#bankruptcy

#bankruptcy

On Friday, Summit Properties USA became the winning bidder for more than 5,000 rent-regulated units owned by bankrupt Pinnacle Development Group. The sale went through despite Mamdani's push to delay the auction of units, which were plagued by unresolved maintenance issues and a flood of tenant complaints. Mamdani's setback shows how even a mayor determined to capitalize on an affordability mandate can struggle once cases move into federal court.

The fraud-convicted one-time billionaire sailed on a gleaming superyacht, wore custom-tailored Brioni suits, and strode through his Gilded Age mansion on a million-dollar cushion of Chinese and Persian carpets. Since 2022, the cash, homes, luxury cars, and private jets of Guo's suptuous former life have been picked over by prosecutors, the Securities and Exchange Commission, and a federal bankruptcy trustee - all trying to claw back money for thousands of creditors and victims in one of the most sprawling fraud cases in recent history.

Main Street, which holds 29 NBA, NHL and MLB teams in its portfolio and broadcasts their games under the name FanDuel Sports, emerged from a lengthy bankruptcy proceeding at the start of 2025 but finds itself in deep financial trouble again. Recent reports from Sports Business Journal stated that the company will dissolve at the end of the current NBA and NHL seasons if it does not execute a sale to another platform.

Toys R Us is back - again. The latest phase of the toy store chain's comeback came this holiday season as Toys R Us stores popped up at a handful of malls around the US. The temporary stores are part of a broader revitalization opportunity by brand management company WHP and Go! Retail Group. It's the latest example of how the once-dominant chain is trying to make a comeback.

Pedego issued a recall on several hundred fat tire electric trikes after multiple reports of frame breakage. Pacific Cycle also released a safety notice regarding slipping child-seat buckles. At Rad Power Bikes, Kathi Lentzch has stepped down after taking over as CEO in March. Former CFO Angelina Smith is now stepping into the role to guide the company through its Chapter 11 process.

Almost 13 years after Celtic Tiger era property developer Sean Dunne filed for bankruptcy, a US court has finally approved the distribution of assets to some of his creditors.

When I was younger, I worked largely in retail. I spent four years in Europe because my first husband was in the military, then came back and worked in a dress shop. After getting a divorce, I ended up becoming a credit manager. That was very unusual at the time because women were often secretaries, not credit managers. I met my second husband at that company. After the company went under, I stopped working.

Rad Power Bikes, the once dominant electric bicycle brand in the US, filed for Chapter 11 bankruptcy protection this week as it seeks to sell of its company. The move comes less than a month after Rad Power said it could not afford to recall its older e-bike batteries that had been designated a fire risk by the US Consumer Protection Safety Commission. The bankruptcy, which was first reported by Bicycle Retailer, was filed in US Bankruptcy Court for the Eastern District of Washington, near the company's headquarters in Seattle. Rad Power lists its estimated assets at $32.1 million and estimated liabilities at $72.8 million. Its inventory of e-bikes, spare parts, and accessories is listged at $14.2 million, Bicycle Retailer says.

Court documents released on Monday showed that the league, which filed for Chapter 11 bankruptcy last week, still owes some of the biggest names in track and field hundreds of thousands of dollars and creditors between $10m and $50m (7.5m and 37.3m). In October the athletes received 50% of what they were owed by GST for competing in Kingston, Miami and Philadelphia before financial difficulties forced it to cancel its final event in Los Angeles.

Grand Slam Track, the league fronted by sprint great Michael Johnson that offered six-figure prize money for top runners, has filed for bankruptcy after canceling its final event and failing to pay athletes and vendors. Johnson boasted a $30 million bankroll at the outset, but in its Chapter 11 filing Thursday in Bankruptcy Court in Delaware, the league said it had less than $50,000 cash on hand, between 200 and 999 creditors, and owed between $10 million and $50 million.

Sears, once known as Sears, Roebuck and Co, was founded in 1892. Its store count peaked at over 3,000, and it was the largest retailer in America for decades, until Walmart topped it in 1990. By 2005, Sears had weakened so much that hedge fund manager Eddie Lampert bought it for $11 billion, using his ownership in Kmart to complete the transaction. The combined business declared Chapter 11 bankruptcy in 2018.

Last call has come for a beloved, nearly four-decade-old Oregon brewery founded in part by three former Nike executives. Oregon Brewing Company, the parent company of Rogue Ales & Spirits, filed for Chapter 7 liquidation proceedings in the state's federal bankruptcy court this week. The Monday bankruptcy filing follows the craft beer and spirits maker's abrupt shutdown of all its brewing and restaurant locations across Oregon, according to local news reports.

In legal filings, the retailer blamed several factors for its financial downfall, including rising costs, elevated interest rates, and President Donald Trump's tariffs. It also cited "one of the most severe housing market declines in recent history." As Business Insider reported earlier this month, the housing turnover rate - or the pace at which homes change hands - has dropped to its lowest levels in decades amid rising rates, according to an analysis by Redfin.

Byju Raveendran, the embattled founder of Indian ed-tech giant Byju's, has blasted a U.S. bankruptcy court's order directing him to pay more than $1.07 billion. He is denying wrongdoing, accusing lenders of misleading the court, and vowing to appeal a ruling that marks a dramatic fall for a onetime poster boy of India's startup boom.

The biotech company, which is headquartered in Milpitas, turned in a Chapter 7 filing, meaning that it seeks liquidation, rather than reorganization. The document is so sparse that it prompted a request from the court's deputy clerk for more information. But it depicts a company in dire straits: ASC Therapeutics estimates that it has between $100,000 and $500,000 in assets and between $10 million and $50 million in liabilities.

Spirit first sought bankruptcy protection in November 2024, following years of mounting financial losses and the collapse of a proposed $3.8 billion merger deal with JetBlue. The budget airline, easily recognizable thanks to its bright yellow planes, reported in its initial voluntary bankruptcy petition that as of September that year, it had $9.49 billion in total assets and $8.99 billion in total debts.

BUCKTOWN - Etta served its final meal on Sunday, October 19, making way for Italian steakhouse Dēliz. The closure ends the restaurant's Chicago presence, following the 2024 shutdown of its River North location and a high-profile, multistate bankruptcy filing. Opened in 2018 by David Pisor and James Lasky, the team behind Gold Coast steakhouse Maple & Ash, Etta offered Italian American cuisine built around a wood-burning oven under the direction of former executive chef Danny Grant. 1840 W. North Avenue.

Changes are likely coming to a Hooters restaurant near you as the chain puts bankruptcy behind it. Hooters Inc. said Monday that it had finalized its acquisition of Hooters of America. The transaction closed on Friday, the companies said - roughly seven months after Hooters of America filed for bankruptcy. Hooters Inc., which also calls itself "Original Hooters," now owns about 140 Hooters locations around the US.

For years, the tween jewelry retailer has struggled to find its footing amid dying mall culture. In August, it filed for Chapter 11 bankruptcy protection for the second time in seven years, citing the "continued trend away from brick and mortar" and higher interest rates. It has since agreed to sell its North American business, including at least 795 stores, to private equity firm Ames Watson in a deal worth $140 million.

A US court has decided to delay the distribution of money recovered from the estate of bankrupt property developer Sean Dunne after objections were raised by the businessman.

There are few things in the world that scream indulgence quite like an iconic American buffet. From Golden Corral to Sizzler's, the restaurant landscape was dotted with popular chains that laid out all-you-can-eat spreads at super affordable rates. And while the general decline had started in the early 2000s, the struggle became impossible to ignore during the pandemic. One beloved chain that couldn't survive it was Hometown Buffet.