Law rules

States debate whether new federal stimulus law excludes tax cuts

WASHINGTON — President Joe Biden’s massive pandemic stimulus bill is pumping a welcome infusion of federal aid into state and local government coffers — but a brief section raises questions about whether states are barred from slashing their own taxes if they accept federal assistance. The Senate added language to the COVID-19 relief package prohibiting […]

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On the United Nations’ International Law Commission, a professor tackles the world’s biggest problems through teamwork | FIU News

Since the sea level rises for deterioration of the earth’s atmosphere for threats of future pandemics, many issues threaten human health and prosperity in the 21st century unless nations and states work together. Fortunately, however, there are people around the world coming together to find solutions. FIU law professor Charles Jalloh is one of them. […]

Law rules

States wonder if new federal stimulus law excludes tax cuts

WASHINGTON – President Joe Biden’s massive stimulus bill injects a welcome injection of federal aid into state and local government coffers – but a brief section raises the question of whether states are prohibited from cutting their own taxes they accept federal aid. The Senate added language to the COVID-19 relief plan prohibiting states and […]

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GNC files for bankruptcy and will close up to 1,200 stores

The 85-year-old vitamin and dietary supplement company has been saddled with nearly $1 billion in debt and faced declining sales at its brick-and-mortar stores since before the pandemic. However, GNC said stay-at-home orders during the Covid-19 The pandemic has prevented the company from accomplishing its refinancing plans due to the brutal “dramatic negative impact” on […]

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CBL and PREIT, two major shopping center owners, file for bankruptcy

New York CNN Business — Two owners of approximately 130 shopping centers combined across the United States have filed for bankruptcynoting that the pandemic and changing consumer habits continue to rock the retail industry. CBL Properties and PREIT filed Chapter 11 on Sunday and the two will continue to operate as they navigate the restructuring […]

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Chapter 15 Bankruptcy Issues, Place and Jurisdiction by Kristhy Peguero and Jennifer Wertz | jackson walker

Many of us have a basic understanding of bankruptcy filings in the United States under Chapters 7, 11, and 13, but we may not know much about Chapter 15. Jackson Walker Bankruptcy Lawyers , Restructuring, & Recovery Kristhy Peguero and Jennifer Wertz discuss border insolvency and its invocation of US bankruptcy court jurisdiction to assist […]

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Supreme Court to rule on challenges to constitutionality of Part III of the Insolvency and Bankruptcy Code, 2016 – Insolvency/Bankruptcy

November 12, 2020 Parinam Law Associates To print this article, all you need to do is be registered or log in to Mondaq.com. Introduction In a welcome gesture, the Honorable Supreme Court, in its order of 29e October 2020 in Transfer Petition (Civil) No.(s). 1034 of 2020 (“transfer petition“), orderly transfer of all […]

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High-yield bonds tumble as bankruptcy fears rise in the oil sector

Text size Lower oil prices are making it harder for energy companies to manage their debts. Photograph by Scott Barbour/Getty Images The riskiest shale oil drillers and pipeline companies could enter a vicious cycle of losing investors and increasing borrowing costs. Junk-listed bonds of U.S. oil and gas drillers were already tumbling before oil prices […]

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The $5,000 bankruptcy threshold is a ticking time bomb for homeowners

“If you owe the bank $100, that’s your problem; if you owe the bank $100 million, that’s the bank’s problem.” And to rewrite J. Paul Getty’s famous line for modern Australia: “If you’re $5,000 in debt, you could lose your house. The threshold to put someone out of business is $5,000 – whether it’s credit […]

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Court approves Harvey Gulf bankruptcy reorganization plan

June 7, 2018 Harvey Gulf’s bankruptcy plan was approved at the end of May. Picture of Harvey’s Gulf At the end of May, the US bankruptcy court approved the final reorganization plan submitted by Harvey Gulf International Navy. approval comes 77 days after Harvey Gulf pre-packaged depositsignificantly faster than any previous Chapter 11 procedures for […]

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Rig Operator Diamond Offshore files for bankruptcy

File image courtesy of Diamond Offshore Posted on April 27, 2020 at 2:25 p.m. by The Maritime Executive On Monday, offshore drilling operator Diamond Offshore filed for Chapter 11 bankruptcy in Texas federal court, without reaching a prior agreement with its creditors. Its operations are expected to continue uninterrupted, but the filing has implications for […]

