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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Bankrupted by deadly wildfires, PG&E vows to keep the lights on

(This Jan 29 story has been corrected in paragraph 10 to remove reference to top creditors, which erroneously included banks that act as trustees on bond indentures with no direct credit exposure) By Subrat Patnaik (Reuters) – Utility owner PG&E Corp filed for bankruptcy protection on Tuesday in anticipation of liabilities from California wildfires, including a catastrophic 2018 blaze that […]

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PG&E, US’s largest utility, files for bankruptcy amid wildfire lawsuits

SAN FRANCISCO — The largest utility in the U.S., Pacific Gas & Electric Corp., filed for bankruptcy Tuesday as it faces billions of dollars in potential damages from wildfires in California. The utility filed documents in a U.S. court seeking Chapter 11 reorganization despite state investigators determining last week that its equipment was not to blame for a 2017 fire […]

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Three years later, India's bankruptcy reform languishes in courts

MUMBAI (Reuters) – When India introduced new bankruptcy resolution rules in 2016, government officials and investors said they expected debt-burdened state-owned banks to clear up some of their bad loans and create a dynamic market in restructured debt. Ultimately, they said, they hoped the reform would remove an impediment to higher economic growth. Almost three years later, those hopes have […]

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Avianca Brasil's legal fight with plane leasing firms escalates

SAO PAULO (Reuters) – Avianca Brasil’s battle with its aircraft leasing firms intensified on Friday after Brazil’s aviation regulator said it would no longer ground 10 of the struggling carrier’s planes and another lessor renewed its effort to repossess 10 others. Aircastle Ltd (AYR.N) and General Electric Co’s (GE.N) GE Capital Aviation Services (GECAS) unit have been trying to repossess […]

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