Bankruptcy

Lindsay Lohan’s Mom Dina Lohan Files for Bankruptcy

Dina Lohan’s financial woes have caught up to her. The 56-year-old mother of Lindsay Lohan has filed for bankruptcy, Us Weekly confirms. Stars Who’ve Filed for Bankruptcy According to court documents obtained by Us, Dina claims to have $1,578,049 in debt, with the majority of it stemming from money owed to the mortgage company PennyMac Loan Services. She owes $4,651 in California state taxes and $9,000 in New York. The TV personality also owes $10,000 to Honda and another $10,000 to…

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$210 million St. Paul archdiocese bankruptcy settlement approved

Nearly four years after the Archdiocese of St. Paul and Minneapolis filed for Chapter 11 bankruptcy, a U.S. Bankruptcy Court approved a settlement plan that includes $210 million for more than 400 victims of clergy sex abuse. The settlement would move the Archdiocese of St. Paul and Minneapolis out of Chapter 11 bankruptcy and provide some closure to the hundreds of men and women abused by priests over the past decades. On Tuesday morning, U.S. Bankruptcy Court Judge Robert Kressel…

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GTL claims Canara Bank`s 541 crore due over insolvency as `illegal

State-run Canara Bank is learnt of filing an application for initiation of insolvency proceedings against GTL Infrastructure Ltd. GTL Infra, trading on the Bombay Stock Exchange, shared to exchange houses about Canara Bank’s decision. The telecom company claimed that Canara Bank had alleged defaults of Rs 541.49 crore. However, the company claimed that the bank’s claims were “on illegal and unjustifiable grounds”. The company clarified that it’s dues to the bank stood at Rs 275.48 crore as on March 31.…

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GTL infra share price: GTL, GTL Infra drop up to 5% on bankruptcy action

NEW DELHI: Shares of GTL and its unit GTL Infrastructure ran into rough weather on Tuesday as Canara Bank filed for insolvency proceedings against the two listed companies. Shares of GTL fell 2.73 per cent to hit a low of Rs 5.71 on the BSE early today. GTL Infra shares, on the other hand, declined 5 per cent to Rs 1.35. This will mark another battle for dues in a debt-laden industry. In a regulatory filing to the BSE, GTL…

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Sears CEO warns of bankruptcy risk

NEW YORK — Time is running out for Sears, the retailer’s largest investor and chief executive warned Monday. With the company facing a large loan payment due next month, Edward Lampert, who serves as both Sears’ CEO and its most influential shareholder and lender, said it needed to drastically restructure its debts to avoid “alternatives.” Those alternatives include bankruptcy. Lampert’s hedge fund, ESL Investments has proposed a series of deals that would reduce the retailer’s $5.6 billion debt load. The…

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Citi Agrees To Pay $5 Mln Fine On Robo-signing In Consumer Bankruptcy Cases

Citi agrees to pay $5 million to remediate Department Stores National Bank account holders in whose bankruptcy cases improperly signed proofs of claim may have been filed. Using the former vendor’s data, Citi has undertaken a review and identified more than 71,000 eligible accounts. Each eligible account will receive a pro rata share of the $5 million payment. Citi will also send a notice to eligible accounts informing the account holder of the reason for the payment. Citi’s independent internal…

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Sears CEO Lampert offers new deals to avert bankruptcy – Honolulu, Hawaii news, sports & weather

. - Sears Holdings Corp Chief Executive Eddie Lampert, a major investor in the company, has proposed rescue deals to help the department store chain avoid bankruptcy as debt matures next month and it faces a cash crunch, according to a regulatory filing released on Monday. original story: http://feeds.reuters.com/~r/reuters/businessNews/~3/I6s6_wmOj7c/sears-ceo-lampert-offers-new-deals-to-avert-bankruptcy-idUSKCN1M41MJ Source link

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SiriusXM to buy Pandora for $3.5B to expand reach … Starbucks plans ‘significant changes’ to company’s structure … Sears CEO pushes rescue plan to avoid bankruptcy

