GE's WMC Mortgage unit, felled by financial crisis, files Chapter 11 bankruptcy

(Reuters) – General Electric Co on Tuesday put the remnants of its WMC Mortgage unit into bankruptcy, 11 days after paying a $1.5 billion U.S. fine over defective subprime mortgages issued by WMC before the 2008 financial crisis. The Chapter 11 filing affords “finality” for WMC, given its limited cash —$175,000— and support from GE, and the threat of further […]

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Factbox: Who are PG&E's new directors?

(Reuters) – PG&E Corp on Wednesday appointed Tennessee Valley Authority Chief Executive Officer William Johnson as its CEO and added 10 members to its board of directors, as the company navigates through bankruptcy. The California energy company faces crushing liabilities related to wildfires in 2017 and 2018 that killed dozens of people and destroyed thousands of homes. Effective as of […]

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Iceland’s Wow Air Ceases Operations, Cancels All Flights

Iceland’s low-cost carrier Wow Air has ceased operations and canceled all flights, stranding passengers in the process. “WOW AIR has ceased operation. All WOW AIR flights have been canceled,” the airline said in a travel alert on its website. Wow Air urged its passengers to check available flights with other airlines, noting that some airlines may offer flights at a […]

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PG&E creditors propose $35 billion exit plan: Bloomberg

(Reuters) – Some creditors of PG&E Corp, including Elliott Management Corp and Pacific Investment Management Co (Pimco), are proposing a $35 billion plan for the California power utility to exit bankruptcy within a year, Bloomberg reported late on Wednesday. Pimco, Elliott and David Kempner Capital Management have discussed the proposal with California lawmakers and other stakeholders, Bloomberg reported, citing sources […]

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Purdue Pharma CEO says company considering bankruptcy: Washington Post

(Reuters) – Purdue Pharma’s Chief Executive Officer Craig Landau said the company is considering bankruptcy, the Washington Post reported on Wednesday, as the OxyContin maker faces a slew of lawsuits alleging the drugmaker contributed to opioid epidemic sweeping the United States. A Purdue Pharma spokesman told Reuters that the company was looking at all options, but had not yet made […]

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Eddie Lampert steps down as chairman of Sears' board

(Reuters) – Eddie Lampert will step down as chairman of Sears Holdings Corp’s board, effective immediately, a company filing showed here on Thursday. Lampert’s resignation relates to the completion of the “going concern” transaction and is “not the result of any disagreement with the company on any matter relating to the company’s operations, policies or practices,” according to the filing. […]

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Warren sends scathing letter to Lampert over Sears plan

Elizabeth Warren wants a Valentine’s Day present from billionaire businessman Eddie Lampert. The Massachusetts senator and presidential candidate sent a scathing letter to the hedge fund mogul on Thursday demanding that he answer eight questions by Feb. 14 about his plan to buy Sears out of bankruptcy. In the Jan. 30 letter, Warren calls Lampert a “practitioner of predatory capitalism” […]

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