By MONICA DAVEY and MARY WILLIAMS WALSH
The city, the cradle of America's automobile industry and once the
nation's fourth-most populous, is the largest American city ever to take
such a course.
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Postal Service Struggles to Stay Solvent, and Relevant
By STEVEN GREENHOUSE 6:00 PM ET
The United States Postal Service has long lived on the financial edge, but it has never been as close to the precipice as it is now.
U.K. banks are seeing rising insolvencies as more consumers are unable to pay off credit-cards and personal loans.
German and Swiss officials have signed a revised treaty designed to combat
tax evasion. Berlin hopes the deal will generate billions of euros in
revenue. But opposition parties could still scupper the agreement.
Swiss Oil Refiner Petroplus to File for Insolvency Petroplus Holdings, the largest independent oil refiner in Europe, said on Tuesday that it was filing for insolvency after its creditors demanded repayment on $1.75 billion of outstanding debt.
After Nuclear Crisis, Japan's Biggest Utility Faces Insolvency Risk
New York Times
David Guttenfelder/Associated Press Japan said it would make Tokyo Electric liable for compensation claims that could amount to tens of billions of dollars. On Thursday, shares in Tokyo Electric again fell to a record low, at one point slumping to 148 ...
BA and Iberia take a step closer to becoming one of the world's biggest airlines
IN THE hope of weathering the worst conditions in years struggling airlines are seeking partnerships. On Thursday April 8th British Airways and Iberia inked in a merger deal agreed last November that will create the world's sixth largest airline by revenue—provided regulators, shareholders and BA's hefty pension liabilities do not scupper the tie-up. The day before news emerged that America's United Airlines and US Airways are again in merger talks after failing to get together in 2000 and 2008.
adjective SPECIALIZED
(especially of a company) not having enough money to pay debts, buy goods, etc.
insolvency 破產
noun [U]
负债过多，无偿债能力，在高雅的经济德语里被称为"资不抵债"（insolvent），通俗口语就叫做"破产"（pleite）。仅2008年就有近3万家 德国公司遭遇了这样的命运，十几万人必须连带承受后果。这对他们在财务、人际关系和心理上所造成的影响是灾难性的，因为"破产"在德国始终是个禁忌话题。 现在，一个名为"匿名破产者"的公益性组织站了出来，向投诉无门的破产者提供帮助。
in・sol・vent 
in・sol・ven・cy ━━ n.solvent
- [sɑ'lvənt | sɔ'l-]
[形]
1 〈人が〉支払い能力がある.
2 （…を）溶かす, 溶解する力のある((of ...)).
3 （迷信・偏見などを）弱める, （心・感情などを）和らげる.
━━[名]
1 [U][C]（…の）溶剤, 溶媒((for, of ...)).
2 （…の）解答, 解決策((for, of ...)).
3 （迷信・偏見などを）弱めるもの, （心・感情などを）和らげるもの((of ...)).
PATIENCE WHEATCROFT
Failure becomes a means of success
A growing band of aggrieved losers are raging against a system that was devised as a means of enabling businesses to go bankrupt with the minimum of job losses or damage to suppliers. Although the Enterprise Act came into force in the U.K. in 2002, it is only relatively recently that the "prepack administration" that it created has become relatively commonplace. However worthy the original intentions, there is a growing suspicion that the legislation is often being used to allow owners to shed obligations then continue about their business.
Administration, as a legal concept, is a procedure under the insolvency laws of a number of common law jurisdictions. It functions as a rescue mechanism for insolvent companies and allows them to carry on running their business. The process – an alternative to liquidation – is often known as going into administration.
administration
Law The management and disposition of the property of a deceased person, debtor, orinsolvent company, by a legally appointedadministrator:the company went into administration
Pre-pack administration
A pre-pack is the process of selling the assets of a company immediately after it has entered administration. It is most likely that the previous directors or management purchase the assets of the company from the administrator and set up a new company.This process has advantages in that it enables the administrator to realise a greater amount for the assets due to business continuity and the goodwill of the company are preserved. The employees of the company are also transferred to the new company preserving jobs.
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