bankruptcy

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Stern: Satellite Radio 'Will Survive'

Sirius reportedly planning to file for bankruptcy

(Newser) - Despite reports that Sirius XM radio plans to file for bankruptcy, Howard Stern says the format is headed in the right direction and will survive, Reuters reports. “Everybody's wondering about this whole bankruptcy thing with Sirius,” he said on his radio show. “I'm not concerned. I think...

Satellite Radio Is Doomed
 Satellite Radio Is Doomed 
OPINION
Feb 11, 2009 2:40 AM CST

Satellite Radio Is Doomed

Auto downturn looks likely to kill Sirius and the satellite radio biz

(Newser) - The country’s only satellite radio company is close to filing for bankruptcy, and columnist Mike Elgan is having an “I told you so” moment. Before Christmas Elgan predicted in ComputerWorld that Sirius XM wouldn’t survive the recession, given its shaky financial status—and the downturn now looks...

Sirius XM Prepares to File for Bankruptcy

(Newser) - Sirius XM is preparing to file for bankruptcy this week, the New York Times reports. The satellite radio company, which has more than $5 billion in assets and a stable of personalities such as Howard Stern, is working with financial advisers to prepare the Chapter 11 filing. The development could...

Madoff Judge Charged 'Defending' Self Against Wife

Federal judge is overseeing Lehman case, too

(Newser) - The bankruptcy judge presiding over the Bernie Madoff and Lehman Brothers proceedings has his own legal woes after bruising his wife's jaw in what he describes as a slapfest, the New York Post reports. After James Peck's wife arrived home late on her birthday, the couple fought over a ladder....

Wall Street's Hottest Jobs? Lehman Bros

Bankruptcy experience is the skill set of the future, execs say

(Newser) - Wall Street's hottest jobs in 2009 are coming from its biggest disaster of 2008—Lehman Brothers, the Wall Street Journal reports. Lehman still has billions of dollars in assets and contracts to untangle and restructure, and Wall Street's legions of laid-off execs are keen to get a piece of the...

Lehman CEO Sells Mansion to Wife—for $100

But Fuld's attempt to evade creditors may not work

(Newser) - The housing market is weak, but the $13 million mansion of fallen Lehman CEO Richard Fuld on the Florida coast fetched just $100 last November, reports Reuters. So who forked over the C-note for the seaside property? Fuld's wife Kathleen, famous for carrying her Hermès purchases in generic shopping...

Lehman Collapse Leaves Goats in the Lurch

Goat-grazing biz among the herd of creditors burned by bankruptcy

(Newser) - Lehman's collapse has left creditors from Caribbean laborers to the world's biggest banks fighting for a share of what little cash remains, the Wall Street Journal reports. One California business that hires out goats to munch shrubs was shocked to learn that it may face ruin because of the bankruptcy...

Prof Does Math, Finds Banking System 'Insolvent'

(Newser) - A New York University professor who predicted the current economic crisis warns that losses at US banks could climb to $3.6 trillion, leaving the whole system essentially bankrupt, Bloomberg reports. Economist Nouriel Roubini argues that since the system has a base capitalization of just $1.4 trillion, if losses...

Circuit City Liquidation Sales Will Begin Tomorrow

Consumer-electronics chain has $1.3B in inventory to get rid of

(Newser) - Circuit City will begin the liquidation of $1.3 billion in inventory across 567 stores in special sales tomorrow, Reuters reports. The company hasn’t said anything specific on the discounts it might offer, but markdowns are likely to be deep. Gift cards from the chain will be redeemable at...

Minneapolis Newspaper Files for Bankruptcy

Star Tribune , overwhelmed by debt, plans to keep operating under reorganization

(Newser) - The Minneapolis Star Tribune has filed for bankruptcy protection after missing payments to creditors, the paper reports. Like most other 3-D news outlets, the 15th-largest daily in the country has seen a steep decline in advertising revenue. The Chapter 11 filing shows assets of $493.2 million and debt of...

