Tag Archives: bankruptcy court

For most non-bankruptcy attorneys, their first experience in bankruptcy court could most likely begin with a call from an agitated and bewildered client asking for help in figuring out why he was being sued by a trustee in a bankruptcy case. bankruptcy filed by one of his clients. Worse still, …

250 Doral Arrowwood employees were illegally laid off just before the start of the pandemic; Affected workers started receiving payments NEW YORK – New York Attorney General Letitia James and State Senator Shelley Mayer today handed over $ 2.7 million to workers who were illegally fired without sufficient legal notice …

Rabbit Ridge Winery and Vineyards in Paso Robles must vacate the property it currently occupies, according to a court order filed this week. Under the order of U.S. bankruptcy judge Mark Wallace signed Monday in Santa Ana, Rabbit Ridge must vacate the San Marcos Road premises in Paso Robles, according …

In the coming weeks, the Small Business Reorganization Act (the “SBRA”) will come into effect. As part of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 – the most significant large-scale amendment to the bankruptcy code since its enactment – Congress amended the bankruptcy code to define certain …

The owners of Gabriel’s Liquor and Don & Ben’s Liquor allege in a lawsuit filed this week in bankruptcy court that the state is blocking their efforts to sell stock in the company to Walmart – or any other publicly traded company. The dispute centers on a section of state …

Shares of the cinema chain catapulted 300% on Wednesday as frenzied retail traders bet on AMC as the next meme stock, cheered by posters on the Reddit forum WallStreetBets where rookie investors gathered to s encourage each other to fuel GameStop Corp’s dizzying rally. . “AMC is clearly next,” wrote …

A creditor of a former Northwestern Arkansas real estate developer and his wife argued in Dallas bankruptcy court on Monday that the couple hid assets in an effort to obstruct, delay and defraud their creditors. On the first day of the trial of Bill Schwyhart and his wife Carolyn, the …

Offshore drilling rig contractor Seadrill has filed for bankruptcy in a court in the US state of Texas, it said on Wednesday, the second time in four years that the company has started a so-called Chapter 11 restructuring. The Oslo-listed group controlled by Norwegian-born billionaire John Fredriksen went back to …

By Rick Archer (March 8, 2021, 5:16 PM EST) – California luxury hotel Fairmont San Jose has become another casualty of the COVID-19 pandemic, closing and entering Chapter 11 in Delaware bankruptcy court as that he is applying for a mortgage extension alongside a new management company and a new …

Virtual reality arcades and other out-of-home VR destinations have been among the hardest-hit businesses during the COVID-19 pandemic. Sandbox VR, one of the best-funded in the industry, was no exception, as the company’s US subsidiary, Glostation USA Inc., filed for bankruptcy in August. It has now emerged that Glostation has …

As might be expected, even by its own prior confession, LSC Communications voluntarily filed a Chapter 11 reorganization application with the U.S. Bankruptcy Court for the Southern District of New York. The only surprise – perhaps accelerated by the financial fallout from COVID-19 – is that the announcement came on …

More than 50 potential buyers are eyeing at least some of the massive number of restaurants operated by bankrupt franchisee Wendy’s and Pizza Hut NPC International, paving the way for a remarkably competitive auction set to begin later this month. One of those bidders is the largest restaurant franchisee in …

Photography courtesy of TooJay’s TooJay’s Original Gourmet Deli filed for federal bankruptcy this week, accusing the week-long coronavirus shutdown of putting what was otherwise a profitable business in the red. However, the company filed for debt protection shortly after receiving a $ 6.4 million federal loan under the Paycheck Protection …

Two rival Italian motor yacht builders have formed a joint venture to acquire Perini Navi, one of the most iconic sailing brands in the Superyacht world. the Ferretti Group and Sanlorenzo sent a joint statement saying they would like to acquire Perini Navi from bankruptcy. The builder of several of …

BENNINGTON – The former Southern Vermont College filed for Chapter 7 bankruptcy, beginning the process of liquidating campus real estate and other assets that could include auctions. David Newell, chairman of the board, said the board was dissolved and members resigned this week after approving a request from the institution’s …

You may have heard somewhere that student loans cannot be discharged in bankruptcy, but that’s a myth. While very difficult to do, it is possible, and you might consider going this route if you’ve exhausted all other options and meet the discharge criteria. Here’s what to know if you’re wondering …

BENNINGTON – Parties involved in litigation related to the former Bennington Center for the Arts are moving towards a formal mediation process, which could lead to the property being put up for sale. Like other former Southern Vermont College real estate, the West Road Arts Center and Theater was entered …

