A long-shot bill to give Puerto Rico's ailing public agencies a chance to restructure their massive debts under the section of U.S. bankruptcy law used by cities such as Detroit and Stockton, California, will get a hearing before a key congressional committee, according to two sources familiar with the matter.
Bankruptcy
KKR's Samson Resources to File for Bankruptcy
KKR is about to lose its cash investment in Samson Resources worth $4.1 billion from its $7.2 billion buyout four years ago. The unexpected and prolonged downward move of oil and gas pushed Samson to file for Chapter 11.
Giant coal company Alpha Naturals seeks bankruptcy court protection
The U.S. coal industry is hit by another major blow as Alpha Natural Resources Inc. will file for Chapter 11 bankruptcy court protection on Monday.
Japan's Skymark submits bankruptcy plan despite creditor opposition
Japan's failed budget carrier Skymark Airlines Inc (SKALF.PK) submitted a restructuring plan for court approval on Friday despite opposition from the two main creditors owed about two-thirds of its roughly 300 billion yen ($2.4 billion) debt.
RadioShack rescue deal dogged by fights, demands for new auction
RadioShack Corp's rescue deal to keep 1,740 stores open was attacked on Thursday by the bankrupt retailer's top creditor, a failed bidder who called the auction a sham and sought a new sale.
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Hopes of an orderly resolution to Puerto Rico's debt crisis suffered a heavy blow after a court voided the island's restructuring law, raising fears it may be heading for a longer, messier debt overhaul.
Electronics retailer RadioShack Corp filed for U.S. bankruptcy protection on Thursday and said it had a deal in place to sell as many as 2,400 stores to an affiliate of hedge fund Standard General, its lender and largest shareholder.
Troubled electronics retailer RadioShack Corp is preparing to shut down the chain in a bankruptcy deal that would see half the stores taken over by Sprint Corp, Bloomberg News reported, citing people with knowledge of the discussions.
The bankruptcy of the operating unit of Caesars Entertainment Corp's will proceed in Chicago, a victory for the casino company's private equity backers over its hedge fund creditors who wanted the case in Delaware.
SkyMall, whose in-flight shopping catalogs have long been a staple of airline travel, has filed for bankruptcy protection, blaming changing consumer habits and the loss of contracts from two major carriers, Delta and Southwest.
It's "premature" to talk about bankruptcy for troubled gaming resort Atlantic City, Detroit's former turnaround expert said Thursday as he signed on with the latest bid to revive a city some see as bound to follow the path taken by the Motor City.
Cache Inc (CACH.O) is poised to become the latest U.S. apparel retailer to file for bankruptcy, Bloomberg reported, citing people familiar with the matter.
Target Corp was scrambling for ways to fix its failing Canadian expansion and considering closing just the weakest locations, but a pre-holiday visit to several stores by CEO Brian Cornell helped seal the decision for a full retreat.
A federal judge said on Tuesday she would approve a $26 million settlement between Atlantic City and the Revel Casino Hotel that will provide much-needed cash for New Jersey's struggling gambling hub and a tax cut for the shuttered gambling complex.
