Bankruptcy

  • Indians lose crores in bitcoins as Tokyo Bitcoin exchange Mt. Gox goes bankrupt March 2, 2014

    New Delhi: In a rude jolt to growing virtual currency frenzy in India, bitcoins worth crores of rupees held by some Indians have vanished with collapse of Japan-based Mt Gox, which was the world's largest bitcoin exchange so far. Having filed for bankruptcy, Mt Gox has...
  • Tokyo Bitcoin exchange Mt. Gox files for bankruptcy, hit with a lawsuit March 1, 2014

    Tokyo: Mt. Gox, once the world's biggest bitcoin exchange, filed for bankruptcy protection in Japan on Friday, saying it may have lost nearly half a billion dollars worth of the virtual coins due to hacking into its faulty computer system. The collapse caps a tumultuous few weeks in which the company...
  • Rihanna blames accountant for bankruptcy February 13, 2014

    Los Angeles: Singer Rihanna claims that her accountant made so many wrong decisions that he blew her fortune and she was "effectively bankrupt" by the end of 2009. Tmz.com reports that the singer claims in new legal documents that she had $11 million in cash at the beginning of 2009. Rihanna...
  • SAD-BJP government has created a financial mess in Punjab: Tewari August 6, 2013

    Union Information and Broadcasting Minister Manish Tewari on Monday said the SAD-BJP government in the state owed an explanation to the people of Punjab over the financial mess they have created in the state. The consequences were obvious and the state is not even able to make routine payments, he...
  • US: Judge stops lawsuits against Detroit bankruptcy July 25, 2013

    Detroit: A federal judge agreed with Detroit today and stopped any lawsuits challenging the city's bankruptcy, declaring his courtroom the exclusive venue for legal action in the largest filing by a local government in US history. The decision by US Bankruptcy Judge Steven Rhodes was a major victory for Detroit, especially...
  • US: Auto capital of the world Detroit files for bankruptcy July 19, 2013

    Washington: Automaking capital, Detroit became the largest US city ever to move for bankruptcy, with a liability running into $18 billion. "Today I authorised Detroit's emergency manager to seek federal bankruptcy protection for the City of Detroit. This is a difficult, painful step, and it is one I would not...
  • RBI expresses concerns over Cyprus banks facing meltdown March 23, 2013

    Bangalore: Reserve Bank Governor D Subbarao on Friday expressed concerns over Cyprus banks facing meltdown, saying it has implications on the banking sector everywhere. The Cyprus banks' is "such a big issue" as the island nation is inter-connected with the world and what happens there has implications on the banking...
  • Savings account seizure plan draws fury in Cyprus March 19, 2013

    Nicosia: A plan to seize up to 10 per cent of savings accounts in Cyprus to help pay for a (EURO)15.8 billion ($20.4 billion) financial bailout was met with fury on Monday, and the government shut down banks until later this week while lawmakers wrangled over how to keep the...
  • Reader Digest's publisher files for bankruptcy again February 19, 2013

    New York: The publisher of iconic magazine Reader's Digest has filed for bankruptcy to cut a $465 million debt. The magazine has been in circulation for 9 decades now and is read by over 25 million people across the world, but has lately felt the pressure of reader's switching from...
  • Modi claims dismissal of court bankruptcy order April 11, 2012

    London: Former IPL chairman Lalit Modi on Wednesday claimed that the bankruptcy order against him over unpaid bills allegedly owed to a private security firm has been annulled in the High Court here. A London court had in February passed the bankruptcy order that Modi owed unpaid bills of 65,000...
  • Lehman Brothers emerges from 3.5-year bankruptcy March 7, 2012

    Los Angeles: One-time financial powerhouse Lehman Brothers emerged from bankruptcy on Tuesday and is now a liquidating company whose main business in the coming years will be paying back its creditors and investors. Lehman, whose September 2008 collapse is often regarded as the height of the financial crisis, will start distributing...
  • Flashback: Eastman Kodak Co. January 20, 2012

    May 5, 1894:  An advertisement for the Kodak Camera. Original Publication: The Graphic - pub. 1894.1950:  An early Kodak box camera on display at the New York Historical Society's exhibition of 'Firsts'.1901:  An advertisement for the Kodak Box Brownie camera.
  • Kodak may file for bankruptcy: Report January 5, 2012

    New Delhi: Eastman Kodak is preparing a Chapter 11 bankruptcy protection filing in case it is unable to sell its digital patents to raise capital, The Wall Street Journal reported on Wednesday. The once-iconic photographic film pioneer is in talks with potential lenders to secure about $1 billion in debtor-in possession...
  • Lehman Brothers close to naming a new board December 5, 2011

    New York: The bankruptcy estate of Lehman Brothers Holdings is close to naming a new board of directors to help finish winding down the collapsed financial firm, the Wall Street Journal said, citing people familiar with the matter. The new board, made up of seven experts in restructuring, real estate and...
  • American Airlines files for bankruptcy November 30, 2011

