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Bankruptcy

All articles tagged with #bankruptcy

Tiffin TMD Plant Set to Close Amid First Brands Bankruptcy, 407 Jobs Cut
business1 day ago

Tiffin TMD Plant Set to Close Amid First Brands Bankruptcy, 407 Jobs Cut

Toledo Molding & Die’s Tiffin plant will permanently close on April 30, 2026, eliminating 407 jobs after WARN Act notices; the move comes as First Brands Group files for Chapter 11 bankruptcy and cannot secure a sale or outside funding. The closure is part of a three-plant shutdown across Ohio affecting 1,011 workers, with others in Bowling Green and Greenville; displaced employees are directed to Ohio Job and Family Services for unemployment benefits, retraining, and job placement, as bankruptcy proceedings and related fraud cases against First Brands founders unfold.

via TiffinOhio.net|
#bankruptcy#business#first-brands-group
Spirit Airlines wins creditor deal to exit bankruptcy as a leaner, independent carrier
business5 days ago

Spirit Airlines wins creditor deal to exit bankruptcy as a leaner, independent carrier

Spirit Airlines has struck a creditor agreement to exit bankruptcy later this spring or early summer, shrinking into a leaner, independent carrier after selling assets and cutting staff. The plan aims to slash debt and operating costs, with nearly 40% fewer flights and seats planned for this summer, preserving competition and keeping fares lower after previous merger attempts with Frontier and JetBlue fell through.

via CNN|
#airline-industry#bankruptcy#business
Baker’s High-Stakes Luxury Empire Falls into Saks Global Bankruptcy
business6 days ago

Baker’s High-Stakes Luxury Empire Falls into Saks Global Bankruptcy

Saks Global filed for bankruptcy protection after a debt‑heavy consolidation by Richard Baker that aimed to fuse Saks Fifth Avenue and Neiman Marcus into a luxury retail powerhouse. Baker contends his real‑estate‑backed deals saved tens of thousands of jobs and kept stores open longer than expected, but critics blame the leveraged structure for cash‑flow strain, vendor disputes, and widespread store closures (including 57 Saks Off 5th shops and all five Neiman Marcus Last Call stores). Brands such as Chanel, Zegna, and Akris are owed hundreds of millions, and Baker was ousted as CEO as lenders reorganize the business. The saga traces Baker’s aggressive acquisitions—Lord & Taylor, Hudson’s Bay, Saks, and Neiman Marcus—and his ongoing pivot toward moving on after the restructuring.

via The New York Times|
#bankruptcy#business#luxury-department-stores
Bidder aims to finish graffiti-scarred Oceanwide Plaza in DTLA
business6 days ago

Bidder aims to finish graffiti-scarred Oceanwide Plaza in DTLA

A bid led by Riverside County developer KPC Development and contractor Lendlease seeks to buy and complete Oceanwide Plaza in downtown Los Angeles for a baseline $470 million in bankruptcy court, with plans to remove graffiti, finish housing, a hotel, retail space, and rename the project, followed by due diligence and city approvals before construction resumes.

via Los Angeles Times|
#bankruptcy#business#downtown-los-angeles
Miles Guo’s Bankruptcy Sparked a Global Siege on the Court
business13 days ago

Miles Guo’s Bankruptcy Sparked a Global Siege on the Court

Billionaire Miles Guo used his social network to hijack his Chapter 11 case, flooding the docket with hundreds of nuisance claims and directing supporters to harass the trustee and creditors. Authorities say a web of alter-ego shell companies hid assets like a 150-foot yacht and a multi‑bedroom New Jersey mansion, while some 1,200 claims totaling about $18 billion clogged the process. The court-appointed trustee has spent tens of millions assembling and selling assets, with no creditor paid yet, as Guo awaits sentencing on fraud charges from 2023 and the liquidation drags on four years after the filing.

via Business Insider|
#asset-recovery#bankruptcy#business
Slot Machines Sapped Their Savings: An Elderly Couple's Bankruptcy
lifestyle20 days ago

Slot Machines Sapped Their Savings: An Elderly Couple's Bankruptcy

A Dear Abby reader reveals her husband’s slot-machine gambling drained about $600,000 of their savings, leaving the couple in their 80s bankrupt and reliant on their son who now controls their money. The wife is depressed by their situation, and Abby counsels discussing finances with the son to adjust his limited support rather than punishing the parents for the husband’s addiction. The column also includes discussion of a separate privacy dispute raised by another reader about home surveillance.

via New York Post|
#addiction#advice#bankruptcy
Saks pivots to luxury as discount stores face mass closures
business29 days ago

Saks pivots to luxury as discount stores face mass closures

Saks Global has filed for Chapter 11 and will shutter most of its discount stores (Saks Off Fifth and Last Call), leaving a minority of Off Fifth locations open as it refocuses on core luxury brands. Liquidation sales begin Jan 31; the Saks Off 5th website will close, while 41 Saks and 36 Neiman Marcus/ Bergdorf Goodman stores and their e-commerce will continue. Gift cards can be used through Feb 14, returns/exchanges for purchases before Jan 31, and store-credit redemptions until March 1. The moves aim to cut debt and reset leases after a debt-fueled acquisition.

via Daily Mail|
#bankruptcy#business#gift-cards
First Brands founder indicted for fraud as auto-parts giant collapses on lenders
business1 month ago

First Brands founder indicted for fraud as auto-parts giant collapses on lenders

The founder and former CEO Patrick James and his brother Edward James of auto-parts maker First Brands were indicted on nine counts, including running a continuing financial crimes enterprise, bank fraud, wire fraud and money laundering conspiracy, amid allegations they fabricated growth and double‑pledged collateral, contributing to billions in liabilities and the company’s Chapter 11 bankruptcy. A former executive pleaded guilty, while Ford and GM are providing short-term financing to keep operations going as lenders face losses.

via Reuters|
#bankruptcy#business#first-brands
Saks pivots to luxury as most Off 5th and Last Call stores close
business1 month ago

Saks pivots to luxury as most Off 5th and Last Call stores close

Saks Global will shutter nearly 65 discount stores—roughly 60 Off 5th locations and five Last Call stores—while keeping about a dozen Off 5th outlets to liquidate residual inventory as it pivots to luxury via Saks Fifth Avenue, Neiman Marcus, and Bergdorf Goodman after filing for bankruptcy. Closing sales start late January (Off 5th) and January 30 for the website; gift cards will be accepted through mid-February.

via CNN|
#bankruptcy#business#last-call
Ex-Founders Charged in Decade-Long Fraud at First Brands
business1 month ago

Ex-Founders Charged in Decade-Long Fraud at First Brands

Federal prosecutors indicted Patrick James and his brother Edward for an elaborate fraud scheme at the bankrupt auto-parts company First Brands, including concealing debt and using round-trip financing to mislead lenders, involving billions in fake accounts dating back to 2018; the case follows the company’s bankruptcy and James’s ouster over alleged fund siphoning.

via The New York Times|
#bankruptcy#business#first-brands
Spirit in Talks with Castlelake for a Takeover as it Seeks Bankruptcy Exit
business1 month ago

Spirit in Talks with Castlelake for a Takeover as it Seeks Bankruptcy Exit

Spirit Airlines is negotiating with investment firm Castlelake for a potential takeover as it seeks to exit Chapter 11 bankruptcy, following earlier talks with Frontier over a merger and a prior JetBlue bid; Castlelake has aviation financing experience and Spirit has recently secured additional funding while weighing a standalone reorganization or strategic transaction, all while cutting flights and obtaining wage concessions from unions amid industry pressures.

via CNBC|
#aviation-finance#bankruptcy#business