NEW YORK (Reuters) - U.S. auto parts maker Lear Corp filed for Chapter 11 bankruptcy protection on Tuesday, a day after setting out plans to restructure its $3.6 billion debt burden under a proposed deal with creditors.
American Roads LLC, the privately owned operator of the international border crossing tunnel that links Detroit to Windsor, Ontario in Canada filed for bankruptcy on Thursday, citing reduced traffic.
The bankruptcy was not the result of last week’s petition for bankruptcy by Detroit, although the city’s problems contributed to the company’s difficulties, Neal Belitsky, American Roads’ chief executive, said in court documents.
RDA Holding Co., publisher of the 91-year-old Reader’s Digest magazine, filed for bankruptcy to cut US$465-million in debt and focus on North American operations as consumers shift from print to electronic media.
The company is the latest in a line of iconic businesses to have recently sought court protection from creditors, after Hostess Brands Inc., maker of Twinkies and Wonder Bread, and Eastman Kodak Co., inventor of Kodachrome and the Instamatic camera.
Early last month, just as Puerto Rico Governor Alejandro García Padilla traveled to Capitol Hill in an ill-fated effort to convince lawmakers that the island’s various bankrupt public entities should be allowed to utilize US bankruptcy laws, PREPA (the commonwealth’s heavily indebted power utility) was busy cementing the largest restructuring in muni market history.
Caesars Entertainment Corp (NASDAQ:CZR) plans to evade an interest payment worth $225 million to the junior creditors of its biggest business unit. The company also continues to focus on wrapping up the debt restructuring talks with senior bondholders.
(Reuters) - Houghton Mifflin Harcourt Publishers Inc filed for bankruptcy protection on Monday, after the publisher of textbooks reached an agreement with a majority of its creditors to cut about $3.1 billion of debt. The Boston-based company filed for Chapter 11 protection from creditors with the U.S. bankruptcy court in Manhattan. It said it had more than $1 billion of both assets and liabilities. (Reporting By Jonathan Stempel in New York; Editing by Gerald E. McCormick)
Detroit’s elected officials failed to propose any significant cost savings before an emergency manager was appointed in March, a financial analyst said in a trial to determine whether the city can remain under court protection from creditors.