Brazil’s largest fixed-line telecoms group, in Sao Paulo, Brazil June 24, 2016. REUTERS/Paulo Whitaker A new reorganization plan from Brazil’s debt-laden phone carrier Oi SA boosted shares on Thursday, but analysts cont... More »
Peabody’s St. Louis headquarters seen from the steps of the Thomas F. Eagleton U.S. Courthouse, where a hearing on the coal producer’s plan to exit its Chapter 11 bankruptcy was held in St. Louis, Missouri, U.S., March 16, 2017. REUTERS/Tracy Rucinski Peabody ... More »
A Wells Fargo logo is seen in New York City, U.S. January 10, 2017. REUTERS/Stephanie Keith Wells Fargo & Co, Royal Bank of Scotland Group Plc and Deutsche Bank AG have reached a $165 million class-action settlement over their underwriting for the now-bankrupt... More »
The exterior of a RadioShack store is seen in New York February 5, 2015. REUTERS/Brendan McDermid U.S. electronics chain RadioShack Corp filed for bankruptcy on Wednesday for the second time in a little over two years, faced with a challenging retail environme... More »
Appliances and electronics retailer hhgregg Inc and its Gregg Appliances Inc unit filed for bankruptcy protection on Monday, as they continued to struggle with declining sales for about four years. More »
Answers Corp [AFCVHA.UL], which owns the Answers.com and Multiply websites, filed for Chapter 11 bankruptcy on Friday with a plan to swap ownership of the company to creditors who are owed about $540 million, according to court documents. More »
A worker sits next to the runway before the BCBG Max Azria Fall 2015 collection show during New York Fashion Week February 12, 2015. REUTERS/Eric Thayer Fashion house BCBG Max Azria Group LLC filed for bankruptcy protection on Wednesday, the latest casualty in... More »
Appliances and electronics retailer hhgregg Inc is preparing to file for bankruptcy as soon as next month, Bloomberg reported on Friday. More »
FILE PHOTO: A policeman walks on a beach near Kudankulam nuclear power project in the southern Indian state of Tamil Nadu, September 13, 2012. REUTERS/Adnan Abidi/File photo India does not expect fallout from the financial meltdown at Toshiba Corp (6502.T) to ... More »
An American Apparel store logo is pictured on a building along the Lincoln Road Mall in Miami Beach, Florida March 17, 2016. REUTERS/Carlo Allegri Canadian apparel maker Gildan Activewear Inc (GIL.TO) has won a bankruptcy auction for U.S. fashion retailer Amer... More »
Advertising covers the abandoned structure of an unfinished condominium in the Condado tourist district of San Juan, Puerto Rico August 31, 2013. REUTERS/Alvin Baez/File Photo The federal board overseeing Puerto Rico’s financial restructuring on Friday set a t... More »
Republican presidential nominee Donald Trump arrives for his election night rally at the New York Hilton Midtown in Manhattan, New York, U.S., November 9, 2016. REUTERS/Andrew Kelly/File Photo U.S. President-elect Donald Trump has requested that a trial over a... More »
The headquarters of the Brazil’s largest fixed-line telecoms group Oi, is pictured in Rio de Janeiro, Brazil, June 22, 2016. REUTERS/Sergio Moraes Bernal More »
General view at the STX Les Chantiers de l’Atlantique shipyard site in Saint-Nazaire, western France, October 20, 2016. REUTERS/Stephane Mahe The French government has told South Korea it will oppose any solution for shipbuilder STX France that is against nati... More »
FILE PHOTO: Terry Bollea, aka Hulk Hogan, sits in court during his trial against Gawker Media, in St Petersburg, Florida March 17, 2016. Dirk Shadd/Tampa Bay Times/Pool via Reuters Shuttered irreverent news website Gawker Media LLC has reached a $31 million ca... More »
A Hanjin Shipping Co ship is seen stranded outside the Port of Long Beach, California, September 8, 2016. REUTERS/Lucy Nicholson/File Photo All Hanjin Shipping Co Ltd (117930.KS) chartered vessels that have completed unloading their cargo have been told to can... More »
A Hanjin Shipping Co ship is seen stranded outside the Port of Long Beach, California, September 8, 2016. REUTERS/Lucy Nicholson A Hanjin Shipping Co Ltd (117930.KS) vessel is finishing unloading in California and scheduled to leave port on Monday, shipping in... More »
Former Hanjin Shipping (117930.KS) chairwoman Choi Eun-young plans to provide 10 billion won ($9 million) in private funds to Hanjin Shipping, a spokeswoman for Choi said on Monday. More »
Container vessel Hanjin Rome sits in the eastern anchorage area in Singapore September 9, 2016. REUTERS/Edgar Su The collapse of South Korea’s Hanjin Shipping (117930.KS), the world’s seventh-largest container carrier, has disrupted global trade networks and d... More »
People walk past a building that lists offices for Gawker Media in New York City, U.S., June 10, 2016. REUTERS/Brendan McDermid Univision Communications Inc said on Saturday it has deleted postings subject to active litigation against Gawker Media Group Inc to... More »
