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 [...]
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 [...]
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 [...]
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 [...]
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 30th 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 [...]
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 [...]
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 [...]
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 [...]
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. Some [...]
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 [...]