The brand ran into troubles from its inception, opening in the crowded and ultra-competitive West Coast grocery market on the eve of the recession and relying heavily on technology in an industry driven by human contact. Nearly 170 stores are in operation, according to court documents. Of the more than 61 Fresh & Easy stores that aren't operating, 36 involve leases. The chain, which was run from El Segundo, employs more than 4,000 people. The bankruptcy will allow Fresh & Easy the flexibility to shake up its store portfolio and shed unprofitable locations, said analyst Neil Saunders with Conlumino in London.
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Two years after bankruptcy, California city again mired in pension debt
grocery chain,Fresh & EasyNeighborhood Market Inc., filed for Chapter 11 bankruptcy protection Monday to sell many of its stores toYucaipa Cos. Read the Daily Bankruptcy Review article here . (Daily Bankruptcy Review and DBR Small Cap are daily newsletters with comprehensive coverage and analysis of emerging and in-progress insolvencies and turnarounds. For a two-week trial, visit our homepage , scroll to the bottom and click try for free.) The Houston Chronicle has more on the involuntary bankruptcy filing against regional sports network Comcast SportsNet Houston. Bloomberg reports on OGX Petroleo & Gas Participacoes SAs deepening financial ills as chairman Eike Batista hires another restructuring adviser and fires the companys chief financial officer.
For the original version including any supplementary images or video, visit http://blogs.wsj.com/bankruptcy/2013/09/30/the-daily-docket-tescos-u-s-grocery-chain-enters-bankruptcy/
The Daily Docket: Tesco's U.S. Grocery Chain Enters Bankruptcy
"Employers looking to cut costs have some options that can make benefits easier to manage in the near term, some of which Vallejo has already taken," Calpers said in a statement. "We are pleased Vallejo has remained committed to delivering on the pension promises it made to its employees." Calpers is the largest pension system in the United States and serves many California cities and counties. It has long argued that it has a much wider responsibility than managing pensions for individual cities. It says state law mandates that it is the custodian of the entire fund, and as such is unable to renegotiate pension rates that cities have agreed to with their workers. Vallejo, a port city of 115,000 near San Francisco that was staggered by the closure of a local naval base and the housing market meltdown, filed for Chapter 9 bankruptcy protection in 2008 with an $18 million deficit. During its three-and-half year bankruptcy, the city slashed costs, including police and firefighter numbers, retiree health benefits, payments to bondholders and other city services. The only major expense the city did not touch was its payments to the $260 billion California Public Employees Retirement System.
For the original version including any supplementary images or video, visit http://www.reuters.com/article/2013/10/01/us-usa-municipality-vallejo-idUSBRE9900Z720131001
Tesco puts U.S. grocery chain in bankruptcy, seeks sale
grocery chain in bankruptcy, seeks sale A customer walks towards the entrance of a Fresh & Easy Express food market in Burbank, California October 17, 2012. Credit: Reuters/Fred Prouser By Tom Hals Mon Sep 30, 2013 3:33pm EDT (Reuters) - Britain's Tesco Plc (TSCO.L) put its U.S. grocery store chain into bankruptcy on Monday as part of a plan to sell most of the 167 stores to a private equity firm led by billionaire Ron Burkle. The bankruptcy ends the grand entrance onto the U.S. stage of Britain's biggest supermarket chain. When Tesco launched the chain in Arizona, California and Nevada in 2006, many expected the deep-pocketed company to quickly expand to challenge the dominant U.S. food retailer, Wal-Mart Stores Inc (WMT.N). But Tesco jumped into the U.S. Southwest just as the region's sizzling real estate market began to cool, and the U.S.
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PMI Group emerges from bankruptcy protection
trustees have the same issue. In a contingency plan posted on its website, the Justice http://attorney-in-palm-desert.com/more-information/bankruptcy/ Department said the trustees will attempt to curtail or postpone appearances at the bankruptcy court while the shutdown is in effect. The spokeswoman for Ms. Hope Daviss office is furloughed, and a Justice Department spokeswoman didnt immediately respond to a request for comment on how the shutdown could affect bankruptcy court cases. Vito Genna, the clerk of the U.S. Bankruptcy Court for the Southern District of New York, which includes the heavily trafficked Manhattan court, said the court has federal funding for the next 10 days. After that, its not completely clear what will happen, although judges and court employees are all deemed essential employees and will continue coming to work.
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Government Shutdown Hits Bankruptcy Watchdogs
The company filed for bankruptcy protection in November 2011 after two of its subsidiaries were seized by regulators in Arizona. The regulators seized PMI Group's main subsidiaries in the state, PMI Mortgage Insurance Co. and PMI Insurance Co., because the companies did not have enough money on hand to meet state requirements. PMI Group suffered heavy losses once the housing market bubble popped. The company filed its reorganization plan in April, which was confirmed by the U.S. Bankruptcy Court for the District of Delaware in July. Distributions of cash or cash and stock in the reorganized company will be made to those that had valid and allowed claims as of Tuesday.
For the original version including any supplementary images or video, visit http://finance.yahoo.com/news/pmi-group-emerges-bankruptcy-protection-181603899.html
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