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Southern Park Mall owner to file for bankruptcy, report says | News, Sports, Jobs

BOARDMAN — The owner/operator of Southern Park Mall is reportedly preparing to file for bankruptcy after failing to pay $23.2 million in interest in February, according to a published report. Columbus-based Washington Prime Group, a retail real estate investment trust with centers across the United States, saw its shares fall 60% to close […]

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The advantages of bankruptcy? How a Hospital Found Redemption in Chapter 11

Credit: Morehead Memorial Hospital Filing for bankruptcy might cause hospital finance officials to cringe in despair or even failure, but the strategic pursuit of Chapter 11 may actually lay the groundwork for a brighter future. In fact, Morehead Memorial Hospital in Eden, North Carolina actually owes its future to its leader’s decision to file for […]

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Pizza buffet chain CiCi files for bankruptcy – FOX23 News

COPPELL, Texas — CiCi’s Holdings Inc. filed for Chapter 11 bankruptcy on Monday after in-person dining plummeted and food delivery services soared in response to new coronavirus restrictions. coronavirus pandemic. >> Read more trending news The private parent company of buffet chain CiCi’s has also announced its sale to its main lender, D&G Investors, CNBC […]

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Neiman’s stresses the need for rapid bankruptcy financing – WWD

Neiman Marcus The group argued it needed immediate access to its bankruptcy funding, and also prepared for a likely dispute down the road over its restructuring plan. In a remote hearing that lasted more than five and a half hours on Friday, Neiman’s attorneys and advisers told the Texas bankruptcy judge handling the case that […]

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Windstream blames bankruptcy of hedge fund Aurelius and CDS market

Photograph of Emilie Text size The Network Communication Company Windstream funds (symbol: WIN) deposit for Chapter 11 bankruptcy protection in New York on Monday, seeking to address debt maturities that have been accelerated by a surprise court decisionwhile calling on regulators to more tightly police what he says is predatory actions by a hedge fund […]

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Are you talking about bankruptcy? Late, says this prof. But as a ploy for Ottawa? Not really

PC Leader Ches Crosbie raised a provocative question earlier this week: to use Newfoundland and Labrador’s weakened fiscal situation as a potential force to secure a new deal from the federal government. “Our failure as a province will cause damage across the country, damage that no national government would want to see happen and can […]

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Imminent bankruptcy for Brazilian companies

The financial constraints caused by the coronavirus have affected the global economy and its outlook is still unknown and bleak. Companies in all industries around the world have taken all kinds of measures to mitigate losses, preserve cash flow and ultimately survive. Like other businesses around the world, the coronavirus has pushed many struggling Brazilian […]

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Olga’s seeks to restructure bankrupt debt, emerges with new owner

Olga’s Kitchen has filed for Chapter 11 bankruptcy, but a company executive promises the restaurant chain famous for its Mediterranean-inspired packaged sandwiches has a bright future. “My task was to get back to the basics of who Olga was, and we worked very hard on that,” said the company’s chief operating officer, Michael Kosloski. The […]

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Bankruptcy? Your personal data will be on the insolvency register for all to see | Bankruptcy and VAT

You think one of your neighbors has had a hard time. The expensive car that once stood in his driveway is gone and he may even have gone bankrupt, but can you be sure? Or maybe you are considering using a local builder. He’s well recommended, but you’ve heard a rumor that he’s in financial […]

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Catalina, one of Tampa Bay’s largest private companies, is filing for bankruptcy.

Posted December 13, 2018 One of Tampa Bay’s largest private companies has filed for bankruptcy. St. Petersburg-based marketing firm Catalina has filed for restructuring using Chapter 11 protection in the US Bankruptcy Court for the District of Delaware. There had been rumors for some time that the company was struggling with debt. In a press […]

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Pandemic takes a bite out, Chuck E. Cheese files for bankruptcy – Chicago Tribune

Chuck E. Cheese — where kids could be kids while parents nursed their headaches — is filing for bankruptcy protection. The 43-year-old chain, which attracted kids with pizza, video games and a singing mouse mascot, was struggling even before the coronavirus pandemic. But he said the prolonged closure of many sites due to coronavirus restrictions […]

