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Category Archives: Bankruptcy

iHeartMedia edges closer to bankruptcy with $174 million 2Q loss – mySanAntonio.com

Posted: August 6, 2017 at 3:39 am

Photo: John Davenport /San Antonio Express-News

San Antonio-based iHeartMedia Inc. edged closer to bankruptcy as it released second-quarter results Wednesday.

San Antonio-based iHeartMedia Inc. edged closer to bankruptcy as it released second-quarter results Wednesday.

From oil giants and soda icons to airlines and retailers, click through to see the top 50 Texas-based companies that landed on the Fortune 500 list in 2017.

From oil giants and soda icons to airlines and retailers, click through to see the top 50 Texas-based companies that landed on the Fortune 500 list in 2017.

4. Exxon Mobil Irving

4. Exxon Mobil Irving

9. AT&T Dallas

9. AT&T Dallas

34. Phillips 66 Houston

34. Phillips 66 Houston

37. Valero Energy Corp.San Antonio

37. Valero Energy Corp.San Antonio

41. Dell TechnologiesRound Rock

41. Dell TechnologiesRound Rock

57. Sysco Houston

57. Sysco Houston

67. American Airlines Group Fort Worth

67. American Airlines Group Fort Worth

79. Energy Transfer Equity Dallas

79. Energy Transfer Equity Dallas

102. United Services Automobile Association (USAA) San Antonio

102. United Services Automobile Association (USAA) San Antonio

115. ConocoPhillips Houston

115. ConocoPhillips Houston

117. Tesoro Corp.San Antonio

117. Tesoro Corp.San Antonio

122. Enterprise Products Partners Houston

122. Enterprise Products Partners Houston

134. Tenet Healthcare Dallas

134. Tenet Healthcare Dallas

138. Southwest Airlines Dallas

138. Southwest Airlines Dallas

141. Plains GP Holdings Houston

141. Plains GP Holdings Houston

149. Fluor Corporation Irving

149. Fluor Corporation Irving

155. Kimberly-Clark Irving

155. Kimberly-Clark Irving

173. Halliburton Houston

173. Halliburton Houston

176. Whole Foods Market Austin

176. Whole Foods Market Austin

201. Waste Management Houston

201. Waste Management Houston

206. Texas Instruments Dallas

206. Texas Instruments Dallas

215. Kinder Morgan Houston

215. Kinder Morgan Houston

221. J.C. Penney Plano

221. J.C. Penney Plano

232. D.R. Horton Fort Worth

232. D.R. Horton Fort Worth

259. Jacobs Engineering GroupDallas

259. Jacobs Engineering GroupDallas

261. Group 1 Automotive Houston

261. Group 1 Automotive Houston

274. Holly Frontier Dallas

274. Holly Frontier Dallas

278. Occidental Petroleum Houston

278. Occidental Petroleum Houston

285. Baker Hughes Houston

285. Baker Hughes Houston

289. Huntsman Corp.The Woodlands

289. Huntsman Corp.The Woodlands

306. CST Brands San Antonio

306. CST Brands San Antonio

321. GameStop Grapevine

321. GameStop Grapevine

344. Anadarko Petroleum The Woodlands

344. Anadarko Petroleum The Woodlands

349. Western Refining El Paso

349. Western Refining El Paso

351. Dean Foods Dallas

351. Dean Foods Dallas

355. Quanta Services Houston

355. Quanta Services Houston

356. EOG Resources Houston

356. EOG Resources Houston

362. CenterPoint Energy Houston

362. CenterPoint Energy Houston

375. National Oilwell Varco Houston

375. National Oilwell Varco Houston

378. Alliance Data Systems Plano

378. Alliance Data Systems Plano

399. Yum! Brands Plano

399. Yum! Brands Plano

400. Calpine Houston

400. Calpine Houston

402. Targa Resources Houston

402. Targa Resources Houston

416. Dr Pepper Snapple Group Plano

416. Dr Pepper Snapple Group Plano

421. Builders FirstSource Dallas

421. Builders FirstSource Dallas

426. iHeartMedia San Antonio

426. iHeartMedia San Antonio

484. Celanese Corporation Irving

484. Celanese Corporation Irving

488. Apache Houston

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South African Airways ‘is on verge of bankruptcy’ – BBC News – BBC News

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South African Airways 'is on verge of bankruptcy' – BBC News
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South African Airways (SAA) has run out of money and is teetering on the edge of bankruptcy, according to information given to the country's parliament.

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Payless Shoesource bankruptcy plan approved by court, paving way … – Topeka Capital Journal

Posted: at 3:39 am

A St. Louis judge has accepted Payless Shoesources plan for reorganization, a move that will help the company achieve its goal of leaving bankruptcy by August with a significantly lighter debtload.

Payless spokeswoman Meghan Spreer said the company is not commenting on the plan until everything is finalized, but should have a statement within the next few weeks.

Chief Judge Kathy A. Surratt-States, U.S. Bankruptcy Court for the Eastern District of Missouri, approved the plan last week.

