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Recent Posts in Chapter 11 Bankruptcy

  • Understanding Your Plan of Reorganization for a Chapter 11 Bankruptcy

    Posted By Allmand Law Firm, PLLC || 16-Jun-2014

    Chapter 11 bankruptcy, also known as "reorganization bankruptcy," is a bankruptcy plan that allows corporations, partnerships and individuals to reorganize their finances and restructure their debt. Unlike Chapter 13 bankruptcy cases, Chapter 11 bankruptcy has no debt ceiling. This plan is popular with both large and small businesses that need to restructure their debt. The ...
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  • Deciding to File a Personal Bankruptcy as a Business Owner

    Posted By Allmand Law Firm, PLLC || 31-Jan-2014

    With the economy still struggling to bounce back, many people have decided to start their own business when they were unable to gain employment. Having an entrepreneurial attitude during an economic downturn can be beneficial with proper planning. Yet, even self-employed individuals and those with a business run into financial problems and wonder if bankruptcy is an option. Thinking About Filing a ...
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  • Chapter 11 Bankruptcy Repayment Plan Must Meet Trustee Standards

    Posted By admin || 25-Nov-2010

    In the Chapter 11 bankruptcy case, In re Charles R. Livecchi, Sr., the pro se debtor was forced into a Chapter 7 bankruptcy after he failed to present a realistic and repayment plan. On April 8, 2009, Appellant filed a voluntary Chapter 11 bankruptcy petition. On January 21, 2010, the United States Trustee filed a motion to convert the case to Chapter 7bankruptcy. Generally, the United States ...
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  • Texas Rangers Chapter 11 Bankruptcy Filing Reveals Lavish Spending And Bidding War

    Posted By admin || 19-Jun-2010

    According to Texas Rangers' Chapter 11 bankruptcy filing, the MLB baseball team spent lavishly on its employees before the team was forced into bankruptcy when Tom Hicks' Hicks Sports Group defaulted on $524 million in loans. Each of the Texas Rangers' 320 full-time employees gets 120 game ticket vouchers a season. Twenty-two thousand Lexus vehicles park free during the season thanks to a ...
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  • The Absolute Priority Rule And Individual Chapter 11 Bankruptcy Debtors

    Posted By admin || 18-Jun-2010

    Before 2005 Bankruptcy reform, individuals filing Chapter 11 bankruptcy were subject to a rule known as the Absolute Priority Rule which stated that all debtors filing Chapter 11 bankruptcy have to repay all of their debts in full. Specifically, if the shareholders are going to retain any interest in the reorganized company, then they must repay all of the unsecured creditors in Chapter 11 ...
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  • When Chapter 11 Bankruptcy May Be Better For Investment Property Owners

    Posted By admin || 18-Jun-2010

    While many individual debtors opt for Chapter 11 bankruptcy only when they have exceeded the debt limits imposed on Chapter 13 bankruptcy debtors, there are situations when filing Chapter 11 bankruptcy may be beneficial even if the debtor is well within the debt limits of Chapter 13 bankruptcy. Below are a few reasons why a debtor may want to choose Chapter 11 bankruptcy over Chapter 13 bankruptcy ...
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  • Furniture Factory Warehouse Files Chapter 11 Bankruptcy - Customers Empty Handed

    Posted By admin || 16-Jun-2010

    Home furnishings retailer Furniture Factory Warehouse, which operates 12 stores in South Texas, has filed for Chapter 11 Bankruptcy protection due to unfavorable financial conditions and a consistent decline in furniture sales. The retailer has closed all of its stores and distribution facilities pending the bankruptcy court's approval of Furniture Factory Warehouse's "Bankruptcy Going Out of ...
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  • General Growth Properties Get Bankruptcy Approval On Final Secured Loan Restructuring

    Posted By admin || 15-Jun-2010

    General Growth Properties Inc., which filed the largest bankruptcy in U.S. history, has finished restructuring its $15 billion secured-debt load, clearing yet another obstacle from its path as it attempts to exit Chapter 11 bankruptcy. Bankruptcy Judge Allan Gropper in Manhattan today approved a restructuring agreement on a $95 million loan tied to a Louisiana mall. It's the last of the Chicago ...
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  • Texas Rangers Bankruptcy Judge: "This is like one of those baseball movies..."

    Posted By admin || 15-Jun-2010

    If you thought the Texas Rangers bankruptcy drama had ended, it seems that it is just getting started. Most recently bankruptcy judge Michael Lynn quipped that " This is like one of those baseball movies where the players get stranded," after convincing Chase to keep the baseball team's credit card active while they played in Kansas City. The attorneys representing Chase and other lenders in the ...
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  • Bankruptcy Bidding War: Major League Baseball Stands Out As The Winner

    Posted By admin || 15-Jun-2010

    Bankruptcy Judge Michael Lynn said he had never before seen a fight over who would provide Chapter 11 bankruptcy financing for a bankruptcy company because securing such financing is usually an uphill battle. But this is the exact type of drama that broke out when senior creditors of the Texas Rangers offered to loan the bankrupt team nearly twice what Major League Baseball (MLB) offered at a ...
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  • Judge Approves Independent Examiner For Tribune Bankruptcy Case

    Posted By admin || 8-Jun-2010

    Bankruptcy judge Kevin Carey, who is presiding over Tribunes' Chapter 11 bankruptcy case, approved an independent examiner to review the 2007 leveraged buyout of the media conglomerate and the potential claims arising from it that might be brought on behalf of the bankruptcy estate. Tribune, which owns the Los Angeles Times, Chicago Tribune, The (Baltimore) Sun and other dailies, along with 23 TV ...
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  • Bankruptcy Court Decision Causes Withdrawal Of General Growth Bidder

    Posted By admin || 7-Jun-2010

    Simon Property Group Inc., which for months was involved in a campaign to acquire General Growth which is in Chapter 11 bankruptcy y, recently withdrew its bid due to a bankruptcy court decision that would make the acquisition too expensive. The plan approved by U.S. Bankruptcy Court Judge Allan Gropper in New York would enable General Growth to emerge from Chapter 11 bankruptcy protection as a ...
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  • Freedom Communications Emerges From Chapter 11 Bankruptcy

