Financially Distressed Companies

A Richmond businessman who owns a dozen restaurants in three states, has filed for Chapter 11 bankruptcy. (Click here to see the full filing, courtesy RichmondBizSense.com) One of the restaurants is the Roanoke Hooters, located on Williamson Road....

A continuing care retirement community in Botetourt County is no longer in bankruptcy. Parent company Virginia Baptist Homes says The Glebe emerged from Chapter 11 bankruptcy last week. The Roanoke Times says the retirement community opened in Daleville...

A former financial adviser from Forest admitted to running a Ponzi scheme in U.S. District Court on Wednesday morning in Lynchburg. 42-year-old Michael Todd Crosswhite pleaded guilty to one count of wire fraud and one county of money laundering....

A deal reached in the State Fair of Virginia bankruptcy case would clear the way for a buyer to purchase the entire fair in an attempt to put on the event in September. Documents filed Monday in U.S. Bankruptcy Court indicate that the agreement between...

Furs, art, and other items from onetime socialite Patricia Kluge's Charlottesville estate are going on the auction block. TRF Auctions will conduct the bankruptcy auction Saturday at The Plaza in Lynchburg. TRF Auctions marketing director Micah Torrence...

Roland "Spanky" Macher pleaded guilty Monday to federal fraud and tax evasion charges.  Macher faces up to 30 years in prison when he's sentenced in June. According to the United States Attorney's office, Macher pleaded guilty to one count of tax...

An embattled Roanoke businessman is now in even more trouble with the law. Roland "Spanky" Macher was charged with food stamp fraud in a federal indictment on Thursday. The indictment says the former restauranteur falsified applications to obtain more...

The Roman Catholic religious order that runs Brother Rice High School in Chicago and St. Laurence High School in Burbank didn't want Brother Edward Chrysostom Courtney in Chicago any longer. So in the early 1970s, the Irish Christian Brothers shipped...

* About 17.7 million cards outstanding when chain closed * Tens of millions of dollars of potential claims rejected By Jonathan Stempel May 22 (Reuters) - Borders owes nothing to holders of roughly $210.5 million of gift cards that had not been used by...

Those clinging hopefully to the old Borders books gift cards stashed in their drawers or wallets are out of luck, a Manhattan federal judge ruled Wednesday. According to Reuters, there are about $210.5 million worth of such cards that had not been used by...

(Reuters) - Ally Financial Inc agreed on Thursday to pay $2.1 billion to settle legal claims tied to its bankrupt Residential Capital LLC unit, nearly triple the amount it initially offered to creditors of the subprime mortgage business. Ally hopes the...

DETROIT/TOKYO (Reuters) - A team including former General Motors Co executive Bob Lutz and China's largest parts maker is looking to buy Fisker Automotive for $20 million, a fraction of the "green" car company's estimated worth almost a year and a half...