Home › Credit Risk

Bankruptcy Tracker

Bankruptcy is the result of a company's inability to remain solvent.  Avoiding credit losses from bankruptcies are possible if one knows what to look for.  Here, CreditPulse provides profiles of select bankruptcies by identifying solvency data, unsecured creditors, financing, etc.

Recent Articles

Fresh Start For Two Bankrupt Semiconductor Companies

October 2, 2012

Spansion, Inc. and MagnaChip Semiconductor Corp, two companies that filed Chapter 11 bankruptcy in 2009, are up and running again with both companies now trading on the New York Stock Exchange.

"Given our focus on Spansion's future, management and the Board have concluded that chapter 11 provides the most effective means for Spansion to preserve its business, meet its post-petition obligations and maintain customer confidence and continuity while we complete this restructuring,"

view

American Airlines Files Chapter 11 Bankruptcy

December 13, 2011

The American Airlines bankruptcy, the fifth of a major U.S. airline since 2005, reaffirms the high credit risks associated with the airline industry.  Hewlett-Packard, the largest trade creditor, is owed $31 million.

On November 29, 2011, AMR Corporation, the parent company of American Airlines, and 19 of its subsidiaries filed for Chapter 11 bankruptcy protection from creditors in U.S. Bankruptcy Court for the Southern District of New York, although the company is based in Fort Worth, Texas.  Find out which lenders and trade creditors are on the hook in this CreditPulse bankruptcy profile.

view

Municipal Bankruptcies On The Rise

November 16, 2011

The Jefferson County, Alabama municipal bankruptcy, the fourth large municipality to file this year, highlights the increased risks of doing business with municipal governments in a recession.  A shady sewer deal.

On November 9, 2011, Jefferson County, Alabama, the county for Birmingham, the states largest city, filed a voluntary Chapter 9 bankruptcy for relief of more than $3.1 billion in debt after attempts to reach a debt restructuring deal with creditors fell apart, according to court documents.  Read about this bankruptcy and the risks posed by municipalities.

view

Chevys Fresh Mex Owner Files Chapter 11 Bankruptcy

October 24, 2011

The worsening economy is beginning to put the squeeze on the restaurant business as the nation's largest full service Mexican casual-dining restaurant chain that began operating in 1970 goes bankrupt.

Real Mex Restaurants, Inc., which operates Chevys Fresh Mex, El Torito, El Torito Grill and Acapulco restaurants, filed Chapter 11 bankruptcy on October 4, 2011 after exhausting a myriad of financial resources that included banks, a major financing company, mutual funds and numerous private equity firms.  Get all the details in this CreditPulse bankrutpcy profile.

view

Solar Bankruptcies Highlight Credit Risks of Green Energy

September 12, 2011

The recent slew of bankruptcies in the solar energy field, culminating with the Chapter 11 filing of Solyndra last week, underscore the high risks of so called "green" companies.  "An insane business model."

In May of last year, the President of the United States, Barack Obama, gave a speech at a solar facility in Fremont, California run by Solyndra, Inc. in which he touted the benefits of renewable "green" energy and jobs by claiming "the future is here to hire a thousand workers."  Read what Solyndra's largest trade creditor had to say in this CreditPulse exclusive.

view

Bookseller Borders Group Files Chapter 11 Bankruptcy

February 22, 2011
Bookseller Borders Group Files Chapter 11 Bankruptcy

Battered by a rough economy and competition from internet retailers Borders Group finally succumbs to bankruptcy after running out of cash and financing options.  "Lucky to get back 25 cents on the dollar."

Borders Group, Inc., a $2.3 billion specialty retailer based in Ann Arbor, Michigan, and seven of its subsidiaries filed for Chapter 11 bankruptcy last Wednesday in the United States Bankruptcy Court for the Southern District of New York.  Learn more in this CreditPulse bankruptcy profile.

view

Semiconductor Chip Maker Spansion Files For Chapter 11

June 11, 2009

Spansion Inc. bankruptcy illustrates the risk posed by companies dependent on high market caps in boom times for survival. The company was below the industry averages on all five CSI benchmarks.

On March 1, 2009, Spansion, Inc., a $2.3 billion flash memory chip manufacturer based in Sunnyvale, California, and four of its affiliates filed for chapter 11 bankruptcy in the United States Bankruptcy Court for the District of Delaware only three years after going public on the NASDAQ.

view

Chrysler Files Chapter 11, Forms Alliance With Italian Automaker Fiat

May 14, 2009

Chrysler LLC, the third largest U.S.-based auto maker, filed for Chapter 11 bankruptcy on April 30th in an unorthodox government-led bankruptcy in which the U.S. Treasury will contribute some $3.3 billion and the company's labor union will become majority owner.

Chrysler LLC and 24 of its wholly owned U.S. subsidiaries filed for Chapter 11 bankruptcy in U.S. Bankruptcy Court for the Southern District of New York even though Chrysler is headquartered in Auburn Hills, Michigan.

view

Creditors Sue Private Equity Firm In Archway Cookie Bankruptcy

January 28, 2009

The committee of unsecured creditors of Archway Cookies LLC, an entity that filed Chapter 11 bankruptcy on October 6, 2008, filed suit last Friday against the private-equity firm Catterton Partners and a host of others for what it called "widespread accounting fraud that permeated throughout the debtor's management," according to the complaint.

The suit was filed on January 24th two days after the case was converted to Chapter 7. Catterton Partners, based in Greenwich, Connecticut, acquired Archway & Mother's Cookie Company, Inc., based in Battle Creek, Michigan,

view

Pilgrim's Pride Corporation Files Chapter 11 Bankruptcy

December 2, 2008

The nations's largest poultry producer succumbs to debt and tight credit markets.  Pilgrim's Pride Corp files for Chapter 11 bankruptcy less than two years after hostile $1.1 billion takeover of Gold Kist. 

Pilgrim's Pride Corporation, a $7.6 billion poultry processing giant based in Pittsburg, Texas, yesterday announced that it had filed a voluntary petition for Chapter 11 bankruptcy in the United States Bankruptcy Court for the Northern District of Texas.

view