“Bankruptcy” on The Daily Caller

“Lethal Weapon” actor Gary Busey filed for bankruptcy in California on Tuesday, citing more than $500,000 in debt, according to documents obtained by TMZ. (more)

Hostess Brands Inc., a wholesale baker, is again preparing to file for Chapter 11 bankruptcy protection this week, The Wall Street Journal reported, citing people familiar with the matter. (more)

FORT WORTH, Texas (AP) — American Airlines and its parent company are filing for bankruptcy protection as they seek to cut costs and unload massive debt built up by years of high jet fuel prices and labor struggles. (more)

Sept. 8 (Bloomberg) — NewPage Corp., the largest maker of coated papers in North America, won temporary court permission to borrow as much as $600 million to keep operating while it tries to restructure at least $2.6 billion in bonds. (more)

MIAMISBURG, Ohio (AP) — Paper producer NewPage Corp. says it is seeking Chapter 11 bankruptcy protection while it restructures. (more)

The U.S. Postal Service, which predicts it may run out of cash in September, had a $3.1 billion loss in its third quarter, Chief Financial Officer Joseph Corbett said. (more)

Central Falls, Rhode Island’s poorest city, filed for Chapter 9 bankruptcy protection as it struggles to meet its pension obligations. (more)

Harry & David Holdings, a 75-year-old seller of fruit baskets and other gifts, filed for Chapter 11 bankruptcy protection Monday, brought down by a weak economy and a proliferation of competitors. (more)

Lower property values, foreclosures, and decreased aid from cash-strapped states are adding up to a tough 2011 for many U.S. towns and cities — perhaps the worst since the Great Depression. (more)

Blockbuster Inc. is preparing to put itself up for sale after creditors disagreed on plans to give the movie-rental chain more cash to help it exit bankruptcy protection, people familiar with the matter said. (more)

NEW YORK (AP) — Borders was slow to get the message as the big-box retailer lost book, music and video sales to the Internet and other competition. The result: It filed for Chapter 11 bankruptcy Wednesday, and will close nearly a third of its stores. (more)

Next week, the Supreme Court will hear oral arguments for the second time in the late Anna Nicole Smith’s lawsuit against her husband’s estate. A tribute to forum shopping and litigation run amok, the original parties to the suit including Anna Nicole Smith have all died, but nearly 16 years later, the lawsuit lives on. While the case continues to capture headlines because of the deceased centerfold at the center of the controversy, it deserves more serious attention for what it could mean for estate planning and the rule of law. (more)

The budget crises that have nearly paralyzed states such as California and Illinois are likely to get worse, not better, in 2011 — despite the massive cuts that have already been made. (more)

LOS ANGELES (AP) — Troubled movie studio Metro-Goldwyn-Mayer Inc. said Thursday that a federal bankruptcy court has approved a prepackaged bankruptcy plan in which its lenders will exchange nearly $5 billion in debt for ownership of the company responsible for half of “The Hobbit” movies. The two-part series is to go into production in February. (more)

Member David Guaspari writes in, asking: (more)

Metro-Goldwyn-Mayer, the fabled studio whose origins go back to Hollywood’s earliest days, filed for bankruptcy protection, sagging under a mountain of debt. (more)

It looks like Tiger Woods has one less problem to worry about. (more)

Got debt? (more)

NEW YORK (AP) — Blockbuster Inc., once the dominant movie rental company in the U.S., filed for Chapter 11 bankruptcy protection on Thursday, reeling from mounting losses, rising debt and competitors that have better catered to Americans’ changed media habits. (more)