Financially Troubled Philadelphia Orchestra Announces Millions in Donations
The Philadelphia Orchestra has been called the Rolls Royce of orchestras, but lately it has experienced more trials than a recalled subcompact.The 111-year-old orchestra, which filed for bankruptcy...
View ArticleSyms, Filene's Basement File for Bankruptcy
The retailer Syms and its subsidiary, Filene's Basement, have filed for bankruptcy, and plan to liquidate their stores by January.Company CEO Marcy Syms said it's been a challenge for the retailer to...
View ArticleJefferson County, Alabama Files for Bankruptcy
Jefferson County, Alabama filed the largest municipal bankruptcy in U.S. history on Wednesday after the County Commissions found its billions of dollars in debts were unsustainable. The county, which...
View ArticleBrands That Might Be Extinct in 2012
What do Sony Pictures, A&W Restaurants, Saab, American Apparel, Sears, Kellogg's Corn Pops, MySpace, Soap Opera Digest, and Nokia have in common? They’re ten brands that 24/7 Wall St, a...
View ArticleEastman Kodak Files for Chapter 11 Bankruptcy
A business and tech story that has the ring of the inevitable to it. A company that practically alone, created the modern global high-tech consumer culture has declared bankruptcy. Eastman Kodak, this...
View ArticleThe 23-Year-Old Treasurer of Harrisburg, PA
Most college students don’t find much time in between classes, studying, and planning their own futures to solve major problems in their local communities. But when Harrisburg, Pennsylvania found...
View ArticleAmerican Airlines Seeks to Lay Off 13,000
On Wednesday, American Airlines declared that it would lay off 13,000 workers or 15 percent of its workforce. The company is attempting to emerge from bankruptcy, which it filed last November. Along...
View ArticleAlabama County Files for Largest Municipal Bankruptcy in U.S. History
Jefferson County in Alabama filed for bankruptcy last November, with approximately four billion dollars in debt. Since November, creditors have argued that Alabama law prevents Jefferson County from...
View ArticleLehman Returns: Bank Emerges from Bankruptcy 3.5 Years Later
Lehman Brothers emerged from bankruptcy Tuesday and announced the failed bank widely credited with tipping the U.S. into recession in 2008 will start repaying creditors in April.Three and a half years...
View ArticleDetroit Mayor Hospitalized as City Nears Bankruptcy
The auto industry may be on its way back, but Detroit is close to bankruptcy. The city faces a budget deficit of $200 million and today is the deadline for a financial review panel to decide what the...
View ArticleTwinkies Won't Last Forever?
Rachel Feintzeig, reporter for the Wall Street Journal covering bankruptcy and restructuring, discusses the announcement that Hostess plans to liquidate in the wake of failed labor negotiations.
View ArticleMediation Talks Fail, Hostess Plans To Liquidate
Hostess Brands Inc. lived to die another day.The maker of Twinkies and Ding Dongs said late Tuesday that it failed to reach an agreement with its second-biggest union. As a result, Hostess plans to...
View ArticleA Grim Outlook for Brooklyn Hospitals in 2013
The man charged by Governor Cuomo with devising a rescue plan for Brooklyn’s struggling hospitals says 2012 was a “lost year” – and 2013 could bring more bad news.A little more than a year ago, Stephen...
View ArticleHow to Emerge from Default and Debt: Lessons from Cleveland
In December 1978, Cleveland, Ohio became the first in the United States to default on its debts since the Great Depression. The city, soon nicknamed "Mistake by the Lake," owed six banks a total of $15...
View ArticleSampson Corruption Scandal Hits Home for One Family
William Easterling and his wife used to own 165 Forbell Street, a two-family home in Brooklyn on the border of Cypress Hills and Ozone Park. The couple raised their four kids there. But they haven’t...
View ArticleMadoff Trustee Heads Back to Court
The court-appointed trustee working towards recovering funds for the people who invested money with Bernard Madoff is expected back in court Monday.investor Harold Hein, who's being sued by Irving...
