Light Rain Fog/Mist 39°
Tag:

US Bankruptcy Court for the Southern District of New York

Business
Purdue Pharma Files New $7.4B Bankruptcy Plan: How Opioid Victims, Families Could Benefit Purdue Pharma Files New $7.4B Bankruptcy Plan: How Opioid Victims, Families Could Benefit
Purdue Pharma Files New $7.4B Bankruptcy Plan: How Opioid Victims, Families Could Benefit Purdue Pharma has filed a new bankruptcy plan that will distribute more than $7.4 billion to compensate opioid epidemic victims and fund addiction treatment programs. The Stamford, Connecticut-based company submitted the plan to the US Bankruptcy Court for the Southern District of New York, Purdue said in a news release on Wednesday, Mar. 19. The reorganization increases the Sackler family's payout by $1 billion from a previous deal. The plan will dissolve Purdue and transfer its assets to a new public benefit company focused on opioid crisis abatement. The Sacklers, who have…

SHARE

by Chris Spiker
Business
Spirit Airlines Exits Bankruptcy After Slashing $795M In Debt, Cutting Jobs Spirit Airlines Exits Bankruptcy After Slashing $795M In Debt, Cutting Jobs
Spirit Airlines Exits Bankruptcy After Slashing $795M In Debt, Cutting Jobs Spirit Airlines has flown past its financial turbulence, as the budget airline exits bankruptcy after shedding nearly $800 million in debt, officials said. Spirit has ended its financial restructuring process, the airline said in a news release on Wednesday, Mar. 12. The Dania Beach, Florida-based company filed for Chapter 11 bankruptcy in November 2024. The airline has finalized a plan that eliminates $795 million in funded debt and it also received $350 million in equity investments. "We're pleased to complete our streamlined restructuring and emerge in a stronger financial position…

SHARE

by Chris Spiker
Business
Parent Company Of Balducci’s, Kings Food Markets Files For Bankruptcy Parent Company Of Balducci’s, Kings Food Markets Files For Bankruptcy
Parent Company Of Balducci’s, Kings Food Markets Files For Bankruptcy KB US Holdings, the parent company of Kings Food Markets and Balducci’s Food Lover’s Market, which has locations throughout the region, has filed for Chapter 11 bankruptcy amid the COVID-19 pandemic. The company announced this week that “it has accepted a stalking horse bid from TLI Bedrock to purchase the company for $75 million.” To facilitate the sale, KB and its subsidiaries have commenced voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the Southern District of New York. Kings currently operates 25 specialty supermarkets, including 23 in New Jerse…

SHARE

by Zak Failla