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Wednesday, September 30th, 2020
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Tag Archives: Bankruptcy

Virgin Atlantic files for bankruptcy as pandemic devastates airline industry

Airplane tail. Virgin logo

REUTERS, AUGUST 4, 2020 Virgin Atlantic declares bankruptcy after cutting over 3,000 jobs WASHINGTON/LONDON (Reuters) – Virgin Atlantic Airways Ltd is seeking protection from creditors in the United States under Chapter 15 of the U.S. Bankruptcy Code, which allows a foreign debtor to shield assets in this country, according to a court filing on Tuesday. Virgin Atlantic’s filing in U.S. …

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U.S. Chapter 11 bankruptcy filings surge in May

A pedestrian walks on an empty street

REUTERS, JUNE 4, 2020 (Reuters) – U.S. commercial bankruptcy filings under Chapter 11 of the U.S. Bankruptcy Code jumped in May by 48% from year earlier, marking an initial wave of insolvencies arising from the business disruptions triggered by the COVID-19 pandemic, the American Bankruptcy Institute said on Thursday. Chapter 11 filings rose 28% in May from April, ABI said, …

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ILWU shenanigans at Port of Portland may bankrupt the dockworker union

PortandTerminal.com, December 3, 2019 “How a feud over two jobs tipped the West Coast longshore union toward bankruptcy” SEATTLE, WA – If you enjoyed watching Netflix’s “The Irishman”, you’re going to love this story. It doesn’t get crazier sounding than this. Los Angeles Time’s reporter Richard Read published a piece a few days ago about how a longstanding feud over …

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The shipyard that built the Titanic just went bust

Reuters, August 5, 2019 By Ian Graham BELFAST, Aug 5 (Reuters) – Harland and Wolff, the Belfast shipyard that built the Titanic, was put into administration on Monday after its bankrupt Norwegian owner failed to find a buyer and calls for its nationalization were rebuffed. The shipyard, whose towering yellow cranes dominate the Northern Irish city’s skyline, has been occupied by …

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