The COVID-19 pandemic has forced many hospitality professionals and their customers to face bankruptcy, insolvency and loan recovery issues for the first time since the Great Recession. Chapter 11 presents a host of unique issues for hotels and other hospitality businesses. This article highlights some key concepts of Chapter 11 …

The year 2020 in bankruptcy law began with the goal of increasing the ability of small businesses to use the Chapter 11 process in a more efficient and less costly manner, which has led to a record number of commercial deposits, a reduction in consumer deposits and a test of …

Look: Inside the last St. Kilda Breakfast; bakery; and the farm-to-table restaurant is the fourth location in the St. Kilda dining lineup, which opens June 4. Register of Monks Hampered by the pandemic and facing the same long-term challenges as other casual restaurant chains, Ruby Tuesday filed for Chapter 11 …

Bankruptcy courts may provide relief to debtors by fulfilling pre-petition obligations to repay existing debts owed to creditors and claims from equity holders. Creditors who hold debts and investors who hold equity interests in whatever form can rely on well-established bankruptcy code rules and well-developed case law to anticipate the …

MCLEAN, Virginia – (COMMERCIAL THREAD) – Intelsat SA (OTC: INTEQ), operator of the world’s largest and most advanced satellite fleet and connectivity infrastructure, today announced that it has secured major creditors’ support under the terms of a comprehensive financial restructuring that would cut debt by more than half – from …

TACOMA, Washington – Lumber giant Northwest Hardwoods has filed for Chapter 11 bankruptcy. “On November 23, Northwest Hardwoods and certain of its affiliates took a further step in implementing their Restructuring Support Agreement by filing voluntary Chapter 11 Bankruptcy Code relief applications with the Court of US bankruptcies for the …

Hertz filed for bankruptcy on Friday, unable to withstand the coronavirus pandemic that has crippled global travel and with it the operations of the 102-year-old indebted car rental company. Lenders at the Estero, Fla.-Based company were unwilling to grant it another extension of its auto rental debt payments beyond Friday’s …

When Frontier Communications filed for bankruptcy in April, the company described a perfect storm of missteps and market forces that led to years of declining fortunes for the Norwalk-based company. Burdened with debt from two major and problematic acquisitions, the cash-strapped telecommunications company let its fiber networks languish, as an …

South Jersey sports coaches describe how their work changed during the pandemic South Jersey sports coaches describe how their job has changed during the pandemic, especially as sports have moved indoors. Chris LaChall / Personal Photographer, Cherry Hill Courier-Post CAMDEN – The operators of an Atlantic County golf course have …

Photo courtesy of By Chloé The vegetable chain By Chloe named its stalking horse bidder to acquire the business from bankruptcy, but that new owner will have to come up with a new name for the concept, according to court documents filed Tuesday. By Chloé’s parent company, BC Hospitality Group, …

In Kirby v. 21 Mortg. Corp., the First Circuit Bankruptcy Appeal Board considered the Kirbys’ claim that the 19 written communications they received from their mortgagee following their Chapter 7 discharge violated the bankruptcy code . 524 (a) (2)the injunction. The Kirbys further claimed bankruptcy discharge violations resulting from their …

Recreational or medicinal cannabis is now legal in 35 states and the District of Columbia. But cannabis remains a Controlled substance of Annex I under the federal Controlled Substances Act, which presents a host of problems for cannabis companies. One problem that many entrepreneurs cannot anticipate is that federal bankruptcy …

Hertz Global Holdings (OTC: HTZG.Q) on Tuesday announced a plan that should lift the car rental company out of Chapter 11 bankruptcy as a stronger, more financially sound business. Knighthead Capital Management and Certares Opportunities will sponsor the plan. They will team up to invest up to $ 4.2 billion …

The Bob Bondurant School of High Performance Driving – a half-century-old East Valley landmark – has slipped into federal bankruptcy court with $ 3.5 million in debt. The school asked the judge in the case two weeks ago for permission to hire an expert in restructuring struggling businesses to save …

Bankruptcy is about giving the honest but unhappy debtor a fresh start. A debtor who files Chapter 7 does so with the presumption that all of their debts will be forgiven or “discharged”. But what about the dishonest debtor? How dishonest can a debtor be before their discharge is denied? …

Small business bankruptcies filed under the new Subchapter V accounted for about 18% of all Chapter 11 cases filed in 2020 through October 31, according to calculations using Bloomberg Legal Files and Epiq statistics. Expanding subchapter V eligibility could help even more small businesses by allowing them a more direct …

Houston-based operators Oasis Petroleum Inc., a Lower 48 explorer, and oil services giant (OFS) Superior Energy Services filed for voluntary bankruptcy on Wednesday to restructure and reduce their sizable indebtedness. Oasis, whose exploration and production activities are focused on the Permian and Williston basins, has filed for voluntary Chapter 11 …

