Only two months after its head executive filed for personal bankruptcy, health care third party vendor SynCare LLC announced that it will soon be filing for Chapter 7 bankruptcy.
The Midwest-based company had experienced severe financial problems in recent years after it lost a government contract with the Missouri Department of Health and Senior Services to [...]

The redemptive benefits of bankruptcy for individuals who use it wisely are viewed by many as a positive force for the American economy. Allowing individuals to discharge debts in bankruptcy gives them an opportunity for a second financial chance.
Companies in the United States, however, may see even bigger benefits from bankruptcy than individual consumers, according [...]

A Pennsylvania debt collector who is in hot water for allegedly defrauding debtors recently made headlines when he refused to answer basic financial questions during a bankruptcy hearing.
According to a report in the Erie Times-News, Michael J. Covatto, the former head of the now-defunct Unicredit America Inc., is facing a possible criminal investigation after allegedly [...]

The recent recession took a serious toll on a wide range of industries, including the relatively stable world of major professional sports.
Recent labor disputes in the NBA and NFL revealed that sports teams are struggling to meet rising payrolls while selling fewer tickets in their massive stadiums. It seems the NHL is no exception to [...]

The U.S. Postal Service’s motto is well-known—the workers in light blue uniforms promise to deliver in the face of all types of nasty weather.
However, despite its willingness to deliver mail in rain and snow, the postal service may soon be felled by a much more mundane reality—its own debt.
According to sources, the postal service may [...]

Some of the largest bankruptcies ever have occurred during this decade. With the first government bankruptcy looming over Jefferson County, AL, this will be financial decade to remember. It’s a difficult time for corporations, individuals, and for our nation’s finances. Take a look at this timeline of corporate failures, and see how much cash has [...]

The rich are getting richer during recent corporate layoffs and bankruptcy filings. Corporate big-wigs are getting huge bonuses after laying off hundreds, even thousands, of employees. How is that fair? See how much they got, and how many were laid off the same year a big payout was received by these bosses.

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Randy Michaels, Chief Executive of the Tribune Company, is trying to steer the company out of bankruptcy so he can help remake it, according to the Wall Street Journal.
Michaels, who has been the CEO of the 163-year-old media company for seven months, is trying to rethink the ailing conglomerate.
In 2007, the company went private, but [...]

Bankruptcy filings for restaurants and other businesses are not uncommon in an economic downturn. However, the recent filing by the owner of a several Boca Raton, Florida, restaurants one interesting detail: a close association with a billion dollar Ponzi scheme that rocked the Florida community.
Anthony Bova, the owner of the restaurants Bova Cucina and Bova [...]

General Motors bought the luxurious Cadillac brand all the way back in 1909. According to Bloomberg, now, in an era when bankruptcy of all kinds are rampant and the new GM operates in the shadow of a $50 billion bankruptcy backed by the U.S. government, Cadillac is attempting to edge away from the stigma of [...]

The news for the casino industry has not been good during the recession, as one after another faces bankruptcy. But now there is hope, as one major Las Vegas casino company, Tropicana Entertainment, emerges from bankruptcy looking to go on a lucky streak.
Tropicana Entertainment will emerge from the bankruptcy after filing two years with a [...]

After the U.S. government used hundreds of billions of taxpayer dollars to bail out various financial firms that failed because of poor investment decisions in 2007, outcry has come from legislators and citizens alike.
Now, according to Reuters, the Senate is considering a bill that would change the way financial firms are regulated when in economic [...]

Asia’s top airline has filed for court-led restructuring with the Tokyo District Court, the Wall Street Journal reports.
In light of this bankruptcy filing, Japan Airlines will seek to turn its unprofitable operation around with an injection of capital from a turnaround agency, the Enterprise Turnaround Initiative Corp. of Japan.
As a part of the restructuring, Japan [...]

It has been some time since a U.S. airline sought bankruptcy protection—more than a year—despite the difficulties that the industry has gone through. That trend was broken early last week when Mesa Air Group Inc. filed Chapter 11 bankruptcy, CNN Money reports.
Mesa Air, which operates regional flights on behalf of United Airlines, Delta Airlines and [...]

The difficult economy has been felt across all sectors, but small businesses may be the hardest hit, with consumer spending down and banks still reluctant to lend money, leading to a spike in small businesses filing bankruptcy.
According to the LA Times, nearly 19,000 small businesses filed for bankruptcy in California during the 12 months ended [...]

A New York hot spot for high-class relaxation and spa treatment is under fire from some of its vendors, who claim that Spa Chakra owes them money for services rendered. The vendors have since filed a petition to force the luxurious New York destination to file Chapter 7 bankruptcy.
Until May of 2009, Spa Chakra was [...]

Because of the finance-sapping powers of the current recession, business bankruptcies in 2009 have been significantly higher than in the recent past. According to the American Bankruptcy Institute, more than 14,000 U.S. businesses have filed for bankruptcy protection each of the first three quarters of this year – and it’s unlikely that the numbers for [...]

The Philadelphia-area swim club involved in a nationally publicized incident this summer after allegations of racial discrimination has filed for Chapter 7 bankruptcy due to legal fees from the incident, according to the Philadelphia Inquirer.
In July of this year, The Huntingdon Valley Swim Club revoked the membership contract of the Creative Steps day camp, days [...]

Michigan-based Lear Corp, one of the leading manufacturers of automotive seats, electrical distribution systems and electronic products, has completed a financial reorganization after having filed for Chapter 11 bankruptcy relief in July, 2009.
In a statement, Lear’s Chairman, Chief Executive Officer and President Bob Rossiter said that we have moved through the financial restructuring process [...]

Hollywood icon Warren Beatty can continue with a lawsuit over the right to comic book character Dick Tracy, the judge overseeing The Tribune Company’s bankruptcy case determined Monday.
Beatty bought the rights to develop Dick Tracy TV and film projects from the Tribune in 1985, leading to a successful venture as producer, director and star of [...]