Saturday, May 25, 2013

Former supermodel Janice Dickinson files for bankruptcy

Janice Dickinson has filed for bankruptcy, the self-proclaimed world's first supermodel confirms. "I had some trouble, so yes, it is true," Dickinson confirmed to Radar Online on Monday. "I am upset and taking every step to pay everyone back and I feel terrible about it."

Blockbuster UK Goes Into Bankruptcy

The entertainment retailer Blockbuster UK on Wednesday went into administration, a form of bankruptcy, and appointed Deloitte to seek a buyer for all or parts of the business. The move came a day after a rival, HMV, announced that it had entered administration. Deloitte, which took control of HMV on Tuesday, said Wednesday that Blockbuster’s 528 stores would continue to operate as usual while it sought a buyer. Blockbuster UK, which has 4,190 employees, is part of Blockbuster L.L.C., which Dish Network, a U.S. satellite television company, bought at a bankruptcy auction in 2010. Blockbuster has more than 2,500 stores in the Americas, Asia, Europe and Australia, according to the company’s Web site, but only the British stores are going into administration. read more at: http://www.nytimes.com/2013/01/17/business/global/blockbuster-uk-goes-into-bankruptcy.html?ref=bankruptcies&_r=0

Chinese Solar Panel Giant Is Tainted by Bankruptcy

HONG KONG — It was the Icarus of the solar power industry. And, on Wednesday, it fell to earth. The main subsidiary of Suntech Power, one of the world’s largest makers of solar panels, collapsed into bankruptcy in a remarkable reversal for what had been part of a huge Chinese government effort to dominate renewable energy industries. The bankruptcy is a sign of the worldwide consolidation of the solar industry, which has been crippled by a glut of products on world markets and Western tariffs on Chinese products. It also signals China’s unwillingness to continue to subsidize struggling manufacturers in the industry, which is contributing to the steep decline of its green energy pursuits. More than any other country, China had leaned heavily on renewable energy to solve its problems of severe air pollution and dependence on energy imports from politically unstable countries in the Middle East and Africa. Suntech, a centerpiece of the country’s efforts, had grown to 10,000 employees in its hometown, Wuxi, on China’s east coast, and even set up a small factory in Arizona to assemble panels. But a tenfold expansion of Chinese solar panel manufacturing capacity from 2008 to 2012 pushed down the price of solar panels about 75 percent, undermining the economics of the business. read more at:http://www.nytimes.com/2013/03/21/business/energy-environment/chinese-solar-companys-operating-unit-declares-bankruptcy.html?ref=bankruptcies

Suntech Unit Declares Bankruptcy

HONG KONG — Suntech Power, a Chinese manufacturer that became the world’s largest producer of solar panels by 2011 only to be battered by plummeting prices, announced on Wednesday evening that its main operating subsidiary had been pushed into bankruptcy by eight Chinese banks. Suntech was the Icarus of the solar panel industry, with production that soared year after year on heavy investment, as Western investors bought up its New York-traded shares and its international debt issues. Part of a massive Chinese government effort to dominate renewable energy industries, Suntech grew to 10,000 employees in its hometown of Wuxi and even set up a small factory in Arizona to do further assembly of panels there. But a 10-fold expansion of overall Chinese solar panel manufacturing capacity from 2008 to 2012 produced a three-quarters drop in solar panel prices, undermining the economics of the business. Rapid expansion of natural gas production in the United States and a curtailment of subsidies in the European Union also hurt solar panel prices, as did an American imposition last year of import tariffs totaling about 40 percent after an anti-dumping and anti-subsidy investigation. read more at: http://www.nytimes.com/2013/03/21/business/energy-environment/suntech-declares-bankruptcy-china-says.html?ref=bankruptcies

Ruling Sets Up Pension Battle in Bankrupt City

A federal bankruptcy judge ruled on Monday that the city of Stockton, Calif., was eligible for court protection from its creditors, clearing the way for a battle over whether public workers’ pensions can be cut when the city they work for goes bankrupt. Enlarge This Image Kevin Bartram/Reuters Stockton, Calif., has cut tens of millions of dollars in city services. After declaring Chapter 9 bankruptcy last year, Stockton eliminated tens of millions of dollars in city services and said it would cut some bond payments in a way unseen before in municipal bankruptcy. But bondholders objected to Stockton’s effort to protect pensions while forcing losses on investors. Many states have statutes and constitutional provisions making it illegal to cut public workers’ pensions. Until now, there has not been a prominent test of those laws in bankruptcy — particularly not in California, where the big state pension system, known as Calpers, has been girding for battle on the issue, trying to avoid the precedent of a cutoff or shortfall in a city’s pension contributions. Federal bankruptcy law often trumps state laws, but municipal bankruptcies are so rare that there is almost no precedent on how to apply the law to state pension provisions. In the ruling, issued on Monday in Sacramento, which affirmed the legal status of Stockton’s bankruptcy, Judge Christopher M. Klein said he could see battle lines being drawn between Calpers — formally the California Public Employees’ Retirement System — and the city’s other major creditors, including several Wall Street companies that either bought Stockton’s bonds or insured them. But he ruled that it was still too early in the case for that battle to be joined. read more at: http://www.nytimes.com/2013/04/02/business/ruling-sets-stage-for-pension-battle-in-bankrupt-city.html?ref=bankruptcies

