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Tag Archives: Bankruptcy
U.S. Railroad Amtrak Warns of 2,400 Additional Job Losses Without New Bailout
U.S. government-supported passenger railroad Amtrak said that without a new bailout it could be forced to cut more spending and train services, which could lead to the loss of another 2,400 jobs. In November, Amtrak told Congress it needs up … Continue reading
Unrepentant Lender Slammed with $260,000 in Damages for an ‘Egregious’ Stay Violation
For an egregious violation of the automatic stay that “severely injured” the debtor, Chief Bankruptcy Judge Laura T. Beyer of Charlotte, N.C., imposed $260,000 in sanctions, given that the lender’s “behavior displayed a high degree of reprehensibility.” The October 6 … Continue reading
Southwest Issues Layoff Warnings to 6,828 Employees
Southwest Airlines Co. dramatically expanded its furlough warnings, telling employees that 6,828 jobs are at risk as the company and its labor unions have failed so far to agree on how to cut $500 million in costs. all employees from … Continue reading
Guitar Center Files for Bankruptcy
Guitar Center Inc filed for chapter 11 bankruptcy, as music lovers moved their shopping online during the coronavirus pandemic. The retailer has negotiated to have a total of $375 million in debtor-in-possession financing from its existing lenders and intends to … Continue reading
Hundreds of Companies That Got Stimulus Aid Have Failed
About 300 companies that received as much as half a billion dollars in pandemic-related government loans have filed for bankruptcy. Many of the companies, which employ a total of about 23,400 workers, say that the funds from the Paycheck Protection … Continue reading
Wendy’s, Pizza Hut Franchisee NPC Looks to Sell Itself to Operator of Panera Stores
NPC International Inc., the nation’s largest franchisee of Wendy’s and Pizza Hut restaurants, has a deal to sell itself out of bankruptcy to Flynn Restaurant Group LLC. Flynn, the largest restaurant franchise operator in the U.S., is offering $816 million … Continue reading
Las Vegas Monorail Files for Bankruptcy Again as Coronavirus Shuts Service
Las Vegas Monorail Co., a transit system financed with municipal debt that serves some of the city’s marquee hotels, filed for bankruptcy for the second time in just over a decade after the coronavirus pandemic shut down service. The nonprofit … Continue reading
$128 Million Suit Against UnitedLex Over LeClairRyan Demise Shows Outsourcing No Cure for Dying Firm
As a growing number of law firms look to contract with third-party vendors to outsource business operations, a $128 million lawsuit filed by LeClairRyan’s bankruptcy trustee against UnitedLex makes it clear that the risks to both sides can be high. … Continue reading
Iconic Restaurant Chain Friendly’s Files for Bankruptcy
Friendly’s Restaurants LLC, an iconic chain on the East Coast of the U.S. known for its sundaes, became the latest dining institution to go bankrupt amid the pandemic. The company filed for chapter 11 bankruptcy protection in Delaware. It listed … Continue reading
Pizza Hut Drivers Claim $320 Million Mileage Underpayment
Pizza Hut delivery drivers say that the bankrupt company’s largest franchisee shortchanged them on payments for using their own vehicles, adding to the list of cases from former employees. NPC International Inc. reimbursed the drivers for miles at such a … Continue reading