Bankruptcy | featured news

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.

If nothing else, the legal maneuver will buy them some breathing room. But it also will destroy their credit rating, and it may not even be necessary.

To most people, bankruptcy is a four-letter word.

Also: What to do when credit limits suddenly drop, and whether IRAs offer protection from legal claims.

Dear Liz: My question is whether I should file for bankruptcy or try to settle my debts.

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.

A federal judge approved a plan by General Motors to sell its best assets to a new, government-backed company, a crucial step for the automaker to complete its bankruptcy process.

Ex-NFL star Bernie Kosar faces his toughest opponent yet - bankruptcy.