    Posted By admin || 5-Jun-2010

    Freedom Communications Inc., the publisher of many newspapers around the country known for their libertarian views, has finally emerged from Chapter 11 bankruptcy, their debt loand $450 million lighter; but also under new ownership Three investment companies - Alden Global Capital, Angelo Gordon & Co. and Luxor Capital Group - and a group of lenders led by JPMorgan Chase will assume ownership ...
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  • Brown Media Holdings Files Chapter 11 Bankruptcy

    Posted By admin || 4-Jun-2010

    Brown Media Holdings, a 90-year-old family-owned company with 18 daily and 27 weekly newspapers in 10 states, filed for Chapter 11 bankruptcy with over $95 million in debt. The company, which is hoping to sell their business during bankruptcy, is seeking $2.5 million in financing to fund the operations of their publications while they find a buyer. Currently Brown Media has what's called a ...
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  • Six Flags Inc. Emerges From Chapter 11 Bankruptcy

    Posted By admin || 3-Jun-2010

    Six Flags Inc. has emerged from Chapter 11 bankruptcy after a yearlong bankruptcy process that faced numerous obstacles. The company's Chapter 11 bankruptcy has allowed it to reduce its debt load by $1.7 billion and it has acquired $725 million in equity committed by new shareholders. In the initial phases of Chapter 11 bankruptcy Six Flags Inc. was going to back a bankruptcy plan proposed by ...
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  • Texas Rangers File Chapter 11 Bankruptcy - Owes New York Yankees Player Millions

    Posted By admin || 3-Jun-2010

    The Texas Rangers, the Major League Baseball team controlled by billionaire Thomas Hicks, filed for Chapter 11 bankruptcy in an effort to expedite the sale of the baseball team to a group of investors which include the team's president Nolan Ryan and his partner Chuck Greenberg. The Texas Rangers baseball team is the second Major League Baseball team to enter Chapter 11 bankruptcy in less than a ...
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  • U.S. Concrete Files Chapter 11 Bankruptcy

    Posted By admin || 1-Jun-2010

    U.S. Concrete, a concrete supplier for the construction industry, filed Chapter 11 bankruptcy with assets of $389.2 million and debt of $399.4 million as of Dec. 31, 2009. They hope that the pre-bankruptcy plan's approval will allow them to reduce their debt by approximately $272 million. The company said it has reached an agreement with a "substantial majority" of its bondholders on the ...
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  • Bankruptcy Judge May Approve Six Flags Settlement

    Posted By admin || 31-May-2010

    Six Flags Inc. has finally resolved a many weeks long dispute between two groups of creditors and expects to exit Chapter 11 bankruptcy as early as the first week of May. Bankruptcy Judge Christopher Sontchi has indicated that he will accept the settlement offer and approve the company's bankruptcy reorganization plan rather quickly. Under the settlement, senior noteholders owed about $420 million ...
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  • Fuddruckers' Parent Company Files Chapter 11 Bankruptcy

    Posted By admin || 26-May-2010

    Magic Brands LLC, the parent of Fuddruckers and Koo Koo restaurants has filed Chapter 11 bankruptcy and announced it will close 24 corporate owned locations by April 30 th including one of its Dallas-Fort Worth area stores located in Garland. None of the 135 franchised Fuddruckers has been included in the Chapter 11 bankruptcy. Magic Brands filed Chapter 11 bankruptcy with assets of $1 million to ...
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  • Should Derivatives Receive Special Treatment In Chapter 11 Bankruptcy?

    Posted By admin || 24-May-2010

    Derivatives in the world of finance are financial instruments or agreements between two parties that has determined the value of something by its estimated future value. More simply put, it is the bet that a certain asset will be worth a certain price in the future. For example, a derivative might say if this group of houses is worth $1 billion, then Party A will pay Party B a certain amount of ...
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  • Is Medical Debt Causing Hospital Bankruptcy Filings?

    Posted By admin || 22-May-2010

    The country has been hit by a string of hospital bankruptcy filings and closings that could impact healthcare access for many communities. St. Vincent's Hospital is the latest hospital to file Chapter 11 bankruptcy in the hope that the bankruptcy filing will allow it to continue operating and caring for its patients until it closes. The hospital filed Chapter 11 bankruptcy with more than $1 ...
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  • How Does Chapter 11 Bankruptcy Help Small Business?

    Posted By admin || 16-May-2010

    \ How Bankruptcy Helps Small Business Small businesses that choose to file Chapter 11 bankruptcy have an opportunity to get their financial affairs in order, reduce and get a fresh financial start. Many businesses think of bankruptcy as an end to their dream; but Chapter 11 bankruptcy is not an end to their business but rather an end to the debt troubles that are preventing their company from ...
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  • Will Blockbuster's Attempts To Restructure Outside Bankruptcy Prove Successful?

    Posted By admin || 13-May-2010

    Blockbuster's announcement that it has secured new agreements with major studios that offer enhanced payment terms in exchange for a first lien on the company's Canadian assets sent its stock trading slightly higher. But are Blockbuster's efforts to restructure outside of Chapter 11 bankruptcy bound for failure or success? Blockbuster's CEO Tom Casey is hoping he can help the company survive ...
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  • Overcoming Challenges Facing Companies Considering Chapter 11 Bankruptcy

    Posted By admin || 11-May-2010

    In many cases only about half of businesses who need to file bankruptcy actually go ahead and file Chapter 11 bankruptcy. At a time when businesses are facing more economic troubles than ever, why is that so many choose to forgo the benefits of bankruptcy? Well mostly because perceived challenges either real or imagined. Let's take a look at some of these challenges and how businesses can overcome ...
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  • Should My Business File Chapter 7 Bankruptcy?

