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...
National Museum of American Jewish History files for bankruptcy protection
PHILADELPHIA — The National Museum of American Jewish History filed for Chapter 11 bankruptcy protection Monday, seeking relief from what museum officials characterize as a crushing debt burden incurred by construction of its home on Independence Mall a decade ago.In papers filed with U.S. Bankruptcy Court in Philadelphia, the museum said that it owed a little more than $30 million to bondholders and about $500,000 to unsecured creditors.The Bridgehampton National Bank on Long Island holds about $16.4 million of the museum’s debt; a group of donors and lenders, many of whom backed the museum’s...
The Philadelphia Inquirer
FEMA wants billions for helping after California wildfires. Victims plead with judge to stop them
SAN FRANCISCO — PG&E Corp. and lawyers for wildfire victims urged a bankruptcy judge Wednesday to reject FEMA’s demand for a $3.9 billion reimbursement from the troubled utility, saying the government’s claim could undermine a carefully crafted plan to compensate victims and exit bankruptcy.“There’s no question this is a cloud over the entire case,” said Eric Goodman, a lawyer representing victims of the 2017 wine country fires and 2018 Camp Fire.The Federal Emergency Management Agency filed a $3.9 billion claim in PG&E’s bankruptcy, saying taxpayers deserve to be reimbursed for the assistance...
The Sacramento Bee
Nation and world news briefs
Sex abuse cases push Harrisburg Catholic Diocese into bankruptcyThe Roman Catholic Diocese of Harrisburg, facing sex abuse claims it says it may not be able to pay, filed for bankruptcy protection, citing changing laws and an increasing number of victims.The church “has struggled to remain financially viable while funding compensation for survivors and continued litigation by survivors,” the Pennsylvania diocese said in court papers filed Wednesday.Early last year, church officials launched a compensation program for victims, giving them 90 days to file claims. The program paid more than $12.5...
Tribune News Service
Boy Scouts bankruptcy filing expected within hours, victims' lawyers say
The Boy Scouts of America, after decades of being crippled by child sex abuse claims, plans to file for Chapter 11 bankruptcy by early Tuesday, the New York Daily News has learned.Two lawyers who individually have represented hundreds of victims confirmed to the Daily News that the 110-year-old organization would be filing papers in Delaware federal bankruptcy court as early as midnight.As the embattled Boy Scouts begin the long process of restructuring debt, any pending sex abuse claim against the organization will be put on hold, lawyers said.“It’s an injunction against any case that’s filed...
New York Daily News
Editorial: A free society cannot function without a vibrant professional press
A free society cannot function without vibrant professional newspapers. In light of that truism, the latest dire news for the news business — that McClatchy newspapers, publisher of The Kansas City Star and almost 30 other newspapers in 14 states across America, is filing for bankruptcy — should worry every American who cares about our democracy. In this era of politicians who too often see accurate information as the enemy, real journalism needs all the public support it can get.The good news is that McClatchy, a 163-year-old family-owned company that also publishes The Miami Herald, The Sacr...
St. Louis Post-Dispatch
Earth Fare files for bankruptcy a day after saying all its grocery stores are closing
A day after Earth Fare announced it will close all of its stores, the North Carolina-based supermarket company filed for bankruptcy.The Asheville grocery chain, which sells organic and natural foods, on Tuesday filed for Chapter 11 bankruptcy reorganization protection in U.S. Bankruptcy Court in Wilmington, Del. It listed liabilities of $100 million to $500 million and assets of $100 million to $500 million.The filing says a restructuring committee was formed in November to “explore and evaluate the company’s potential strategic alternatives, including the company’s restructuring, reorganizati...
The Charlotte Observer