#bankruptcy

#bankruptcy

Grand Slam Track, the league fronted by sprint great Michael Johnson that offered six-figure prize money for top runners, has filed for bankruptcy after canceling its final event and failing to pay athletes and vendors. Johnson boasted a $30 million bankroll at the outset, but in its Chapter 11 filing Thursday in Bankruptcy Court in Delaware, the league said it had less than $50,000 cash on hand, between 200 and 999 creditors, and owed between $10 million and $50 million.

Sears, once known as Sears, Roebuck and Co, was founded in 1892. Its store count peaked at over 3,000, and it was the largest retailer in America for decades, until Walmart topped it in 1990. By 2005, Sears had weakened so much that hedge fund manager Eddie Lampert bought it for $11 billion, using his ownership in Kmart to complete the transaction. The combined business declared Chapter 11 bankruptcy in 2018.

Byju Raveendran, the embattled founder of Indian ed-tech giant Byju's, has blasted a U.S. bankruptcy court's order directing him to pay more than $1.07 billion. He is denying wrongdoing, accusing lenders of misleading the court, and vowing to appeal a ruling that marks a dramatic fall for a onetime poster boy of India's startup boom.

The biotech company, which is headquartered in Milpitas, turned in a Chapter 7 filing, meaning that it seeks liquidation, rather than reorganization. The document is so sparse that it prompted a request from the court's deputy clerk for more information. But it depicts a company in dire straits: ASC Therapeutics estimates that it has between $100,000 and $500,000 in assets and between $10 million and $50 million in liabilities.

Spirit first sought bankruptcy protection in November 2024, following years of mounting financial losses and the collapse of a proposed $3.8 billion merger deal with JetBlue. The budget airline, easily recognizable thanks to its bright yellow planes, reported in its initial voluntary bankruptcy petition that as of September that year, it had $9.49 billion in total assets and $8.99 billion in total debts.

BUCKTOWN - Etta served its final meal on Sunday, October 19, making way for Italian steakhouse Dēliz. The closure ends the restaurant's Chicago presence, following the 2024 shutdown of its River North location and a high-profile, multistate bankruptcy filing. Opened in 2018 by David Pisor and James Lasky, the team behind Gold Coast steakhouse Maple & Ash, Etta offered Italian American cuisine built around a wood-burning oven under the direction of former executive chef Danny Grant. 1840 W. North Avenue.

Changes are likely coming to a Hooters restaurant near you as the chain puts bankruptcy behind it. Hooters Inc. said Monday that it had finalized its acquisition of Hooters of America. The transaction closed on Friday, the companies said - roughly seven months after Hooters of America filed for bankruptcy. Hooters Inc., which also calls itself "Original Hooters," now owns about 140 Hooters locations around the US.

For years, the tween jewelry retailer has struggled to find its footing amid dying mall culture. In August, it filed for Chapter 11 bankruptcy protection for the second time in seven years, citing the "continued trend away from brick and mortar" and higher interest rates. It has since agreed to sell its North American business, including at least 795 stores, to private equity firm Ames Watson in a deal worth $140 million.

A US court has decided to delay the distribution of money recovered from the estate of bankrupt property developer Sean Dunne after objections were raised by the businessman.

There are few things in the world that scream indulgence quite like an iconic American buffet. From Golden Corral to Sizzler's, the restaurant landscape was dotted with popular chains that laid out all-you-can-eat spreads at super affordable rates. And while the general decline had started in the early 2000s, the struggle became impossible to ignore during the pandemic. One beloved chain that couldn't survive it was Hometown Buffet.

About 260 sexual abuse lawsuits were paused when the Catholic Diocese of Santa Rosa filed for bankruptcy in 2023. That has been a frustration for survivors who want the actions of their abusers, and the failings of the powerful institution that obscured the crimes, dragged into the daylight. Now, it looks like a few of those survivors may have their days in court. RELATED: Diocese of Oakland seeks to pull plug on bankruptcy, send sex abuse cases back to court

Avant Gardner LLC, the bankrupt owner of the Brooklyn club complex of the same name, has applied for a permit to demolish the Mirage venue, Brooklyn Paper reports. Having failed to secure reopening permits due to safety and technical issues, Avant Gardner filed for Chapter 11 bankruptcy in August and handed its assets to a lender. The demolition permit filing does not name the Mirage but seeks to demolish 32,000 square feet of a three-story temporary structure, which describes the Mirage build within Avant Gardner, Brooklyn Paper reports.

The Carmel, Indiana-based regional bank, which became a go-to lender for multifamily landlords across the U.S., announced last quarter that some of its borrowers were under investigation for mortgage fraud, leading to $46.1 million in write-downs. New court filings reveal the bank's exposure to Moshe Silber, who was sentenced to 30 months in prison. In Silber and his co-conspirators scheme, they allegedly used a stolen identity to obtain an inflated $74 million loan on a Cincinnati apartment complex.

When a door broke loose on a new electric bus in Des Moines, Iowa, and nearly fell off, it was one in a long list of problems for the local transit agency. The city began using its fleet of seven electric buses, made by the startup Proterra, in 2021. The vehicles soon showed defects in the suspensions, weatherproofing, and wheelchair ramps. After only 18 months of use-and unsuccessful attempts to get the manufacturer to fix the problems-the agency had to pull them off the road.

It looks like Brooklyn Mirage is getting demolished. Avant Gardner, the parent company of the sprawling East Williamsburg music venue, filed a permit application on Friday to raze the multilevel complex. This is perhaps a fitting end to the saga that began earlier this year with a reported $30 million redesign, followed by permitting purgatory, and, eventually, bankruptcy. The application to raze the venue, which was first reported by the Real Deal, is looking to demo 32,000 square feet at an estimated cost of $1.5 million.

The trial for an investor who allegedly kidnapped Ontario's self-proclaimed 'Crypto King' after losing hundreds of thousands of dollars to him is set to begin Tuesday in Toronto. Akil Heywood, 41, is facing three charges related to the alleged kidnapping of Aiden Pleterski in early December 2022, and two counts of extortion. Heywood was one of five men charged in July 2023 in connection with the alleged kidnapping.

Spirit Aviation Holdings, Inc., parent company of the Dania Beach-based budget carrier, announced it received approval Friday from the court in the Southern District of New York for up to $475 million in debtor-in-possesion financing from its existing bondholders. The company also won court approvals for a complex agreement with AerCap Ireland Limited, its largest aircraft lessor, to restructure an array of leases in a move that will funnel $150 million to the airline and end leases on 27 planes.

There are more than 52,000 Mexican and Tex-Mex restaurants in the entire U.S., per IBIS World. Further data from the Pew Research Center, conducted in 2024, found that 11% of American restaurants serve Mexican-style dishes, and a whopping 85% of counties in the U.S. are home to at least one Mexican restaurant. All of this is to say: Mexican food is a big deal in America.

If you've seen the hit FX series "The Bear," you'll know that running a restaurant is tough. It seems like every episode there's a new obstacle for Carmy Berzatto and his team to hurdle, whether it's preparing for cutthroat reviewers, affording enough stock, offering timely attentive service, or simply getting customers through the door. It's a TV series, sure, but many have praised its accurate representation of the industry.

About 1,800 of Spirit's roughly 5,200 flight attendants will be affected, with involuntary furloughs set to take effect on December 1. "As part of our ongoing restructuring, we are taking steps to align staffing with our fleet size and expected flight volume," the airline said in a statement to Business Insider. "We recognize the impact of this decision on affected Team Members, and we are committed to treating them with care and respect during this process," it added.