Some Congressional staff and some car company executives understand that pre-packaged bankruptcies of GM (GM) and Chrysler may be the only effective ways of saving the companies.

Allied Capital (NYSE:ALD) announced that Ciena Capital LLC, a portfolio company of Allied Capital, voluntarily filed for bankruptcy protection today. Ciena has continued to experience significant deterioration in the value of its assets as a result of increasing uncertainty in the financial markets, decreasing bid prices and a reduction in the number of loan buyers.

Lehman Brothers Holdings Inc. announces it intends to File Chapter 11 Bankruptcy Petition. No other Lehman Brothers' U.S. subsidiaries or affiliates, including its Broker-Dealer and Investment Management Subsidiaries, are included in the Lehman bankruptcy filing.

Looking to the future and planning to do the right thing is life and death. Yet we live in a country that does neither. On Friday, the other shoe fell off the cliff as Bush and his minions sneakily announced that Fannie Mae's investors are now getting $0.00 on their savings. All this money is being eliminated in order to 'save' US house buyers and bankers who did very, very foolish, stupid things when the sun was shining.

S&A Restaurants Corp., the holding company for Bennigan’s and Steak & Ale restaurants on Tuesday filed Chapter 7 bankruptcy and will close several locations nationwide, further fuelling speculations that thousands will be made jobless. Metromedia is the parent company to S&A Restaurants Corp.

A U.S. city files for bankruptcy protection. Is it even imaginable that a city in one of the richest country in the world would file for bankruptcy protection? That's the case with the City of Vallejo in California. Here is what Vallejo released on its website.

The Premium Class New York-London carrier EOS Airlines is forced to shot down flight operations, but the planned investment does not close.

Medical bankruptcies have increased 20 fold in the last 20 years. How will increasing health care costs effect your retirement?

It's getting so that it's scary to crank open the computer and open up the email bag, as another Friday comes with another airline bankruptcy. This time it's the Frontier Airlines filing for chapter 11 bankruptcy protection.

ATA Airlines discontinues all operations and files for bankruptcy.

Citigroup Inc. will pay $1.66 billion and give up an estimated $4.25 billion in claims to settle a lawsuit by Enron Corp. creditors over the former energy trader's bankruptcy case.

Calpine Corp. announced that it has ended a two-year bankruptcy slog in which the power producer slashed one-third of its work force and sold off a string of plants to help get its finances back in order and emerged from Chapter 11 protection.