Articles about chapter 11

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Widow appeals to Avaya to protect death benefits after bankruptcy filing

The widow of an Avaya employee has said the troubled UK telco should not terminate her death benefits following its bankruptcy filing in January. Avaya had told the bankruptcy court that survivor payments are not a benefit covered under its Chapter 11 bankruptcy protection. It said the Survivorship Benefit is a pension, not …
Kat Hall, 23 May 2017
Money down the drain

Toshiba's nuclear power plant business runs out of steam

Toshiba has decided to press the big red button in its attempts to reorganise its nuclear power business, seeking Chapter 11 protection for troubled Westinghouse Electric. Reported Friday by Reuters, a filing would blow out the cost of restructuring the business to US$9 billion (1 trillion yen). According to Nikkei, the …
Titanic, image via shutterstock

Time to face the music, Violin Memory: Upstart's asset auction is over

Violin Memory's assets were scheduled to be put up for auction on Monday in New York. So far, no successful bids have been announced, although a buyer could be revealed by the end of the month. Violin filed for Chapter 11 bankruptcy in December after failing to find a new owner to take it under its wing. Since October 2015, …
Chris Mellor, 26 Jan 2017
Money down the drain

Avaya files for bankruptcy

Avaya has filed for bankruptcy under Chapter 11 of the United States Bankruptcy Code, which allows organisations to re-organise their affairs in part by temporarily relieving them of obligations to creditors. The company's canned statement positions the decision to seek Chapter 11's protections as a necessary refresh of …
Simon Sharwood, 20 Jan 2017
RadioShack

RadioShack lists 1,800 stores facing the axe across America

Bankrupt headphones and USB memory stick chain RadioShack has posted the complete list of 1,784 shops it hopes to close across America. The gadget flogger said these stores [PDF] are potentially set for closure. The threatened shops include high-profile spots in Market Street in San Francisco, New York City's Flatiron district …
Shaun Nichols, 10 Feb 2015
Pigeon crapping on statue

That's all folks! US TV streaming upstart Aereo files for bankrupcy

It's the end of the line for the TV streaming biz Aereo: it has filed for Chapter 11 bankruptcy protection and appointed a chief restructuring officer to extract some remaining value from its assets. "Our engineering team created the first cloud-based, individual antenna and DVR that enabled you to record and watch live …
Iain Thomson, 21 Nov 2014

Nixed Nirvanix files for Chapter 11

Cloud storage startup Nirvanix that imploded last month, has formally admitted business defeat by filing for Chapter 11 bankruptcy. It announced the fact on its website on October 1, saying: On October 1, 2013, Nirvanix voluntarily sought Chapter 11 bankruptcy protection in order to pursue all alternatives to maximize value …
Chris Mellor, 2 Oct 2013
The Register breaking news

Kodak's moment: Camera biz files for bankruptcy

Comment Iconic and inept US camera and film company Kodak has finally pressed the shutter button: it has filed for Chapter 11 protection. Citigroup has stumped up $950m for a credit facility over eight months while the bankruptcy process is worked out. Beset by the digital camera revolution and screwed by a breathtakingly stupid …
Chris Mellor, 19 Jan 2012
fingers pointing at man

Blockbuster winds itself into Chapter 11

Ageing slackers everywhere will be crying into their caramel popcorn today at the news that Blockbuster has slipped into Chapter 11 before forgetting what they were doing and walking over to the fridge for some cold pizza. The video rental chain, which was an essential part of early 1990s sofa culture, finally flaked out under …
Joe Fay, 23 Sep 2010
homeless man with sign

Silicon Graphics goes titsup (again)

Silicon Graphics Inc. (SGI), the perma-struggling workstation-turned-server-maker, filed for bankruptcy protection today, and was immediately bought by Rackable Systems for $25m cash. Rackable has signed to take on of SGI liabilities. The deal is expected to complete in 60 days. The combined company will target the hyper- …
SGI logo hardware close-up

Nortel staff sacked without redundancy payout

Networking equipment maker Nortel sacked 228 UK staff on Monday without a redundancy pay out. Nortel Networks UK does not have to make redundancy payouts because it is in administration while its Canadian parent company is under bankruptcy protection. Those sacked will be eligible for a small statutory redundancy payment from …
vulture tv reporter

BearingPoint buckles under debt

BearingPoint has filed for Chapter 11 as part of a financial restructuring agreed with its senior creditors which will see existing shareholders wiped out. The tipping point for the technology and consulting services came eight years after it was formed through a spinout from accounting giant KPMG. It seems the move was …
Joe Fay, 18 Feb 2009
channel

Circuit City files for bankruptcy protection

Beleaguered US consumer electronics retail giant Circuit City today filed for bankruptcy protection. The firm said that its business and 17 affiliates filed for Chapter 11 protection from creditors with the US bankruptcy court in the Eastern District of Richmond, Virginia, where Circuit City’s headquarters are based. The …
Kelly Fiveash, 10 Nov 2008
hands waving dollar bills in the air

PC maker Micron MPC files for chapter 11 bankruptcy

MPC - the personal computer maker formerly known as Micron Electronics - has filed for Chapter 11 bankruptcy. The company says operations will continue while its business is reorganized. But earlier in the week, at least one customer was told the company is no longer providing replacement parts for machines. MPC - which sells …
Cade Metz, 7 Nov 2008

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