Chapter 11 – News Stories About Chapter 11 - Page 3

Mar 14, 2014 1:46 PM CDT

Quiznos Files for Bankruptcy

But chain says it will be business as usual for its stores

(Newser) - Quiznos has filed for Chapter 11 bankruptcy protection to reduce its debt by more than $400 million. The sandwich chain said today that it voluntarily filed to reorganize to put a restructuring plan into place. Quiznos says customers won't notice. The company owns and operates only seven of the...

Sbarro Ready for
Chapter 11, Round 2

Mar 6, 2014 9:54 AM CST

Sbarro Ready for Chapter 11, Round 2

Exiting bankruptcy in 2011 didn't appear to take

(Newser) - If at first you don't succeed, try, try, again: Probably not advice you'd want from your bankruptcy attorney, but Sbarro is getting ready to undergo its second round of Chapter 11, reports the Wall Street Journal . The pizza chain, which is carrying some $140 million in debt and...

Atari Files for Bankruptcy in US

Jan 21, 2013 10:36 AM CST

Atari Files for Bankruptcy in US

In an effort to free itself from its French parent company

(Newser) - Atari is going bankrupt, but don't worry: It has an extra life. Or at least, that's what Atari Inc., the New York-based part of the legendary video game company, is hoping. It has declared Chapter 11 bankruptcy in an effort to free itself of its French parent company...

Pink Slime Maker
Files Chapter 11

Apr 2, 2012 12:09 PM CDT

Pink Slime Maker Files Chapter 11

AFA Foods blames sudden drop-off in demand for beef products

(Newser) - Apparently it's going to take more than a couple of governors chowing on a burger to save pink slime: AFA Foods, a leading manufacturer of "boneless lean beef trimmings," today filed for Chapter 11 bankruptcy protection, citing a steep drop-off in demand for its products. AFA will...

Kodak Files for Bankruptcy

Jan 19, 2012 6:30 AM CST

Kodak Files for Bankruptcy

Future looks bleak for photography pioneer's workers, retirees

(Newser) - The once-mighty Eastman Kodak company has filed for bankruptcy. The 131-year-old firm, unable to reinvent itself quickly enough for the digital age, filed for Chapter 11 bankruptcy protection this morning after running out of cash to fund its turnaround, the Wall Street Journal reports. The company says it has secured...

Twinkies Maker Hostess Files for Chapter 11 Bankruptcy Protection

Hostess Files for Bankruptcy

Jan 11, 2012 7:03 AM CST

Hostess Files for Bankruptcy

Second Chapter 11 filing in recent years

(Newser) - Bad news for Twinkies lovers: Hostess filed for Chapter 11 bankruptcy protection today. But never fear, the company will continue operating during bankruptcy proceedings with help from a $75 million loan. "We remain hopeful that we can reach an agreement that will allow us to amend our labor contracts...

American Airlines
Files for Bankruptcy

Nov 29, 2011 7:59 AM CST

American Airlines Files for Bankruptcy

Parent firm says voluntary move best choice for firm

(Newser) - American Airlines and American Eagle's parent companies are filing for bankruptcy protection. AMR Corp. and AMR Eagle Holding Corp. said today that they filed voluntary petitions to reorganize, saying it's in the best interest of the companies and its shareholders. American says it sought protection to reduce its...

Nostalgia Goes Belly-Up: Friendly's Files Chapter 11

Oct 5, 2011 1:32 PM CDT

Nostalgia Goes Belly-Up: Friendly's Files Chapter 11

Ice cream chain's model 'is no longer viable,' says expert

(Newser) - You may have let out a nostalgic, "Awwww" when you heard the news that ice cream chain Friendly's filed for Chapter 11 bankruptcy protection this morning. "Oh, that's so sad. I love Friendly's," says one mother whose kids enjoy the same Fribble concoctions she...

Solar Firm Touted by Obama Goes Belly-Up

Sep 1, 2011 7:47 AM CDT

Solar Firm Touted by Obama Goes Belly-Up

...leaving Uncle Sam on the hook for $535M

(Newser) - One of the showpieces for President Obama’s green jobs push is going under—and leaving the federal government on the hook for $535 million worth of guaranteed loans in the process. Solyndra, a California-based solar cell manufacturer, told workers yesterday that it would be closing its remaining plant, laying...

Philly Orchestra
Files for Backruptcy

Going for Baroque?

Apr 17, 2011 9:58 AM CDT

Philly Orchestra Files for Backruptcy

Board cites large decline in audience, but musicians say move premature

(Newser) - The 111-year-old Philadelphia Orchestra is filing for Chapter 11 bankruptcy protection, citing a "tremendous decline" in audiences. The orchestra, made internationally famous by such great conductors as Stokowski and Ormandy, has $46 million in operating costs this year, but is expecting just $33 million in revenues, reports the AP...

