Well, it's not much of a surprise at this point, but Eastman Kodak Co, the 131-year-old film company, officially filed for bankruptcy today. more ›

Even though we knew it was coming, the news that junk food overlords Hostess Brands are going under is still kind of a bummer. Where else will we get our indestructible desserts now? more ›

Goodnight, sweet flash-frozen miniature prince: Dippin' Dots, the so-called "ice cream of the future," is facing the very real possibility of becoming a relic of the past, as the company filed for Chapter 11 this week. more ›

With his brokerage firm's troubles plastered on the front pages of the NY Times and Wall Street Journal, former NJ Governor Jon Corzine resigned from MF Global today. The company issued a statement saying that Corzine, who once headed Goldman Sachs, would not seek his $12 million severance. Which makes sense, since the firm filed for bankruptcy earlier this week and couldn't find about $700 million in funds. But was Corzine's decision hasty? Because now there are reports that the money has been found! more ›

It's been a rough year for the carbo-kings at H&H Bagels, and it looks like things could be getting worse—the Wall Street Journal is reporting that the company may be evicted from their 639 West 46th Street mass-manufacturing plant. Is no bagel safe? more ›

After numerous near-death experiences, OTB looks to be going down that road slowly, with 11 parlors expected to close by September. OTB has been climbing out of bankruptcy, but has been failing due to changes in demographics and lack of interest in the parlors. State Sen. Carl Kruger called the parlors "dark, filthy and unappetizing - a blight on the community." However, faithful frequenters see it differently. One better said, "It's sad. You grow attached to something and they take it away from you." With his midtown OTB closing, he will now have to trek to Yonkers to place his bets. more ›

Last night's episode of the Real Housewives of New Jersey included segments dedicated to Joe Giudice showering his wife Teresa with expensive gifts for their 10 year anniversary (despite what seemed like major concerns he had over their financial situation; clip below). Or at least, we hear this is what happened—we were busy reading books. more ›

According to bankruptcy papers filed in the Newark federal court, Real Housewife of New Jersey Teresa Giudice and her husband owe nearly $11 million to creditors. Here's just a list of some of the stuff their $79,000/year income didn't pay for: more ›

A day before its death sentence, the city's Off Track Betting Corporation voted to keep the bankrupt gambling agency open for another year. After thinking the OTB was dead, Gov. Paterson came to the rescue and agreed to a temporary plan that would "share the burden" of the OTBs debts and allow gamblers to place bets online. Over 1,300 jobs were at risk if the organization had closed as planned, and all OTB locations would have been shut down. Staten Island should be thrilled. more ›

After laying off 1,300 workers and wracking gamblers' nerves, the Off-Track Betting Corp. may actually get the state bailout they were hoping for. The OTB has said they would have to shut down by Sunday without a lifeline from the State Assembly, and the Assembly is working on a plan to help them out. According to the Daily News, state lawmakers are developing a plan that would thin out OTB management and cut the OTB's payments to the state's racing industry by about 10%. Assemblyman Gary Pretlow said, "We have to do something before the middle of next week, otherwise OTB goes out of business totally." more ›

After getting a $6 million bail-out from the state—enough to hold it over until it had made “a decision about whether to file for bankruptcy"—St. Vincent’s hospital is slowing to a stop. It’s used the loan to settle employees’ salaries and other costs, but the conversation at a meeting on Friday suggested that there’s not enough to make it into next week. To buy more time, the Greenwich Village landmark facility would need $20 million, so one by one its eliminating its programs and services. more ›

As you may have heard by now, Air America has gone bankrupt, having announced on their website yesterday that they'd be ceasing live programming operations immediately. The progressive radio station's chairman explained in his statement: "The very difficult economic environment has had a significant impact on Air America's business. This past year has seen a 'perfect storm' in the media industry generally. National and local advertising revenues have fallen drastically, causing many media companies nationwide to fold or seek bankruptcy protection." more ›

While a new Checker cab hasn't rolled off the line for nearly 30 years, and the iconic NYC symbols haven't actually been a part of the taxi fleet for nearly 10... the company has still been operating. CityRoom notes that they transformed into a manufacturer of car parts for General Motors, but this week, Checker Motors has called it quits after going bankrupt. 78-year-old owner David Markin told them: “It’s finished. Our family is very distressed about the closing of the company. But it became inevitable." His father Morris, a Russian immigrant, started the company in 1922. more ›

20 Bayard, that big hubristic building on the edge of McCarren Park in Williamsburg filed for Chapter 11 bankruptcy protection on Friday, The Real Deal reports. Are there no hedge funders left who want to live above a blindingly-lit soccer field, 10 minutes from the L train? The building, which was prominently featured on Top Chef, is "nearly full" of owners or renters, but North Development Group apparently owes more than $10 million to more than 50 creditors. The creditor with the largest unsecured claim? A Brooklyn plumber who just saw $325,000 worth of labor go down the crapper, along with the rest of the condo market. (Which kind of takes the fun out of the requisite Nelson laugh.) [Via Curbed] more ›

When we last checked in on the state of the sprawling Manhattan apartment complex known as Peter Cooper Village and Stuyvesant Town, it was at high risk of default on some $4.4 billion in loans. That was the beginning of September, and the prognosis is still negative. At the end of the month, it had $33.7 million left of the $400 million in interest reserves set up to service its debt, sources tell the Wall Street Journal. This means that at its current burn rate of about $16 million per month, the reserve could be depleted before the end of the year. more ›

Duane Reade may be a soulless corporate chain, but its our corporate chain, forged right here in 1960 at a warehouse between its eponymous Tribeca streets. But despite (or because of?) its ubiquity—253 locations in NYC and counting—Duane Reade is deeply in debt, and last week its corporate parent, private-equity firm Oak Hill Capital Partners, shelled out $125 million to save Duane Reade from defaulting on its debt. more ›

You'd think over-charging for drinks (including water) for all these years would have given them a nice financial cushion...but allegedly Webster Hall is in debt and in danger of closing. DBTH reports that "the club is in serious arrears to the City, State and vendors, and may be on the verge of declaring bankruptcy." It's the usual story of overdue rent, bounced checks, back taxes, bills piling up and creditors knocking on the door. "They are looking for some kind of bail out from the state (for the taxes issues) and the landlord (apparently they would like their rent lowered by half until things "get better")." Guess their new Studio venture hasn't been bringing in the cash, but maybe the bridge & tunnel crowd that pack into the place on club nights can help bring in the $600K they need. Nightclub shenanigans aside, it would be a shame to see the place shutter, considering it's been open since the late 1800s and hosting music since the 1950s. more ›