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Keyword: bankruptcy

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  • Solar Company Gets $25 Million In Taxpayer Subsidies, Goes Bankrupt

    04/21/2017 8:56:30 AM PDT · by rktman · 30 replies
    dailycaller.com ^ | 4/20/2017 | Andrew Follet
    Solar company Suniva Inc. filed for bankruptcy Wednesday after receiving millions in government subsidies to manufacture solar panels. Suniva blamed its bankruptcy on competition from cheap Chinese-made solar panels, but the company received about $20 million in support from federal and state taxpayers, according to the Atlanta Journal-Constitution. “For many years, Chinese manufacturers of solar cells have benefited from favorable, state-sponsored financing and lower labor costs, allowing them to flood the United States market for solar cells and modules with cheap imports,” David Baker, the company’s restructuring officer, said in a statement. “This has negatively impacted manufacturers based in the...
  • Like Shooting Fish In A Barrel (Another Solar Company Goes Belly Up)

    04/19/2017 6:12:10 AM PDT · by WombatKing · 12 replies
    pv magazine USA ^ | 4/19/2017 | Frank Andorka
    Sungevity’s sudden and startling fall from grace came to a quiet end yesterday after a Delaware bankruptcy court approved the sale of its assets to Northern Pacific Group for $50 million.
  • Another solar company bites the dust

    04/18/2017 11:36:58 AM PDT · by WombatKing · 22 replies
    pv magazine USA ^ | 4/18/2017 | Christian Roselund
    Two weeks after laying off 131 employees without notice and closing its module plant in Michigan, one of the largest U.S. solar manufacturers has filed for bankruptcy.
  • Trump Building Plan: How One Public-Private Deal Hit a Bumpy Road

    04/12/2017 10:10:09 PM PDT · by Tolerance Sucks Rocks · 12 replies
    NBC News ^ | April 5, 2017 | Jane C. Timm
    Texas had high hopes for the southern segments of SH 130, a 41-mile stretch of the high-speed toll road east of San Antonio. The state had put off building that stretch of road until a pair of investors stepped forward and offered what sounded like a great deal: Texas would get a big check for turning the rights to build and operate the toll road over to a private entity, a move that would give the state a new highway and a share of the tolls. The state would own the road and rake in revenue, but wouldn't have to...
  • Puerto Rico seen sliding toward bankruptcy as deadline nears

    04/12/2017 6:19:49 AM PDT · by detective · 36 replies
    Yahoo News ^ | April 12, 2017 | Nick Brown
    Bankruptcy for Puerto Rico is looking ever more likely as the clock ticks down toward a May 1 deadline to restructure $70 billion in debt, ramping up uncertainty for anyone betting on returns from the island's widely held U.S. municipal bonds. When U.S. Congress last year passed the Puerto Rico rescue law dubbed PROMESA, it froze creditor lawsuits against the island so its federally appointed oversight board and creditors could negotiate out of court on the biggest debt restructuring in U.S. municipal history. The freeze expires on May 1, however, and an extension by Congress is "not going to happen,"...
  • Shoe chain Payless files for bankruptcy protection

    04/04/2017 4:54:22 PM PDT · by Olog-hai · 39 replies
    Associated Press ^ | Apr 4, 2017 5:23 PM EDT | Anne D’Innocenzio
    Shoe chain Payless ShoeSource has filed for Chapter 11 bankruptcy protection, becoming the latest retailer to succumb to increasing competition from online rivals like Amazon. The Topeka, Kansas-based retailer said Tuesday that it will be immediately closing nearly 400 stores as part of the reorganization. It has over 4,400 stores in more than 30 countries and was founded in 1956. […] Shoppers are increasingly shifting their buying online or going to discount stores like T.J. Maxx to grab deals on designer brands. That shift has hurt traditional retailers, even low-price outlets like Payless. …
  • EXPOSED: Hillary Clinton’s Puerto Rico “Debt Relief” SCAM

    10/17/2016 7:36:43 PM PDT · by blueyon · 16 replies
    TheFederalistPapers.org ^ | 10/17/16 | Derrick Wilburn
    With each passing day, more compromising of national security, self-serving and self-enriching behaviors, frauds, scams and general malfeasance on the part of Hillary Clinton come to light via new Wikileaks data dumps. But the news media’s obsession with things Donald Trump has said consistently overshadows things Hillary Clinton has actually done. Revelations have now surfaced that Clinton backed the Puerto Rico Debt Relief Bill, a plan to help the financially struggling U.S. commonwealth deal with a $70 billion debt it managed to rack up, after a top Clinton fundraiser –who just happens to be a lobbyist for the Puerto Rican...
  • $100 million in annual toll fines put citizens on road to ‘toll bankruptcy’