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Akorn falls hard on Chapter 11 bankruptcy filing

Shares of U.S. generics company Akorn Pharmaceuticals (Nasdaq: AKRX) are now virtually worthless after falling 32% on Thursday. The company and its U.S. subsidiaries previously announced that they had filed for voluntary protection under Chapter 11 of the U.S. Bankruptcy Code with the U.S. Bankruptcy Court for the District of Delaware. Akorn is now continuing […]

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Missouri woman sentenced to prison for Social Security and bankruptcy scheme

A Missouri woman has been convicted in federal court of a Social Security and bankruptcy fraud scheme. Carol L. Dille, 68, of Kansas City, was sentenced by U.S. District Judge Greg Kays to two years in federal prison without parole. The court also ordered Dille to pay $76,601 in restitution. On January 31, 2020, Dille […]

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Evander Kane files for bankruptcy after managing to rack up nearly $27 million in debt

Image Getty As a Boston Bruins fan, I fully acknowledge that I’m in no real position to criticize other players for being insufferable pests due to the amount of entertainment Brad Marchand’s various shenanigans have given me over the years. That said, if you’re one of the many fans who despise his antics, you should […]

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Hacienda Sarria files for bankruptcy

KITCHENER — Hacienda Sarria, an upscale venue for weddings and other events, filed for bankruptcy on Tuesday. “It’s terrible. It’s heartbreaking,” said Ron Doyle, the man behind transforming the space from a former sugar beet factory into an award-winning event venue. Doyle owns the property, but his daughter runs the business. “It was wonderful,” he […]

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USA Rugby files for bankruptcy as revenue dries up – The Irish Times

USA Rugby has filed for Chapter 11 bankruptcy, citing a significant loss of revenue from “spring and summer membership dues, sponsorship inconvenience and additional revenue streams.” The governing body had struggled with its finances throughout 2019. “Existing financial challenges have been accelerated by the impact of the Covid-19 pandemic on the rugby business,” read a […]

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Auto parts maker Garrett files for bankruptcy

(Reuters) – U.S. auto parts maker Garrett Motion Inc said on Sunday it had filed for Chapter 11 bankruptcy as it is saddled with heavy debt due to a dispute over the payment settlement with former parent company Honeywell International Inc. and the COVID-19 pandemic. Garrett also said he entered into a “stalking horse” purchase […]

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AllSaints US Bankruptcy Court OK of UK CVA Insolvency Process – WWD

all saints received creditor protection in the US as it moves forward with a plan to restructure its UK-based business detail operation following the coronavirus pandemic. The Friday Night brand won the United States bankruptcy court recognition of a Chapter 15 proceeding, in this case AllSaints’ recent Company Voluntary Agreement in the UK, which is […]

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Insolvency and Bankruptcy Code: Successful Resolution Seekers May Not Be Allowed to Withdraw Offer, Says NCLAT

The NCLAT said that once a resolution plan for a debt-ridden company is approved by lenders, the successful bidder cannot be allowed to withdraw its bid. A three-member bench of the NCLAT said the sanctity of the resolution process must be maintained and that such withdrawal by a successful bidder “frustrates” the entire exercise of […]

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Land drilling option? Opportunities in the latest cycle of oil and gas bankruptcies | Timely LLP

Almost everything that could go wrong in 2020 has gone wrong. The year started with the Oil price war between Russia and Saudi Arabia then the Covid-19 pandemic hit the United States and the rest of the world, causing dramatic drops in demand for rough and extreme price volatility. As a result, the confluence of […]

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TNT pleads its case in bankruptcy court

TNT was forced into bankruptcy due to Covid-19 and falling oil and gas prices. TNT Crane & Rigging, based in Houston, Texas, filed for Chapter 11 bankruptcy. The company presented a plan to refinance and restructure its capital structure. Bankruptcy documents filed on August 23, 2020 stated, “The company has sought to refinance and deleverage […]

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Shenzhen to implement personal bankruptcy rule

A view of downtown Shenzhen, south China’s Guangdong Province, Aug 13, 2018. [Photo/Xinhua] China’s first personal bankruptcy rule will come into effect in Shenzhen, Guangdong province, from March 1 next year and provide a way out for ‘honest and unhappy’ people who are stuck with debts they don’t. cannot refund, an official statement said Thursday. […]

