chapter 11

Two Lehman Brothers Units Need Help to Avoid Failing

Lehman Brothers Holdings, the once great Wall Street firm that went bankrupt at the height of the financial crisis, says it will have to pour hundreds of millions of dollars into two struggling units to avoid failures that could cost the investment bank billions.

Is a Blockbuster Bankruptcy Coming Soon?

The Los Angeles Times reports that Blockbuster has been meeting with senior debt holders and Hollywood studios to discuss a Chapter 11 filing in mid-September -- a path that would likely result in more store closures.

Bankruptcy Plan for Tribune Collapses

So much for the hope of a relatively quick and painless exit from bankruptcy for Tribune Co. A reorganization plan that would have turned over control of the Chicago-based media conglomerate to lenders including JP Morgan Chase & Co. has reportedly fallen apart after an independent examiner's report led various creditors to reassess the strength of their claims.

Jennifer Convertibles Files for Chapter 11 Bankruptcy

Sofabed seller Jennifer Convertibles filed for a pre-packaged Chapter 11 bankruptcy due to several back-to-back quarterly losses and an inability to find alternate financing. The Woodbury, N.Y.-based company plans to continue to operate through the reorganization.

Air America Shuts Down, Citing Economy

Air America is bankrupt, and this time it looks like it will be for good. The liberal talk-radio network, founded in 2004 to serve as a counterbalance to the likes of Rush Limbaugh and Fox News, is shutting down all operations and filing for Chapter 7.

Owner of Pizzeria Uno Files for Bankruptcy Protection

Wednesday. As part of its restructuring, the company has agreed to convert $142 million in senior secured debt into a 96% equity stake in the company, giving it what Uno's website refers to as the "resources to invest in its growth opportunities."

Newspaper Company Faces Bankruptcy

The long, steep decline in newspaper ad sales and circulation is starting to level off, but that doesn't solve the debt problems bedeviling firms like Affiliated Media. The holding company for industry heavyweight MediaNews Group will go through a prepackaged bankruptcy to eliminate most of its debt.

Citadel Declares Chapter 11

Faced with the likelihood of breaching its financial covenants, Citadel Broadcasting -- which syndicates several popular broadcasters, such as Don Imus -- took the initiative Sunday and filed for bankruptcy protection. That will let the radio broadcaster get out from under most of its $2.5 billion debt.

Sam Zell Is No Longer Troubled Tribune's CEO

Sorry, Tribune Co. employees. After everything you've been through in the past two years, you won't get to witness the one thing that might, in some small way, make up for it -- the spectacle of Sam Zell getting fired as CEO. He removed himself from the post, and he's staying on as chairman.

Bankruptcy time for Reader's Digest

Add Reader's Digest Association to the list of media companies that are going to need a detour through bankruptcy to make it through the...

R.I.P. Ritz Camera

Ritz camera is throwing in the towel and looking to either sell or liquidate all its remaining stores. It's been a bad month for the photography...

Tribune and Sam Zell: Good riddance

That popping sound you hear issuing from newsrooms around the country? It's the sound of thousands of champagne bottles being opened to toast the...

GM will keep its most valuable assets

General Motors is in the process of closing its weakest brands like Pontiac and Saturn. It is selling its money-losing European operations, and it is...

Ford plans to hammer its weaker peers

It is not surprising that the healthier car companies will try to profit from the troubles at GM (GM) and Chrysler. But it is ironic that Ford (F),...