Tag: bankruptcy

JPMorgan Chase investing $100 million in Detroit

America’s biggest bank, JPMorgan Chase, plans to announce Wednesday a $100 million investment in Detroit over the next five years. The money will go toward job training, home loans and other redevelopment efforts in the struggling city. Photo: J. Kyle Keener / Detroit Free Press [Detroit Free Press]

Sbarro Files For Chapter 11 Bankruptcy

Sbarro has filed for Chapter 11 bankruptcy, according to a Bloomberg News report. The embattled pizza chain is in the process of closing 155 stores in an attempt to become more profitable. The closures were all company-owned stores in North America, not franchises, according to Bloomberg. Sbarro has more than 800 stores total. businessinsider.com

City of Detroit Files $18 Billion Bankruptcy Restructuring Deal

Detroit revealed its historic plan to emerge from under $18 billion in debt Friday, laying the groundwork for what’s expected to be a long, bitter battle with creditors, retirees and bondholders over the biggest municipal bankruptcy ever. The 120-page ‘plan of adjustment’ could change radically as negotiations with pension funds, creditors and others move forward.…

Detroit ruled eligible for bankruptcy

A US judge ruled Tuesday that Detroit is eligible for Chapter 9 bankruptcy. “The city needs help,” US Bankruptcy Judge Steven Rhodes said. “The city no longer has the resources to provide its residents with basic services.” Detroit Free Press

Casey Anthony Makes First Public Appearance Since 2011

Casey Anthony emerged from almost two years in hiding Monday β€” shielding her face from reporters and hustled by her lawyer through a swarm of cameras as she walked into a Florida courthouse for a bankruptcy hearing. It was her first public appearance since July 2011, when she was found not guilty of murdering her…

Atari U.S. Operation Files For Bankruptcy

The U.S. operations of iconic but long-troubled video game maker Atari have filed for bankruptcy in an effort to break free from their debt-laden French parent. Atari Inc. and three of its affiliates filed petitions for Chapter 11 reorganization in U.S. Bankruptcy Court in New York late Sunday. Although the 31-year-old brand is still known…