bankruptcy News

PG&E Fire Victims Warn Market Turmoil Endangers Their Settlement

Market turmoil from the coronavirus is spilling into the bankruptcy of California power giant PG&E Corp. Victims of wildfires blamed on PG&E’s equipment are concerned the sell-off on Wall Street could hobble stock payments that make up half of a …

PG&E Glides Toward Bankruptcy Exit Now That State Is Focused on Virus

The deepening coronavirus crisis has shifted nearly all attention away from what had been one of California’s most pressing issues: the fate of embattled utility PG&E Corp. Now, the company is quietly edging closer to exiting the largest utility bankruptcy …

PG&E Wins Approval of $23 Billion Bankruptcy Financing Package

PG&E Corp. won bankruptcy court approval to use up to $23 billion in financing after California Governor Gavin Newsom dropped his opposition, clearing a crucial obstacle to the power company’s push to exit Chapter 11. U.S. Bankruptcy Judge Dennis Montali …

Billionaire Sacklers Don’t Deserve Bankruptcy Shield, States Say

Two dozen U.S. states urged a bankruptcy judge to let them revive their stalled lawsuits against the billionaire owners of Purdue Pharma LP, saying keeping the opioid litigation on ice sends a message that wealthy people can escape justice. The …

Toys ‘R’ Us Creditors Sue Directors and Private-Equity Owners

Toys “R” Us Inc. creditors filed a lawsuit accusing the defunct retailer’s executives and private-equity owners of fraud and breach of fiduciary trust. Former Chief Executive Officer David Brandon and other directors misrepresented the toyseller’s ability to repay creditors after …

PG&E Agrees to More State Control If It Gets Into Trouble Again

PG&E Corp. said it’s open to a proposal that would let California regulators take greater control of the company if it gets into trouble again, largely conceding to one of Gov. Gavin Newsom’s demands for the utility to exit bankruptcy. …

PG&E Strikes Deal With FEMA Over $3.9 Billion in Fire Claims

PG&E Corp. reached a deal with the U.S. Federal Emergency Management Agency over $3.9 billion in relief Washington provided after the utility’s power lines sparked devastating wildfires. The settlement, which requires court approval, calls for FEMA to reduce its claim …

Child Abuse Claims Lead Buffalo Diocese into Bankruptcy

The Diocese of Buffalo, New York, filed for Chapter 11 bankruptcy protection, citing child abuse lawsuits that resulted in financial uncertainty. New York State passed legislation in January 2019 that modified the statute of limitations on child abuse claims, allowing …

PG&E Faces Record Fine of $2.1 Billion for Role in Wildfires

California regulators increased penalties against PG&E Corp. to $2.1 billion for violations tied to the catastrophic wildfires ignited by the company’s power lines in 2017 and 2018. The penalty would be the largest ever imposed by the California Public Utilities …

Mallinckrodt Agrees to $1.6 Billion Opioid Settlement, Unit to File Chapter 11

Mallinckrodt Plc said on Tuesday its specialty generic unit would file for bankruptcy after agreeing to pay $1.6 billion over eight years to settle opioid-related lawsuits globally, sending the drugmaker’s shares up 48%. The settlement was reached with a court-appointed …