    Posted By admin || 11-May-2010

    While individual debtors have the right to file Chapter 7, Chapter 11 or Chapter 13 bankruptcy, corporations and LLC's only have the right to file Chapter 11 bankruptcy or Chapter 7 bankruptcy. While we often hear of companies filing Chapter 11 bankruptcy, we don't often get to see the inner workings of a corporate Chapter 7 bankruptcy aka liquidation. But many business owners often consider ...
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  • Six Flags Files Amended Chapter 11 Bankruptcy Plan

    Posted By admin || 10-May-2010

    For the third time since it first filed Chapter 11 bankruptcy, Six Flags Inc filed an amended reorganization plan of reorganization that if approved, will formalize last month's agreement putting junior bondholders in control of the company once it exits Chapter 11 bankruptcy. Just last month, analysts thought that Six Flags would back a bankruptcy plan proposed by Avenue Capital Group ...
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  • Tribune's Creditors Complain Bankruptcy Court Gives Them Little Time To Object

    Posted By admin || 8-May-2010

    After the Tribune Company filed its fifth request for an extension to file a bankruptcy reorganization plan without interference, some of the company's biggest creditors complained that it was unfair to be given only three business days to object to the company's extension request. Citing "serious concerns" about the extension, the lenders said Tribune was trying to force them to "shoot in the ...
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  • General Growth Readies To Present Bankruptcy Exit Plan

    Posted By admin || 7-May-2010

    General Growth Properties Inc., announced that it has reached an agreement with Brookfield Asset Management Inc., Pershing Square Capital Management LP and Fairholme Capital Management LLC, to reorganize the second largest U.S. mall owner by infusing $6.55 billion into the company. Brookfield, Pershing Square and Fairholme will commit $6.55 billion of new equity capital at a value of $15 a share ...
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  • Unsecured Creditors Desperately Fight For Pennies In Chapter 11 Bankruptcy

    Posted By admin || 7-May-2010

    Unsecured Creditors and Chapter 11 Bankruptcy Traditionally, Chapter 11 bankruptcy left unsecured creditors with at least some equity in the reorganized company or part of the proceeds of a sale if nothing else. However, due to the recession and the massive amounts of losses hitting debtor companies and creditors alike, many unsecured creditors are being left with nothing after a company exits ...
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  • Many Chapter 11 Bankruptcy Debtor-Companies Turn To "Junk" Bond Financing

    Posted By admin || 7-May-2010

    While most debtor-companies in Chapter 11 bankruptcy depend on financing from banks to fund their bankruptcy exits, there is an increase in the number of companies turning to high-yield bonds (junk bonds) to fund their bankruptcy exit. Junk bond sales have surged to records every month since December as companies contend with "wall of maturity" over the next few years, prompting a rush to ...
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  • Can I Reduce My Car Loan Interest Payments In Bankruptcy?

    Posted By admin || 6-May-2010

    Car Loans and Bankruptcy If you're filing for bankruptcy, it's important to understand that car loans are treated differently in Chapter 11 bankruptcy than they are in Chapter 13 bankruptcy. If you're a high income debtor you may need to file Chapter 11 bankruptcy; but one of the benefits of Chapter 11 bankruptcy is how car loans are treated in that type of bankruptcy. Let's take a look to see how ...
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  • The Means Test and Chapter 11 Bankruptcy

    Posted By admin || 30-Apr-2010

    Chapter 11 Bankruptcy Means Test One of the benefits of filing Chapter 11 bankruptcy is that the debtor's disposable income is not calculated using the Means Test, the same test which is required for Chapter 13 bankruptcy. Arguably, the biggest change to the bankruptcy code was the incorporation of the Means Test for Chapter 13 bankruptcy debtors. In Chapter 13 bankruptcy, the Means Test is used ...
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  • Chapter 11 Bankruptcy Settlement For Six Flags

    Posted By admin || 29-Apr-2010

    Six Flags filed Chapter 11 bankruptcy in June listing assets of $2.9 billion against debt totaling $3.4 billion, including an $850 million secured term loan and a $243 million revolving credit. But the fight for control of the bankrupt amusement park may end in a Chapter 11 bankruptcy settlement agreement if the plan is approved by the bankruptcy court. In the compromise announced in the Delaware ...
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  • Yale University Must Return Millions To Bankruptcy Court

    Posted By admin || 29-Apr-2010

    Yale University is being sued by the court-appointed official in charge of winding down the bankruptcy case of BearingPoint Inc. The lawsuit seeks to recover $6 million the consulting firm paid to Yale University to endow a chair in management and name facilities at the university. The donations were part of a $30 million, seven-year deal between BearingPoint and Yale's School of Management. The ...
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  • The Trump Casino Bankruptcy Showdown

    Posted By admin || 27-Apr-2010

    The Trump casino bankruptcy in winding down to a close as two opposing parties battle to gain control of the bankrupt company. Billionaire Carl Icahn and banker Andy Beal are at a standoff against bondholders as both parties struggle for control over the Trump casinos and present their bankruptcy exit plans to bankruptcy Judge Judith H. Wizmur. Both parties presented their closing arguments to the ...
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  • Is There Really A Stigma Against Corporate Bankruptcy?

    Posted By admin || 26-Apr-2010

    Cadillac, the luxury brand of General Motors Co. recently announced that it is distancing itself from the Detroit-based automaker to avoid the "stigma" of the parent company's $50 billion U.S.-backed bankruptcy last year. Cadillac is erasing the GM name from its marketing and dealerships, changing e-mail addresses to @cadillac.com from @gm.com and exiting companywide promotions such as the Red Tag ...
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  • Auto Tycoon Faces Bankruptcy Fraud Charges And Fails To Pay Attorneys

    Posted By admin || 26-Apr-2010

    Former auto tycoon Denny Hecker is facing a slew of criminal charges and the possibility of losing his defense attorneys. Hecker has been charged with 10 counts of bankruptcy fraud, eight counts of wire fraud and one count of money laundering. The bankruptcy fraud charges accuse Hecker of failing to disclose numerous assets on his bankruptcy filings, and of fraudulently transferring or concealing ...
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  • Blockbuster Again Warns Of Possible Chapter 11 Bankruptcy

    Posted By admin || 31-Mar-2010

    Blockbuster Inc., has again warned of a possible Chapter 11 bankruptcy filing if it is unable to turn its business around. In an annual report it filed recently, Blockbuster said that it was concerned that it would not be able to continue without filing bankruptcy due to declining sales and a lack of sufficient cash flow. In an effort to correct the situation and avoid filing Chapter 11 ...
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  • Movie Studio MGM Struggles To Avoid Bankruptcy