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Major chains filed for bankruptcy and closed stores every week in July

New York CNN Business — Coronavirusmassive debts and a change in buying habits have created a deadly cocktail of bankruptcies and store closures in July. So far this year, 21 private and public retailers have filed for Chapter 11 according to BankruptcyData.com. This is more than double the number of applications filed for the same […]

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Chuck E. Cheese parent company files for bankruptcy

New York CNN Business — Chuck E. Cheese’s parent company CEC Entertainment filed for bankruptcy on Thursday, blaming financial strain caused by Covid-19 and the extended closures of its entertainment centers following stay-at-home orders issued across the United States. CEC, which also owns Peter Piper Pizza, said it would use Chapter 11 protection to “achieve […]

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Supreme Court Sets New Standard for Bankruptcy Discharge Violations | rumberger | Church

On June 3, 2019, Justice Breyer issued a unanimous Supreme Court opinion conclusively establishing the standard courts must apply to hold a creditor in civil contempt for breach of a bankruptcy discharge order. In reaching its decision, the Supreme Court rejected both a subjective standard and a “strict liability-like” standard. From now on, “[a] The […]

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Pardon the Disruption: 5 takeaways from the bankruptcy bonanza of 2020

Bankruptcies in the grocery industry are accelerating, but the past three weeks have been unusually frantic. The corporate bloodshed seems over for now. There remain three chains that once looked so promising, brought down by a combination of mismanagement, debt, fierce competition and inflated expectations. Although they collectively had fewer than 100 stores, Lucky’s Market, […]

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Rock Bottom/Old Chicago Parent Craftworks Files for Bankruptcy and Closes Sites

Craftworks Holdings, the holding company of the Colorado-based company Rock Bottom Restaurant & Brasserie and Old Chicago Pizza and Bar chains, filed for Chapter 11 bankruptcy on March 3 – a decision that came the same week the struggling company closed several locations across the country, including the Rock Bottom on Orchard Parkway in Westminster […]

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Figueroa Mountain Brewing Company Files for Bankruptcy

Citing the “unprecedented challenges,” the COVID-19 pandemic showcased its industry, based in Buellton Figueroa Mountain Brewing Co.with a bar in Westlake Village, filed for Chapter 11 bankruptcy protection. The independent craft brewery, which opened in 2010, made the announcement in a statement last week. “Due to COVID-19, our industry of breweries, brewpubs, restaurants, bars and […]

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Bankruptcy of a mattress company? The mattress industry is moving away from the competition

The fierce competition to put Americans to bed is turning the mattress industry upside down. As the nation’s largest mattress retailer reels from falling sales and the threat of bankruptcy amid its parent company’s financial scandal, mattress makers are waking up hungover. Meanwhile, bed-in-a-box e-commerce businesses — now numbering in the dozens after many have […]

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Neiman Marcus to file for bankruptcy

According Reuters, Neiman Marcus Group is preparing to seek bankruptcy protection, making it the first major US department store operator to succumb to the economic fallout from the coronavirus crisis. The bankruptcy filing could come as soon as this week, although the timing could change, according to Reuters. Neiman Marcus reportedly skipped millions of dollars […]

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Model Erin Heatherton, Leonardo DiCaprio’s ex, files for bankruptcy

NEWYou can now listen to Fox News articles! Erin Heatherton may be beautiful, but she Bank accounts are quite ugly. The ancient Victoria’s Secret Angel (and noted ex of Oscar winner Leonardo DiCaprio) filed for bankruptcy, claiming to have more than $500,000 in debt and earned less than $3,000 this year. Court documents obtained by […]

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Offshore diamond drilling files for bankruptcy

Offshore diamond drilling (DO) filed for Chapter 11 Bankruptcy over the weekend, becoming the last energy company aimed at restructuring its debt. The highly anticipated move occurs only a few weeks after the coastal drilling service provider skipped an interest payment. Diamond Offshore intends to use the bankruptcy proceedings to restructure and strengthen its balance […]

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15 companies threatened with bankruptcy in the coronavirus pandemic

A growing number of companies will apply bankruptcies in 2020 as businesses remain closed due to the coronavirus. Airlines, retail stores and restaurants are among the heavily affected industries. Many of them relied on foot traffic from travelers and workers as well as last-minute shoppers. While some of these businesses have been able to shift […]

