Baoding Tianwei misses a deadline to pay roughly $14 million in interest due on $242 million of bonds.
The lingerie retail chain files for Chapter 11 bankruptcy for the second time since 2000.
A rule proposed by the Federal Deposit Insurance Corporation would force large banks to improve their deposit account recordkeeping.
The struggling cosmetics company postponed an investor meeting, sparking rumors of a major strategic move.
"When you stripped away its relatively heavy cost structure," the hedge fund chief believed, "there was a core...worth saving."
The maker of kitchen glassware and dishes expects to emerge from Chapter 11 within 75 days.
First-tier and second-tier lenders duke it out for control of the moribund retailer's stores and product.
The new rules would apply to short-term credit products that require consumers to pay back the loan in full within 45 days, such as payday loans.
BNP Paribas, HSBC, and Royal Bank of Scotland are told to resubmit their plans by the end of the year.
Scott Fearon, author of "Dead Companies Walking," offers a plethora of wisdom for finance executives.