ILWU Dockworkers Union Files for Bankruptcy Amidst Portland Dispute

The International Longshore and Warehouse Union (ILWU) has filed for bankruptcy after losing a long-running battle over labor issues at the Port of Portland. The union owes $19 million in damages to International Container Terminal Services Inc. (ICTSI) following a court case eight years ago. ILWU's assets amount to $11.6 million, leaving a shortfall of $7.4 million. The bankruptcy filing aims to implement a plan to resolve the matter, while the union seeks to preserve its cash management system and meet employee and payroll obligations.