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Malden Mills returns to bankruptcy

Malden Mills Industries, maker of Polartec cold weather fabrics, filed for bankruptcy yesterday, less than four years after a previous reorganization, and said it would be sold to the Gordon Brothers Group for $44 million. Gordon Brothers, a Boston-based company that advises companies on restructuring, will also take on an unspecified amount of debt. Any […]

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Valley News – D’Angelo sandwich shop closes abruptly in bankruptcy and sale

western lebanon– Early Sunday morning, team leader Jennifer Monmaney was preparing for the lunchtime crowds at D’Angelo Grilled Sandwiches in western Lebanon where she had worked for three years when a stranger walked through the door and told him to stop everything and give him the money box and his keys. It wasn’t theft: Business […]

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TooJay’s Deli emerges from bankruptcy

A Toojay’s Deli location (Google Maps) Florida restaurant chain TooJay’s Deli emerges from bankruptcy under new ownership. The West Palm Beach-based grocery store filed a lawsuit Chapter 11 Bankruptcy in April due to the impact of the coronavirus pandemicwhich forced restaurants to temporarily close their indoor dining areas. When he filed for bankruptcy, the company […]

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Exide’s bankruptcy shows why people don’t trust the government

For the editor: Exide Technologies’ failure to clean up the devastating pollution caused by its battery recycling plant in Vernon is another example of why so many of us have lost faith in government institutions. Even your editorial more focused on cost to taxpayers for cleaning than on people who will continue to suffer simply […]

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Some Ann Taylor, LOFT, Lane Bryant and Justice stores will close after Ascena goes bankrupt

(CNN) – Ascena Retail Group, owner of Ann Taylor and other apparel brands, filed an application bankruptcy. It is the latest retailer forced to take this step during the Covid-19 pandemic. The company, which was struggling long before the coronavirus hit, said it would close all of its Catherines stores, a significant (but undisclosed) number […]

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Legacy Reserves emerges from bankruptcy

Midland Legacy Reserves emerged from bankruptcy protection last week, six months after it voluntarily filed for Chapter 11 bankruptcy protection. After entering bankruptcy protection in June, the company had to go through required filings, hearings and provisions, Legacy chief executive Dan Westcott said in an interview. The U.S. Bankruptcy Court for the Southern District of […]

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Department store chain Belk files for Chapter 11 bankruptcy

Private equity firm Sycamore Partners made the announcement Tuesday saying it expects to emerge from bankruptcy by the end of February. Belk, the North Carolina-based department store chain that has served generations of shoppers for nearly 190 years, announced Tuesday that it will file for Chapter 11 bankruptcy. The chain’s owner, private equity firm Sycamore […]

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Indiana trucking company files for bankruptcy, cutting 4,000 jobs after two executives are charged with fraud

INDIANAPOLIS — Celadon Group Inc. filed for bankruptcy on Monday and announced it was closing the Indianapolis-based trucking business immediately. The move, which comes just days after two executives were indicted in a $60 million fraud scheme, puts nearly 4,000 employees out of work. “We have diligently explored all possible options to restructure Celadon and […]

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Texas Rangers file for bankruptcy

NEW YORK (Reuters) – The Texas Rangers baseball team filed for Chapter 11 bankruptcy on Monday to facilitate the sale of the team to a group led by the team’s president and Temple pitcher of Nolan Ryan fame for around $575 million. Neither fans in the stands nor Texas Rangers left fielder David Murphy can […]

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Neiman Marcus weighs bankruptcy amid debt and store closures

Subscribe to our special edition newsletter to get a daily update on the coronavirus pandemic. Neiman Marcus is reportedly considering bankruptcy as the luxury retailer struggles with massive debt and coronavirus-related store closures. The Dallas-based company is in talks with lenders about filing for bankruptcy, which could allow it to continue operating and reduce debt […]

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Plymouth Meeting Mall owner emerges from bankruptcy

PREIT, the owner of Plymouth Meeting Mall, announced on November 11 that it had successfully completed its financial restructuring and exited Chapter 11 following an accelerated process. From the announcement: Consistent with previous announcements, PREIT now has access to up to $130 million in new capital to support its operations and continue to advance its […]

