Tag Archives: bankruptcy court

Avoiding Avoidance Actions in Bankruptcy

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, …

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Rabbit Ridge is going to be kicked out

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 …

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Big Changes for Small Businesses Coming in Chapter 11 Bankruptcy | Lowndes

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 …

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Gabriel’s Liquor alleges state is blocking deal with Walmart

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 …

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AMC’s pandemic survival is boosted by commercial mania

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 …

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First arguments heard in developer’s disputed bankruptcy

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 …

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Seadrill files for bankruptcy protection again

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 …

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California Luxury Hotel Hits Ch. 11 With Rebranding Hopes

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 …

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VR destination ‘Sandbox VR’ emerges from Chapter 11 bankruptcy after reorganization – Road to VR

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 …

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MagazineBook Printer LSC Communications Files Chapter 11 Bankruptcy

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 …

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Dozens of buyers contemplate bankruptcy of NPC International restaurants

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 …

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TooJay’s Original Gourmet Deli, which received PPP funds, files for bankruptcy

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 …

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Four rival shipyards join forces to save Perini Navi from bankruptcy – Robb Report

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 …

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SVC Enters Chapter 7 Bankruptcy Proceedings Archives

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 …

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Student Loans and Bankruptcy: What You Need to Know | Put away student loans

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 …

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Mediation sought in Bennington Arts Center disputes | Local news

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 …

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Hotel bankruptcies: 8 key issues for hotel advisors | Buchalter

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 …

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Ruby Tuesday closes 185 restaurants due to COVID-19 challenges

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 …

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Takeover of ICO Tokens by Investors May Be Challenged in Bankruptcy | Carlton Fields

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 …

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Northwest Hardwoods files for bankruptcy

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 …

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Hertz files for bankruptcy as epidemic wreaks havoc

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 …

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Atlantic County Club Operators Cite Debt Over $ 3.7 Million

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 …

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By Chloe to have a new owner but lose her name

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, …

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A reminder for borrowers: Post-discharge communications by creditor must coerce or harass in order to violate bankruptcy law | Hinshaw & Culbertson LLP

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 …

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Can tort and punitive damages be canceled by bankruptcy?

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? …

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Stung by low prices, an oasis, superior energy, everyone seeking bankruptcy protection to reduce their debt

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 …

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Brazos Electric Chapter 11 Bankruptcy Filing

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 …

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Factbox: Retail casualties of the coronavirus pandemic

(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 …

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Bankrupt Bay Area hotels go up for sale

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 …

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Christopher & Banks Bankruptcy files, all stores closed

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 …

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7 companies that went bankrupt because of COVID

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 …

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Comcar’s bankruptcy liquidation plan approved

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 …

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Farm bankruptcies slow, more help needed

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 …

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Intelsat unveils its restructuring and debt reduction plan

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 …

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Planned Parenthood wants to expand abortion in California

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 …

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New York court approves Windstream’s bankruptcy plan

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 …

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Definition of bankruptcy: what exactly is it?

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 …

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Student loan borrowers try to force Navient into bankruptcy

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. …

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Sundance Energy takes action to strengthen its balance sheet

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 …

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Shale pioneer Chesapeake Energy declares bankruptcy

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 …

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Arnold & Porter accused of conflicts in Mallinckrodt Ch. 11

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 …

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How Ascena went bankrupt | Retail diving

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. …

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Cloud Gaming takes another hit

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. …

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