Shoppers browse at a Sears Canada store in Toronto in October after the company began liquidation sales. Its retirement funds are short $308 million, forcing a 19 per cent cut to employee pensions.
(THE CANADIAN PRESS/Nathan Denette)
Sears Canada’s bankruptcy should alert employees and regulators alike to rethink defined-benefit pensions.
South Africa needs to decide if it will continue to waste public money on its national carrier, or incur the costs of letting SAA go bankrupt.
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Less than four years after Detroit filed for bankruptcy, boosters say a revival is underway in the Motor City. But two scholars say new growth has not spread yet to neighborhoods that need it.
Rod Culleton’s Senate seat has been declared vacant following formal notification of his bankruptcy.
AAP/Lukas Coch
About 10 million borrowers in the government’s main student loan program are struggling to make their payments, yet unlike other types of debt, it’s next to impossible to have it forgiven.
Reform to Australia’s bankruptcy period seeks to wipe its stigma.
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As coal energy loses market share, major U.S. coal companies are filing for bankruptcy. One multi-billion-dollar question: will taxpayers be forced to pay for cleaning up abandoned mines?
Gateway to downtown Flint, Michigan.
Michigan Municipal League/Flickr
The state takeover and fiscal crisis in Flint hamstrung city managers, making it hard to provide basic services like water.
Changes to Australian bankruptcy laws have led to fear that people will be let off easily - but is that warranted?
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Graham Beal, the Director of the Detroit Institute of Arts, recently announced that he will be retiring after fifteen years at the helm. Two of his achievements particularly stand out. The first is his…
Bills, bills, bills.
bills and stethoscope via vichie81/Shutterstock
Burdensomely high medical costs are often blamed for pushing many Americans into bankruptcy. According to the Consumer Financial Protection Bureau some 43 million Americans have unpaid medical debt on…
Many former NFL players face the future with despair: the years after retirement can include an array of physical and financial woes.
USA Today Sports/Reuters
The cascade of woes that have befallen former NFL players has stunned fans and casual observers. Former NFL stars Junior Seau and Dave Duerson committed suicide. All-pro Warren Sapp went bankrupt after…
Detroit has emerged from bankruptcy, but the process has been sharply criticized, which could impair its success.
Reuters
Earlier this month, we learned that the biggest municipal bankruptcy in history would also be among the swiftest. The emergency manager for Detroit filed for bankruptcy in the summer of 2013 without a…