Payless entered bankruptcy in April with $838 million in debt. Senior lenders owed $506.3 million will receive a 91 percent equity stake in the company, while junior lenders, owed $145 million, will receive the remaining nine percent, according to bankruptcy documents.

General unsecured creditors will receive pennies on the dollar for their debt.

Many Topeka companies hold Payless debt, but most refused to discuss the impact it, saying they hoped to continue to do business with Payless.

Since the announcement, Payless has treated us professionally and fairly. We are hoping to continue a strong relationship with them going forward, said Paul Bossert, president of Premier Employment Solutions.

According to bankruptcy filings, Premier was owed $12,483, while another associated company, Premier Personnel Inc., was owed $7,363.

Amounts owed to Topeka businesses varied considerably, from just $150 owed to Harvesters of Topeka to $31,570 owed to Stacks LLC and $139,041 owed to ISS Facility Services of Topeka.

Bettis Asphalt &Construction was left with a bill of $23,300, confirmed Rich Eckert, the companys general counsel. The bill was for one job finished in December 2016. Eckert said the company probably will be paid $4,000 to $5,000 on the debt.

These were loading dock repairs out at their warehouse, he said. The part that burns us is that more than likely, they knew they were taking this bankruptcy while we were out there working, knowing that we would never get paid. Thats a hard pill to swallow.

Eckert said bankruptcies were more frequent during the recession and that, fortunately, its not something Bettis runs into frequently.

While some local companies werent owed dollars when Payless filed bankruptcy, they are missing the business they did with the company and are hopeful the reorganization sets Payless up for a successful future.

We didnt have any loss except for we arent continuing to print for them, said Janice Salsbury, bookkeeper for Capital Graphics. We have missed their business because they are a good client, friendly, easy to work with. Were sorry because its a major business in Topeka.

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Payless Shoesource bankruptcy plan approved by court, paving way … – Topeka Capital Journal

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Lehman Bankruptcy Ruling Shows Risk of Deferred Compensation – New York Times

Posted: at 3:39 am

Photo A Lehman Brothers company sign being brought into Christies auction house in London for a sale in September 2010. Credit Ben Stansall/Agence France-Presse Getty Images

Judge Shelley C. Chapman of the Federal Bankruptcy Court in Manhattan has issued an opinion that provides an important reminder for employees throughout the United States who participate in deferred-compensation plans.

The opinion is from the long-running Lehman Brothers bankruptcy, but it applies to employees of all sorts of companies.

In short, the tax benefits you get from a deferred-compensation plan are not free, and by deferring compensation, you are taking on the credit risk of your employer.

In 1985, Shearson Lehman Brothers Inc. which later became Lehman Brothers Inc., Lehmans regulated broker-dealer established the deferred-compensation plan. In the plan, each employee agreed that:

the obligations of Shearson hereunder with respect to the payment of amounts credited to his deferred-compensation account are and shall be subordinate in right of payment and subject to the prior payment or provision for payment in full of all claims of all other present and future creditors of Shearson whose claims are not similarly subordinated.

The wording not only gives us some insight to gender issues on Wall Street in the 1980s, but also drives home the point that the employers obligation to pay the deferred compensation is an unsecured obligation. In this case, a deeply subordinated one. These employees were no better than subordinated bondholders of Lehman Brothers.

The employees had several novel arguments for why they should, at least, get out from under the subordination provision in the agreement, but the court rejected them all. The court also rejected the argument that Lehmans alleged breach of the deferred-compensation agreement would remove the employees obligation to subordinate their claims. The court explained that unlike an ordinary contract dispute, the present case involved the simple question how to treat the employees claim in bankruptcy.

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Lehman Bankruptcy Ruling Shows Risk of Deferred Compensation – New York Times

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Pittsburgh Athletic Association bankruptcy documents show iconic Oakland club overwhelmed by debts – Pittsburgh Post-Gazette

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Pittsburgh Post-Gazette
Pittsburgh Athletic Association bankruptcy documents show iconic Oakland club overwhelmed by debts
Pittsburgh Post-Gazette
The documents filed late last week in U.S. Bankruptcy Court in Pittsburgh listed more than 100 creditors, ranging from federal, state and city tax collectors and employee pension funds, to utility companies, insurance firms, law firms, food vendors and

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This shuttered bridal chain can’t bring customers’ orders to the altar – Washington Post

Posted: at 3:39 am

Bridal retailer Alfred Angelo broke its silence on Thursday after filing for bankruptcy protection last month, informingbrides nationwide they wont be receiving the wedding dresses they ordered from the national chain.

On a statement posted to the companys website, the trustee for the firmsaid after evaluating its options the retailer would be unable to fulfill remaining customer orders.

The Chapter 7 Trustee greatly regrets the upset that Alfred Angelos July 14 bankruptcy filing has caused its customers, the statement said. While we have been successful in obtaining customer records and delivering many dresses and accessories for customers all over the country, even after the bankruptcy filing date, it has now become apparent that the logistical and financial strain of fulfilling each and every open order makes continuing that course of action no longer possible.

