Bankruptcy

2:54pm

Thu July 18, 2013
The Two-Way

Detroit Files For Bankruptcy

Originally published on Fri July 19, 2013 2:32 am

Bill Pugliano Getty Images

(This story last updated at 6:45 p.m. ET)

The city of Detroit has filed the largest municipal bankruptcy in U.S. history, seeking Chapter 9 protection from creditors and unions owed some $18.5 billion in debt and liabilities.

In a news conference on Thursday, Detroit Mayor Dave Bing said he didn't want to go into bankruptcy, but the city will now "have to make the best of it."

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12:28am

Mon July 1, 2013
Economy

Alabama County Files Plan To Exit Bankruptcy

Originally published on Mon July 1, 2013 8:57 am

Alabama's bankrupt Jefferson County has filed a 101-page plan that would force creditors to lose up to 70 cents on the dollar.

In 2011, the county underwent what's been called the largest government bankruptcy in U.S. history. It's in debt by about $4.2 billion.

Because of combination of corruption and poor management, the municipality was unable to repay money it borrowed to upgrade its sewage system.

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8:01am

Fri April 12, 2013
The Two-Way

Judge Rejects $20-Million Severance For American Airlines CEO

Originally published on Fri April 12, 2013 10:56 am

American Airlines CEO Tom Horton stands next to a control tower at Berlin Brandenburg Airport in March 2012.
Sean Gallup Getty Images

A severance package of $20 million might have seemed reasonable to American Airlines CEO Tom Horton, but a U.S. bankruptcy judge says it's too much.

The proposed payout, part of a deal that would merge American parent AMR and US Airways Group, first caught the attention of U.S. Trustee Tracy Hope Davis, a Department of Justice official monitoring AMR's Chapter 11 bankruptcy.

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1:52pm

Mon April 1, 2013
The Two-Way

Judge's Ruling Makes Stockton, Calif., Most Populous City To Enter Bankruptcy

Originally published on Mon April 1, 2013 2:11 pm

A judge accepted the California city of Stockton's bankruptcy application on Monday, making it the most populous city in the nation to enter bankruptcy.
Ben Margot AP

7:15pm

Thu January 24, 2013
Agriculture

Bankruptcy—and Questions—Plague Northern Colorado’s Grant Farms

Grace Hood

Colorado’s ongoing drought is just one of the reasons that the country’s largest Community Supported Agriculture farm (CSA) near Fort Collins filed for bankruptcy.

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