    Posted By admin || 29-Mar-2010

    Movie studio Metro-Goldwyn-Mayer is still struggling to sale itself and find a non-bankruptcy method of reorganizing its $5 billion debt load. But with about 10 days to go before the next round of potential investor bids are due, MGM may need to seriously consider filing Chapter 11 bankruptcy if it is to survive. MGM put itself up for sale last fall as part of an effort to pay off the debt it took ...
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  • Natural Products Group Files Prepackaged Chapter 11 Bankruptcy

    Posted By admin || 25-Mar-2010

    Natural Products Group has filed a prepackaged Chapter 11 bankruptcy with $286 million in assets and $804 million in liabilities. Lenders who hold 90 percent of the company's loans voted in favor of the bankruptcy and Nature Products Group is expected to emerge from bankruptcy in 60 days or less. The company plans to borrow up to $20 million to fund operations during its bankruptcy, known as a ...
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  • Tribune's Bankruptcy Dispute Spawns "World War III"

    Posted By admin || 24-Mar-2010

    Senior creditors in the Tribune Co's Chapter 11 bankruptcy proceeding have warned the bankruptcy court against allowing bondholders to sue over the legitimacy of $10 billion of the bankrupt company's debt. The bondholders claim that $10 billion in debt for a leveraged buyout of the Tribune in 2007 was fraudulently incurred and therefore holders of the debt should have their claims disallowed or ...
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  • Bankruptcy Works Its Magic On General Motors

    Posted By admin || 23-Mar-2010

    Since emerging from Chapter 11 bankruptcy in July, General Motors Co. has become somewhat of a poster child for how bankruptcy can turn around even the most seemingly doomed enterprise. In the throes of the recession, General Motors' future was questioned and its viability as a company uncertain. After filing Chapter 11 bankruptcy it was forced to make huge changes to the way it did business, ...
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  • American Recovery Capital Loans May Not Help Businesses Avoid Bankruptcy

    Posted By admin || 23-Mar-2010

    Last year the Obama administration created the American Recovery Capital lending program which is providing $255 million in emergency loans until September for "viable" small businesses facing immediate financial hardship. Businesses facing financial problems could receive deferred payment loans of up to $35,000 interest-free for five years. However the program has not worked out as many had hoped ...
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  • Reader's Digest Emerges From Chapter 11 Bankruptcy

    Posted By admin || 22-Mar-2010

    Reader's Digest Association, one of the most popular magazines in the US, has emerged from Chapter 11 bankruptcy, six months after seeking bankruptcy protection. The company said on Monday it was able to slash its US$2.2 billion ($3.1 billion) debt load by 75 per cent and boost its capital levels. It has access to US$525 million in funding after refinancing certain bonds, which also will save the ...
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  • Regent Communications Files Chapter 11 Bankruptcy

    Posted By admin || 19-Mar-2010

    Regent Communications Inc., the owner of 62 radio stations in 13 markets, filed for Chapter 11 bankruptcy along with 40 of its affiliates. Regents owes creditors more than $211 million; but hopes that Chapter 11 bankruptcy will allow it to cut its debt level by $87 million. Regents and creditors are proposing a debt exchange which will give creditors control of the broadcaster. Under terms of a ...
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  • General Growth Continues Chapter 11 Bankruptcy Process

    Posted By admin || 16-Mar-2010

    General Growth Properties Inc., the second-largest U.S. mall owner, recently won court approval to reorganize $500 million in debt for two shopping centers, adding to its $11.6 billion in property-level debt that has been reorganized in Chapter 11 bankruptcy. U.S. Bankruptcy Judge Allan Gropper approved reorganization plans for Stonestown Galleria in San Francisco and Mall of Louisiana in Baton ...
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  • Penton Business Media Holding Files Chapter 11 Bankruptcy

    Posted By admin || 3-Mar-2010

    Penton Business Media Holdings Inc. filed for Chapter 11 bankruptcy protection in hopes that the company can reduce the large amount of debt it incurred when the company bought trade-magazine publisher Penton Media Inc. three years ago. Penton Business Media came to its bankruptcy decision after it became apparent it may not be able to pay its debts. Penton Business and Penton Media filed Chapter ...
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  • How Chapter 11 Bankruptcy Can Save Good Companies During Hard Times

    Posted By admin || 24-Feb-2010

    Chapter 11 bankruptcy has become almost a like a "miracle cure" for companies around the country. At the onset of the recession and foreclosure crisis, many companies desperately sought the protection of Chapter 11 bankruptcy, went through the bankruptcy process and emerged more stable and more profitable. But how is it that bankruptcy can help companies turn the proverbial corner financially? ...
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  • Neenah Enterprises Files Chapter 11 Bankruptcy

    Posted By admin || 24-Feb-2010

    A major supplier of castings for manhole covers and frames, Neenah Enterprises, Inc., has filed Chapter 11 bankruptcy due to a dramatic plunge in sales revenue. Neenah's Chapter 11 bankruptcy filing lists assets of $286.6 million and debt of $449.1 million. Neenah, based in the Wisconsin town of the same name, reported a $150 million net loss on net sales of $333 million for the fiscal year ended ...
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  • Debtor Pleads Guilty To Bankruptcy Fraud

    Posted By admin || 17-Feb-2010

    Minh-Vu Hoang who filed for Chapter 11 bankruptcy and submitted false information, has pleaded guilty of attempting to defraud the IRS and the bankruptcy system when hiding profits earned from the purchase and sale of foreclosures. On May 10, 2005, Minh-Vu Hoang filed for a voluntary petition under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of ...
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  • Anna Nicole's Bankruptcy-A Sad Cautionary Tale

    Posted By admin || 9-Feb-2010

    More details have emerged about Anna Nicole Smith's Chapter 11 bankruptcy in 1996 after the death of her billionaire husband. According to bankruptcy documents, the celebrity was in deep financial trouble but couldn't understand why she was in bankruptcy. She was said to be confused and unfocused during the bankruptcy proceedings and even could not remember what she said from one moment to the ...
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  • Dallas Logistics Hub Developers File Chapter 11 Bankruptcy

    Posted By admin || 5-Feb-2010

    The developers of the 6,000-acre Dallas Logistics Hub have filed for Chapter 11 bankruptcy protection to reorganize their debts and improve their dismal balance sheet. Master Land Holding LLC and its parent company Allen Capital Partners LLC said the bankruptcy filing would allow them to "extend debt maturities, improve their capital structure and further strengthen the Dallas Logistics Hub's ...
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  • Reader's Digest's Bankruptcy Plan Approved