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As Crude Oil Takes a Hit, Big Players Head for Bankruptcy

Oil Refinery | Credit: Pixabay As these unusual times continue to wreak havoc on various industries, the energy sector has not been spared. Oil prices fell significantly; by some estimates, it could fall as low as $20 a barrel. But perhaps more importantly, demand for oil and gas is no longer where it used to […]

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Guitar Center is preparing for a possible bankruptcy filing

Guitar Center, based in Westlake Village, California, has approximately 300 stores across the United States. (photo by AFP) Guitar Center Inc, the largest musical instrument retailer in the United States, is considering options such as bankruptcy to manage its debt after skipping bond interest payments this month. The chain is in active talks with its […]

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Chuck E Cheese parent company files for Chapter 11 bankruptcy protection

Placeholder while loading article actions Chuck E. Cheese’s parent company filed for bankruptcy on Thursday, citing store closures and stay-at-home orders during the pandemic as contributing factors. CEC Entertainment, which also owns the Peter Piper Pizza locations, said in a press release that it sought Chapter 11 protection to achieve a “restructure that supports its […]

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A major player in North Dakota’s oil industry files for bankruptcy

Whiting Petroleum Corp. filed for Chapter 11 bankruptcy, the first publicly traded casualty of plunging crude oil prices that is expected to weigh on record U.S. output. Whiting was once North Dakota’s largest oil producer, now the nation’s second-largest oil-producing state. The company said Wednesday it had agreed with its creditors to reduce its debt […]

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Three years on, India’s bankruptcy reform languishes in court

By Promit Mukherjee, Suvashree Choudhury MUMBAI (Reuters) – When India introduced new bankruptcy rules in 2016, government officials and investors said they expected indebted public banks to solve some of their bad debts and create a dynamic market for restructured debt. FILE PHOTO: Commuters walk past a bank sign along a road in New Delhi, […]

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Muzak Owner Files Quick Bankruptcy to Reduce $400M Debt

Mood Media Corp. — a provider of background music to stores, restaurants and hotels — filed a prepackaged Chapter 11 bankruptcy, intending to reduce about $400 million in debt from its balance sheet and hand over the control to lenders. The deposit marks the second time Mood has filed for bankruptcy in the past three […]

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The Insolvency and Bankruptcy Code allows the market to make the most efficient choice

The Insolvency and Bankruptcy Code 2016 was enacted to address business stress. Some, however, argue that because the corporate insolvency resolution process (CIRP) saves only about 25% of businesses and leads to the liquidation of the rest, the code does not fulfill its mandate. These numbers tell a story, but not the whole story. Let […]

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Inside a State’s Effort to Help Borrowers Erase Student Debt in Bankruptcy

Wiping out student loans in bankruptcy is nearly impossible, according to conventional wisdom. But officials and lawyers in at least one state are trying to change that. The Massachusetts Bar Association recently launched the Student Loan Bankruptcy Assistance Project. It aims to get more lawyers, even those who don’t specialize in bankruptcy or student loan […]

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New law can settle student loan debt when filing for bankruptcy

Although bankruptcy can have negative connotations, it can be an important strategy for consumers in dire financial straits – it gives them the chance to start fresh, free from different types of debt. However, student loan debt can be nearly impossible to pay off when you file for bankruptcy – and almost a third of […]

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The number of bankruptcies in the United States is accelerating amid the pandemic and has increased by 29 in the last 2 weeks

Business bankruptcies in the United States continue to pile up amid the coronavirus pandemic, with the pace of filings accelerating over the past two weeks, according to analysis by S&P Global Market Intelligence. Twenty-nine companies joined the list of new filings between October 19 and November 1. This exceeds the number of bankruptcies in any […]

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Citing pandemic, Sizzler USA files for bankruptcy | Franchise News

Sizzler, known for its cheap steaks and all-you-can-eat salad bar, is the latest restaurant chain to blame its financial struggles on the coronavirus pandemic. Sizzler USA filed for Chapter 11 bankruptcy Monday in U.S. Bankruptcy Court for the Northern District of California and said the restructuring process would allow it to reduce its long-term debt. […]

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Will the bankruptcy boom be a boon for Delaware businesses?