Circuit City to Liquidate US Stores

Everything must go

(Newser) - Circuit City will liquidate all 567 of its US stores after failing to find a buyer or a refinancing deal, the AP reports. The nation's second-biggest electronics retailer employs more than 30,000 people. Calls to the Richmond, Va.-based company and its designated liquidators were not immediately returned. Circuit...

Nortel Files for Bankruptcy

Telecom company's stock down 30%

(Newser) - Nortel Networks Corp filed for bankruptcy protection today in federal court in Delaware, the first major tech company to seek protection since the global downturn started. Nortel, North America's biggest maker of telecommunications equipment, filed a day before the company was due to repay a $107 million interest debt on...

Madoff Delays Could Point to Plea Bargain

Wording in court order suggests negotiations in $50B fraud case

(Newser) - Signs emerged yesterday that disgraced financier Bernard Madoff is trying to cut a deal that could end his $50 billion fraud case without trial, the New York Times reports. A federal magistrate refused to revoke Madoff’s bail and delayed a hearing on Madoff’s case for 30 days so...

A Rash of Retailers About to Go Bankrupt

Debt, trimmed consumer spending push retailers to brink

(Newser) - Look for a wave of retailers going bankrupt in the months ahead, reports the Wall Street Journal, as dismal holiday sales take their toll on a business sector that's weak from expanding too fast and taking on too much debt. Lenders who traditionally have supported the segment are pulling back,...

Lehman to Spin Off $4.5B Private Equity Arm

A strategy of hold and manage, rather than sell into weakness, has emerged

(Newser) - Lehman Brothers, bleeding out but not quite dead, will spin out its private equity arm into an independent firm, which will take on new investment from a South African billionaire investor, the Wall Street Journal reports. The Lehman estate will retain a small interest in Lehman Brothers Merchant Banking, which...

Auction for Cubs Nears End
 Auction for Cubs Nears End 
Jan 6, 2009 12:43 PM CST

Auction for Cubs Nears End

But team a long way from sold

(Newser) - The bidding for the Cubs is nearly over. The Tribune Co. could select a winner from the three finalists within a week to 10 days, the Chicago Tribune reports, but that doesn’t necessarily mean the team is about to be sold. Tribune would still need to negotiate with the...

Quinn: Don't Wait to Go Bankrupt

 Quinn: Don't Wait 
 to Go Bankrupt 
OPINION
Jan 5, 2009 11:25 AM CST

Quinn: Don't Wait to Go Bankrupt

It's an embarrassment, but it offers a 'fresh start'

(Newser) - Your new year should be a “fresh start”—and if that means filing for bankruptcy, so be it, writes Jane Bryant Quinn in Newsweek. “If you're reaching the end of your rope, don't try to hold on. Save what you can,” Quinn says. Many families try...

Waterford Enters Bankruptcy
 Waterford  Enters Bankruptcy 
Jan 5, 2009 11:00 AM CST

Waterford Enters Bankruptcy

Struggling icon of British Isles couldn't find a buyer

(Newser) - After failing to find a buyer, five years of losses have driven Waterford Wedgwood into receivership, Bloomberg reports. Deloitte Ireland has been named receiver for the iconic  crystal- and china-maker that built Times Square’s New Year’s Eve ball. If no new financing emerges, 1,900 Irish and British...

Sloppy Lehman Bankruptcy Killed Billions in Value

Speedy process leaves creditors hanging

(Newser) - Had Lehman Brothers been more careful in its bankruptcy filing, it could have held on to as much as $75 billion that was destroyed in the process, the firm’s head restructuring agents say. A better-planned filing would have allowed the sale of some assets outside of court proceedings and...

'Sea Change' In Store for Retail

Shops to shut, brands to fold as bankruptcies soar

(Newser) - Shaken by a tough holiday season and bracing for more trouble, the retail scene may look very different in 2009, the Wall Street Journal reports. Some stores will be reducing inventory and cutting suppliers, which could force small manufacturers to fold. Retail bankruptcies could abound. "We will have a...

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