Bankruptcy | featured news

Stockton, the California city with the nation's second-highest foreclosure rate, is facing a moment of decision on whether to become the biggest city to file for bankruptcy, as a deadline for talks between the city and its creditors approached late Monday.

Court battles with employees and lenders that could stretch over years is likely to await Stockton, Calif., if it becomes the largest U.S. city ever to file for bankruptcy.

Japan Airlines soon is expected to emerge after less than three years in bankruptcy. Ashikaga Holding has been a classic "zombie company," taking nearly a decade to resume trading. That contrast could prove a tipping point for changing Japanese attitudes toward filing for bankruptcy.

Despite publishing a book and posing for Playgirl, Levi Johnston is struggling financially. Johnston, the father of Bristol Palin's son Tripp, is broke and living at home with his mother, Us Weekly reports. A source told the magazine the 22-year-old "made more than $1 million and squandered it on guns, boats and four-wheelers."

The educational and trade publisher has agreed to a restructuring that would convert its long-term debt to equity.

The nearly bankrupt U.S. Postal Service is urging the House to quickly pass legislation to let it close low-revenue post offices and eliminate Saturday delivery.

From Miracle Mom to Octomom and now, perhaps very soon, Porno Mom, the bizarre life of Nadya Suleman and her 14 children has been a subject that rarely ceases to amaze. But with Suleman filing for bankruptcy this week and revealing she owes everyone from her parents to her gardener to her baby-sitters nearly $1 million, could the Octomom Odyssey finally be grinding to an inglorious halt?

Stagnant revenue and rising employee costs threaten City Hall with a $222-million shortfall, official says. A proposal to outsource ambulance services provokes anger from firefighters union. Los Angeles' top budget official raised the specter of bankruptcy Friday in a sweeping report that calls for new taxes, possible layoffs and the privatization of some city services.

Guggenheim Baseball L.P. is paying $1,587,798,000 in cash and assuming debts of no more than $412,200,000 to buy the Dodgers from Frank McCourt, according to documents filed Friday afternoon in U.S. Bankruptcy Court.

Pinnacle Airlines Corp , parent of Pinnacle Airlines and Colgan Air, filed for bankruptcy protection late on Sunday, the latest victim of high fuel prices and dampened travel demand.