Posts tagged "bankruptcy"

Barnes & Noble: Going out of business?

UPDATE: Here is a story from the Wall Street Journal on the company’s financial situation: Barnes & Noble Inc. BKS +0.37% ’s net loss shrank sharply in its first fiscal quarter, as cost cutting helped offset lower revenue both at the Nook digital unit and at the core retail stores. Meanwhile the company said it was making progress on plans to... Read more »

Bankrupt Detroit pensioners agree to cuts; is Chicago next?

Reports the Detroit News in a story that didn’t get much attention here in Chicago: Detroit— A committee representing retirees in Detroit’s bankruptcy said Friday it has reached “an agreement in principle” to support the city’s debt-cutting reorganization plan — a breakthrough that could speed the Motor City’s exit from bankruptcy court. Under the deal,... Read more »

Chicago's approaching doomsday

You thought bankrupt Detroit was bad? Read this informative analysis by Reboot Illinois and come to more fully understand why Chicago’s situation is possibly worse. It took many years of warnings before Illinois state lawmakers and most taxpayers finally grasped the danger of the debt the state had accumulated with its five public employee pension systems. Now... Read more »
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Another bankrupt company pays out executive bonuses

This time it is at the bankrupt Solyndra LLC The failed energy company–once touted by President Barack Obama as the kind of green company we need to emulate–is into taxpayers for $500,000 in unpaid loans, so the $500,000 that is being given to “key employees” to keep them around is small potatoes. Still… The reporting is... Read more »

Oops, there goes another O'Hare Airport runway

The O’Hare expansion already was in enough trouble without American Airlines declaring bankruptcy. Even before then, American and United Airlines, the airport’s two hub carriers, had declared that they wouldn’t fund Phase II of the expansion, which when completed would cram six parallel runways into a ridiculously small footprint. Now the city will have to... Read more »

$2 trillion debt crisis threatens to bring down 100 US cities

More than 100 American cities could go bust next year as the debt crisis that has taken down banks and countries threatens next to spark a municipal meltdown, a leading analyst has warned. The story is here. 
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Illinois' financial disaster gets national attention on CBS' 60 Minutes

An excerpt from the CBS report: (CBS)  ”This is the state of affairs in Illinois. Is not pretty,” Illinois state Comptroller Dan Hynes told Kroft.  Hynes is the state’s paymaster. He currently has about $5 billion in outstanding bills in his office and not enough money in the state’s coffers to pay them. He says they’re... Read more »

Can Chicago and Illinois declare bankruptcy?

Mayor Richard M. Daley discusses pension reform at a news conference Wednesday. (Alex Garcia, Chicago Tribune / December 7, 2010) Himself, Mayor Richard M. Daley, was the one who brought up the unthinkable: Bankruptcy. Financial ruin. Fiscal discipline of the unknown kind. Sacrifice. Pain. Disgrace. Creditors lined up, fighting over whatever scraps are left. Favored contractors... Read more »

Big bonuses for bankrupt company bosses

Oh, did I forget to mention that the bosses work for the Tribune Company? Then I won’t. The story is here.
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Block 37 goes belly up

Block 37 before government got its hands on it. It didn’t look great, but it was an active urban block, providing jobs and tax revenues. Bank of America N.A. and a group of lenders have moved to foreclose on the retail and transit portion of the mixed-use development that occupies the square block opposite of... Read more »
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