Republicans glory in financial bankruptcy
The U.S. is effectively bankrupt. But that obviously doesn't matter to the Republican Party.
Category Archives: Bankruptcy
Memphis Toys R Us To Remain Open
A representative with Toys R Us has confirmed to The Daily News that the retailer's Memphis location, at 7676 Polo Ground Blvd ., won't close after all. The news comes a week after New Jersey-based Toys R Us announced it would close 182 stores across the United States as a part of its Chapter 11 bankruptcy reorganization efforts.
Chart to accompany Moore article of Jan. 22, 2018.
With all the talk about a possible government shutdown due to an impasse on immigration reform, no one seems to be paying attention to a story of even bigger long-term consequence. Congress is preparing a two-year budget that blows past bipartisan spending caps to the tune of $216 billion through 2019.
Judge rejects GM ignition switch deal for car owners
General Motors shares rose the company said 2018 earnings will be largely flat compared with 2017 and forecast higher profits in 2019 when its revamped line of high-margin pickup trucks hits the U.S. market. Aleksandra Michalska reports.
Trump’s pathetic bankruptcy past shows through in GOP’s fantasyland tax bill
This week, Congress passed the bill formerly known as the "Tax Cuts and Jobs Act" with the support of 278 House and Senate Republicans. At any other time, it would be hard to imagine that congressional Republicans could support major tax legislation drafted in such haste and with so little regard for distributional consequences.
Nestle Waters v. Mountain Glacier Continues
There was a cease-fire when Mountain Glacier filed for bankruptcy and the case was stayed. Now reorganized, the company wants back into the fight.
Bankrupt Toys R Us can pay executives millions of dollars in bonuses, judge rules
With the shopping season looming and bankruptcy proceedings underway in federal court, Toys R Us went to its creditors in November with an unorthodox request. To boost holiday sales, the insolvent company asked, let us pay out millions of dollars in bonuses to our top executives.
Former Puerto Rico official denies any role in Whitefish deal
A former Puerto Rico official who has been mentioned in connection with a controversial contract to restore electricity to the bankrupt U.S. territory after Hurricane Maria has denied having any role in securing it. In papers filed on Friday in federal court in San Juan, Elias Sanchez, a friend and one-time adviser to Governor Ricardo Rossello, said under penalty of perjury that he "never had any kind of relationship" with contractor Whitefish Energy or its principals.
Second Circuit: Secured Lender Not Entitled to a Make Whole Premium…
On October 20, in Matter of M.P.M. Silicones, L.L.C. , the United States Court of Appeals for the Second Circuit held that secured noteholders were not entitled to an approximately $200 million make-whole premium when their notes were exchanged for new notes as part of a Chapter 11 plan. __ F.3d __, 2017 WL 4772248 .
Puerto Rico governor wants to cancel shady $300 million Whitefish energy contract
Whitefish Energy Holdings workers restore power lines damaged by Hurricane Maria in Barceloneta, Puerto Rico, Oct. 15. The Federal Emergency Management Agency said Friday it had no involvement in the decision to award a $300 million contract to help restore Puerto Rico's power grid to a tiny Montana company in Interior Secretary Ryan Zinke's hometown. Puerto Rico Gov. Ricardo RossellA3 wants to cancel a tiny Montana company's $300 million contract to restore power to the storm-hit U.S. territory and expects help from the governors of Florida and New York, his office said on Sunday.
CGG Wins Creditor Support for Chapter 11 Plan
CGG SA announces that all creditor classes entitled to vote on the chapter 11 plan proposed in the chapter 11 cases commenced on 14 June 2017 in the US Bankruptcy Court for the Southern District of New York by CGG SA's 14 main foreign, direct and indirect subsidiaries, each a borrower or guarantor in respect of CGG Group's funded financial indebtedness, have accepted the plan overwhelmingly. Specifically, all holders who have cast ballots in respect of the Secured Loans, and 97.14% in number and 97.96% in amount of those casting ballots in respect of the Senior Notes, voted in favour of the plan.
Maria dims Puerto Rico’s bleak economic outlook
For now, the focus has shifted from Puerto Rico's financial woes to meeting the basic needs of its 3.5 million people, many of whom still lack adequate food, water and power more than a week since the Category 4 hurricane laid waste to the U.S. territory. But as Puerto Rico emerges from the worst of the disaster, it will still face a $74 billion public debt load and a decade-old economic recession that has sent hundreds of thousands of islanders fleeing to the U.S. mainland.
Puerto Rico Is Our Future
A flooded street is seen as people deal with the aftermath of Hurricane Maria on September 25, 2017 in San Juan Puerto Rico. Maria left widespread damage across Puerto Rico, with virtually the whole island without power or cell service.
6 reasons post-Maria Puerto Rico could be a Katrina-like disaster
Puerto Rico is quickly sloping toward a Katrina-level catastrophe. A week after Hurricane Maria made landfall, the power is off nearly island-wide.
As Hartford Mulls Bankruptcy, Bond Insurer Offers to Help Postpone Payments
Hartford's biggest bond insurer said it had offered to help the city postpone payments on as much as $300 million in outstanding debt, in a move designed to help prevent a bankruptcy filing for Connecticut's capital.
Trade panel says low-cost solar imports hurt US companies
Low-cost solar panels imported from China and other countries have caused serious injury to American manufacturers, a U.S. trade commission ruled Friday, raising the possibility of the Trump administration imposing tariffs that could double the price of solar panels from abroad. The 4-0 vote by the International Trade Commission sets up a two-month review period in which the panel must recommend a remedy to President Donald Trump, with a final decision on tariffs expected in January.
US solar industry hurt by cheap imports from China
A US trade panel has ruled that low-cost solar panels imported from China and other countries have caused serious injury to American manufacturers, raising the possibility of the Trump administration imposing tariffs that could double the price of solar panels from aboard. Friday's vote by the International Trade Commission was unanimous.
Solar boom or bust? Companies seek tariffs on solar imports
Cheap solar panels imported from China and other countries have led to a boom in the U.S. solar industry, where rooftop and other installations have surged 10-fold since 2011. But two U.S. solar manufacturers say the flood of imports has led one to bankruptcy and forced the other to lay off three-quarters of its workforce.
Puerto Rico Board Approves $1 Billion for Hurricane Maria Response
The approval to reallocate funds in the $9.6 billion budget comes as Maria left Puerto Rico devastated and entirely without power. As much as $1 billion will be reallocated in Puerto Rico's $9.6 billion budget to fund emergency relief efforts, as Hurricane Maria's devastating effects left the entire island without power Thursday.
The Obama Era Deficit Scolds All Want Big Tax Cuts NowFix the Debt is now fixina to get paid.
One of the unnoticed ways in which American politics has changed under Donald Trump is the quiet disappearance of the budget deficit as a fixation of the news media and the business and political elite. During Barack Obama's two terms in office, terror about deficits positively consumed the discourse.