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bankruptcy

LightSquared considering bankruptcy after being derailed by regulators

April 5th, 2012

LightSquared founder Phillip Falcone said he may consider voluntary bankruptcy for his troubled wireless broadband venture, Bloomberg reported on Wednesday. “There are arguments that we would be better off in bankruptcy than not,” Falcone said. “LightSquared, if I have to, I’ll put it into bankruptcy. I don’t care,” adding that he would maintain control of the …

Bankruptcy said to be a ‘very legitimate risk’ for Sprint

March 20th, 2012

Shares of Sprint stock fell 4.5% Monday morning after an analyst said there is an increasing risk that the nation’s third largest wireless carrier could file for bankruptcy. The company is facing increased competition, growing debt and steep costs, with flops in Clearwire’s WiMAX technology, a failed LightSquared partnership and a risky $15.5 billion gamble on Apple’s …

Kodak to stop making digital cameras as struggles continue

February 10th, 2012

Kodak said it will stop making digital cameras, pocket video cameras and digital picture frames in order to focus on more profitable products, reports the Associated Press. The move isn’t surprising, as the company is slowly emerging from last month’s Chapter 11 bankruptcy filing. “Our goal is to maximize value for stakeholders, including our employees, retirees, creditors, …

Kodak files for Chapter 11 bankrupcy

January 19th, 2012

Kodak and its U.S. subsidiaries filed voluntary petitions for Chapter 11 bankruptcy on Thursday. The petition was filed in the Bankruptcy Court for the Southern District of New York. During the bankruptcy, Kodak hopes to bolster liquidity in the U.S. and abroad, monetize non-strategic intellectual property, resolve legacy liabilities and focus on its most valuable business lines. “Our goal …

Kodak reportedly preparing for bankruptcy filing

January 4th, 2012

Eastman Kodak could file for Chapter 11 bankruptcy protection this month or in early February according to a recent report. The troubled camera maker will likely file if it cannot sell 1,100 patents, The Wall Street Journal said Wednesday. The company is reportedly speaking with J.P. Morgan Chase & Co., Citigroup and Wells Fargo, and is asking …

Dish’s Blockbuster buy approved by judge

April 7th, 2011

A bankruptcy judge on Thursday approved Dish Network’s winning bid and gave it the OK to acquire Blockbuster for $320 million. Dish’s bid topped other bidders including Cobalt Video, a group of hedge funds lead by Monarch Alternative Capital, and billionaire investor Carl Icahn earlier this week at an auction for Blockbuster’s business and assets. New York …

Google places $900M bid for 6,000 Nortel patents

April 4th, 2011

The business of smartphone production is starting to look more like the a John Grisham legal novel. While handset makers try to out-innovate each other with high-end, spec-heavy handsets consumers will flock to, lawyers are trying to out-flank each other with patent suits and red-tape. No longer can you have an armada of talented engineers …

Blockbuster’s future up for auction

April 4th, 2011

The fate of Blockbuster is now up for auction. On Monday Blockbuster’s next owner, and future, will be decided. According to Reuters, it’s possible that a new owner could close the video rental chain, liquidate it entirely, or continue operations in a bid to compete with the likes of Netflix and the growing number of …

Blockbuster filing for bankruptcy

September 23rd, 2010

Via a press release, Blockbuster has announced a “pre-arranged” bankruptcy in order to “recapitalize” and “substantially reduce its indebtedness.” The Chapter 11 filing will take the embattled company’s debt from roughly $1 billion down to $100 million; the filing is for the company’s U.S. branches only. “Blockbuster franchise locations in both the U.S. and abroad are independently owned, operated …

L.A. Times: Blockbuster to file Chapter 11 next month

August 27th, 2010

The Los Angeles Times is reporting that the once mighty Blockbuster will file for bankruptcy as early as next month. The Times quotes anonymous sources “familiar with the matter” in the report and explains that the filing could take five months and see 500 to 800 retail outlets closed. The company is seeking protection under Chapter 11 in …