Chapter 11 Bankruptcy | featured news

Executives from Spyglass Entertainment will take over the company once it emerges from bankruptcy.

Blockbuster Inc., once the dominant movie rental company in the U.S., filed for Chapter 11 bankruptcy protection on Thursday, reeling from mounting losses, rising debt and competitors that have better catered to Americans changed media habits.

Citadel Broadcasting Corp ., the nation's third-largest radio broadcasting company , filed for Chapter 11 bankruptcy protection on Sunday in an effort to restructure its hefty debt load.

CIT Group Inc., a 101-year-old commercial lender, filed for bankruptcy with financing from investor Carl Icahn after the credit crunch dried up its funding and a US bailout and ...

Two large Philadelphia daily newspapers hope to emerge from bankruptcy debt-free by paying creditors $37 million in cash plus real estate to settle nearly $400 million in debt.

Philadelphia Newspapers filed its reorganization plan Thursday, six months after filing for Chapter 11 bankruptcy.
The plan gives creditors the iconic downtown building that houses The Philadelphia Inquirer and Philadelphia Daily News.

Reader's Digest Association Inc, whose namesake magazine has been a staple of dentists' offices for generations, said on Monday it planned to file for Chapter 11 bankruptcy for its U.S. businesses as part of a prearranged plan with lenders to cut debt by 75 percent.

CIT, the troubled American bank, approves a $3bn rescue loan from major shareholders to try to avoid bankruptcy, reports say.

CIT Group Inc is in talks with a group of bondholders for $2 billion to $3 billion in rescue financing as it tries hard to avoid bankruptcy, a source close to the company said late on Friday.

A leaner General Motors is close to starting a new life under government ownership after a judge denied an 11th-hour request Thursday to block the automaker's quick exit from bankruptcy.

GM asked a bankruptcy judge to cancel 70 dealer contracts, eliminating the last holdouts in a plan to shutter as many as 2,400 stores.