Through the end of July, 805 Chapter 11s have been filed with the Delaware bankruptcy court. There were 613 cases in 2019. | DBT PHOTO BY MICHAEL ROCHELEAU WILMINGTON — Some of America’s biggest corporations have filed for bankruptcy in Delaware over the past 30 years, earning it a reputation as the place where big […]

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Bounce Back After Bankruptcy – Sooner Than You Think

Bankruptcy affects more than one million Americans every year, and financial bankruptcy is widely considered a nightmare scenario. That’s not necessarily the case, as a new Lending Tree report shows. Indeed, more than 40% of Americans have a credit rating above 640 one year after filing for bankruptcy, 65% of bankrupt Americans see the same […]

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After Bankruptcy, WLL Stocks Look No Better Than Before

Whiting Oil (NYSE:CMU), known as the “King of the Bakken” during the 2010s oil boom, went bankrupt in April. But the WLL stock came back. Same name. Different guys. New attitude. Source: Shutterstock Whiting emerged from bankruptcy in September with only hundreds of millions in debt, instead of billions, and a new management dedicated to […]

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11th Circuit Rules Monthly Debtor Service Agent Information Statements in Bankruptcy with Discharged Debts Not Attempt to Collect Debt | PC Weiner Brodsky Kider

The Eleventh Circuit ruled that monthly mortgage statements sent by a mortgage agent to a debtor whose debts have been discharged in bankruptcy do not violate the bankruptcy code’s prohibition against attempts to collect a discharged debt under 11 USC § 524. Plaintiff’s Chapter 13 bankruptcy petition, filed in 2010, mentioned a mortgage and stated […]

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Fusion Connect emerges from bankruptcy and enters a new era under new ownership – Channel Futures

The company eliminated approximately $400 million of its long-term debt in the reorganization. Fusion Connect emerged from Chapter 11 bankruptcy, eliminating approximately $400 million of its long-term debt as part of the reorganization. The company filed for Chapter 11 bankruptcy last summer after acquisitions cloud and enterprise services businesses of MegaPath and Birch Communications fell […]

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J.Crew Files for Chapter 11 Bankruptcy, Expects to Eventually Reopen Stores

New York City – J.Crew Group Inc., which operates fashion retail brands J.Crew and Madewell, has filed for Chapter 11 bankruptcy. The company hopes to restructure its debt while eventually aiming to reopen its stores in the aftermath of the COVID-19 pandemic. Chinos Holdings Inc., the parent company of J.Crew, filed the voluntary petitions for […]

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XFL bankruptcy: Is Vince McMahon running a scheme to buy out his league?

When the XFL operations suspended and laid off all of its employees on April 10, it was only the first part of the dismantling of the fledgling league. But according to an article by Daniel Kaplan in The Athleticit is possible that the league will attempt to reorganize under a new entity still controlled by […]

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Barcelona ask big banks to delay debt repayment to avoid bankruptcy

An uncertain and worrying financial situation was at the forefront of Barcelona News in recent months and a report published on Friday in El Confidential can add additional alarm. It is claimed that the Catalan giants have asked companies Goldman Sachs, Allianz, Barings, Amundi and Prudential to delay unpaid debts so that the club can […]

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JC Penney files for bankruptcy; CEO says retailer won’t close

Plano, Texas-based JC Penney has joined the growing list of retailers filing for bankruptcy after economic disruption from COVID-19 caused the company to miss debt payments. The retailer sought to restructure its $4 billion debt, but the junk paper market nearly evaporated amid the COVID-19 crisis. Moody’s Investors Service recently downgraded Penney’s rating to Caa3, […]

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Bend Bulletin owner files second bankruptcy in a decade

Bend Bulletin’s parent company in Chapter 11 bankruptcy proceedings, again. Western Communications owns seven newspapers in the Pacific Northwest, many in rural communities where no one else carries local news. It emerged from another bankruptcy in 2012. Court records show the company has $7 million in unsecured debt. He is behind on federal taxes, with […]

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Wisconsin Frac Sand Producer Files Bankruptcy

Emerge Energy Services, which owns eight frac sand mining and processing facilities in Wisconsin under subsidiary Superior Silica Sands, has filed for Chapter 11 bankruptcy protection in federal court. Now officials in Chippewa and Barron counties are scrambling to find out how the bankruptcy could impact plans to reclaim idle sand mines. Emerge Energy filed […]

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The December 2020 finance law modifies several provisions of the bankruptcy code

The Consolidated Appropriations Act of 2021 (the CAA), which President Trump signed into law on December 27, 2020, amends several provisions of the Bankruptcy Code. While a number of the changes apply only to small businesses (for example, businesses eligible to file a claim under the new small business sub-chapter of the Bankruptcy Code and/or […]

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What Can Chapter 7 Bankruptcy Do For Me?

