Bus. Bankruptcies

A123 Systems Can Use DIP Funds to Pay Employees

David_Vieau_123systems_bankruptcyWhen A123 Systems, a company that makes lithium batteries for use in automobiles, filed for Chapter 11 bankruptcy in mid-October, employees worried about what this would mean in terms of their jobs. A123 has not said anything regarding layoffs; however, it did receive interim court approval to use part of its $72.5 million financing from Johnson Controls to pay employee wages, salaries and benefits. Continue reading…

Bankruptcy Hits Business Giants: Big Companies that have Filed for Bankruptcy

Since 2001, statistics show that about five companies a week have gone into bankruptcy. Although many people don’t realize it, a high percentage of companies filing for bankruptcy are major instit
utions. The bankrupt companies accounted for 80% in terms of asset size, making their situations even more troublesome. Continue reading…

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