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 what it expects to be a total of about $65 billion to creditors on April 17, it said in...
08:00 AM, Mar 07, 2012
Buffalo, New York: Eastman Kodak Co. wants to end its contract for naming rights to the glamorous Los Angeles theater that hosts the Academy Awards as it tries to improve its financial position enough to move out of bankruptcy. The photography pioneer's financial advisers say the benefits of having the company's name on the 3,300-seat Kodak Theatre aren't worth the contract's cost, according to a motion filed in US Bankruptcy...
01:06 PM, Feb 03, 2012
Rochester: Eastman Kodak Co. has a little over a year to reshape its money-losing businesses and deliver a get-out-of-bankruptcy plan. Girded by a $950 million financing deal with Citigroup Inc., the photography pioneer aims to keep operating normally during bankruptcy while it peddles a trove of digital-imaging patents. After years of mammoth cost-cutting and turnaround efforts, Kodak ran short of cash and sought protection from its creditors Thursday. It is...
11:53 AM, Jan 21, 2012
Chicago: Even in bankruptcy, Kodak boasts some enviable strengths: a golden brand, technology firepower that includes a rich collection of photo patents, and more than $4 billion in annual sales of digital cameras, printers, and inks. But all that may not be enough to revive its declining fortunes in a Chapter 11 overhaul. Kodak is at a crossroads: It could go the way of fallen Montgomery Ward and Circuit City,...
02:40 PM, Jan 20, 2012
Los Angeles: Kodak's star may never shine again in Hollywood. The bankruptcy of the American icon that invented the handheld camera is reverberating beyond Wall Street and around the world's entertainment capital. Insiders say Hollywood may be on the verge of scaling back a decades-old symbiotic relationship, and seeking business alternatives. Kodak's star began to fade in the late 1990s as digital technology began chipping away at its century-long stronghold...
01:30 PM, Jan 20, 2012
Washington: Eastman Kodak Co, which invented the hand-held camera and helped bring the world the first pictures from the moon, has filed for bankruptcy protection, capping a prolonged plunge for one of America's best-known companies. The more than 130-year-old photographic film pioneer, which had tried to restructure to become a seller of consumer products like cameras, said it had also obtained a $950 million, 18-month credit facility from Citigroup to...
02:19 PM, Jan 19, 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 financing to sustain Kodak through bankruptcy proceedings, the Journal reported, citing unidentified sources. The Chapter 11 filing could come...
01:10 PM, Jan 05, 2012
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 derivatives who are not tied to Lehman, will oversee the liquidation of tens of billions of dollars in assets...
11:04 AM, Dec 05, 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 executive. The company, which employs about 88,000, has been mired for years in fruitless union negotiations, complaining that it...
08:37 AM, Nov 30, 2011
London: Four members of UB40, the British reggae band, have been declared bankrupt following ongoing wrangles about their finances. Brian Travers, Jimmy Brown, Terence Oswald - known to fans as Astro - and Norman Hassan have been listed by Britain's Insolvency Service following a declaration in Birmingham County Court, and could now have property seized by tax officers to pay off any outstanding debts, reported Daily Mail. The case revolves...
02:35 PM, Oct 18, 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 trigger a wider European crisis, threatening banks and hurting the world economy, Venizelos dismissed any talk of bankruptcy. "Greece...
07:46 PM, Sep 25, 2011
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 bankruptcy filing in US history with holdings over $ 600 billion (USD) in assets. If the board of directors...
12:02 PM, Sep 16, 2010
But Japan Airlines may emerge as a leaner, self-sustaining carrier. ...
12:57 PM, Jan 19, 2010
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