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Post-bankruptcy filing, CMED's liquidator found itself probing an alleged $355 million insider fraud. In March 2017, the U.S. Department of Justice criminally indicted the CMED founder and CEO, as well as the former Chief Financial Officer, charging them with securities fraud and wire fraud conspiracy for stealing more than $400 million from ...
Party City. In a move to cut its mounting debt, Party City filed for Chapter 11 bankruptcy protection in January. The retailer has accumulated $1.7 billion in debt after years of declining sales ...
Corporate bankruptcies are at its highest levels since the great recession in part of a growing trend among billion-dollar businesses that experts believe isn't going away anytime soon. Party City ...
Originally, bankruptcy in the United States, as nearly all matters directly concerning individual citizens, was a subject of state law. However, there were several short-lived federal bankruptcy laws before the Act of 1898: the Bankruptcy Act of 1800, [3] which was repealed in 1803; the Act of 1841, [4] which was repealed in 1843; and the Act of 1867, [5] which was amended in 1874 [6] and ...
The first TGI Fridays location opened in Manhattan, New York, in 1965. In January, TGI Fridays closed 36 "underperforming" locations in 12 states, including in Massachusetts and New Jersey.
Companies that filed for Chapter 11 bankruptcy in 2023 (4 C, 165 P) Companies that filed for Chapter 11 bankruptcy in 2024 (171 P)
June saw 75 filings, up from 62 in May and above the pandemic-era peak of 74 in July 2020, according to S&P Global Market Intelligence.
One major element in almost every airline bankruptcy is the rejection by the debtor of its current collective bargaining agreements with employees. After satisfying certain requirements, bankruptcy law permits courts to approve the rejection of labor contracts by the debtor-employer. With this tool, airline managers reduce costs.