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| July 19, 2019

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Bankruptcy Archives -

PG&E’s lenders offer a $30-billion bankruptcy exit plan and a new name

June 26, 2019 |

PG&E Corp.’s key lenders have offered a $ 30-billion plan to pull the utility out of bankruptcy and give the tarnished company a new name.

The proposal filed Tuesday in U.S. Bankruptcy Court would set aside up to $ 18 billion of that $ 30 billion to pay claims on the 2017 and 2018 wildfires caused…

L.A. Times – Business

Publisher Behind Iconic Black Magazines Files for Bankruptcy

April 10, 2019 |

Chicago’s iconic Johnson Publishing Co., owner for decades of Ebony and Jet magazines that helped change the image of black people portrayed by US media, has filed for bankruptcy liquidation in federal court. In announcing the petition filed Tuesday, the company said it was “caught in a tidal wave of…

For OxyContin Maker: $270M Settlement, Potential Bankruptcy

March 26, 2019 |

The maker of OxyContin has agreed to pay $ 270 million to resolve claims in Oklahoma that it helped fuel the opioid crisis and thereby contributed to thousands of overdose deaths, multiple news outlets are reporting. Oklahoma Attorney General Mike Hunter, who sued 13 opioid manufacturers for promoting opioids as safe…

Jeans brand Diesel USA files for Chapter 11 bankruptcy

March 5, 2019 |

Diesel USA Inc., the premium denim and accessory brand whose five-pocket pants dominated pop culture in the 1990s and early 2000s, filed for Chapter 11 bankruptcy protection in Delaware on Tuesday. The unit of Italy’s Diesel blamed plummeting sales, a botched turnaround, pricey leases and unwavering…

L.A. Times – Business

OxyContin maker Purdue is exploring bankruptcy, reports say

March 4, 2019 |

Oxycontin maker Purdue Pharma is preparing for a possible bankruptcy filing as it faces hundreds of lawsuits over its role in the U.S. opioid epidemic, Reuters and the Wall Street Journal reported Monday.

The drugmaker has hired advisors to prepare for a potential filing, the Journal said, citing…

L.A. Times – Business

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. 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