GT Advanced Technologies Inc (GTAT.O) said it will cut 890 jobs, close an Arizona plant expected to make scratch-resistant screens for Apple Inc (AAPL.O), and suggested it could pursue legal claims against the iPhone maker while revamping under bankruptcy.
The financial implosion of Apple Inc (AAPL.O) supplier GT Advanced Technologies Inc this week offers a dramatic illustration of how the iPhone maker can put the screws to suppliers willing to take a short-term risk for future riches.
An affiliate of Brookfield Asset Management (BAMa.TO) (BAM.N) has topped Florida real estate developer Glenn Straub's $90 million bid for the bankrupt Revel Casino Hotel in Atlantic City, the Wall Street Journal reported, citing sources.
Michigan officials on Friday signed off on four bond issues totaling $1.1 billion that would fund Detroit's exit from the biggest-ever municipal bankruptcy.
A U.S. bankruptcy court judge on Monday approved Detroit's proposal to repurchase nearly $1.5 billion of existing water and sewer revenue bonds tendered by investors and to refinance the debt to save money.
Genco Shipping & Trading has filed for Chapter 11 bankruptcy protection on Monday as it planned to restructure the company and emerge immediately from bankruptcy although it did not provide a specific time frame for the move.
Mt. Gox has posted a new statement which shed more light on the company's financial situation and validated the contents of a document leaked earlier, TechCrunch reported.
Sources told Bloomberg that pizza restaurant chain Sbarro is preparing for a bankruptcy filing which could take place any time in the next few weeks.
After shuttering its operations this week, Tokyo-based Bitcoin exchange Mt. Gox told reporters that it will be seeking bankruptcy protection, The Wall Street Journal reported.
The Morpheus, the first private startup accelerator in India, is shutting down its operations this week after six years of conducting accelerator programs for startups in the country, because of the fierce competition from its rivals.
LightSquared Inc seemed to have marked a small milestone towards getting out of bankruptcy when on Friday, it told a state court that it has been working with its creditors regarding a plan to restructure the company's assets.
The sale of the art collection of convicted jeweler Ralph O. Esmerian was able to gather $13 million, $10.5 million of which will go to creditors, Bloomberg reported.
XL-ID Solutions Inc. announced that at the meeting of its creditors which took place on January 24, 2014, the statutory majority of creditors approved the proposal submitted by the Corporation pursuant to the Bankruptcy and Insolvency Act, in a proportion of 93,6% in number and 89,5% in value of the creditors who filed a proof of claim and voted on the proposal.
Burlingame, California-based car buying service CarWoo! posted an announcement on its website saying the company will be shutting down, with some of its employees heading to rival TrueCar.
For Detroit, the road in and out of U.S. bankruptcy court is paved with casino money.
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