Social Security bankruptcy: How a ‘six figure limit’ on benefits for the very rich could extend the program’s life by 7 vital years
As concerns about America’s escalating deficit and debt grow, there’s been a troubling lack of focus on a crisis that might significantly affect millions of older Americans. In just under seven years, the Social Security Retirement Trust Fund is projected to go bankrupt, leading to automatic, substantial benefit cuts under federal law. The bipartisan Committee […]
Mike Lynch’s widow, a superyacht owner, confronts bankruptcy following a fraud lawsuit.
Major Legal Setback for Widow of Deceased British Tycoon The estate of a British businessman, who tragically passed away when his luxurious superyacht sank near Sicily, faces more than $1.2 billion in damages from a 2015 lawsuit. This ruling could potentially push his widow toward crippling financial difficulties. Hewlett-Packard (HP), the US technology giant, has […]
Saks Global cuts 1,200 positions following its bankruptcy filing.
Saks Global, the owner of luxury retail chains like Saks Fifth Avenue and Neiman Marcus, has shut down over a dozen locations and laid off more than 1,200 employees across the U.S. following its bankruptcy filing earlier this year. The New York-based firm initiated these job cuts recently, submitting a worker adjustment and retraining letter […]
The challenging merger discussions between Saks and Amazon before and after the luxury company’s bankruptcy
Amazon’s Interest in Saks Complicated by Bankruptcy Issues Amazon seems eager to acquire a stake in the Saks empire, though the company’s controversial involvement in the retailer’s bankruptcy is making this ambition tricky, especially when it comes to entering the luxury market. About three months prior to Saks and Neiman Marcus seeking Chapter 11 protection […]
Court-Ordered $345 Million Settlement May Lead to Greenpeace Bankruptcy
Greenpeace Faces Major Financial Judgment A judge is set to mandate that Greenpeace pay a $345 million judgment, with hopes that this could potentially drive the controversial environmental organization into bankruptcy. The organization is expected to challenge this ruling in an appeal. Last year, a jury awarded Energy Transfer a staggering $660 million from Greenpeace. […]
Spirit Airlines canceled more than 250 flights during bankruptcy turmoil as passengers express frustration.
Spirit Airlines Faces Turbulence Amid Crew Shortages Passengers flying with Spirit Airlines are encountering a series of cancellations and delays as the airline grapples with finding enough crew and flight attendants. The situation is worsening, particularly for travelers in South Florida, where over 250 flights have been grounded. This wave of cancellations isn’t related to […]
Spirit Airlines strikes agreement to leave bankruptcy by early summer
Spirit Airlines Reaches Bankruptcy Agreement Spirit Airlines announced on Tuesday that it has secured an agreement with its lenders, paving the way for it to emerge from bankruptcy by late spring or early summer. The low-cost airline filed for its second bankruptcy in August 2025 as it grappled with increasing losses and dwindling cash reserves. […]
Spirit Airlines sells aircraft and brings back flight attendants during bankruptcy
Spirit Airlines Sells 20 Airbus Jets Amid Restructuring Spirit Airlines has announced a decision to sell 20 Airbus aircraft while also recalling some flight attendants who were furloughed late last year due to the airline’s financial struggles. The airline is currently navigating its second bankruptcy, having filed for Chapter 11 in November 2024. The first […]
Health crises can result in financial struggles and bankruptcy, even for those with insurance.
Medical Emergencies Leaving Long-Term Financial Impacts Even those with health insurance in the U.S. can find themselves in tough financial situations after a medical emergency. A recent study in a health journal revealed that 18 months post-hospitalization for traumatic injuries—like car accidents or falls— people faced increased collection rates for medical debts. Specifically, these rates […]
Saks Global’s bankruptcy makes NYFW appear sparse
Impact of Saks Global Bankruptcy on Fashion Week Fashion insiders have shared with Page Six that Saks Global’s recent bankruptcy has noticeably affected this February’s fashion week. Brands are now reevaluating their plans, scaling back on expensive runway shows and elaborate afterparties. This season’s calendar is less packed than the usual September lineup, and many […]