Bankrupt Companies

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Monday, 16 September 2019

Latest News for: Bankrupt companies

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OxyContin maker Purdue Pharma files for bankruptcy

The Irish Times 16 Sep 2019

States were split over whether to support its offer – which Purdue estimates is worth more than $10 billion (€9 billion) – or risk getting less to fund a clean-up of the crisis if the company went bankrupt ... Purdue’s offer would see the company run for the benefit of the claimants, with all the assets put in a trust....

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How snowmobiles launched Polaris into a nationally known company

MinnPost 16 Sep 2019

By 1962, Sno-Traveler sales were approaching $800,000 a year and accounting for 85 percent of the company’s annual revenues ... The subsequent customer backlash nearly bankrupted the company ... The new sleds were hits with consumers and led the company into a sustained period of growth....

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U.S. malls creatively adjust to live on, including University Place, Provo Towne Center

Provo Daily Herald 16 Sep 2019

Just 20 companies represent 75% of all net closings in the report for 2019, the report states ... “In general, we see company-specific issues in the companies that are closing stores or are going bankrupt, not a systemic overall retail issue.”....

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UAW national strike against GM bucks recent history

Detroit news 16 Sep 2019

The last time the United Auto Workers union took to picket lines against a Detroit automaker was in 2007. That year, 73,000 General Motors workers walked off the job and idled 80 facilities nationwide for less than two days ... (Photo. Clarence Tabb, Jr., The Detroit News) ... "The context is the workers gave major concessions when the company went bankrupt....

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Letter: Trump administration is striking a better balance with China

Eagle-Tribune 15 Sep 2019

To the editor. ... The Trump administration points out correctly that American industries have paid a very high price — in lost jobs and companies going bankrupt ... — to America ... American companies are now competing amid a trade war with China. As a result, many companies are leaving China and going elsewhere to continue to compete against China ... Ed Brooks ... ....

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US stocks open higher, flirting with records

The Siasat Daily 15 Sep 2019

New York ... Better-than-expected US retail sales data added to the good feelings on the market ... Among individual companies, bankrupt utility company PG&E surged nearly five percent after announcing an $11 billion settlement with insurance companies over its responsibility for the deadly 2018 Camp Fire in California. Source. AFP....

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Thousands stranded by ‘cowboy’ solar installers

The Daily Telegraph Australia 15 Sep 2019

More than 700 solar installation companies in Australia have gone bankrupt or stopped trading in the past eight years, stranding thousands of Aussies unable to get help with “orphan” systems .......

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Motley Fool: A stock that can deliver

The Spokesman-Review 15 Sep 2019

Right now, the company is focused on getting more efficient at handling residential e-commerce deliveries, particularly in rural areas ... I sold at CA$3 per share, before the company went bankrupt – and to make matters worse, this was in a tax-deferred account, so I didn’t get to use the loss to offset gains....

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$11 Billion Settlement in Deadly California Fires

Inquirer 14 Sep 2019

ADDS details on claims Bankrupt US utility company Pacific Gas and Electric announced Friday it has reached an $11 billion settlement ......

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Social disaster

The Northside Sun 14 Sep 2019

The United Kingdom is planning to require internet companies to take “reasonable and proportionate” action against illegal and potentially harmful content posted on their sites ... history, the deceptively named Communications Decency Act of 1996 opened the door for all kinds of indecent behavior by giving online companies an exemption from this....

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PG&E to Pay Insurance Companies $11B for Wildfire Damage

NBCBayArea 14 Sep 2019

PG&E announced on Friday an $11 billion deal to pay private insurance companies for the damage to their customers for two years of devastating wildfires ... He says the money also will pay off hedge fund investors who bought millions of dollars in unpaid insurance claims against the bankrupt company for as low as 35 cents on the dollar....

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Leroy water company faces fears, frustrations in effort to reduce arsenic levels

Waco Tribune-Herald 14 Sep 2019

Naturally occurring arsenic in groundwater has been a regional issue for years, and the $50,000 fines systems face could easily bankrupt a small rural water company, said Charles Beseda, president of the Falls-Hill-Limestone-McLennan Water Supply Corporation, which was formed by suppliers about a decade ago to address the arsenic problem....

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JSW Steel files appeal at NCLAT to modify takeover terms of Bhushan Power

Live Mint 13 Sep 2019

JSW Steel has filed an appeal at the National Company Law Tribunal, contesting the conditions of its takeover of bankrupt steel mill Bhushan Power and Steel (BPSL) ... Further, certain important reliefs sought by the company have also not been granted ... JSW believes, however, that these profits were part of the company’s assets and should stay with BPSL....