Colt Defense Files Bankruptcy as Turnaround Falls Short
Colt Defense LLC, the 179 year-old manufacturer of such iconic firearms as the M16 rifle, M4 Carbine and Colt 45 revolver, announced it has filed for Chapter 11 bankruptcy reorganization. The West Hartford, Connecticut-based Colt was fighting a losing financial battle over the past few years, most recently proposing in April 2015, a pre-packaged bankruptcy…
Rupert Murdoch Hands Sons Keys to 21st Century Fox
Rupert Murdoch’s announcement that he will be handing over the CEO role at 21st Century Fox to his son, James, 42, and elevating his other son, Lachlan, 43, to the position of co-executive chairman, once again brings family business succession-planning to the forefront. From published news accounts, it appears that Murdoch’s sons know the…
Detroit Bankruptcy: Prized Art Collection Can Save the City
With the Detroit municipal bankruptcy trial beginning Tuesday in Federal Bankruptcy Court, all eyes are watching the fate of the Detroit Institute of Arts Museum’s multi-billion collection. The Wall Street Journal reports that Art Capital Group has proposed exit financing to the city of Detroit in the amount of $4 billion — if it uses…
Energizer’s New Plan: Split the Company in Two
The company responsible for providing Energizer batteries, Schick razors and various hygiene products has announced its new plan to separate into two publicly traded companies. One company will focus on the household products we’ve come to rely upon, while the other company will concentrate efforts on personal care products. Due to an increase in market…
Valeant, Ackman Make Big Money Offer for Botox
A partnership between Canada’s Valeant Pharmaceuticals International Inc. and activist investor Bill Ackman has resulted in an offer that is sure to raise a few eyebrows. An unsolicited $47 billion bid to buy Botox maker Allergan Inc. The move would put the company on the path toward becoming one of the world’s five largest drug…
Twitter Enhances Analytics by Acquiring Social Data Provider
In a strong push to improve their data analytics capabilities, the social media giant Twitter Inc. has announced it has acquired the social data provider Gnip. The data provider specializes in helping companies, PR agencies and other data specialists access tweets going all the way back to Twitter’s birth in 2006. In fact, Twitter itself has been…
New Rule Requires Big U.S. Banks to Pony Up Billions
In order to comply with a new rule set by U.S. regulators, the eight largest banks in the United States will be forced to raise a total of roughly $68 billion in captain by 2018. The new rule is intended to limit banks’ reliance on debt, thereby preventing another financial crisis. While it has led…
Cengage Learning Emerges Out from Bankruptcy
A recent post in February discussed the financial struggles of textbook publisher Cengage Learning and its uphill climb to crawl out from Chapter 11 bankruptcy. This week it’s been announced the nine-month battle has come to an end and the company has cut down its $5.8 billion debt by more than two-thirds. In a statement…
eBay Asks its Shareholders to Veto PayPal Spin-Off
Last week, activist investor Carl Ichan submitted a proposal asking eBay to sell off 20 percent of its PayPal payments unit in an IPO. (The proposal is slightly different than the first; Ichan initially called for a complete spin-off of the company PayPal payments unit.) He states that selling part of the business would not…
‘Home of the Toasted Sandwich’ Files for Bankruptcy Protection
Quiznos Corp, the chain known for paving the way for the toasted sandwich, has announced that it has filed for pre-packaged bankruptcy protection. The move comes after years of struggling with high debt and increased competition from big-name chains like Subway. A pre-packaged bankruptcy is when an entity negotiates a deal in advance with creditors…