    Posted By admin || 3-Feb-2010

    Reader's Digest is ready to exit Chapter 11 bankruptcy after its bankruptcy restructuring plan was approved by the bankruptcy court. Under the bankruptcy plan, senior lenders owed $1.6 billion will receive all the equity in the reorganized company plus a new $300 million loan. Another $105 million loan will remain in place. Bondholders owed more than $600 million will receive warrants, an offer ...
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  • Alternative Newspaper "The Village Voice" Could Be Forced Into Bankruptcy

    Posted By admin || 2-Feb-2010

    After losing a $15.9 million judgment for ad-price fixing, Village Voice Media LLC, may be forced into an involuntary bankruptcy. The company's rival Bay Guardian Co., won a lawsuit against Village voice which gave Bay Guardian a lien on all the Village Voice Media's newspaper properties. Village Voice has refused to pay the judgment claiming that it does not have enough assets to pay and continue ...
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  • Auto Dealership Mogul Denny Hecker Faces Bankruptcy Fraud Charges

    Posted By admin || 2-Feb-2010

    Auto dealership mogul Denny Hecker has been sued by bankruptcy trustee Randy Seaver who accuses Hecker of lying, fraud and scheming to conceal cars, cash, property and other assets from the bankruptcy court. If Seaver has his way, Hecker won't be allowed to use the protection of bankruptcy court to shield assets and escape the $767 million in debts he has amassed to scores of banks, casinos and ...
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  • Morris Publishing Group To File Chapter 11 Bankruptcy

    Posted By admin || 1-Feb-2010

    After months of intense negotiations, Morris Publishing Group, owner of 13 daily newspapers in eight states including Texas has announced plans to file for Chapter 11 bankruptcy. The company plans to file a "prepackaged" bankruptcy plan that has already been approved by the majority of its creditors. If accepted by the bankruptcy trustee, the prepackaged bankruptcy plan could slash Morris ...
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  • Muzak Holdings LLC Prepares To Emerge From Chapter 11 Bankruptcy

    Posted By admin || 1-Feb-2010

    Muzak Holding LLC a music and entertainment company which provides background music in stores, hotels and elevators just received approval of its Chapter 11 bankruptcy reorganization plan and hopes to exit Chapter 11 bankruptcy in late January. The company, which filed for bankruptcy protection in February to restructure maturing debt, was able to slash its debt burden to less than half of what it ...
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  • How Chapter 11 Bankruptcy Transforms Corporate "Losers" Into "Winners"

    Posted By admin || 1-Feb-2010

    Chapter 11 bankruptcy has been talked about often throughout 2009. Companies such as GM, Chrysler and CIT Group which all seemed on the brink of complete failure filed Chapter 11 bankruptcy and came back from the abyss. But how does Chapter 11 bankruptcy work its magic? How does it transform corporate losers into winners? Chapter 11 bankruptcy allows the company filing bankruptcy to continue ...
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  • Filing Bankruptcy While Holding Rental Property

    Posted By admin || 26-Jan-2010

    Bankruptcy and Rental Property Holding rental property when filing bankruptcy can impact your "means test" and your post-bankruptcy fresh start depending on the circumstances surrounding that property. Let's take a look at a few scenarios: If you have a rental property with a paying tenant, the rent received will be counted towards your income. This fact alone could cause you to "fail" the means ...
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  • Mesa Air Group Files Chapter 11 Bankruptcy

    Posted By admin || 25-Jan-2010

    Mesa Air Group Inc., a regional airline carrier filed for Chapter 11 bankruptcy in hopes that it can shed excess planes after experiencing a significant loss of customers. Mesa and other carriers have been particularly hit hard by the recession as air travel has falling significant during 2009. Contract carriers like Mesa have traditionally been able to maneuver through tough economic times ...
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  • MediaNews Group To File Chapter 11 Bankruptcy

    Posted By admin || 22-Jan-2010

    The holding company of MediaNews Group Inc., which owns 54 daily newspapers, along with television and radio broadcasters, plans to file Chapter 11 bankruptcy after getting hit hard by the lagging advertising revenue that sent their balance sheet into a tailspin. MediaNews said its holding company will file a "prepackaged" bankruptcy...Under MediaNews's plan, senior lenders will swap debt for ...
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  • What You Need To Know About Pre-Packaged Bankruptcy and 363 Sales

    Posted By admin || 20-Jan-2010

    In 2009 we saw many corporate bankruptcies move swiftly, with the company filing bankruptcy and emerging form the bankruptcy process in only a few months. But what exactly are the bankruptcy tools being used by companies such as CIT Group, Gm and others? Let's take a look at two frequently used strategies in Chapter 11 bankruptcy: Pre-Packaged Bankruptcy A Pre-packaged bankruptcy is basically when ...
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  • Pilgrim's Pride's Post Bankruptcy Moves Include Texas Job Losses

    Posted By admin || 19-Jan-2010

    In their effort to consolidate jobs and streamline processes, Pilgrim's Pride which was purchased by JBS USA during Chapter 11 bankruptcy, implemented 230 corporate and administrative job losses, including 160 job losses in East Texas. "We operate a lean corporate structure," said spokesman Chandler Keys. "One of the main goals is to make sure we don't have layers of bureaucracy." While more job ...
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  • Restaurant Chain Known For Murders Files Chapter 11 Bankruptcy

    Posted By admin || 12-Jan-2010

    Brown's Chicken & Pasta Inc. a chain of chicken restaurants that made national headlines in 1993 when seven employees at one of its stores were murdered has filed for Chapter 11 bankruptcy protection. The bankruptcy filing came two months after a judge ordered the restaurant chain to pay more than $800,000 to a former vice president and minority shareholder who'd filed a wrongful termination ...
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  • After Bankruptcy Pilgrim's Pride Scolds "Bailout Banks"

    Posted By admin || 11-Jan-2010

    Pilgrim's Pride, which emerged from bankruptcy this week has scolded American banks who received bailouts, saying that not one bank offered the poultry company credit after its bankruptcy. A fact, says Pilgrim's Pride, that forced it into the arms of foreign lenders. A bankruptcy judge approved a deal in which JBS of Brazil invested $800 million in the Pittsburg-based company, receiving in return ...
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  • One of Tiger Woods' Sponsors is Headed to Bankruptcy

