Bankruptcy

Two-Thirds Of Bankruptcy Still Caused By Medical Illness And Medical Bills

February 8, 2019 Staff, Pnhp.org Educate! Bankruptcy, Debt, Health Care, Health Insurance

Medical problems contributed to 66.5% of all bankruptcies, a figure that is virtually unchanged since before the passage of the Affordable Care Act (ACA), according to a study published yesterday as an editorial in the American Journal of Public Health. The findings indicate that 530,000 families suffer bankruptcies each year that are linked to illness or medical bills. The study, carried out by a team of two doctors, two lawyers, and a sociologist from the Consumer Bankruptcy Project (CBP), surveyed a random sample of 910 Americans who filed for personal bankruptcy between 2013 and 2016, and abstracted the court records of their bankruptcy filings.

‘Retail Apocalypse’ Is Just Beginning

November 26, 2017 Matt Townsend, Jenny Surane, Emma Or and Christopher Cannon, www.bloomberg.com Educate! Bankruptcy, Finance and the Economy, Jobs and Wages, New Economy

By Matt Townsend, Jenny Surane, Emma Orr and Christopher Cannon for Bloomberg. The so-called retail apocalypse has become so ingrained in the U.S. that it now has the distinction of its own Wikipedia entry. The industry’s response to that kind of doomsday description has included blaming the media for hyping the troubles of a few well-known chains as proof of a systemic meltdown. There is some truth to that. In the U.S., retailers announced more than 3,000 store openings in the first three quarters of this year. But chains also said 6,800 would close. And this comes when there’s sky-high consumer confidence, unemployment is historically low and the U.S. economy keeps growing. Those are normally all ingredients for a retail boom, yet more chains are filing for bankruptcy and rated distressed than during the financial crisis.

Westinghouse Bankruptcy Exclamation Point In Downward Spiral Of Nuclear Energy

March 30, 2017 Staff, www.greenpeace.org Educate! Bankruptcy, Nuclear Energy

By Staff of Green Peace - Toshiba/Westinghouse is responsible for building more nuclear reactors worldwide than any other entity. With the financial meltdown of Westinghouse, Toshiba also recently announced its plans to withdraw from foreign construction projects - a move that has far-reaching implications outside Japan and the US, such as the construction of three reactors in the UK at Moorside. “If we look at how nuclear stacks up against renewables, it’s clearly in freefall. An estimated 147 gigawatts of renewable power was added in 2015, compared to just 11 gigawatts for nuclear power in the same year,” said Ai Kashiwagi, Energy Campaigner at Greenpeace Japan (1).

Oil And Gas Bankruptcies Set To Double This Year

September 28, 2016 Peter Taberner, www.nakedcapitalism.com Educate! Bankruptcy, Oil and Gas

By Peter Taberner for Naked Capitalism - Creditors from bankrupt oil and gas companies are suffering in the current climate, as loan recovery rates have plummeted while insolvencies have increased, which may even be on a par with the collapse of the telecoms industry in the early 2000s, according to Moody’s Investor Service. The branch of the ratings agency which provides credit assessments, research, and risk analysis in 130 countries, has announced that in 2015 a glut of bankruptcies and defaults in the oil and gas sectors, have been encouraged by the low commodity price conditions.

Organizers: Peabody Coal Will Not Escape Justice Via Bankruptcy

May 7, 2016 Kelly Hayes, www.truth-out.org Resist! Bankruptcy, Coal, Corporations, Protests

By Kelly Hayes for Truthout - Missouri activists have long struggled against the environmental devastation, residential displacement and unsafe labor practices of Peabody Coal, the world's second-largest coal producer, which is based in St. Louis. Peabody's acts of destruction have been vast and numerous, from contaminating aquifers with toxic coal sludge to its disregard of labor safety standards, and even the looting of sacred Native artifacts. But the company's recent bankruptcy filing has brought little comfort to those most affected by Peabody's conquest and avarice.

World’s Largest Coal Company Files For Bankruptcy

April 14, 2016 Tracy Rucinski, www.reuters.com Educate! Bankruptcy, Coal, Corporations

By Tracy Rucinski for Reuters - Leading global coal producer Peabody Energy Corp (BTU.N) filed for U.S. bankruptcy protection on Wednesday after a sharp drop in coal prices left it unable to service debt of $10.1 billion, much of it incurred for an expansion into Australia. The Chapter 11 bankruptcy filing ranks among the largest in the commodities sector since energy and metal prices began to fall in mid-2014 as once fast-growing markets including China and Brazil started to slow.

End Of Coal: Largest US Coal Producer Moving Toward Bankruptcy

March 18, 2016 Jessica DiNapoli, www.reuters.com Resist! Bankruptcy, Coal, Peabody Coal

By Jessica DiNapoli for Reuters - March 16 Peabody Energy Corp, the largest U.S. coal producer, may have to seek bankruptcy protection, the company said in a regulatory filing on Wednesday, citing poor economies in countries that import coal and other factors battering the coal industry. Its shares fell 46 percent to $2.16. Falling demand for coal, tougher environmental controls and cheaper natural gas have pushed several big coal miners, including Arch Coal Inc, into bankruptcy in the past year.

This City Could Become The Next Detroit

April 6, 2015 Carl Gibson, www.thinkprogress.org Educate! Baltimore, Bankruptcy, Detroit, Water

Starting this week, 25,000 households in Baltimore will suddenly lose their access to water for owing bills of $250 or more, with very little notice given and no public hearings. Rita, a renter in Southeast Baltimore who asked to remain anonymous for this story in order to protect her two children from being taken away, told ThinkProgress she was served with a shutoff notice last week. Maryland law states that a child that is “neglected” may be taken out of his or her home and put into foster care. One characteristic of “neglect” as defined by the Maryland Department of Human Resources is a child with “consistently poor hygiene” that is “un-bathed, [having] unwashed or matted hair, noticeable body odor.”

Will Banks Gain Will Workers Lose In Detroit Bankruptcy?

July 29, 2014 Diane Bukowski, www.voiceofdetroit.net Organize! Bankruptcy, Banks, Detroit, Inequality

Despite celebrations in the skyscrapers of Wall Street and the U.S. regarding Detroit bankruptcy active and retired employee votes announced July 21, allegedly in favor of huge pension and health care cuts, the sordid story is not over yet.Detroit remains far from a resolution of its state-imposed bankruptcy. Major banks and bondholders have rejected the plan, insisting that they be PAID IN FULL. According to figures released by Kurtzman Carson Consultants (KCC) of El Segundo, CA, Detroit police and fire workers and retirees voted to approve the 4th Amended Plan of Adjustment (POA) by 82 percent, general workers and retirees by 73 percent, and holders of Other Post Employment Benefits (OPEB) by 88 percent. (See chart above.) Meanwhile, Emergency Manager Kevyn Orr, claiming to represent the City of Detroit, filed a FIFTH AMENDED PLAN OF ADJUSTMENT July 25 subsequent to the vote, with no plans for a re-vote. (See link below story.)

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