Public Pensions in Bankruptcy Court

Devastated by the recession, the city of Stockton, Calif., is trying to renegotiate its debts in a bankruptcy case that could set an important precedent on whether courts can forcibly reduce the pensions of government employees. Today's Editorials Editorial: Courage in Kansas (April 14, 2013) Editorial: When Election Regulators Are Mocked (April 14, 2013) Editorial | Notebook: Gifting and Politicking (April 14, 2013) Editorial | Notebook: Helping Teachers Learn (April 14, 2013) Like many cities hit hard by the bursting of the housing bubble, Stockton found its finances in a mess. Even after drastic cuts to city services that have sent the crime rate soaring, the city of 300,000 people about 80 miles east of San Francisco has an annual budget deficit of $26 million. It has laid off a quarter of its police force, which has meant that officers often respond only to crimes in progress. The city’s crisis is not unique. San Bernardino in Southern California has also sought bankruptcy protection, and numerous other municipalities in the state and elsewhere are on a financial precipice. To fix its finances, Stockton is asking the bankruptcy court to restructure debts totaling about $250 million. But the city’s creditors, which include bondholders and insurance companies that have guaranteed some of its bonds, say the plans are unfair. They want the city to reduce the $30 million it spends annually on pension benefits for its 2,400 retirees. read more at: http://www.nytimes.com/2013/04/14/opinion/sunday/public-pensions-in-bankruptcy-court.html?ref=bankruptcies&_r=0

AMR Submits Formal Plan to Exit Bankruptcy

AMR, the parent company of American Airlines, filed its formal plans to exit bankruptcy late Monday, bringing its proposed $11 billion merger with the US Airways Group closer to reality. Add to Portfolio US Airways Group Inc Go to your Portfolio » The reorganization plan, which details some executive compensation and outlines measures for creditors and shareholders, is a necessary step before the two companies can come together to create the world’s largest airline. The plan requires both court and creditor approval. Under the plan, AMR’s departing chief executive, Thomas W. Horton, would receive a $19.9 million severance package. Earlier this month in Federal Bankruptcy Court, Judge Sean H. Lane declined to approve the severance proposal, ruling that it was not permitted under federal bankruptcy law. But the judge suggested that the severance proposal be included in AMR’s reorganization plan, making it subject to creditor approval. Secured creditors would be paid in full, while unsecured creditors would receive shares of preferred stock. As expected, AMR shareholders would receive a 3.5 percent equity stake in the combined company. As such, this would be one of the few major bankruptcies in which shareholders recovered some equity. A lawyer for AMR’s creditors committee has said the stake could be valued at $350 million to $400 million. read more at: http://www.nytimes.com/2013/04/16/business/amr-submits-formal-plan-to-exit-bankruptcy.html?ref=bankruptcies

odak Spinoffs Clear Path For Exit From Bankruptcy

Kodak said on Monday that it would spin off its document and personal imaging units to its British pension plan for $650 million in cash and noncash considerations, a move that paves the way for Kodak’s exit from bankruptcy protection. Kodak had been seeking to sell off the two imaging operations. Two weeks ago, Eastman Kodak announced a plan to sell its document imaging business to Brother of Japan for $210 million, with the provision that it could revisit the deal if it could sell both units together. Now the bankrupt film pioneer has struck an even more advantageous deal after a protracted sales process. More important, the pension plan will settle its bankruptcy claim of $2.8 billion, paving the way for the company to emerge from Chapter 11 bankruptcy in the United States. On Tuesday, Kodak plans to file a draft plan to emerge from bankruptcy. read more at: http://query.nytimes.com/gst/fullpage.html?res=9F0CE3D71130F933A05757C0A9659D8B63&ref=bankruptcies

Electric Car Maker Files for Bankruptcy Protection

LOS ANGELES — A green car start-up, Coda Holdings, filed for bankruptcy protection Wednesday after selling just 100 of its all-electric sedans. Enlarge This Image Coda Automotive The Coda E.V. has a range of almost 90 miles on a charge. The filing with the federal Bankruptcy Court in Delaware will allow the Los Angeles company to get out of the auto sector and refocus on energy storage, a far less capital-intensive business. The company uses the same technology it used in cars to build systems for utilities and building operators to store power. A group of lenders led by Fortress Investment Group plans to extend debtor-in-possession financing and will seek to acquire the company for $25 million through the bankruptcy process, Coda said in a statement. read more at: http://www.nytimes.com/2013/05/02/business/global/02iht-coda02.html?ref=bankruptcies

Washington: Cancer Patients More Prone to Bankruptcy

A study of cancer patients in Washington State has found they were twice as likely to file for bankruptcy as people without cancer. The study, led by researchers from the Fred Hutchinson Cancer Research Center in Seattle, linked bankruptcy court records and information from the regional cancer registry on about 200,000 cancer patients, and compared them with a similar group of people from the same area who did not have cancer. Young people with cancer experienced the highest bankruptcy rates, the study found, up to 10 times the rate of bankruptcy filings among older age groups.