    Posted By admin || 7-Jan-2010

    Eye-care services company, TLC Vision Corp., is seeking bankruptcy protection. Tiger Woods has been all over the headlines recently for his controversial life off the course, and he is making headlines again this week. Even though he's in the headlines again, this news probably won't make the tabloids. One of his sponsors, TLC Vision Corp., is filing for bankruptcy. The company, which deals in ...
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  • Bankruptcy Update: Six Flags' Creditors Denied Right To File Competing Plan

    Posted By admin || 18-Dec-2009

    Bankruptcy judge Christopher Sontchi has denied the request of Six Flags' creditors to file a competing bankruptcy reorganization plan and extended by 60 days the exclusive right of Six Flags to reorganize the company in bankruptcy. The bankruptcy court agreed with Six Flags that allowing creditors to submit a competing bankruptcy plan would have endangered the company's exit from bankruptcy and ...
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  • Pilgrim's Pride Prepares For Bankruptcy Exit

    Posted By admin || 9-Dec-2009

    Pilgrim's Pride which filed for bankruptcy last December with $2.72 billion in debt is preparing to exit bankruptcy. The nation's largest chick processer has secured $1.65 billion in proposed financing and is planning to ask a bankruptcy judge for approval of their plan to exit bankruptcy next week. However, the plan faces the challenges from the U.S. Department of Agriculture. In its objection ...
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  • Charter Communications Exits Bankruptcy

    Posted By admin || 4-Dec-2009

    Charter Communications Inc. has emerged from Chapter 11 bankruptcy with only $13 billion in debt. Charter filed bankruptcy in March with $21.7 billion of debt. Their bankruptcy plan has wiped out $8 billion of debt and reduced their interest costs to $830 million a year. Bondholders who exchanged $8 billion of debt end up owning substantially all of the newly reorganized company. Allen's majority ...
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  • State Farm Insurance May Owe YOU

    Posted By admin || 19-Nov-2009

    A Texas judge ruled that State Farm Insurance must repay $310 million in premiums and back interest to Texas customers for overcharging them on homeowner policies. The ruling will affect State Farm Lloyds residential policies between September 2003 and July 2008. The refund is far less than the $1 billion that consumer advocates wanted, prompting one, Texas Watch, to say Insurance Commissioner ...
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  • Ford Bankruptcy A Better Deal?

    Posted By admin || 11-Nov-2009

    According to an article in the Star-Telegram, workers have rejected contract changes that would have allowed Ford Motor Co. to cut labor costs and remain competitive with Chrysler and GM, both of which recently emerged from bankruptcy. The article said: "Ford sought the deal to bring its labor costs in line with Chrysler Group LLC. and General Motors Co., both of which won concessions from the ...
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  • Retailers May Take A Hit With CIT Chapter 11 Bankruptcy

    Posted By admin || 10-Nov-2009

    According to an article in the Star-Telegram, CIT Group's Chapter 11 bankruptcy is a source of angst for the nation's small and mid-sized retailers, many of whom rely on the lender for credit. CIT Group insists that its bankruptcy will not cause disruptions for the already instable retail industry which has watched revenues drop since the financial crisis began. The article said: "...retail groups ...
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  • Historic Ridglea Theatre Avoids Foreclosure In Bankruptcy

    Posted By admin || 9-Nov-2009

    According to an article in the Star-Telegram, a federal bankruptcy judge approved the sale of the historic Ridglea Theater to FixFunding through a process called "deed in lieu of foreclosure." Using the "deed in lieu of foreclosure" process will allow the debtor to return the property to the lender, avoid foreclosure and escape the loan default. The Maulsby Trust, which owned the theater, filed ...
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  • FairPoint Communications Files Chapter 11 Bankruptcy

    Posted By admin || 3-Nov-2009

    According to an article in the Star-Telegram, FairPoint Communications filed for Chapter 11 bankruptcy protection Monday after agreeing to a debt reduction deal with its creditors that will lower its debt by 62 percent. FairPoint, owns and operates phone companies in 18 states with a total of 1.65 million lines. The company has been struggling to repay its large debt load while its revenues have ...
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  • My Employer Filed Bankruptcy, What Will Happen To My Retirement Savings?

    Posted By admin || 2-Nov-2009

    If your employer files for bankruptcy your retirement plan could be at risk. Here's what you need to know: If your employer files Chapter 7 bankruptcy, which is a total liquidation, your pension plan will be automatically terminated. Pension plans which are terminated in Chapter 7 bankruptcy are insured by the Pension Benefit Guaranty Corporation; but 401k plans are not insured. If your employer ...
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  • Yellow Pages Publisher Faces Chapter 11 Bankruptcy Battle

    Posted By admin || 25-Oct-2009

    According to an article in the Dallas Morning News, Idearc, Inc. bondholder (MatlinPatterson Global Opportunity Partners) is challenging the viability of the company's bankruptcy exit plan and is asking the bankruptcy court to strip control of the bankruptcy case from the publisher. The article: "Idearc's proposed bankruptcy exit plan is based on an agreement it struck with senior lenders before ...
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  • Howard Hughes Heirs Caught In Bankruptcy Tango

    Posted By admin || 25-Oct-2009

    According to an article in the Wall Street Journal, revenues received by heirs of the Howard Hughes estate are caught in bankruptcy limbo because land that generates profits for the heirs is entangled in the General Growth Chapter 11 bankruptcy. When Hughes died in 1976, he was childless and without a will so his estate was initially divided amongst only a few cousins. However, now the Hughes ...
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  • True Temper Sports Files Chapter 11 Bankruptcy

    Posted By admin || 21-Oct-2009

    According to an article in the Business Journal, True Temper Sports Inc. has filed for Chapter 11 bankruptcy protection. The company is filing a pre-packaged bankruptcy petition with the approval of its secured lenders, bondholders and shareholders. The article said: "The filing is considered to be "a mechanism to implement the agreed upon balance sheet restructuring, and will not impact the ...
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  • LifeMasters Supported SelfCare Inc. Files Chapter 11 Bankruptcy

