Bankruptcy | featured news

Pennsylvania’s financially distressed capital city is seeking Chapter 9 bankruptcy, citing overwhelming debt, but Harrisburg’s mayor and top city lawyer said the filing signed by a City Council member was not legal. The petition docketed by U.S. Middle District bankruptcy court Wednesday listed about $458 million in creditors and claims, and said the city faced “imminent jeopardy” from six pending legal actions by creditors related to a debt-saddled trash incinerator.

Greece will miss a deficit target set just months ago in a massive bailout package, according to government draft budget figures released on Sunday, showing that drastic steps taken to avert bankruptcy may not be enough.

The Energy Department plans to give $156 million in grants on Thursday after it has been under scrutiny for arranging $528 million in loans to Solyndra, a company that went bankrupt.

Industry analysts and government auditors say the administration failed to take note of trouble already evident in the solar energy marketplace.

A bankruptcy judge rejected Washington Mutual's Chapter 11 plan for a second time, finding the company was too generous with senior creditors but not dismissing the central details of the plan.

France is ready to do whatever it takes to rescue Greece, the government said, and urged the debt-laden euro-zone member to swiftly implement the July 21 plan to prevent bankruptcy.

Leaders of a House subcommittee want to make the Obama administration answer for putting taxpayers on the hook for a half-billion-dollar loan to a now-bankrupt solar panel manufacturer. A hearing Wednesday will examine what went wrong ...

FBI agents on Thursday were searching the offices of a California solar energy company touted by President Barack Obama that recently halted operations, FBI spokesman Peter Lee confirmed to CNN. Search warrants were executed at the Fremont, California, offices of Solyndra, which recently filed for bankruptcy, in a joint operation involving the FBI and the Department of Energy, Lee said.

A California solar-panel manufacturer once touted by President Barack Obama as a beneficiary of his administration's economic policies -- and the recipient of a $535 million federal loan -- is laying off 1,100 workers and filing for bankruptcy.

The city of Central Falls, Rhode Island — one of a handful of U.S. cities and counties facing fiscal collapse in the wake of the economic recession — has filed for bankruptcy.