Read more bankruptcy protection stories on Newserhttp://www.newser.com/taggrid/39805/bankruptcy-protection.html2009 - Newseren-usNewser Feed GeneratorTue, 24 Nov 2009 12:42:20 CSThttp://www.newser.com/story/73051/mega-lender-cit-files-chapter-11.html?utm_source=syn&utm_medium=rss&utm_campaign=tagCIT Group, a major lender to small and medium-sized American businesses, filed for Chapter 11 today. The move means the government is most likely out the $2.3 billion in TARP bailout funds it put up last year. The "prepackaged" procedure is intended to allow CIT, which reported $71 billion...http://www.newser.com/story/73051/mega-lender-cit-files-chapter-11.html?utm_source=syn&utm_medium=rss&utm_campaign=tagSun, 01 Nov 2009 16:43:00 CSThttp://www.newser.com/story/63987/court-clears-path-to-new-gm.html?utm_source=syn&utm_medium=rss&utm_campaign=tagGeneral Motors is set to complete its bankruptcy reorganization, the Detroit Free Press reports. The sale of certain GM divisions to the “new” GM—largely owned by the US Treasury—is expected to happen tomorrow, at the expiration of a holding period for opponents of the deal to make objections....http://www.newser.com/story/63987/court-clears-path-to-new-gm.html?utm_source=syn&utm_medium=rss&utm_campaign=tagThu, 09 Jul 2009 13:55:59 CDThttp://www.newser.com/story/61804/six-flags-files-for-bankruptcy.html?utm_source=syn&utm_medium=rss&utm_campaign=tagTheme park operator Six Flags has declared bankruptcy, Bloomberg reports. The company has not had a profitable year since 1998 and is burdened with $2.4 billion in debt. Six Flags underwent a wide-ranging reorganization starting in 2005 when Washington Redskins owner Daniel Snyder became chairman. The company, whose 20...http://www.newser.com/story/61804/six-flags-files-for-bankruptcy.html?utm_source=syn&utm_medium=rss&utm_campaign=tagSat, 13 Jun 2009 13:04:52 CDThttp://www.newser.com/story/60367/gm-will-declare-bankruptcy-june-1-insiders.html?utm_source=syn&utm_medium=rss&utm_campaign=tagGeneral Motors will file for bankruptcy protection Monday, insiders tell Bloomberg. The company has apparently decided that it cannot make the government-mandated June 1 deadline to shed $44 billion in debt. The timeline is unclear, but bondholders' agreement today to forgive debts in exchange for a stake in the “new”...http://www.newser.com/story/60367/gm-will-declare-bankruptcy-june-1-insiders.html?utm_source=syn&utm_medium=rss&utm_campaign=tagThu, 28 May 2009 13:27:33 CDThttp://www.newser.com/story/60150/us-likely-to-own-70-of-bankrupt-gm.html?utm_source=syn&utm_medium=rss&utm_campaign=tagIf General Motors goes into bankruptcy next Monday—as is widely expected—the US government will own 70% of the automaker, the New York Times reports. Under a plan that GM officials detailed today to union members, the UAW would take a 17.5% stake though its health care fund,...http://www.newser.com/story/60150/us-likely-to-own-70-of-bankrupt-gm.html?utm_source=syn&utm_medium=rss&utm_campaign=tagTue, 26 May 2009 16:57:50 CDThttp://www.newser.com/story/59049/chrysler-woos-current-owners-with-1k-coupons.html?utm_source=syn&utm_medium=rss&utm_campaign=tagIn an effort to boost sales, bankrupt Chrysler is planning to send $1,000 coupons to all its current customers, the Wall Street Journal reports. The certificates, good toward the purchase of any new Chrysler vehicle, will be mailed in the next month or so with a letter from CEO...http://www.newser.com/story/59049/chrysler-woos-current-owners-with-1k-coupons.html?utm_source=syn&utm_medium=rss&utm_campaign=tagFri, 15 May 2009 10:04:54 CDThttp://www.newser.com/story/56914/gm-seeks-ways-around-1b-debt-payment.html?utm_source=syn&utm_medium=rss&utm_campaign=tagGeneral Motors won’t make a $1 billion payment on its debt June 1, an exec told the Wall Street Journal today, and will instead try to swap it for stake in the company—or turn to courts for protection. “They want us to be a viable entity when we emerge,...http://www.newser.com/story/56914/gm-seeks-ways-around-1b-debt-payment.html?utm_source=syn&utm_medium=rss&utm_campaign=tagWed, 22 Apr 2009 13:03:41 CDT