PES layoffs accelerate as Philadelphia refinery closes

(Reuters) – Refiner Philadelphia Energy Solutions PESC.N is laying off the majority of its unionized workforce on Tuesday and Wednesday, the union’s president said, ahead of an initial layoff deadline. PES began dismissing a small number of union workers last Thursday, before an earlier-stated Aug. 25 termination date, as the company idles its fire-damaged refinery after filing for bankruptcy. Union […]

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Racketeering Lawsuit Against McKinsey Is Dismissed

A federal judge dismissed a lawsuit that accused the consulting firm McKinsey & Company of intentionally filing false statements in several bankruptcy courts to win lucrative contracts to work on big corporate restructurings. It was the firm’s most notable victory in its multijurisdictional fight with Jay Alix, a retired restructuring specialist who has accused McKinsey of repeatedly defrauding the bankruptcy […]

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Philadelphia Energy Solutions seen selling RIN credits in months before bankruptcy -sources

NEW YORK, July 22 (Reuters) – Philadelphia Energy Solutions has been seen selling biofuel credits, called Renewable Identification Numbers (RINs), in the months leading up to filing for Chapter 11 bankruptcy protection, market sources said. PES said on Monday that the company filed for bankruptcy, its second such filing in less than two years, after a fire last month prompted […]

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Death of a retailer: Creditors claim hedge fund may be to blame for Payless’ bankruptcy

When Payless ShoeSource emerged from bankruptcy protection in August 2017, the national discount footwear company vowed to reinvent itself. But today the retailer and ahedge fund that controls it are locked in a contentious battle over its second turn through bankruptcy.  In February, just a year-and-a-half after its first Chapter 11 reorganization case, Payless landed back in bankruptcy court – this time wiping a decades-old retailer off […]

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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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