Corporate bankruptcy

FILE - In this Nov. 9, 2018 file photo, Pacific Gas & Electric crews work to restore power lines in Paradise, Calif. California Gov. Gavin Newsom has rejected Friday, Dec. 13, 2019, a bankruptcy reorganization plan that Pacific Gas and Electric reached just last week with thousands of wildfire victims. Newsom says in a five-page letter to PG&E CEO William D. Johnson that the plan's most important elements are providing safe and reliable power to its customers. (AP Photo/Rich Pedroncelli, File)
December 07, 2019 - 1:15 am
LOS ANGELES (AP) — Pacific Gas and Electric announced Friday it has reached a tentative $13.5 billion settlement resolving all major claims related to the deadly, devastating Northern California wildfires of 2017-2018 that were blamed on its outdated equipment and negligence. The utility says the...
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FILE - This June 17, 2019, file photo shows 5-mg pills of Oxycodone. The judge overseeing the bankruptcy case of OxyContin maker Purdue Pharma will consider Wednesday, Dec. 4, 2019 whether the company's CEO should get a bonus equal to half his $2.6 million salary. (AP Photo/Keith Srakocic, File)
December 04, 2019 - 6:55 pm
WHITE PLAINS, N.Y. (AP) — More time is needed to sort out whether the CEO of OxyContin maker Purdue Pharma should receive a $1.3 million bonus next year, but the company should be allowed to pay about $35 million in bonuses to 682 other employees, the judge overseeing the company's bankruptcy case...
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FILE - In this Jan. 1, 2019, file photo, an empty shopping cart sits outside a Sears store in the Streets of Southglenn mall in Littleton, Colo. Nine months out of bankruptcy, Sears is limping into the holiday shopping season. (AP Photo/David Zalubowski, File)
December 04, 2019 - 3:07 pm
NEW YORK (AP) — Nearly 10 months out of bankruptcy, Sears is limping into the holiday shopping season. Eddie Lampert, the hedge fund billionaire who promised to save 425 Sears and Kmart stores and roughly 45,000 jobs when he bought the company out of bankruptcy, has seen his $5.2 billion lifeline...
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FILE - This June 25, 2017 file photo shows TK Holdings Inc. headquarters in Auburn Hills, Mich. Bankrupt air bag maker Takata is recalling about 1.4 million driver's side inflators in the U.S. because they could explode and hurl shrapnel. They also may not inflate properly to protect people in a crash. (AP Photo/Paul Sancya, File)
December 04, 2019 - 2:25 pm
DETROIT (AP) — A new and distinct problem has been discovered in air bags made by the now bankrupt company Takata which has led to at least one death. The recently discovered malfunction is different than the defect that led to at least 24 deaths and hundreds of injuries worldwide, though the...
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FILE - In this Dec. 4, 2018 file photo, following the Camp Fire, a patio umbrella stands among the wreckage of a Magalia, Calif., home. Recent wildfires have scorched communities in California leaving a new group of victims filing claims against a utility under bankruptcy protections. Thousands of wildfire survivors have filed claims against Pacific Gas & Electric, the utility whose equipment has been blamed for sparking deadly blazes. As the count of homes destroyed ticks up, some fear their chance for a payout from the bankrupt utility is dwindling. (AP Photo/Noah Berger, File)
November 23, 2019 - 12:06 pm
Lori Kennedy thought she was going to live a comfortable retirement in a modest home in wooded Magalia, California. But she woke up a year ago to a phone call and hurried evacuation orders, and in a matter of hours nearly every trace of her life was incinerated: the Christmas ornaments her children...
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California Public Utilities Commissioner Cliff Rechtschaffen speaks at a CPUC meeting in San Francisco, Wednesday, Nov. 13, 2019. California regulators will vote Wednesday on whether to open an investigation into pre-emptive power outages that blacked out large parts of the state for much of October as strong winds sparked fears of wildfires. (AP Photo/Jeff Chiu)
November 13, 2019 - 10:37 pm
SAN FRANCISCO (AP) — California regulators opened a formal investigation Wednesday into preemptive power outages that blacked out large parts of the state in October, drawing strong rebukes from public officials and residents who said the shut-offs were too broad and poorly executed. The unanimous...
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James Cooke is shown buying water bottles along with propane tanks and batteries at a ACE Hardware store as he prepares for a possible power shutdown in Los Gatos, Calif., on Tuesday, Oct. 8, 2019. Millions of people were poised to lose electricity throughout northern and central California after Pacific Gas & Electric Co. announced Tuesday it would shut off power in the largest preventive outage in state history to try to avert wildfires caused by faulty lines. (Anda Chu/San Jose Mercury News via AP)
October 08, 2019 - 10:04 pm
SAN FRANCISCO (AP) — Millions of people were poised to lose electricity throughout northern and central California after Pacific Gas & Electric Co. announced Tuesday it would shut off power in the largest preventive outage in state history to try to avert wildfires caused by faulty lines. PG...
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FILE - In this Sept. 12, 2019, file photo, cars pass Purdue Pharma headquarters in Stamford, Conn. Attorneys general representing nearly half the states and lawyers for more than 500 local governments on Friday, Oct. 4, 2019 blasted the terms of OxyContin maker Purdue Pharma’s offer to settle thousands of lawsuits over the toll of the nation’s opioids crisis. (AP Photo/Frank Franklin II, File)
October 04, 2019 - 5:26 pm
Attorneys general representing nearly half the states and lawyers for more than 500 local governments on Friday blasted the terms of Purdue Pharma's offer to settle thousands of lawsuits over the nation's opioid crisis in court filings that also said the company had funneled up to $13 billion to...
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A Forever 21 store is shown, Monday, Sept. 30, 2019, in Aventura, Fla. The low-price fashion chain, a one-time hot destination for teen shoppers that fell victim to its own rapid expansion and changing consumer tastes, has filed for Chapter 11 bankruptcy protection. (AP Photo/Wilfredo Lee)
September 30, 2019 - 5:14 pm
NEW YORK (AP) — For years, teens flocked to Forever 21's massive stores at the nation's malls for its speedy take on fashion, like its $5 shimmery halter tops and $25 dresses. But the chain that helped popularize so-called fast fashion has moved too slow for a new generation of young customers. The...
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A passenger walks past a closed Thomas Cook office at Palma de Mallorca airport on Monday, Sept. 23, 2019. Spain's airport operator AENA says that 46 flights have been affected by the collapse of the British tour company Thomas Cook, mostly in the Spanish Balearic and Canary archipelagos. (AP Photo/Francisco Ubilla)
September 25, 2019 - 7:51 am
FRANKFURT, Germany (AP) — The German and Polish units of collapsed tour operator Thomas Cook said Wednesday they were entering bankruptcy proceedings and shutting down normal business operations in the wake of the parent company entering liquidation in Britain. Germany's Thomas Cook said it was...
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