Highlights
A collection of news and information related to Bankruptcy published by Tribune Company sources.
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JPMorgan Chase cutting 9,200 jobs at recently acquired Washington Mutual by end of 2009
AP Business WriterNEW YORK (AP) _ JPMorgan Chase & Co. said Monday it will cut a total of 9,200 jobs at Washington Mutual, which it acquired Sept. 25 after Washington Mutual became the nation's largest bank to fail amid the ongoing credit crisis. Of the 9,200 jobs being...Tags: Lehman Brothers Holdings Incorporated, Wells Fargo & Co., Employees, Wachovia Corp., Financially Distressed Companies
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Detroit Three preparing cuts for Congress, but debt may be obstacle to federal loans
AP Auto WriterDETROIT (AP) _ They'll park some corporate jets, cut executive pay and serve up concessions from the United Auto Workers, but Ford Motor Co., General Motors Corp. and perhaps Chrysler LLC also will have to address massive debts to persuade a skeptical...Tags: General Motors Corp., Government, U.S. Securities and Exchange Commission, Research, Chrysler LLC
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FBI: Birmingham mayor arrested on federal charges
The Associated PressThe mayor of Alabama's largest city, a player in a multibillion dollar sewer bond deal that drove the surrounding county to the brink of bankruptcy, was arrested on Monday on federal criminal charges, an FBI spokesman said. Larry Langford was taken...Tags: Birmingham , Jefferson County (Alabama), U.S. Securities and Exchange Commission, Federal Bureau of Investigation, Securities
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A look at the top players in the nation's chicken industry
The nation's largest chicken producer, Pilgrim's Pride, filed for Chapter 11 bankruptcy protection on Monday. Here's a look at the top five players in the chicken industry as of the middle of 2008: —Pilgrim's Pride: 23 percent of market share,...Tags: Livestock Farming, Tyson Foods Incorporated
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General Growth Properties gets loan reprieve
AP Real Estate WriterShopping-mall owner General Growth Properties Inc. is getting a two-week extension on $900 million in debt that had been scheduled to come due last week as the Chicago-based company works to stave off bankruptcy and negotiate longer-term extensions with...Tags: Government, Deutsche Bank AG, Foot Locker Incorporated, Circuit City Stores Incorporated, National Government
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JPMorgan cutting 9,200 jobs at Washington Mutual
Associated PressNEW YORK -- JPMorgan Chase & Co. said today that it would cut a total of 9,200 jobs at Washington Mutual, which it acquired Sept. 25 after Washington Mutual became the nation's largest bank to fail amid the ongoing credit crisis. Of the 9,200 jobs...Tags: Lehman Brothers Holdings Incorporated, Wells Fargo & Co., Employees, Wachovia Corp., Financially Distressed Companies
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AP IMPACT: They warned us: US was told to 'expect foreclosures, expect horror stories'
Associated Press WriterWASHINGTON (AP) _ The Bush administration backed off proposed crackdowns on no-money-down, interest-only mortgages years before the economy collapsed, buckling to pressure from some of the same banks that have now failed. It ignored remarkably prescient...Tags: Government, Alan Greenspan, Countrywide Financial Corp., Investments, U.S. Department of Treasury
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Officials estimate that struggling economy to speed up Medicare's insolvency 1 to 3 years
Associated Press WriterWASHINGTON (AP) _ Federal health officials estimate that the struggling economy will speed up by one to three years the exhaustion of the Medicare trust fund covering hospital and nursing home care. Trustees for the Social Security and Medicare...Tags: Government, Wages and Pensions, Economy, Medicare, Medical Services
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Schwarzenegger declares fiscal emergency, calls lawmakers into special budget session
Associated Press WriterSACRAMENTO, Calif. (AP) _ Gov. Arnold Schwarzenegger declared a fiscal emergency Monday and called lawmakers into a special session to address California's $11.2 billion deficit. The state's revenue gap is expected to hit $28 billion over the next 19...Tags: Government, Arnold Schwarzenegger, National Government, Budgets and Budgeting, Emergency Planning
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Delphi wins court motion access loan proceeds
AP Business WriterA bankruptcy judge said Monday that auto supplier Delphi can continue to access the proceeds of $4.35 billion in loans after the Dec. 31 expiration date. The ruling effectively allows Delphi to default on the loans when they mature Dec. 31, and lets the...Tags: General Motors Corp., Contracts, Court Administration, Mutual Funds, Financially Distressed Companies
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Chicken producer Pilgrim's Pride files for Chapter 11 bankruptcy protection
AP Food Industry WriterMILWAUKEE (AP) _ Pilgrim's Pride Corp. filed for Chapter 11 bankruptcy protection on Monday, hurt like other meat producers by volatile feed prices and slumping demand but also hobbled by an unmanageable debt load. The Pittsburg, Texas-based company, the...Tags: Petroleum Industry, Prices, Bank of Montreal, New York Stock Exchange, John Anderson
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Feds arrest Birmingham, Ala., mayor on bribery, fraud, other charges linked to sour bonds
Associated Press WriterBIRMINGHAM, Ala. (AP) _ The mayor of Alabama's largest city was arrested Monday on charges of steering millions of dollars of bond work to a friend in exchange for more than $230,000 in bribes to pay for an expensive wardrobe and flashy jewelry. The bond...Tags: Government, Trials, Orange County (California), Fraud, Parties and Movements
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