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| February 22, 2019

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Bankruptcy Archives -

Payless to Close All U.S. Stores as It Prepares for Another Bankruptcy

February 16, 2019 |

Retailer Payless ShoeSource plans to close all of its roughly 2,100 stores in the U.S. and Puerto Rico, in what is likely to be the largest ever retailer liquidation.
WSJ.com: US Business

Gavin Newsom forms team to guide California on PG&E’s bankruptcy

February 13, 2019 |

California has hired a team of advisors on PG&E Corp.’s bankruptcy and has given it 60 days to map out a plan to ensure the lights stay on, wildfire victims get justice and ratepayers and employees are protected.

The “strike team” includes bankruptcy attorneys and financial specialists, Gov. Gavin…


L.A. Times – Business

Sears gets to stay in business: Bankruptcy judge OKs Eddie Lampert’s plan

February 11, 2019 |

A bankruptcy judge has blessed a $ 5.2-billion plan by Sears’ chairman and biggest shareholder to keep the iconic business going.

The approval means roughly 425 stores and 45,000 jobs will be preserved.

Eddie Lampert’s bid through an affiliate of his ESL hedge fund overcame opposition from a group…


L.A. Times – Business

PG&E’s bankruptcy could create pain beyond California

January 30, 2019 |

PG&E Corp.’s move to file for bankruptcy protection from creditors Tuesday will create ripple effects that are expected to stretch far beyond California and customers of the state’s largest electric utility.

Power-plant operators that sell electricity to its Pacific Gas & Electric Co. subsidiary…


L.A. Times – Business

PG&E files for bankruptcy. Electricity prices likely to rise for millions of Californians

January 29, 2019 |

PG&E Corp., California’s largest power company, filed for bankruptcy protection Tuesday for the second time in two decades, starting an unpredictable process that could take years to resolve and is likely to result in higher energy prices for the millions of Californians who buy electricity from…


L.A. Times – Business

State regulators let PG&E obtain credit and loans while under bankruptcy protection

January 29, 2019 |

California regulators have approved a measure allowing Pacific Gas & Electric Corp. to immediately obtain credit and loans while the company is under Chapter 11 bankruptcy protection.

The California Public Utilities Commission approved the motion at a raucous last-minute meeting Monday over the…


L.A. Times – Business

PG&E hasn’t run out of money. So why is it planning to file for bankruptcy?

January 24, 2019 |

California’s largest power company plans to file for bankruptcy as soon as next week, in the face of wildfire liabilities that could cost tens of billions of dollars.

But a growing chorus of shareholders, ratepayer advocates and lawyers for fire victims says there’s no need for Pacific Gas & Electric…


L.A. Times – Business

PG&E lines up $5.5 billion to fund a two-year bankruptcy process

January 22, 2019 |

PG&E Corp. expects its looming bankruptcy to take about two years to resolve, and it has arranged $ 5.5 billion to fund its operations during the process. Its stock and bonds both rose on the news.

Four banks agreed to provide debtor-in-possession funding, including a $ 3.5-billion revolving credit…


L.A. Times – Business

David’s Bridal emerges from bankruptcy after less than two months

January 19, 2019 |

David’s Bridal Inc., America’s largest wedding gown retailer, emerged from bankruptcy on Friday, just weeks after it first sought protection from creditors.

David’s Bridal shrank its debt load by about $ 450 million and is now owned by lenders including Oaktree Capital Group. The company, which…


L.A. Times – Business

Gymboree, Crazy 8 chains to shut down after retailer files for bankruptcy a second time

January 17, 2019 |

Gymboree Group Inc. will shut down its Gymboree and Crazy 8 clothing chains after declaring bankruptcy for a second time and failing to find a buyer for the stores, which have been hit hard by a decline in mall traffic.

The San Francisco-based company filed for Chapter 11 bankruptcy protection…


L.A. Times – Business