Bankruptcy | featured news

Casey Anthony has filed for bankruptcy in Florida, claiming about $1,100 in assets and $792,000 in liabilities.

North Carolina lawmakers are drafting legislation that would ban people on welfare or those who are in bankruptcy from buying lottery tickets. Rep. Paul "Skip" Stam, R-Wake is helping draft the legislation. Stam told ABC11 the vendor selling the lottery ticket would be penalized if they knew the person was on welfare or in bankruptcy.

A likely suitor has emerged for the namesake Hostess brand, which includes Twinkies, Ding Dongs and Ho Hos.

One of the best-known US snack food brands may survive as its bankrupt owner reveals it is in talks with 110 potential buyers.

Only days after being unable to work things out with a striking union, and forcing us all to devour faux Twinkies for our creamy, spongy sugar fix, the folks at Hostess Brands Inc. are asking for a bankruptcy court to approve up to $1.8 million in bonus payments to top executives.

Twinkie lovers, relax. The tasty cream-filled golden spongecakes are likely to survive, even though their maker will be sold in bankruptcy court. Hostess Brands, baker of Wonder Bread as well as Twinkies, Ding Dongs and Ho Ho's, will be in a New York bankruptcy courtroom today to start the process of selling itself.

Today, Hostess Brands inc. — the company famed for its sickly sweet dessert snacks like Twinkies and Sno Balls — announced they’d be shuttering after more than eighty years of production. But while headlines have been quick to blame unions for the downfall of the company there’s actually more to the story: While the company was filing for bankruptcy, for the second time, earlier this year, it actually tripled its CEO’s pay, and increased other executives’ compensation by as much as 80 percent.

Hostess Brands says it is going out of business, closing plants that make Twinkies and Wonder Bread and laying off all of its 18,500 workers. The Irving, Texas, company says a nationwide worker strike crippled its ability to make and deliver its products at several locations.

Dutch sportscar maker Spyker is suing General Motors for $3 billion on behalf of its subsidiary Saab, accusing the U.S. automaker of deliberately bankrupting the Swedish group by blocking a deal with a Chinese investor.

Chinese government to force unprofitable automakers into involuntary bankruptcy... The Ministry said in a note published on Tuesday that it is considering the introduction of a withdrawal mechanism to force near-bankrupt automakers out of the bloated automotive industry. China has around 1,300 automobile makers, including 171 car, truck and bus makers and more than 900 specialty vehicle manufacturers, according to the government.