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Tag Archives: Debt
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
IRS extends Economic Impact Payment deadline to Nov. 21 to help non-filers
The Internal Revenue Service announced today that the deadline to register for an Economic Impact Payment (stimulus payment) is now Nov. 21, 2020. This new date will provide an additional five weeks beyond the original deadline. The IRS urges people … 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
GM Will Recall 7 Million Vehicles for Air Bag Issue Worldwide
General Motors Co. will recall 7 million vehicles worldwide with potentially dangerous Takata air bag inflators. The recall is expected to cost the Detroit automaker $1.2 billion. The National Highway Traffic Safety Administration (NHTSA) said GM must recall 5.9 million … 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
Action on Invoices Too Late
Statute of limitations for contract actions is five years, with exceptions that include any action for payment upon a written contract, which is ten years. Ten-year limitation could apply to an invoice stating that buyer’s signature constituted a promise to … 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
CFPB and New York Attorney General Take Action Against Debit-Collection Operation and Its Owners and Managers
The Consumer Financial Protection Bureau (CFPB), in partnership with the New York Attorney General (NYAG), have filed suit against a network of five different companies based outside of Buffalo, New York, two of their owners, and two of their managers, … 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