General Motors filed for bankruptcy, which should make them exempt from actions prior to the filing. A new issue surrounding a malfunctioning part in 2009, however, may not be covered by the bankruptcy laws. An ignition switch defect could set them up for over a dozen lawsuits. Read more from autospies.com: The automaker made the…
Two extended auto warranty companies in St. Charles, Illinois recently filed for bankruptcy. They both filed for Chapter 11 bankruptcy protection. And they both claim to have somewhere between 50-99 creditors. Read more from bizjournals.com: Imperial Auto Protection LLC and Royal Auto Protection LLC, both extended auto warranty companies based in St. Charles, have filed for…
Coldwater Creek has announced its impending bankruptcy plans. It will close 18 retail stores in the state of Illinois alone. Across the country, 365 stores will be closed. Learn more from Kane County Chronicle: The Coldwater Creek store at 310 Commons Drive, in the Geneva Commons shopping center, is among the chain’s 365 stores slated to…
The City of Chicago is struggling under pension woes. The Illinois legislature is helping the city by increasing the cost of benefits for some government employees. This is being done to hopefully avoid the bankruptcy fate of Detroit. Learn more from The New York Times: The Illinois legislature on Tuesday approved a plan to start easing…
Judge Steven Rhodes is overseeing Detroit’s bankruptcy proceedings. He is seeking assurances from the mayor and other elected officials when it comes to the city’s plan. This plan includes pension cuts and reallocation of funds. Learn more from WHIG.com: Looking years ahead, the judge overseeing Detroit’s bankruptcy said Thursday he wants assurances from the mayor…
The federal bankruptcy judge overseeing Detroit’s bankruptcy is looking for an expert witness. There are five candidates he is considering. The expert witness will help the judge evaluate the city’s bankruptcy plan. Read more from the Detroit Free Press: There is a lot of restructuring prowess behind the five candidates vying for the job of expert…
Earlier this month the Tokyo District Court decided there was no hope of financial recovery for Mt. Gox. The bitcoin exchange will attempt to sell its assets. Investors, however, may not recover any of their money. Read more from WHIG.com: Bankruptcy proceedings began Thursday for the Mt. Gox bitcoin exchange, a move that was widely…
Teri Polo starred in the Meet the Parents movies alongside Ben Stiller. She is now starring in a new comedy series called Meet the Fosters. Despite her acting success, however, Polo has filed for Chapter 11 bankruptcy protection. Read more from NBC Chicago: Teri Polo has had the unfortunate event of meeting money trouble. The “Meet the Parents” star…
General Motors has hired a team of lawyers to fight their bankruptcy court battles. The hot issue at the moment is whether or not GM is responsible for actions that occurred before the 2009 bankruptcy filing. The company’s opposition claims that GM is responsible because it was covering up a problem it knew about. Read…
The developer of the Chicago Spire has found a way out of its bankruptcy. Atlas Apartment Holdings LLC has agreed to finance $135 million toward its exit plan. Shelbourne North Water Street LP has been in Chapter 11 reorganization since 2008. Read more from Law360.com: The developer of the long-stalled Chicago Spire told an Illinois…