Houston-based oil services giant (OFS) Superior Energy Services Co. has initiated voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the Southern District of Texas to implement a draft plan to predefined restructuring. The company has announced its intention to file for bankruptcy in September. “Since the initial announcement …

Legal startup wants to convince more bankrupt filers to try to write off student debt. Reset Button, founded Feb. 12, plans to use automated technology to help bankrupt filers find lawyers, provide debt advice and pursue rarely used legal strategies. Less than 1% of filers are currently trying to reduce …

Related practices and jurisdictions On March 1, 2021, Brazos Electric Power Cooperative, Inc. (“Brazos”) commenced Chapter 11 bankruptcy proceedings in the United States Bankruptcy Court for the Southern District of Texas. Brazos is a Texas-based not-for-profit electricity cooperative company that provides wholesale electricity to its members, who in turn provide …

The coronavirus makes it nearly impossible for bankrupt small businesses to predict their future earnings, adding a surprise wrinkle to a recently enacted law that aims to streamline the reorganization of small debtors. Subchapter V of Chapter 11 created a new process whereby a small business with less than $ …

Potential investors in the Hertz Global Holdings Inc. share offering cannot say that they have not been warned. In fact, the word “worthless” appears five times in Hertz’s US: HTZ Filed Monday to sell up to $ 500 million in stock, still in connection with the car rental company’s stock. …

Education Credit Management Corporation (“ECMC”), guarantor of student loan debt declared releasable last month by the Chief Justice of the United States Bankruptcy Court for the Southern District of New York, is appealing this decision to the United States District Court for the Southern District of New York. On January …

The finalist bidder, World Capital Alden, a New York hedge fund that controls more than 200 news organizations through MediaNews Group, lost after offering what amounted to about $ 210 million in debt and money, according to a court filing. (An unspecified third party made an offer deemed insufficient, according …

Small businesses facing bankruptcy have a new process that could increase their chances of recovery rather than liquidation. The new subchapter 5 process, adopted last year as a Small Business Reorganization Act, came into effect in February and applies to companies with up to $ 7.5 million in secured and …

(Reuters) – Retail mogul Philip Green’s Arcadia, which owns Topshop and many other UK fashion brands, filed an administration request on Monday, Britain’s biggest corporate insolvency to date from the pandemic of coronavirus. FILE PHOTO: A man walks past signs in the windows of Lord & Taylor announcing a store …

SAN JOSE – Two hotels in the Bay Area, one in the South Bay and the other in the Peninsula, are part of a set of hotels coast to coast that are being offered for sale by a bankrupt owner. Eagle Hospitality Trust, a Singapore-based real estate company, is seeking …

Women’s clothing retailer Christopher & Banks Corp. has filed for bankruptcy while taking action to close all of the company’s roughly 450 stores, with the latest U.S. retailer planning to close permanently due to debt issues and pandemic disruption. The Plymouth, Minnesota-based specialty retailer filed for Chapter 11 protection in …

As pandemic restrictions relax, bankrupt businesses are finding new life. As the pandemic swept the world in 2020, a new kind of crisis began to emerge: bankruptcies. Companies that started the year in a strong position have faced a new reality that has kept consumers confined to their homes and …

A federal judge has approved plans to liquidate the few remaining assets of bankrupt trucking company Comcar Industries: apparently real estate. the Chapter 11 liquidation plan received approval Wednesday from the United States Bankruptcy Court for the District of Delaware. The remaining assets will be sold through two trusts, with …

Although Chapter 12 family farm bankruptcies in the first half of 2020 slowed to 284 filings, down 10 filings from the first half of 2019, to 580 filings, family farm bankruptcies are 8% above levels in the past. last year, according to data recently released by the American courts. In …

SAN FRANCISCO – Intelsat SA announced on February 12 a reorganization plan aimed at reducing the debt of the Luxembourg-based telecommunications satellite fleet operator from nearly $ 15 billion to $ 7 billion. Creditors responsible for around $ 3.8 billion of Intelsat’s debt have approved Intelsat’s plan, and the company …

A man in San Diego, Calif., Was putting his finances in order after divorcing his wife more than a year ago. He had plans to consolidate about $ 30,000 in debt and was earning an income as a carpool driver. Then the coronavirus pandemic hit the U.S. economy and, along …

JC Penney told bankruptcy court on Friday that he would miss his deadline to file documents outlining his reorganization and sale and that he plans to make the disclosures on Monday. A hearing is scheduled for Tuesday and negotiations that have been going on for months are expected to be …