    Posted By admin || 1-Oct-2009

    According to an article in the American Medical News, LifeMasters Supported SelfCare Inc. has filed for Chapter 11 bankruptcy and hopes to continue operating the company during bankruptcy as a debtor in possession. The disease-management company has told the bankruptcy court that it has sufficient cash to continue operating but is filing Chapter 11 bankruptcy because of debt created after the ...
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  • Filing Chapter 11 Bankruptcy As "Debtor In Possession"

    Posted By admin || 26-Sep-2009

    For self-employed and small business owners considering Chapter 11 bankruptcy, filing bankruptcy creates anxiety about their ability to continue operating their business and earning an income. Fortunately, the bankruptcy laws allow business owners to file bankruptcy as a "debtor in possession." What that means is that the debtor is allowed to file Chapter 11 bankruptcy and continue to operate ...
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  • Taylor Bean Mortgage Corporation Files Chapter 11 Bankruptcy

    Posted By admin || 27-Aug-2009

    According to an article at CNN, Taylor, Bean & Whitaker Mortgage Corp. has filed for Chapter 11 bankruptcy protection, after suffering from crippling events that have prevented it from continuing business. The article said: "The death spiral began after the Federal Housing Administration suspended Taylor Bean's authority to issue FHA-insured loans. That was immediately followed by notices from ...
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  • An Insider's View: Reader's Digest Chapter 11 Bankruptcy

    Posted By admin || 27-Aug-2009

    An article in the Star-Telegram offers an excellent "insider's view" of Reader's Digest' Chapter 11 bankruptcy, which was actually prearranged with the compliance of the majority of its creditors. A general interest magazine that has been in business since 1922 Readers' Digest has seen its readership drop from a peak of 17 million in the 1970s to only 8 million today. But this bankrupt publisher ...
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  • Senator Kennedy a Champion for Bankruptcy Debtors

    Posted By admin || 26-Aug-2009

    All of us have heard about the passing of Senator Ted Kennedy; but what many of us don't realize is that this senator was a champion for bankruptcy rights for the little guy and supported provisions in the bankruptcy code that would prevent abuses by big corporations who filed Chapter 11 bankruptcy. If you get an opportunity please visit the CSPAN archives and read what Senator Ted Kennedy said ...
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  • Which Type of Business Should File for Bankruptcy?

    Posted By admin || 25-Aug-2009

    Chapter 11 bankruptcy is in all of the headlines today, as companies such as GM, Chrysler and even Reader's Digest file for what is commonly know as business bankruptcy. But Chapter 11 bankruptcy isn't just for the "big boys" it can also help small and medium sized businesses reorganize their debts and protect their assets. Let's take a look at what types of businesses file for bankruptcy. A ...
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  • Dealership Cuts are an Unheard of Opportunity

    Posted By admin || 25-Aug-2009

    Bankruptcy process allows GM to cut dealerships without dealing with each franchise separately. An article on CNNMoney.com pointed out that GM has a "once-in-a-lifetime opportunity" to get out of franchise contracts that they hold with several dealers. History shows that these contracts can be extremely expensive to get out of, but since bankruptcy is on the horizon, GM is being given a unique ...
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  • Disabled Debtor Denied Discharge of Student Loans

    Posted By admin || 24-Aug-2009

    In the bankruptcy case of Miller v. Sallie Mae Inc. (In re Miller) a disabled debtor who owed $20,624 on Parent Plus loans for her children's education was denied a bankruptcy discharge of her student loans because she could not prove that continuing to pay the student loan payment would cause her to fall below the minimal standard of living. The details of the bankruptcy case: The debtor is ...
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  • Will Filing Chapter 11 Bankruptcy Work for My Business?

    Posted By admin || 24-Aug-2009

    Chapter 11 bankruptcy is a powerful tool for business owners and high-income/debt individuals seeking bankruptcy relief. Some debtors prefer Chapter 7 bankruptcy because it allows a simple liquidation and discharge of debts giving the debtor a relatively quick fresh start. But there are some essential differences and benefits of Chapter 11 bankruptcy that debtors should be aware of when ...
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  • Reader's Digest Files for Bankruptcy

    Posted By admin || 23-Aug-2009

    According to an article in Forbes, the Reader's Digest announced that it will file for Chapter 11 bankruptcy in an effort to save its struggling publication. Using Chapter 11 bankruptcy, Reader's Digest will move to swap $1.7 billion of its debt for ownership of the company. The article said: "Chief Mary Berner said the company chose not to pay a $27 million interest payment due on 9% senior ...
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  • Lenders to Take Over Delphi's Helm

    Posted By admin || 21-Aug-2009

    Things may be looking up for Delphi Corp., which recently announced a deal reached with a group of lenders who made a successful bid to take over control of the bankrupt auto parts supplier. The Troy, Michigan-based company, which split off from General Motors in 1999, supplies mobile electronics and transportation systems, including power train, safety, steering, thermal and security systems. The ...
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  • Bernie Kosar Files for Chapter 11

    Posted By admin || 21-Aug-2009

    Just ten years ago Bernie Kosar presented himself as a humble but confident businessman when he spoke of other professional athletes. He said, "A lot of athletes think that sports is [sic] a business and since they play sports they're businessman. That's a bad assumption. I know athletes who would like to have what they made. That tells you what some have done with it." In an ironic turn of events ...
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  • Help! I Owe Too Much Debt!

    Posted By admin || 21-Aug-2009

    As the price of housing has increased in the past 10 years and access to even more extraordinary amounts of credit have opened up to consumers (until recently), many debtors have found themselves drowning in hundreds of thousands or even millions of dollars in debt. Unfortunately, large amounts of debt can close off certain types bankruptcy to debtors; but it doesn't eliminate your bankruptcy ...
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  • Golden Corral's Parent Company is Filing for Chapter 11 Protection

    Posted By admin || 19-Aug-2009

    Four companies that operate several Golden Corrals in the Dallas - Fort Worth area have to file for bankruptcy because of a judgment against a sister company. If you ever visit Golden Corral for a meal, you can be thankful that they are going to be able to stay operational thanks to a Chapter 11 bankruptcy filing. Four companies that operate nearly 50 Golden Corrals in multiple states filed for ...
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  • Bankruptcy Newsroom: Southwest Hopes to Acquire Bankruptcy Rival, Frontier Airlines

