George's Feed
Oct 12, 2011

Debt-laden Harrisburg files for bankruptcy

By Edith Honan and Tom Hals

(Reuters) – Pennsylvania’s capital, Harrisburg, filed for a rare municipal bankruptcy on Wednesday in a desperate bid to resolve its debt crisis, but it now faces a showdown with the state over control of the city.

Harrisburg becomes one of the most-high profile cities to opt for the little-used chapter of the U.S. bankruptcy code, most notably used nearly 20 years ago by Orange County, California. Alabama’s Jefferson County last month settled with its creditors to avoid what would have been the biggest-ever municipal bankruptcy.

Oct 12, 2011

Debt-laden Harrisburg, Pa., files for bankruptcy

Oct 12 (Reuters) – Pennsylvania’s capital, Harrisburg,
filed for a rare municipal bankruptcy on Wednesday in a
desperate bid to resolve its debt crisis, but it now faces a
showdown with the state over control of the city.

Harrisburg becomes one of the most-high profile cities to
opt for the little-used chapter of the U.S. bankruptcy code,
most notably used nearly 20 years ago by Orange County,
California. Alabama’s Jefferson County last month settled with
its creditors to avoid what would have been the biggest-ever
municipal bankruptcy.

Oct 12, 2011

Solyndra CEO leaves, high-profile fixer lined up

WILMINGTON, Del (Reuters) – Solyndra, the solar panel maker that collapsed despite a U.S. government infusion of $535 million, wants to appoint a high-profile bankruptcy expert to run it after the departure of its chief executive.

Solyndra asked the bankruptcy court to let it hire Todd Neilson of Berkeley Research Group LLC as its chief restructuring officer, according to documents filed on Tuesday at the Delaware court.

Oct 12, 2011

Breakingviews: Most EU states could afford large bank recaps

(The author is a Reuters Breakingviews columnist. The opinions expressed are his own)

By George Hay

LONDON, Oct 12 (Reuters Breakingviews) – The barriers to a proper recapitalization of Europe’s banks look political, not economic. That’s the conclusion of Reuters Breakingviews’ latest bank stress test, which analyses what would happen if governments have to fill the entire capital hole required to restore confidence in Europe’s financial system.

Oct 12, 2011

Solyndra CEO leaves failed solar panel maker

WILMINGTON, Del (Reuters) – The chief executive of Solyndra, a failed solar panel maker with a $535 million federal government loan guarantee, has left the company, according to documents filed by the company in bankruptcy court.

Brian Harrison “left the company as scheduled on October 7,” the company said in documents filed on Tuesday at the Delaware bankruptcy court, giving no further details.

Oct 11, 2011

New U.S. bankruptcy ripples may emerge (Oct 10)

Oct 10 (Reuters) – Three years after the collapse of Lehman
Brothers touched off a tidal wave of bankruptcy filings,
corporate failures may be about to pick up again, with some
big-name companies among those struggling for survival.

Companies in a range of businesses, including hair salons,
restaurants, renewable energy, and the paper industry, have
tumbled into Chapter 11 in the past few months.

Oct 10, 2011
via Breakingviews

Dexia rescue riskier than it looks for Belgium

By George Hay
The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

Belgium’s bill for bailing out Dexia could be much higher than meets the eye. After a weekend of frantic negotiations, Brussels is to pay 4 billion euros to take the Belgian assets of the vanquished lender into public ownership. If that was it, the direct costs to the state would be only 1 percent of GDP.

Oct 10, 2011

Insight: New bankruptcy ripples may emerge in tough economy

By Tom Hals, Sue Zeidler and Caroline Humer

(Reuters) – Three years after the collapse of Lehman Brothers touched off a tidal wave of bankruptcy filings, corporate failures may be about to pick up again, with some big-name companies among those struggling for survival.

Companies in a range of businesses, including hair salons, restaurants, renewable energy, and the paper industry, have tumbled into Chapter 11 in the past few months.

Oct 10, 2011

New U.S. bankruptcy ripples may emerge in tough economy

Oct 10 (Reuters) – Three years after the collapse of Lehman
Brothers touched off a tidal wave of bankruptcy filings,
corporate failures may be about to pick up again, with some
big-name companies among those struggling for survival.

Companies in a range of businesses, including hair salons,
restaurants, renewable energy, and the paper industry, have
tumbled into Chapter 11 in the past few months.

Oct 5, 2011

Friendly’s chain files for bankruptcy

Oct 5 (Reuters) – Friendly’s, an ice cream parlor chain
known for its Happy Ending sundaes, filed for bankruptcy on
Wednesday as the sluggish economy and slow consumer spending
claimed another casual dining operator.

Friendly’s Ice Cream Corp blamed rising prices for cream
and high rents for its problems. The company, which operates or
franchises restaurants in the eastern United States, plans to
close 63 of its weaker restaurants; 424 will remain open.

    • About George

      "George Hay writes about the banking and property sectors. He joined from Thomson Financial News, where he was a companies correspondent. Before that he worked at United Business Media, where he was news editor of Building Magazine. He has a first in English Literature from Edinburgh University, and was nominated in two categories at the 2009 Business Journalist of the Year Awards."
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