Happy Thursday to you, readers. Sometimes I sit for hours at committee hearings, other times I watch Jeff Goldblum showcase reusable straws in support of stricter plastic regulations. ICYMI – Govt. Gavin Newsom indicated on Wednesday that it was unhappy with PG&E Corpthe bankruptcy financing plan., and reiterated its warnings …

A New York court on Thursday, June 25, approved Windstream Holdings Inc.’s Chapter 11 bankruptcy plan. The move is expected to allow Little Rock-based Windstream to emerge from bankruptcy as a private company in late August, the report said. society. The U.S. Southern District of New York bankruptcy court upheld …

Bankruptcy is a generalized term for federal legal proceedings that help consumers and businesses get rid of their debts and pay off their creditors. If you can prove that you are entitled to it, the bankruptcy court will protect you during your bankruptcy proceedings. In general, bankruptcies can be classified …

The company that operates the oil islands of Long Beach has filed for bankruptcy amid extremely low oil prices and crushing debt – although the city is unlikely to be affected, officials said. Officials say the city is more concerned about the same thing that is forcing its oil-island entrepreneur, …

The student loan borrowers have filed an involuntary bankruptcy petition against Navient, one of the … [+] the largest student loan managers in the country. Getty Several student loan borrowers have taken legal action against Navient, one of the country’s largest student loan service companies, to force it into bankruptcy. …

Photography: Shutterstock An operator of 70 Jack in the Box restaurant units near St. Louis filed for bankruptcy this week, accusing growing competition of hurting sales as well as his ability to pay debt. Missouri Jack and Illinois Jack, which operate sites in the respective states, declared Chapter 11 bankruptcy …

Company Launches Voluntary, Pre-Packaged Chapter 11 Process That Will Eliminate Over $ 250 Million In Funded Bonds The Chapter 11 process should be completed in approximately 60 days All operations continue as usual; employees, vendors, royalty holders and other commercial creditors to continue to be paid in full in the …

The COVID-19 pandemic hit the United States with force in March 2020. As the virus spread rapidly, the federal government responded by making temporary changes to the Bankruptcy Code through Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The CARES Act was one of the first laws enacted to …

Offshore drilling company Valaris PLC filed for Chapter 11 bankruptcy on Aug. 19 in U.S. South Texas Bankruptcy Court as its ability to repay debt was hampered by a sharp slowdown in business after the coronavirus pandemic forced customers to cut back their activity. Bankruptcy allows Valaris To implement a …

Through David French, Rama venkat NEW YORK (Reuters) – Chesapeake Energy Corp CHK.N filed Chapter 11 on Sunday, becoming the largest U.S. oil and gas producer to seek bankruptcy protection in recent years as it bowed in the face of heavy debt and the impact of the coronavirus in energy …

HOUSTON – (BUSINESS WIRE) – Superior Energy Services (OTCQX: SPNX) (“Superior” or the “Company”) today announced that the US Bankruptcy Court for the Southern District of Texas has confirmed its plan of reorganization, whereby the debt of 1, $ 3 billion of the company would be converted into equity and …

Mexican President Andres Manuel Lopez Obrador addresses the nation at the National Palace in Mexico City, Mexico, December 1, 2020. REUTERS / Henry Romero US private equity firm Blackstone disconnected a Texas power plant it owned from the state grid in 2016 in a bid to bet it could make …

Law360 (March 11, 2021, 10:51 p.m. EST) – Parties with antitrust claims against bankrupt drugmaker Mallinckrodt and mail-order pharmacy Express Scripts ask a Delaware district court to remove Arnold & Porter as as special advocate in the Mallinckrodt Chapter 11 case for alleged conflict of interest. In documents filed Wednesday …

Ann Taylor and Lane Bryant owner Ascena last year pushed back on the concept that he was on the verge of bankruptcy – his interim board chief in October stressed his “iconic big brands and a company with significant cash “- and he dubbed on it as recently as March. …

Receive instant alerts for news on your actions. Claim your 1-week free trial for StreetInsider Premium here. Medley Management (NYSE: MDLY) disclosed: Article 2.04. Trigger events that accelerate or increase a direct financial obligation or obligation under an off-balance sheet arrangement. The disclosure set out in Item 8.01 under the …

Audrey Strauss, United States Attorney for the Southern District of New York, today announced that DANIEL KAMENSKY, founder and manager of New York hedge fund Marble Ridge Capital (“Marble Ridge”), has pleaded guilty to a chief bankruptcy fraud charge in as part of his scheme to pressure a rival bidder …

Cloud gaming is fraught with pitfalls. Not only does it cost a lot of money to get started, but you also need to find the parts necessary to support the growth if people are to use the service, and that is even if you find the people for the service. …