    02/27/2017 5:19:00 AM PST · by Tolerance Sucks Rocks · 39 replies
    The Maryland Reporter ^ | February 7, 2017 | Dan Menefee
    Excessive penalties and poor customer service at the E-ZPass electronic toll collection system have put some Marylanders on the path to “toll bankruptcy,” Sen. Roger Manno told the Senate Finance Committee last week.“Folks [are] exasperated because they’ve been caught in a system that is not working,” Manno said.Broad enforcement powers enacted in 2013 to address toll violations have led to wage attachments, financial hardship and non-renewal of vehicle registrations at MVA, witnesses testified. Sen. Roger Manno “The penalty structure that we set several years ago in the General Assembly was not intended to be punitive,” Manno said. “It was not...
  • Venezuela orders stores to get into the Christmas spirit (price controls)

    12/10/2016 6:55:16 AM PST · by dynachrome · 18 replies
    Yahoo (a fake news site) ^ | 12-9-16 | Carola SOLÉ
    Seeking to spread some cheer, President Nicolas Maduro's socialist government has set aside its distaste for consumerism and sent a small army of bureaucrats and soldiers to force more than 200 retail stores in Caracas to hold Christmas sales. "Our worker-president has ordered us to guarantee fair prices for the people, and we are complying. These economic hitmen can't take away our merry Christmas," said William Contreras, head of the National Superintendency for the Defense of Socioeconomic Rights, known by the acronym Sundde. The government accuses the owners of the targeted stores of jacking up prices by 300 to 500...
  • The final Obama Debt Tracker: $9.3 trillion of debt in 8 years

    01/25/2017 6:43:07 AM PST · by jpl · 19 replies
    United States Department of the Treasury ^ | January 21, 2017 | United States Department of the Treasury
    On January 20, 2017, the final day of the Obama presidency, America's national debt sat at a total combined amount of nearly $19.95 trillion.Since President Barack Hussein Obama was inaugurated into office eight years earlier, he, the democrats, and a few spineless republican "leaders" in congress have increased the total combined national debt by over $9.3 trillion: Date                 Debt Held by the Public         Intragovernmental Holdings   Total Public Debt Outstanding 1/20/2009        6,307,310,739,681.66            4,319,566,309,231.42               10,626,877,048,913.08 1/20/2017        14,403,704,176,388.94     ...
  • Women's apparel retailer Limited Stores files for bankruptcy

    01/17/2017 2:23:44 PM PST · by 2ndDivisionVet · 28 replies
    Reuters ^ | January 17, 2017 | Arathy S. Nair and Tom Hals
    U.S. women's apparel chain The Limited filed for Chapter 11 bankruptcy protection on Tuesday after closing all 250 stores, the latest brick-and-mortar retailer to fall victim to changing tastes and online competitors. The retailer that began as a single store more than 50 years ago blamed declining mall traffic, falling sales, expensive leases and the shift toward online shopping. Retailers filing for bankruptcy in the past year include Aeropostale Inc (AROPQ.PK), Pacific Sunwear of California Inc (PSUN.MU), Sports Authority, Vestis Retail Group and American Apparel. In addition, department store chains such as Sears Holdings Corp (SHLD.O) and Macy's Inc (M.N)...
  • The first fully vegan supermarket chain just went bankrupt [Veganz, Germany]

    01/16/2017 5:18:25 PM PST · by Olog-hai · 32 replies
    TheLocal.de ^ | 16 January 2017 17:20 CET+01:00
    The first entirely vegan supermarket chain has filed for bankruptcy due to a lack of demand, according to reports on Monday. The chain Veganz, which shuns animal products, will close at least four of its nine of its branches after announcing its bankruptcy in December, Lebensmittelzeitung reported. Jan Bredack, the founder of the chain, told the paper: “The model of the vegan supermarket outstripped itself, because of the growing supply of vegan produce.” …
  • Why Medicare is not actually going bankrupt

    01/09/2017 7:13:29 PM PST · by SeekAndFind · 18 replies
    New York Post ^ | 01/03/2017 | By Betsy McCaughey
    As the new Congress convenes, budget cutters are eyeing Medicare, citing forecasts the program for seniors is running out of money. But federal bean counters have erroneously predicted Medicare’s bankruptcy for decades. One reason: They don’t consider medical breakthroughs. Another problem is medical ethicists like Dr. Ezekiel Emanuel, who insist the elderly are a burden and that resources would be better spent on the young. The facts prove otherwise. New medical findings give plenty of reason for optimism about the cost of caring for the elderly. Medicare spending on end-of-life care is dropping rapidly, down from 19 percent to 13...
  • Maine propane dealer to Trump voters: ‘I will no longer be delivering your gas’

