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.
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.
WILMINGTON, Delaware – If the city of Detroit were a company, it would be a prime candidate to file for bankruptcy, using court protection to cut debt, streamline operations and trim retiree benefits.
But what may be good for General Motors may not be good for the home of the U.S. auto industry.
A state-appointed panel of experts on Tuesday declared Detroit in financial crisis, and Michigan Governor Rick Snyder is widely expected to soon appoint an emergency financial manager to take over many of the city’s functions.
(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)