Borders on Brink of Bankruptcy

Feb 2, 2011 1:23 AM CST

Borders on Brink of Bankruptcy

Chain expected to slash up to 200 stores

(Newser) - Struggling bookstore chain Borders may file for bankruptcy protection as early as next week, sources tell Bloomberg . The chain is still looking at its options for restructuring ahead of a bankruptcy filing, and is considering closing up to 200 of its 650 stores, the sources say. The chain, which was...

Grocer A&P Files for
Chapter 11

Dec 13, 2010 6:34 AM CST

Grocer A&P Files for Chapter 11

Move widely expected from 151-year-old firm

(Newser) - The Great Atlantic & Pacific Tea Co., once the nation's largest grocer, has filed for Chapter 11 bankruptcy protection as it struggles with enormous debt and increased competition from low-priced peers. The 151-year-old company operates 395 stores around the Northeast under the A&P, Waldbaum's, The Food Emporium, Super Fresh,...

Crystal Cathedral
Megachurch Bankrupt

Oct 19, 2010 1:37 AM CDT

Crystal Cathedral Megachurch Bankrupt

Chapter 11 is all part of God's plan, pastor says

(Newser) - California megachurch Crystal Cathedral Ministries has filed for bankruptcy protection amid a flood of lawsuits from unpaid creditors and a steep drop in donations. Officials of the Orange County church, best known for its Hour of Power telecast, say the filing was necessary because creditors refuse to prolong a moratorium...

Blockbuster
Files for
Bankruptcy

Sep 23, 2010 6:24 AM CDT

Blockbuster Files for Bankruptcy

Stores will remain open

(Newser) - Troubled video-rental chain Blockbuster filed for Chapter 11 protection today, saying it plans to keep stores and kiosks open as it reorganizes. In a submission to the US Bankruptcy Court, the company said it reached an agreement with bondholders on a recapitalization plan.

Mega-Lender CIT
Files Chapter 11

Nov 1, 2009 4:43 PM CST

Mega-Lender CIT Files Chapter 11

Bailed-out firm's move will cost government $2.3B

(Newser) - CIT Group, a major lender to small and medium-sized American businesses, filed for Chapter 11 today. The move means the government is most likely out the $2.3 billion in TARP bailout funds it put up last year. The "prepackaged" procedure is intended to allow CIT, which reported $71...

CIT Bust Would Cost US $2.3B, Earn Goldman $1B

Oct 5, 2009 4:29 AM CDT

CIT Bust Would Cost US $2.3B, Earn Goldman $1B

Taxpayers shares could go up in smoke while Goldman gains

(Newser) - Troubled commercial lender CIT, circling the drain for more than a year, would cost taxpayers $2.3 billion in shares purchased by the Treasury Department if it files for Chapter 11 soon—but Goldman Sachs, which gave the lender emergency funding, stands to collect a $1 billion windfall if it...

Reader's Digest
to File Chapter 11

Aug 17, 2009 2:00 PM CDT

Reader's Digest to File Chapter 11

(Newser) - The latest media company to groan under debt in the current recession, Reader's Digest Association, yesterday announced plans to file for Chapter 11 bankruptcy. The publisher insists that "business as usual" will continue for its publications and employees, with no mass layoffs in store as the company slashes its...

Dykstra Files for Chapter 11

Jul 9, 2009 12:52 PM CDT

Dykstra Files for Chapter 11

Says he has $50K in assets, owes $10-$15M

(Newser) - Former New York Met and Philadelphia Phillie Lenny Dykstra has filed for Chapter 11 bankruptcy protection in California yesterday, citing no more than $50,000 in assets and debts between $10 million and $50 million, the Philadelphia Inquirer reports. After making $36.5 million playing ball, Dykstra launched a magazine...

GM Declares Bankruptcy

Jun 1, 2009 7:38 AM CDT

GM Declares Bankruptcy

Obama plans speech outlining firm's future

(Newser) - Once king of the auto industry, General Motors filed for bankruptcy this morning, the Wall Street Journal reports. The firm must cut some 21,000 workers and close 12 to 20 factories and 40% of dealerships, adds the New York Times. GM says it owes $172.8 billion and has...

General Motors:
How a Giant Fell

ANALYSIS

Jun 1, 2009 5:13 AM CDT

General Motors: How a Giant Fell

After decades of dominance, automaker blamed others for downfall

(Newser) - General Motors dominated the auto industry for much of the 20th century, and its downfall took place over decades. Many of the attributes GM once saw as strengths, from its rigid structure to its diverse range of vehicles, became liabilities as Japanese competitors sucked away even its most loyal customers,...