AIR POLAND FILES FOR BANKRUPTCY
Air Poland Sp. z o.o., announced on April 26, 2012 that the company has been forced to file for bankruptcy. Quoting a president of the company Mr. Mariusz Szpikowski, the company is unable to continue its activities in the aviation market due to the fact that the main shareholder, Swiss Capital Holding (SCH) has failed to fulfill its financial obligations toward the company. In February, SCH has made a declaration of taking up shares in the company’s increased share capital. SCH was to take up 11.5 million PLN worth of shares in increased […] read more
KODAK IS NOT GIVING UP – UPDATE 1
01/19/2012 Eastman Kodak filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of New York; 01/19/2012 – (Reuters) Eastman Kodak was successful in obtained a $950 million, 18-month credit facility from Citigroup to keep Kodak’s business going; 02/10/12- (Bankruptcy Daily News) Eastman Kodak announced that, it plans to phase out its dedicated capture devices business – comprising digital cameras, pocket video cameras and digital picture frames – in the […] read more
KODAK IS NOT GIVING UP
U.S. Bankruptcy Judge Allan Gropper in New York gave Kodak a year to reorganize and a permission to borrow an initial $650 million from Citigroup (Citigroup to provide $950 million). On Thursday, January 19, 2012 Kodak filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of New York. The Company is represented by Andrew G. Dietderich of Sullivan & Cromwell. The case is In re Eastman Kodak Co., 12-10202, U.S. […] read more
American Airlines – last of the major US airlines to file for bankruptcy
American Airlines’ parent company AMR Corporation has filed for Chapter 11 bankruptcy protection. Chapter 11 is a section of the US Bankruptcy Code which is used to protect a company from its creditors, giving it time to re-organize its debts or sell parts of its business. New chief executive and president of AMR and American Airlines Thomas W. Horton said the AMR board had unanimously decided to file for bankruptcy on Monday, November […] read more
SAAB follows in VOLVO’s footsteps
Chinese distributor Pang Da Automobile Trade and Chinese auto manufacturer Zhejiang Youngman Lotus Automobile plan to buy from Swedish Automotive its struggling Saab unit for just €100 million, or about $142 million. Chinese companies also pledged to invest 610 million euros ($844 million) in the Swedish carmaker in an effort to save the 62-year old automaker from going out of business. Saab has been sold in early 2010 by General Motors to Swedish Automotive, […] read more
Business bankruptcies only in United States?
Below is a chart listing countries with largest number of business bankruptcies per million people: Country Business Bankruptcy Filings per Million People Switzerland 1,351 Denmark 1,175 Norway 953 Sweden 834 France 784 The Netherlands 573 Germany 393 U.K 282 Australia 220 U.S. 180 Canada 120 Japan 109 Source: 2011 Bankruptcy Yearbook and Almanac For those who have no time to do their own math, below is the chart containing approx number of business bankruptcies filed […] read more
What can we learn from Lehman Brothers’ failure?
September 15 marks the three-year anniversary since Lehman Brothers declared bankruptcy. A global financial crisis erupted and there was the race to the bottom in the entire financial sector. Some of the biggest losers were the Lehman Brothers itself, the 150 years old, fourth largest investment bank inAmerica. Also General Electric (GE) plunged 68% at that day, and American International Group (AIG) went down 90% within several days after Lehman’s collapse. Not to mention 14 […] read more