View ArticleDetroit Files for Bankruptcy, But City Residents Remain Resilient
Yesterday afternoon, it was announced that the city of Detroit would be filing for bankruptcy today.This bankruptcy petition would seek to protect the Motor City from creditors who are owed over $18...
View ArticleDetroit's Bankruptcy Filing Shakes Local Officials
Detroit's bankruptcy filing last week is a story that has shaken up officials across the country, especially in New Jersey. The cash-strapped city of Camden, for example, continues to face budgetary...
View ArticleDetroit As Metaphor
Since Detroit filed for bankruptcy last month, it's been the subject of intense national coverage. Detroit's also been held up as a metaphor for everything that ails the country financially. Bob talks...
View ArticleShould Detroit Get a Bailout?
In July, Detroit entered bankruptcy with more than $18 billion in liabilities. Since then, Congress has stuck by its promise not to bail the city out. It’s a position that has lawmakers Dan Kildee, a...
View ArticleCity Opera Struggles to Raise $7 Million By Monday
The people's opera might go belly up. The New York City Opera has until Monday to reach its fundraising goal of $7 million, or it will begin bankruptcy proceedings. And so far, the fundraising is not...
View ArticleThe Collapse of Dewey & LeBoeuf
New Yorker staff writer James Stewart on the collapse of the law firm Dewey & LeBoeuf, which was crippled by financial problems and partner defections, and filed for bankruptcy in May 2012, making...
View ArticleNew York City Opera to Auction Off Instruments, Costumes, Props
Need a mustard-colored robe, a green-velvet chair or a harpsichord? The vestiges of 70 years of operatic history will go on the block on December 12 as New York City Opera plans to auction off its...
View ArticleForget Detroit, Puerto Rico Is In Big Trouble
Though Detroit seems to be in dire straights with its recent bankruptcy filing, there might actually be another piece of America that’s even worse off: Puerto Rico.The U.S. territory is facing massive...
View ArticleLoehmann's in Bankruptcy Again
Loehmann's Holdings, the Bronx-based parent company of the popular clothing discounter, is back in bankruptcy court, for the second time in three years. The company filed for chapter 11 bankruptcy on...
View ArticleDetroit Seeks Help to Save City's Art
Detroit, a city confronted by the realities of bankruptcy, is now being forced to assess the value of some of its most prized possessions—its art.The collection at the Detroit Institute of Arts (DIA)...
View ArticleBankruptcy of Bike Share Company Will Not Immediately Affect Systems in U.S....
Montreal's bike share company, which also supplies equipment and technology to the largest bike share systems in the U.S., has filed for bankruptcy—but transportation officials in the U.S. say that...
View ArticleAmerica Abroad: Government and Entrepreneurs
Governments around the world are struggling with how to promote entrepreneurship, considered critical to global competitiveness. And in the United States, there's nothing more politically contentious...
View ArticleWidespread Surprise at San Diego Opera's Decision to Fold
Last week’s revelation that San Diego Opera, the 10th largest opera company in the United States, plans to close its doors – an apparent victim of rising costs and shrinking audiences – appears to have...
View ArticleAfter Bankruptcy, Banks Still Go After Some Debts
For many people bankruptcy is a path to a fresh start.But, the New York Times reports this morning that tens of thousands of Americans who have been through bankruptcy are still haunted by their debts....
View ArticleMeet The Man Who 'Saved' The Motor City
In July 2013, Detroit entered bankruptcy with more than $18 billion in liabilities—it became the largest municipality to file for Chapter 11 in American history. After traveling down a long and...
View ArticleBankruptcy Could Be In The Cards For Atlantic City
For years, Atlantic City was the primary place to gamble on the East Coast. When casinos were flush, so were city coffers.Then sleek new casinos opened up in neighboring states, seducing customers...
View ArticleNo Bankruptcy in Atlantic City ... For Now
Emergency Manager Kevin Lavin says Atlantic City and its schools are facing a budget shortfall of nearly $150 million this year and they need to reduce spending by $10 million within the next few...
View ArticleDonor Left Millions for New York City Opera as Company Filed for Bankruptcy
A wealthy donor had left New York City Opera a multi-million dollar bequest in his will, just weeks before the company declared bankruptcy in 2013. On Tuesday it emerged that the executors of his...
