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.
Presenting default you can believe in, as the largest municipal bankruptcy in US history, involing the one-time iconic "motor city" which now has a population of 700,000 and some $20 billion in liabilities, is about to become reality. From the Detroit Free Press:
The bankruptcy of Energy Future Holdings, aka TXU, aka the largest LBO ever has been long in coming. As we previewed it most recently in September of last year, "if there was one deal that epitomized the last credit bubble, aside from the Blackstone IPO of course, it was the ginormous, $45 billion 2007 LBO of TXU, now Energy Future Holdings.
Crumbs Bake Shop Inc., the New York- based chain that went public three years ago at the peak of the cupcake craze, filed for bankruptcy after arranging a potential takeover with a venture including the maker of Dippin’ Dots ice cream.
The company, known for supersized cupcakes topping out at 1,090 calories, listed assets and debts of as much as US$50 million each in a Chapter 11 filing yesterday in U.S. Bankruptcy Court in Newark, New Jersey. The chain, which in April had about 65 locations in 12 states and the District of Columbia, shut all of its stores July 7.