St. Cloud diocese to file for bankruptcy, pay $22.5 million to abuse survivors
MINNEAPOLIS — The Diocese of St. Cloud will pay $22.5 million to sexual abuse survivors and declare bankruptcy under the terms of a settlement agreement announced Tuesday.The agreement, subject to a bankruptcy court filing expected in the next few weeks, addresses allegations made against 41 priests by some 70 survivors dating back to the 1950s.Many of the clerics are now dead. But at least one, the Rev. Antonio Marfori, was in active ministry at the Church of St. Andrew in Elk River when a survivor stepped forward in 2015 to make accusations about past abuse that took place at St. Cloud Cathe...
Star Tribune (Minneapolis)
California wildfire victims approve $13.5 billion payout by 'overwhelming' margin, PG&E says
SACRAMENTO, Calif. — PG&E Corp. said Monday it believes thousands of Northern California wildfire victims have approved the utility’s $13.5 billion payout plan, clearing the way for PG&E to emerge from bankruptcy.In a prepared statement, the company said that, based on preliminary results, the plan has won “overwhelming acceptance” from the approximately 70,000 victims who were eligible to vote.The $13.5 billion is designed to compensate victims for their uninsured losses from a series of major wildfires blamed on PG&E’s faulty equipment. That includes the 2017 wine country fires and the Novem...
The Sacramento Bee
Norwegian Cruise Line warns there is 'substantial doubt' about future business
MIAMI — Norwegian Cruise Line Holdings said there is “substantial doubt” about the company’s ability to continue amid the COVID-19 pandemic and warned it may have to seek bankruptcy protection.Despite that warning, Wall Street analysts say that as long as capital markets remain sturdy, the cruise line should still be able to weather the coronavirus pandemic.The world’s third largest cruise company, headquartered in Miami, said in a securities filing Tuesday it expects to report net losses for the quarter ending on March 31, 2020, and for the fiscal year ending Dec. 31, 2020. The company owns 2...
Large Chicago printer files for Ch. 11 bankruptcy after 'unprecedented' drop in print demand
Chicago-based LSC Communications has filed for bankruptcy less than a year after calling off a $1.4 billion planned merger with rival printing firm Quad/Graphics.The company, which prints magazines, catalogs, directories and books, has suffered from a shift to online advertising and experienced an “unprecedented” drop last year in demand for magazines and catalogs, CFO Andrew Coxhead said in a bankruptcy filing Monday in New York. The Chapter 11 bankruptcy filing will allow LSC to reorganize its debts while it continues to operate.The drop-off in the company’s business last year came as it was...
Commentary: Congress should let the airlines go to bankruptcy court
Did you take a flight on United Airlines between December 2002 and February 2006? How about on Delta between September 2005 and April 2007? Or on American Airlines between November 2011 and December 2013?If so, you traveled on a bankrupt airline. These firms had all invoked Chapter 11 of the U.S. bankruptcy code and were in the process of restructuring their finances in court. Yet they continued to operate and still exist today.However, Washington seems to believe that airlines need to be saved from this process. The Senate coronavirus emergency aid bill, headed to the House for consideration ...
Editorial: PG&E executives don't deserve bonuses
PG&E has no equal when it comes to chutzpah.This is a utility that is in bankruptcy proceedings after causing 111 deaths and destroying more than 20,000 structures in the last decade. This is a utility that admitted to a federal judge that it did not meet its 2019 wildfire safety plan risk-reduction targets.But that didn’t keep PG&E attorneys last week from asking the bankruptcy court to approve more than $450 million in bonuses for its employees and executives. That’s right. The utility that has become synonymous with failure wants to hand out rewards for its shortcomings last year.We’re not ...
The Mercury News
Commentary: In defense of newspapers
McClatchy, a group of local newspapers including the Kansas City Star and Miami Herald, recently announced that it is filing for bankruptcy, a move that will end family control of one of the nation’s most prominent newspaper publishers.As recently as 1992, the total circulation of U.S. daily newspapers topped 60 million. Then the internet happened. By 2018, despite a quarter-century of population growth, newspaper circulation had fallen to less than half that figure.While online reach for such national outlets as the New York Times, Wall Street Journal and Washington Post have grown, digital g...
Tribune News Service
Bankrupt Johnson Publishing reaches $500,000 settlement in Ebony defamation lawsuit
CHICAGO — Bankrupt Johnson Publishing reached a $500,000 settlement in a defamation lawsuit brought by the family of two Georgia high school students alleging they were falsely implicated in the 2013 death of a black classmate by a series of articles that appeared in Ebony.The agreement, filed Monday and pending approval by a Chicago bankruptcy judge, would mark the end of a controversial chapter in the history of Johnson Publishing, the former publisher of Ebony and Jet magazines, which is liquidating its assets to pay off creditors after declaring Chapter 7 bankruptcy in April.In 2014, FBI a...