View ArticlePuerto Rico's Crisis Makes Waves In New York
Puerto Rico has been in a recession for a decade.After the federal government phased out tax incentives for businesses located on the island, corporations left, shedding jobs and spurring a mass...
View ArticlePlan to Sell off NYC Opera's Name Is Withdrawn
NEW YORK (AP) -- A plan to sell off the New York City Opera's name and other assets has been withdrawn.The Wall Street Journal says the decision by the defunct opera company's board follows months of...
View ArticleHere’s what Congress can do about Puerto Rico’s debt
A member of a labor union shouts slogans while holding a Puerto Rico flag during a protest in San Juan September 11, 2015. Photo by Alvin Baez/ReutersWASHINGTON — Puerto Rico’s $72 billion public debt...
View ArticleMichigan lawmakers approve emergency aid for Detroit schools
Watch Video | Listen to the AudioMEGAN THOMPSON, PBS NEWSHOUR WEEKEND ANCHOR: This week in Michigan, the state legislature approved almost $50 million in emergency aid to keep Detroit’s public schools...
View ArticleWhat Donald Trump's Four Bankruptcies Say About the Deal Maker
Four of Donald Trump's companies declared bankruptcy over the course of his long business career, a record the Republican presidential hopeful is proud of."Hundreds of companies that I’ve opened. I’ve...
View ArticleNation’s largest coal mining company files for bankruptcy protection
A dragline works at Peabody Energy’s North Antelope Rochelle mine in Wyoming’s Powder River Basin. Image courtesy of Google EarthPeabody Energy, the country’s largest coal company, filed for Chapter 11...
View ArticleFormer MLB Player Lenny Dykstra on his Career, Steroid Abuse and Jail Time
Lenny Dykstra, former MLB center fielder for the Mets and Phillies from 1985 to 1996, details his all-star baseball career, along with his troubled post-MLB career and tumultuous personal life in his...
View ArticleAs Crisis Mounts, Puerto Ricans Come to The Mainland With An Eye on November
Click on the 'Listen' button above to hear this segment.Yesterday, the Senate passed a bill that ensures that Puerto Rico won't miss a Friday payment that it's required to make towards its $2 billion...
View ArticleCan Puerto Rico climb back from bankruptcy and shrinking population?
Watch VideoHARI SREENIVASAN: Puerto Rico went over the financial cliff this week. The U.S. territory home to more than three million people essentially filed for bankruptcy so it can restructure more...
View ArticleHow the Bankruptcy System Fails Black Americans
Click on the 'Listen' button above to hear this segment. A new investigation by ProPublica looks at how black Americans in the south have systematically fallen into a pattern of signing up for Chapter...
View ArticleHow Declaring Bankruptcy Drives African Americans Into Debt
ProPublica reporter Paul Kiel chats with us about his latest story, "How the Bankruptcy System is Failing Black Americans." The piece looks at why black Americans are more likely to file for Chapter 13...
View ArticleWhat’s in Store for Sears
Sears was once an iconic American retailer, selling everything from jewelry, to power tools, to ready-to-assemble houses. The 126-year-old company made its name through mail order catalogs eventually...
View ArticleIs Milk Cancelled?
Earlier this month, Dean Foods, America's biggest dairy company, filed for bankruptcy. Marion Nestle, professor emerita of nutrition, food studies, and public health at NYU and the author of many...
View ArticleDespite Billions in Aid, Farm Bankruptcies Are on the Rise
Earlier this month, the U.S. and China announced a “phase one” trade deal designed to halt the 18-month long trade war between the world’s two largest economies. The full details of the plan haven’t...
View ArticleIs It the End of Fairway?
New York institution Fairway Markets is selling off its stores as part of a bankruptcy filing. Soma Biswas, covers bankruptcy and restructuring for The Wall Street Journal and WSJ Pro Bankruptcy,...
View ArticleI Was In Debt. Then My Sister Offered Me $16,000.
What happened when a 27-year-old listener deep in credit card debt asked their older sister for financial help. If you're struggling with consumer debt, check out these resources. Support Death, Sex...
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