    12/16/2016 1:42:12 PM PST · by RC one · 97 replies
    State and Capital ^ | December 16, 2016 | Michael Shepherd
    With temperatures hovering around zero across Maine on Friday, people in Somerset County checking on propane prices may have been greeted with a political message from one dealer. If you voted for Donald Trump for president, I will no longer be delivering your gas,” says a voicemail message at Turner LP Gas in Skowhegan. “Please find someone else.” The company is owned by Michael Turner, who didn’t immediately respond to a message on Friday. But he could be turning away a lot of business, given that the Republican president-elect won Somerset County with 58 percent of votes. Some cases like...
  • SEIU branch in Texas declares bankruptcy

    12/06/2016 6:53:33 AM PST · by rktman · 26 replies
    americanthinker.com ^ | 12/6/2016 | Thomas Lifson
    After losing a lawsuit and facing a $7.8 million dollar judgment, Service Employees International Union Texas, alias SEIU District Five, has declared bankruptcy in order to escape the judgment. The plaintiff is going after the national union, as it should, so stand by lots more court appeals, But so far, the SEIU is losing at every step. Bill McMorris has an excellent account of the case and its background, at the Free Beacon. I recommend it. The bare bones of the story of this case paint a picture of a thuggish organization, in my opinion. It expanded into Texas by...
  • Yes, Dallas is facing bankruptcy. So are three other Texas cities.

    12/01/2016 8:11:43 AM PST · by SeekAndFind · 28 replies
    American Spectator ^ | 11/30/2016 | Jon Cassidy
    The mayor of Dallas uses the word “bankruptcy,” and the New York Times and Wall Street Journal swoop in to report on the city’s imminent doom. The mayor of Houston holds a press conference to declare the pension problem solved, and folks just go along with it. The truth is that the two cities are in equally dreadful trouble, headed for bankruptcy, as are Fort Worth and El Paso, thanks to delusional forecasting, ludicrous system design, and meddlesome union-funded lawmakers from across the state who’ve stripped big-city voters of their right to govern their own finances. How mismanaged are these...
  • City of Dallas Stares Down a Texas-Size Threat of Bankruptcy

    11/21/2016 11:02:52 AM PST · by SeekAndFind · 37 replies
    New York Times ^ | 11/21/2016 | Mary Williams Walsh
    DALLAS — Picture the next major American city to go bankrupt. What springs to mind? Probably not the swagger and sprawl of Dallas. But there was Dallas’s mayor, Michael S. Rawlings, testifying this month to a state oversight board that his city appeared to be “walking into the fan blades” of municipal bankruptcy. “It is horribly ironic,” he said. Indeed. Dallas has the fastest economic growth of the nation’s 13 largest cities. Its streets hum with supersize cars and its skyline bristles with cranes. Its mayor is a former chief executive of Pizza Hut. Hundreds of multinational corporations have chosen...
  • Thanks to pension funds, Los Angeles is close to becoming a microcosm of Greece

    11/20/2016 7:17:21 PM PST · by SeekAndFind · 50 replies
    Hotair ^ | 11/20/2016 | Jazz Shaw
    Back in the summer of 2012 the City of Los Angeles realized that they had a serious budget problem on their hands and the culprit, as in so many other cities, was the city’s extremely generous pension plan for municipal workers. Mayor Antonio Villaraigosa, backed by the city council, jumped into the fray and passed what was then described as sweeping pension reform and patted themselves on the back for a job well done. (LA Times, 2012) Despite a raucous protest and threats of a lawsuit from city labor unions, the Los Angeles City Council voted Tuesday to roll...
  • Woe in the oilfield: 213 companies have now declared bankruptcy

    10/28/2016 8:03:57 AM PDT · by Lorianne · 19 replies
    Fuel Fix ^ | 25 October 2016 | David Hunn
    Fewer and fewer oil exploration and production companies are declaring bankruptcy. But more oilfield service companies are. So far this month, only one North American E&P firm filed for Chapter 11 protection, according to data released on Tuesday by the Dallas law firm Haynes & Boone. That’s down from two in September, three in August and four in July. But it’s been an especially tough few months for service companies. As crude prices began crashing in 2014, drillers started idling rigs. That led to fewer jobs for the companies that make their money helping producers pump oil and gas. Moreover,...
  • The Obama Debt Tracker: nine trillion bucks of national debt under Obama in less than eight years

    10/05/2016 5:07:30 AM PDT · by jpl · 26 replies
    United States Department of the Treasury ^ | Wednesday October 5, 2016 | United States Department of the Treasury
    On Monday October 3, 2016 America's national debt hit the staggering total combined amount of $19.64 trillion. Since President Barack Hussein Obama was inaugurated into office a little less than eight years ago, the democrats, and a few spineless republican "leaders" in congress have increased the total combined national debt by more than $9 trillion: Date                 Debt Held by the Public         Intragovernmental Holdings   Total Public Debt Outstanding 01/20/2009       6,307,310,739,681.66           4,319,566,309,231.42              10,626,877,048,913.08 10/03/2016       14,169,562,468,883.59         5,473,387,273,677.92 ...