Tuned in: Satellite radio provider Sirius XM announced today that it would acquire music streaming service Pandora Media for $3.5 billion, in a bid to corral listeners who don’t want to pay for premium channels. Pandora rose to success by providing tailored radio stations for its users that were sprinkled with ads, The New York Times reports. In recent years it has struggled to compete with rival services like Spotify and Apple Music, which dominated online music streaming by offering paid…

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Sears’ CEO has last-minute plan to save it from bankruptcy | Business

Sears could face bankruptcy if it doesn’t meet its next debt payment, due in the coming weeks. Now the retailer’s chief executive has come up with a last-minute plan to save it, after already shuttering thousands of stores and selling off some of its key brands. Eddie Lampert, who owns the hedge-fund ESL Investments and is also the retailer’s largest shareholder and creditor, has asked creditors to refinance $1.1 billion in debt before a $134 million debt payment due Oct.…

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Frank Theatres files for Chapter 11 bankruptcy

Frank Theatres of Jupiter, Fla., filed the notices in U.S. Bankruptcy Court in the Southern District of Florida this summer. The filings were for four different entities: Frank Entertainment Companies, Frank Theatres Management, Frank Investments and the Rio Mall shopping center in Rio Grande, New Jersey. According to court records, the reason for the bankruptcy filing is because Frank Theatres was unable to absorb the expenses associated with the closing of its unprofitable theaters. The closings created significant liabilities with…

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Sears C.E.O. Lampert Sounds Alarm on Bankruptcy Risk

NEW YORK — Time is running out for Sears, the retailer’s largest investor and chief executive warned on Monday. With the company facing a large loan payment due next month, Edward Lampert, who serves as both Sears’s C.E.O. and its most influential shareholder and lender, said it needed to drastically restructure its debts to avoid “alternatives.” Those alternatives include bankruptcy Mr. Lampert’s hedge fund, ESL Investments, has proposed a series of deals that would reduce the retailer’s $5.6 billion debt…

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Sears’ CEO is making a last-ditch effort to avoid bankruptcy (SHLD) – Strategy

news Sears is teetering on the edge of bankruptcy. In a proposal made public on Monday, Sears CEO Eddie Lampert said he wants creditors to restructure about $1.1 billion of debt coming due in the next two years and asked Sears’ board to sell $1.5 billion of real estate and divest $1.75 billion of assets. “Sears now faces significant near‐term liquidity constraints,” states a filing on the proposal. Sears has been closing stores and selling off assets following years of…

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Man with mental disability nearly bankrupted by door-to-door sales contracts

For a long time, John Telepcak struggled with a secret. He was facing a “mountain of bills” he couldn’t afford to pay for products and services he didn’t understand, didn’t need or already had. The Toronto man is one of many Canadians locked into long and pricey contracts after coming face to face with high pressure and misleading sales tactics by door-to-door salespeople.    Only two provinces have banned unsolicited door-to-door sales of most heating, air and water services. Despite the bans,…

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IL&FS may move NCLT against admitting bankruptcy case

IL&FS wants to convey to its creditors that the group is facing a temporary liquidity crisis, and assures it will pay their dues shortly. Photo: Reuters Mumbai: After defaulting on a series of loan repayments, Infrastructure Leasing and Financial Services Ltd ( IL&FS) is planning to approach the National Company Law Tribunal (NCLT) with a plea to not admit a bankruptcy case against the group, said two people directly aware of IL&FS’s plans. The company will inform the tribunal that…

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Bankruptcies for Sept. 13-19

• Aberdeen: Jennifer Marie Lambert, Chapter 7. • Hartford: Lisa Marie Meyer, Chapter 7; Jason Harold Crittenden, Chapter 7; Anna Allene Crittenden, Chapter 7. • Hill City: Jason Whitney Finuf, Chapter 7; Amari Yvonne Finuf, Chapter 7. • Huron: Stephanie … Source link

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Boxing hero Somrak might avoid bankruptcy

He and his wife Soawanee had already been declared legally bankrupt in the Royal Gazette on Friday, but there may be a way out. “We have invited him and his wife to declare all their assets and income for debt negotiation with their creditors on September 25,” Legal Execution Department director-general Ruenvadee Suwanmongkol said on Sunday. “The assets and income would be seized for repayment of their debt.” Ruenvadee said that if the negotiations reached a satisfactory conclusion…

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