News

Union pact with US Air touts job savings vs. AMR plan - msnbc.com

04/27/12

American, which filed for Chapter 11 protection in November, has said it must cut at least 13,000 jobs to trim labor costs. Information on American's final offer will be sent to TWU members next week and balloting will begin after that.

[more]

UPDATE: Ally Financial: Could Lose Up To $1.2 Billion In ResCap Bankruptcy - NASDAQ

04/27/12

Such a move could include a so-called prepackaged bankruptcy that would result in the sale of ResCap assets to Fortress Investment Group LLC (FIG), The Wall Street Journal has reported. ResCap, once one of the largest subprime-mortgage lenders ...

[more]

Trying to Shed Student Debt - Wall Street Journal

04/27/12

In 2005, Congress prohibited student debt from being discharged through bankruptcy, except in rare cases, because of concerns that many young graduates—who often have no major assets such as a house or a car—would be tempted to walk away ...

[more]

Ally Pegs Cost of ResCap Bankruptcy: $1.25 Billion - Wall Street Journal

04/27/12

Ally Financial Inc., the government-owned auto lender, said Friday that it could lose up to $1.25 billion if its mortgage subsidiary, Residential Capital, files for bankruptcy protection. Separately, Ally said ResCap losses tied to litigation and demands ...

[more]

Cary-based Connexion files for Chapter 11 Bankruptcy - The News & Observer

04/27/12

Connexion Technologies, the struggling business founded and led by former Cary Mayor Glen Lang, has filed for bankruptcy protection. Cary-based Capitol Infrastructure, which does business as Connexion, is seeking to restructure its debt under ...

[more]

UPDATE 1-Ally says unit's bankruptcy could cost $1.25 bln - Reuters UK

04/27/12

April 27 (Reuters) - Ally Financial Inc's troubled Residential Capital LLC mortgage unit is "actively considering" filing for bankruptcy, the government-owned auto lender said in a filing Friday. A ResCap filing could cost Ally between $400 ...

[more]

UPDATE 1-Ally says unit's bankruptcy could cost $1.25 bln - CNBC

04/27/12

April 27 (Reuters) - Ally Financial Inc's troubled Residential Capital LLC mortgage unit is "actively considering" filing for bankruptcy, the government-owned auto lender said in a filing Friday. A ResCap filing could cost Ally between $400 million and $1 ...

[more]

Ally Financial: Could Lose Up To $1.2 Billion In ResCap Bankruptcy - NASDAQ

04/27/12

files for bankruptcy, the company said in a regulatory filing Friday. Ally said it would face "significant charges" and "substantial litigation" as a result of a ResCap filing, the costs of which could range from $400 million to $1.25 billion ...

[more]

Betsey Johnson Files for Chapter 11 Bankruptcy - Rolling Stone

04/27/12

Betsey Johnson, the New York City design veteran whose punk-ballerina party dresses are beloved by teens and spunky pop stars alike (Britney Spears was allegedly considering Johnson to design her wedding gown) is filing for Chapter 11 bankruptcy.

[more]

Summary Box: Eastman Kodak 1Q loss widens - AP - msnbc.com

04/27/12

THE RESULTS: Eastman Kodak Co. says its first-quarter loss widened on hefty charges related to its reorganization under bankruptcy protection as well as a drop in sales. TROUBLED COMPANY: Kodak filed for bankruptcy protection in January after being hurt ...

[more]