A crane carries a container from a ship of Hanjin Shipping at Hanjin container terminal at the Busan New Port in Busan, about 420 km (261 miles) southeast of Seoul in this August 8, 2013 file photo. REUTERS/Lee Jae-Won/File Photo Troubled container shipper Han... More »
FILE PHOTO — The logo of Brazil’s largest fixed-line telecoms group Oi is seen inside a shop in Sao Paulo October 2, 2013. REUTERS/Nacho Doce/File Photo Brazilian telecom provider Oi SA is set to file its bankruptcy reorganization plan with a Rio de Janeiro co... More »
LONDON Retail tycoon Philip Green’s greed and disregard for corporate governance led to the demise of BHS and the loss of 11,000 jobs, a joint parliamentary committee said, calling the collapse of the British stores group “the unacceptable face of capitalism.”... More »
NEW YORK Former professional wrestler Hulk Hogan, whose lawsuit against Gawker Media LLC precipitated its bankruptcy, will serve on the committee of unsecured creditors, according to a court filing. The U.S. Trustee, a bankruptcy watchdog, appointed Hogan to t... More »
At an early 2015 investor conference, SunEdison’s then-chief financial officer, Brian Wuebbels, trumpeted the profit potential in the solar developer’s relationship with a venture it had recently spun off. SunEdison had established TerraForm Power Inc as a “yi... More »
WILMINGTON, Del A U.S. Appeals Court has ruled that creditors of the Tribune Co cannot claw back the $8 billion paid to the multimedia company’s public shareholders nearly a decade ago in a buyout that was blamed for its bankruptcy. The ruling stems from the s... More »
OKLAHOMA CITY Nearly 15 years since Enron’s collapse decimated the retirement accounts of its employees, hundreds of thousands of U.S. energy workers remain precariously exposed to big, concentrated bets on company stock in their 401(k) retirement plans. The s... More »
NEW YORK People suing General Motors Co (GM.N) over a faulty ignition switch will get two chances in a Manhattan court this week to argue that the U.S. automaker should be held accountable for injuries, deaths and lost vehicle value. Jury selection starts on M... More »
NEW YORK Wall Street financier Lynn Tilton on Friday said her firm Patriarch Partners LLC will become a “family office” and will step down as collateral manager of three investment pools that helped fund her portfolio of troubled companies. The decision follow... More »
Bloomberg LP will get an opportunity to contest a U.S. judge’s order requiring more than 100 people to disclose if they shared confidential information with the media company’s reporters about the bankruptcy of Molycorp Inc. U.S. Bankruptcy Judge Christopher S... More »
WILMINGTON, Del. A U.S. judge on Tuesday denied a request by media company Bloomberg LP to stay an order requiring more than 100 people to disclose information they shared with its reporters about the bankruptcy of the largest U.S. rare earth mining company, w... More »
A federal appeals court on Friday set back Bank of New York Mellon Corp’s effort to recoup $312 million it lent to Sentinel Management Group Inc, a money manager that collapsed in 2007 and whose former chief is now in prison for fraud. The 7th U.S. Circuit Cou... More »
NEW YORK The trustee liquidating Bernard Madoff’s firm on Friday began distributing another $1.19 billion to victims of the swindler’s Ponzi scheme. Irving Picard, the trustee, said the payout will boost distributions to more than $9.16 billion. Next week mark... More »
U.S. film studio Relativity Media LLC is accusing its senior lender and two former executives of a secret plan to thwart its refinancing efforts, a factor that it said in court documents helped lead to its July bankruptcy filing. In a revised disclosure statem... More »
Troubled teen apparel retailer American Apparel Inc (APP.A) filed for voluntary chapter 11 bankruptcy protection on Monday and said it had reached a restructuring support agreement with most of its secured lenders. American Apparel said it would continue to op... More »
A Manhattan prosecutor on Thursday urged a jury to convict three former executives of Dewey & LeBoeuf for allegedly cooking their law firm’s books to defraud lenders and investors, arguing they ordered the fraud even if they did not personally carry it out. “T... More »
BERLIN The German government’s panel of independent economic advisers favors creating an insolvency mechanism for euro zone states and says countries should be able to leave the single currency as a last resort. The Greek crisis has called into question the fu... More »
NEW YORK Puerto Rico’s governor on Monday called for the commonwealth to be allowed to restructure its debts under U.S. bankruptcy code, while a newly appointed adviser to the U.S. territory said it is “insolvent” and will soon run out of cash. Governor Alejan... More »