Thus, to the extent any order has not been fully delivered to a customer, it shall have to remain unfilled.

The company went on to advise customers who think they are owed money from the company to submit a form with this link.

The announcement represented the first public statement by the bridal chain since it abruptly closed its stores on July 13 with no notice, sending brides nationwide into a panic during the traditionally busy summer season.

At the time, company employees said they were given no warning of the stores impending closure. They were told that morning the store would close at the end of the business day. Managers were instructed to return their keys after closing time. Employees had encouraged customers to call the companys customer service line, which went to voice mail when the Post had tried at the time.

Competitors like Davids Bridal have capitalized on Alfred Angelos closing, offering special deals to affected brides and wedding parties that wouldnt have their orders fulfilled.

Based inDelray Beach, Fla., the company was founded in 1933 by Alfred Angelo and his wife, Edythe Piccione, in Philadelphia. In the 1960s, their children, Vincent and Michele Piccione, began running the company, which they would do for the next 35 years. It was underthe childrens leadership that the company expanded itsretail stores across the country.

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This shuttered bridal chain can’t bring customers’ orders to the altar – Washington Post

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Westinghouse needs more time in crafting bankruptcy plan – Pittsburgh Post-Gazette

Posted: July 29, 2017 at 7:41 pm

Westinghouse Electric Co. has finalized its business plan, but its strategy is not yet ready for prime time, the bankrupt nuclear technology firm said in a court filing on Wednesday.

Cranberry-based Westinghouse asked a New York bankruptcy judge to allow the company an extra three months to file a reorganization plan.

Westinghouse filed for bankruptcy protection in late March in an attempt to wall off its profitable businessessuch as servicing operating nuclear plants and supplying them with fuel from its spiraling and money-losing involvement in the construction of four new nuclear power plants in Georgia and South Carolina.

Less than four months (later), Westinghouse has made substantial progress toward achieving these goals, the company said in court records.

Given the complicated nature of the business the company hasthousands of vendors, some 37,000 creditors and five different business lines that serve more than half of the nuclear power plants in the world — more time is needed, Westinghouse said.

While Westinghouse was able to strike a deal for Southern Co., the parent of the Vogtle project in Georgia, to take over the construction of the nuclear power plants there, it is still negotiating with Scana Corp., which owns the V.C. Summer project in South Carolina.

Companies in bankruptcy have a 120-day exclusivity period to come up with a reorganization plan and another 60 days to try to gain approval of it without worrying about creditors or others introducing competing plans. Westinghouse is seeking to extend both deadlines until Dec. 6 and Feb. 4, 2018, respectively.

Spokesperson Sarah Cassella said the extension has been anticipated since the outset of our Chapter 11 cases, and has no practical impact on Westinghouses day-to-day operations.

The company delivered a business plan to its bankruptcy lenders on Thursday -on schedule, Ms. Cassella said.

In a related filing on Wednesday, Westinghouse also asked for more time to decide the fate of 60 property leases, including for space at its Cranberry headquarters, and others in Warrendale, Youngwood, Monroeville, New Stanton and Pittsburgh.

A hearing on these motions is scheduled for Sept. 7.

Anya Litvak: alitvak@post-gazette.comor 412-263-1455.

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Westinghouse needs more time in crafting bankruptcy plan – Pittsburgh Post-Gazette

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Sears Canada’s Largest Stockholders Call Off Joint Bankruptcy Bid – Wall Street Journal (subscription)

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Sears Canada's Largest Stockholders Call Off Joint Bankruptcy Bid
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Eddie Lampert and Bruce Berkowitz called off a potential joint bankruptcy deal for Sears Canada Inc., clearing the way for other bidders to challenge its two largest shareholders. The two hedge-fund managers on Friday terminated a joint legal

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SunEdison wins final approval for bankruptcy exit – MarketWatch

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SunEdisonInc. won final court approvalTuesdayof a bankruptcy-exit plan that wipes out billions of dollars in investments and renders the one-time renewable energy darlinga shadow of its former self.

Following a hearing at theU.S. Bankruptcy Court in New York,Judge Stuart Bernsteinsaid he would approve the plan, the culmination of nearly 15 months of hard-fought negotiations betweenthe solar-power developerand its creditors.

SunEdison SUNEQ, +25.23% is expected to formally emerge from bankruptcy byNov. 15, according to its lawyers.

The vast majority of objections to the bankruptcy-exit plan were resolved ahead ofTuesdayshearing.AQR Capital Management LLC, which pressed its objectionTuesdaybut wasoverruled, sought modifications to the plan because of a dispute over a $300 million rights offering, funding that the company says will serve as the backbone of its exit from chapter 11.

An expanded version of this report appears on WSJ.com.

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Toshiba Bankruptcy Filing Pushed by Some Involved in Workout – WSJ – Wall Street Journal (subscription)

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Wall Street Journal (subscription)
Toshiba Bankruptcy Filing Pushed by Some Involved in Workout – WSJ
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With Toshiba's effort to raise cash by selling its chip unit stalled, a number of creditors and others involved in its restructuring are pushing for a bankruptcy filing …

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