    Posted By admin || 18-Aug-2009

    The Dallas Morning News ran an article stating that Southwest Airlines Co. will bid $113.6 million to buy Frontier Airlines Holdings Inc., a rival airline known for its low costs and low fares that is now operating in bankruptcy. According to Southwest officials, they're taking advantage of a good opportunity to grow by actively courting the Denver-based carrier. "We are excited about the ...
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  • More Americans Relying on Credit Cards to Survive

    Posted By admin || 11-Aug-2009

    A survey released by Tamara Draut, vice president of policy and programs at Demos and co-author of The Plastic Safety Net: How Households are Coping in a Fragile Economy, revealed that 37 percent of low-income and middle-income households use their credit cards for basic living expenses such as housing, groceries and utilities on a regular basis. Tamara Draut said: "Wages have stagnated while ...
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  • Capital One Loses on Credit Cards

    Posted By admin || 29-Jul-2009

    According to an article in the Washington Post, Capital One Financial lost $276 million in their second quarter, due to continuing losses from its credit card loans. Capital One's U.S. credit card business was down by 51 percent in 2009 compared to last year's numbers. The article said: "Chief executive Richard D. Fairbank told investors and analysts in a conference call Thursday that the McLean ...
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  • Bankrupt Auto Dealer Accused of Fraudulent Transfer of Assets

    Posted By admin || 27-Jul-2009

    According to an article in the Star Tribune a federal bankruptcy trustee handling Denny Hecker's personal bankruptcy sued Hecker's female friend, demanding that she return documents and $119,800 worth of cash and gifts received from Hecker since January. The article said: "The lawsuit lists a $60,000 fur coat and $58,900 in check payments that Hecker gave to Christi Rowan. Bankruptcy Trustee Randy ...
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  • Retail Occupancy Drops as Business Bankruptcies Rise

    Posted By admin || 24-Jul-2009

    According to an article in the Dallas Morning News, retail occupancy fell this year to 87 percent due to store closings and retail bankruptcies. The article said: "Overall retail building and shopping center occupancy was at 87 percent at the end of June - down from 87.6 percent at the start of the year, Dallas-based Weitzman Group said Wednesday. The real estate firm said much of the decline in ...
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  • More Commercial Properties Face Foreclosure

    Posted By admin || 23-Jul-2009

    According to an article in the Star-Telegram, two shopping, residential and office developments in the growing Alliance Corridor in far north Fort Worth are facing foreclosure, another casualty of the credit crisis. The article said: "Plans for the open-air development included 1.6 million square feet of retail, and medical and office space. Trophy completed engineering and environmental studies, ...
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  • CITI Group Nears Possible Bankruptcy

    Posted By admin || 22-Jul-2009

    According to an article in Bloomberg, CIT Group Inc., a 101-year-old commercial lender is facing a possible bankruptcy as it has failed to secure an emergency loan to pay creditors. If CIT Group (not Citigroup) files bankruptcy it will be the first bank who received TARP funds to do so. The article said: "A bankruptcy filing may be the first by a company that took money from the Troubled Asset ...
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  • General Motors Bankruptcy May Be Beneficial To Auto Sales

    Posted By admin || 26-May-2009

    According to an article in the Dallas Morning News, a General Motors (GM) bankruptcy may be exactly what the struggling automaker needs to boost sales. The article said: Car and truck buyers, they say, may not be as fearful of Chapter 11 as once thought, as evidenced by Chrysler LLC's stronger-than-expected sales in the two weeks after it took the dreaded step into court. Many potential buyers ...
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  • Legislators Move To Repeal Some 2005 Bankruptcy Rules

    Posted By admin || 15-May-2009

    Congressmen Jerrold Nadler and Steve Cohen introduced a bill in the U.S. House of Representatives to repeal some sections of the 2005 Bankruptcy law that governs Chapter 11 bankruptcy. Critics of the 2005 bankruptcy law claim that the rules make it too difficult for large retailers to successfully reorganize in Chapter 11 bankruptcy. The proposed bankruptcy bill would make four changes to Chapter ...
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  • Charter Files Chapter 11 Bankruptcy

    Posted By admin || 1-Apr-2009

    According to an article in the Star-Telegram, Charter Communications, the fourth-largest cable operator in the country has filed for Chapter 11 bankruptcy. The article said: Charter, which serves 150,000 customers in 59 municipalities in the Fort Worth area, said last month that the upcoming filing would not affect its service. It reported having about 350 employees in the Fort Worth area. ...
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  • Six Flags Inc. May File Chapter 11 Bankruptcy

    Posted By admin || 16-Mar-2009

    According to an article in the Star-Telegram, Six Flags Inc. announced that it may file for Chapter 11 bankruptcy because it cannot meet an imminent financial obligation as revenue has slowed significantly. According to the company's annual report, the company does expect to have enough money to repay more than $300 million in preferred-income redeemable shares which mature August 15, 2009. If the ...
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  • Another Homebuilder Closes Its Doors

    Posted By admin || 25-Feb-2009

    According to an article in the Star-Telegram, Choice Homes, a Dallas-Fort Worth based builder is preparing to close its doors because it cannot secure the funding necessary to continue operating. A company that has been in business for over 21 years, Choice Homes is just one of many homebuilders who have closed its doors or filed for bankruptcy. The article said: "We are still talking with our ...
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  • Shaky Economy Causes Hospital Closure -- More To Come?

    Posted By admin || 18-Feb-2009

    According to an article in the Star-Telegram, as a part of their Chapter 11 bankruptcy Renaissance Healthcare Systems has agreed to the foreclosure of a hospital in Grand Prairie that it had planned to reopen this year. The article said: The property consists of a 233,000-square-foot hospital building and a 30,000-square-foot office building on 22 acres of land. Renaissance Healthcare had said it ...
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  • Tribune Co. Files Bankruptcy

    Posted By admin || 10-Dec-2008

    On Monday, Tribune Co. filed Chapter 11 bankruptcy, giving the nearly insolvent newspaper and television station owner time to find buyers for some of its troubled properties. Tribune Co. which owns 10 daily newspapers, 23 TV stations and has 20,000 employees has been financially devastated by a crushing $13 billion debt and reduced advertising revenue. Many of their top employees, fearing job ...
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