Tag Archives: bankruptcy

Takata, brought down by airbag crisis, files for bankruptcy in U.S.

Here’s what a Takata airbag explosion looks like Takata has filed for bankruptcy in the U.S. after failing to recover from one of the worst auto safety scandals ever. Analysts had long warned that Takata could be forced into bankruptcy due to the huge cost of a deadly exploding airbag scandal, which resulted in the recall of tens of millions of vehicles around the world. The company’s defective airbag inflators, which can explode and send shrapnel into drivers and passengers, has been blamed for 11 deaths in the U.S. and ...

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Retail bloodbath: Bankruptcy filings pile up

America’s top retailers in trouble Bankruptcies continue to pile up in the retail industry. More then 300 retailers have filed for bankruptcy so far this year, according to data from BankruptcyData.com. Most of those filings were for small companies — the proverbial Mom & Pop store with a single location. But there are also plenty of household names on the list. Most of these stores are suffering from the same thing: A shift away from traditional storefronts to online shopping. Not all of these chains will eventually go out of ...

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Toshiba facing bankruptcy, total disintegration thanks to bad bets on nuclear power

We’ve known for weeks that Toshiba was in rough shape and seeking to raise additional revenue through a potential partial sale to Western Digital, but events on Tuesday pushed the company’s position from “really bad” to “implosion imminent.” Today, Toshiba announced that it would take a $ 6.2 billion write-down on the value of its nuclear plant construction business. Toshiba acquired a majority stake in Westinghouse Electric Company in 2006, and later upped its share of the company to 87% in 2013. Toshiba paid $ 5.4 billion for the company ...

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Aéropostale lands bankruptcy deal to keep 230 stores open

Save ’til you cave? Aéropostale has landed a bankruptcy deal that will allow it to keep about 230 stores open and avoid extinction. The teen clothing retailer filed for Chapter 11 bankruptcy in May with about 800 stores still open. Let’s block ads! (Why?) Latest financial news – CNNMoney.com

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Bankruptcy imminent for failed Indiegogo startup Skully

Skully, a tech startup that made “smart” helmets with GPS and 180-degree vision, has shut down. Skully, a failed startup behind an “augmented reality” motorcycle helmet, claims on its Indiegogo website that it is “the future.” But there’s no future for Skully except for impending bankruptcy and a lawsuit. The tech start-up says it has shut down, cannot process refunds and its assets are “subject to liens held by a secured creditor.” Skully has announced on the Indiegogo crowdfunding site, where it raised nearly $ 2.5 million, that it “now ...

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Denton files for bankruptcy, vows Gawker will keep going

Hulk Hogan vs. Gawker: A timeline “Gawker endures.” That’s what Gawker Media founder Nick Denton wants the media world to know, even though he had to file for personal bankruptcy on Monday. “I have, as expected, had to join the company in bankruptcy,” he wrote in a memo to staffers. Denton is one of the defendants in Hulk Hogan’s invasion of privacy lawsuit against Gawker. The suit, secretly financed by Silicon Valley billionaire Peter Thiel, has hobbled Gawker’s business as well as Denton personally. After a Florida jury sided with ...

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Oil company plots second bankruptcy in 9 months

Hercules Offshore has filed for bankruptcy twice in nine months. Things are so bad in the oil industry that one drilling services company is planning its second bankruptcy filing in nine months. Hercules Offshore (HERO) filed for Chapter 11 bankruptcy last August as the crash in oil prices began to send financial stress rippling through the oil and gas world. Let’s block ads! (Why?) Latest financial news – CNNMoney.com

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The company behind 'American Idol' has filed for bankruptcy

‘American Idol’ crowns final winner The producer of “American Idol” has filed for bankruptcy less than a month after the show’s final episode aired. Core Media Group filed for Chapter 11 bankruptcy protection on Thursday, saying it has not yet found a way to replace revenue earned from “American Idol.” Related: What the ‘American Idol’ finale looked like from the inside The show was once a ratings juggernaut and huge profit driver for Fox. It averaged more than 20 million viewers every season from 2003, it’s second year on the ...

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Roscoe's Chicken and Waffles files for bankruptcy

The owner of Roscoe’s House of Chicken and Waffles has filed for bankruptcy. The famous Californian soul food restaurant’s parent company, East Cost Foods, Inc., says it owes creditors between $ 10 million and $ 50 million, but has assets totaling less than $ 50,000. Roscoe’s, which has five locations in the Los Angeles area, has drawn big names including President Barack Obama, Snoop Dogg, David Beckham and Larry King. According to court documents, East Coast Foods owes $ 3.2 million to Daniel Beasley, a black employee who successfully sued ...

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SunEdison at risk of bankruptcy, unit says; shares plummet 60 percent

U.S. solar energy company SunEdison Inc (SUNE.N), whose aggressive acquisition strategy has saddled it with almost $ 12 billion of debt, is at “substantial risk” of bankruptcy, one of its two publicly listed units warned on Tuesday. A bankruptcy would rank among the largest involving a non-financial company in the past 10 years, according to bankruptcydata.com. SunEdison declined to comment. SunEdison’s shares – already reeling from a Wall Street Journal report on Monday that the company was being investigated for overstating its cash position – fell as much as 60 ...

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