bankruptcy News

Facing Deceptive Opioid Marketing Suits, Mallinckrodt Files for Bankruptcy

Mallinckrodt Plc filed for bankruptcy protection on Monday, saddled with lawsuits alleging it fueled the U.S. opioid epidemic and after it lost a court battle to avoid paying higher rebates to state Medicaid programs for its top-selling drug. The company …

Department Store Blames Insurers As It Files Bankruptcy and Shuts Down

Century 21 Stores, an iconic New York off-price department store chain, filed for bankruptcy with plans to shut down, becoming the latest victim of the retail industry carnage that’s accelerated during the pandemic. The retailer will hold going out of …

Bankruptcy Court Approves PG&E’s Chapter 11 Reorganization Plan

PG&E Corp. said its Chapter 11 reorganization plan has been confirmed by the United States Bankruptcy Court for the Northern District of California, bringing the power provider one step closer to emerging from bankruptcy and participate in a state-backed wildfire …

PG&E’s Bankruptcy Plan Wins Support from California Wildfire Victims

Pacific Gas & Electric’s plan for getting out of bankruptcy has won overwhelming support from the victims of deadly Northern California wildfires ignited by the utility’s fraying electrical grid, despite concerns that they will be shortchanged by a $13.5 billion …

Willis Towers Watson Forms Risk Services Group for Distressed Organizations

Willis Towers Watson has formed a new unit serving companies facing bankruptcy or restructuring. The new unit, Strategic Solutions Group (SSG), is within its Financial, Executive and Professional Risks (FINEX) global practice and Mergers & Acquisitions Group. SSG will provide …

PG&E Purging Most of Board in Fallout From Bankruptcy, California Wildfires

PG&E Corp. will sweep out three quarters of its board of directors to start with a mostly clean slate when it emerges from a bankruptcy case triggered by deadly wildfires ignited in Northern California by the utility’s neglected electrical grid. …

Another Member PG&E California Wildfire Panel Resigns

The former chief financial officer for a Northern California city destroyed in a 2018 wildfire caused by Pacific Gas & Electric equipment is trying to upend the utility’s plan for getting out of bankruptcy because she believes the company is …

PG&E Banking on Big Profits After Utility Leaves Bankruptcy

Pacific Gas and Electric says it expects to become more profitable than ever after it emerges from bankruptcy and pays off more than $25 billion in losses sustained in catastrophic wildfires ignited by its outdated equipment. The nation’s largest utility …

Bankrupt Philadelphia Refiner Seeks $2.5M in Executive Bonuses

The bankrupt Philadelphia Energy Solutions oil refiner is seeking a minimum of $2.5 million in bonus payments to the refiner’s top executives as part of a plan to reorganize or sell the company, U.S. bankruptcy court filings show. This would …

City and Union Officials to Consult on Philadelphia Refinery Sale Process

A U.S. bankruptcy judge on Thursday approved a process for the sale of the Philadelphia Energy Solutions oil refinery, the largest and oldest on the East Coast, under which city officials and a trade union will consult on the matter. …