    Washington: American Airlines filed for bankruptcy protection on Tuesday to cut labor costs in the face of high fuel prices and dampened travel demand, capping a prolonged descent for what was once the largest US carrier. AMR Corp, the parent of American Airlines, also filed for bankruptcy and replaced its chief...
  • Greece vows to stay in the euro zone September 25, 2011

    Washington: Greek Finance Minister Evangelos Venizelos sought to reassure nervous markets and EU partners on Saturday by pledging his debt-ridden country would do whatever it takes to avoid default and stay in the euro zone. During an IMF meeting in Washington that was dominated by fears that Greek debt woes could...
  • Lehman examiner: Questions should have been asked September 16, 2010

    New York: It's exactly 2 years to the day Wall Street giant Lehman Brothers filed for bankruptcy, sending shock waves across the financial world. Lehman Brothers was hurt by a decline in real estate values and a financial crisis caused by lack of liquidity. Until today, Lehman's bankruptcy is the largest...
  • Reader's Digest files for chapter 11 bankruptcy August 24, 2009

    New York: Reader's Digest Association Inc, known for its namesake magazine, said it filed for Chapter 11 bankruptcy protection for its US businesses as part of a prearranged plan with lenders to cut debt. Reader's Digest said it has secured $150 million in new debtor-in-possession financing, which is convertible into exit...
  • GM close to bankruptcy exit, sale to government July 10, 2009

    New York: US carmaker General Motors could exit bankruptcy in record time and come under the control of the US government by the end of this week, as a Thursday deadline for challenges expired. A New York judge on Sunday night approved GM's plan to sell its best assets into a...
  • Nearly all dealers agree to work with new GM: CEO June 15, 2009

    Washington: All dealers asked to do business with the new General Motors Corp after bankruptcy have agreed to do so. The automaker will work through the weekend to weigh appeals from those that are being cut loose, the company's Chief Executive said on Friday. Chief Executive, Fritz Henderson, told...
  • Watch: Honda introduces the Fireblade June 6, 2009

    New Delhi: Blast off in the 1000RR Honda Fireblade, put your foot down on the new Skoda Laura TSI and General Motors is bankrupt - what does it mean for the company and its customers in India? ...
  • GM has Hummer deal, declines to name buyer June 3, 2009

    Detroit: General Motors Corp said it reached a tentative deal to sell its Hummer brand, part of an effort to drop four unprofitable vehicle lines and leave bankruptcy as a leaner company. GM, a day after filing for bankruptcy, said in a statement on Tuesday that it was not disclosing...
  • Smooth operation, reinvention plans for GM India June 3, 2009

    New Delhi: GM India on Tuesday announced that it continues all its normal operations and is not included in the court reinvention process of GM’s US operations. GM announced a US Court filing of the automaker under Chapter 11 of the United States Bankruptcy Code. The launch of New...
  • How GM plans to use $30 mn to get back into top gear June 2, 2009

    General Motors, the biggest American auto-maker filed for bankrutpcy on Monday. It's getting $30 bn in taxpayer bailout money. That brings the total auto-industry rescue to $85 billion. CNN's Susan Roesgen reports on how the company will use this to re-organise. ...
  • GM has viable plan to exit bankruptcy: Obama June 2, 2009

    Washington: US President Barack Obama said on Monday he believed General Motors (GM) had developed a viable plan that will allow it to quickly exit bankruptcy. His comments came after GM, the country's largest carmaker, filed for bankruptcy on Monday morning in a New York court. "GM and its stakeholders have produced...
  • Obama sees GM emerging quickly from bankruptcy June 1, 2009

    Washington: US President Barack Obama said on Monday he was confident General Motors Corp would emerge quickly from bankruptcy, saying the government is in a reluctant position as a controlling shareholder. Obama, in remarks at the White House just hours after GM sought bankruptcy protection in New York, said the automaker...
  • GM files for bankruptcy protection June 2, 2009

    Detroit/Washington: General Motors Corp filed for bankruptcy on Monday, forcing the 100-year-old automaker once seen as a symbol of American economic might and dynamism into a new and uncertain era of government ownership. The bankruptcy filing is the third-largest in US history and the largest ever in US manufacturing. The decision...
  • General Motors prepares for historic bankruptcy May 30, 2009

    Washington: The century-old US industrial icon General Motors is expected to declare bankruptcy on Monday in what would be the most humiliating blow yet for the reeling US auto industry. Last-minute talks between GM, its creditors and the US government were running into the weekend. While there was no public admission...
  • Bankrupt Chyrsler says can be back in top gear by 2012 May 5, 2009

    Washington: Ailing car maker Chrysler, the US' third largest, projects it will be back in the black by 2012 if it gets through bankruptcy quick enough and seals its deal with Italy's Fiat, the Wall Street Journal reported on Monday. The journal cited documents filed in a Manhattan bankruptcy court, Chrysler's...
  • Chrysler runs out of gas, files for bankruptcy May 1, 2009

    Detroit/Washington: Chrysler LLC filed for bankruptcy on Thursday and announced an industry-changing deal with Fiat, after being pummeled by sliding auto sales and unable to reach agreement on restructuring its debt. Despite weeks of intense negotiations, Chrysler failed to gain full support from its lenders to avoid the first-ever bankruptcy filing...