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Stockton, California to Declare Bankruptcy

Posted June 27th, 2012 at 7:40 pm (UTC-5)
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Stockton, California will be the latest and largest U.S. city to seek federal bankruptcy protection. The city council voted 6 to 1 to file for bankruptcy under Chapter 9 of the federal bankruptcy code, under which a judge would decide how the city would pay off its debts. Some city residents appealed to the council […]

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Photography Giant Kodak Files for Bankruptcy

Posted January 19th, 2012 at 7:05 am (UTC-5)
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U.S.-based Eastman Kodak Company, synonymous with photography for more than a century, has declared bankruptcy, eclipsed by the very technology it helped create. The 132-year-old company that once dominated the camera and film industry has not turned a profit since 2007. The appeal of its film and handheld cameras has been overtaken by that of […]

Tags: , , Posted in Americas, Economy, US

American Airlines Files for Bankruptcy Protection

Posted November 29th, 2011 at 10:55 am (UTC-5)
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American Airlines’ parent company has filed for bankruptcy after failing to secure a deal with pilots to cut labor costs. The nation’s third largest airline said Tuesday it sought bankruptcy court protection to reduce its costs and debt to competitive levels. The airline said normal flight operations will continue during a reorganization. American had been […]

Tags: , , Posted in Economy, US

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