Content sponsored by French Tommy Allen Bankruptcy can allow you to: Eliminate the legal obligation to pay most or all of your debts. This is called a “remission” of debts. It is designed to give you a fresh financial start. Stop wage garnishment, debt collection harassment, and similar actions by creditors to collect a debt. […]

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LRGH Files for Chapter 11 Bankruptcy and Will Stay Open While Concord Bids on Assets | Local News

LACONIA – Struggling with more than $100 million in debt, LRGHealthcare on Monday filed for Chapter 11 protection under federal bankruptcy laws and Concord Hospital offered to acquire its assets, including General Hospital of the Lake District and the Franklin Regional Hospital. The filing with the US bankruptcy court in Concord comes after two years […]

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Neiman Marcus files for bankruptcy and assesses store closings/openings

The Neiman Marcus Group is the second largest retailer this week and the first department store chain to apply bankruptcy during the coronavirus pandemic. Earlier this week, J.Crew Groupwhich operates the J.Crew and Madewell brands, has filed for bankruptcy. Now Neiman Marcus Group followed suit with a deal that will eliminate about $4 billion of […]

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Toll highway shooter Clarence Briggs worked for an arms company and filed for bankruptcy

A retired state trooper who killed two Pennsylvania Turnpike workers in an attempted robbery on Sunday and then was himself shot by state police, worked for an East Shore company that develops military and law enforcement weapons systems. Records of a federal bankruptcy filing by Clarence Briggs, 54, and his wife, Donna, list Clarence Briggs […]

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Topshop turmoil leads to bankruptcy filing and closure of all US stores

Make sure you get your Topshop fix before US shoppers are dropped to the online-only domain. Dave M. Benett/Getty Images Topshop lovers hit the stores while you can, because Topshop and Topman are in the process of close all their sites in the United States. Anyone who wants their favorite UK brand to stay at […]

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The year of bankruptcy

Bankrupt year in review Getty Late December is always a time when the media releases various “top ten” or “year in review” lists. The world of bankruptcy is no different. However, rather than listing the most important cases of the year (and there were many), this list will touch on some of the most important […]

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Borden files for bankruptcy | food dip

Diving Brief: Borden Dairy filed for bankruptcy late Sunday, becoming the second major dairy processor to do so in recent months. Dean Foods filed for bankruptcy in November. Tony Sarsam, CEO of Borden, said in a company statement that the milk supplier would use the bankruptcy process to reduce its debt. It will continue its […]

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Supreme Court Strikes Down Bob Richards Rule Affecting Consolidated Class Members’ Right to Tax Refunds in Bankruptcy Proceedings

On February 25, 2020, at Rodriguez v FDIC,1 the United States Supreme Court unanimously rejected the application of the so-called “Bob Richardlegal doctrine developed almost 60 years ago in a bankruptcy regarding the ownership of tax refunds guaranteed by the parent company on behalf of a bankrupt subsidiary listed in a consolidated group tax return. […]

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Deluxe gets court approval for pre-packaged bankruptcy – The Hollywood Reporter

Deluxe Entertainment Services Group, the Hollywood production services provider that had been backed by billionaire Ron Perelman, said it received court approval for its pre-packaged Chapter 11 reorganization plan. The company now plans to complete its restructuring and emerge from Chapter 11 bankruptcy. After exiting Chapter 11, Deluxe says it will have cut its long-term […]

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J.Crew’s bankruptcy filing may not be the last for retailers slammed by the pandemic: Coronavirus updates: NPR

J.Crew said he hopes the bankruptcy filing will help him get his finances in order as he continues to operate, albeit under COVID-19 restrictions for now. Gene J. Puskar/AP hide caption toggle caption Gene J. Puskar/AP J.Crew said he hopes the bankruptcy filing will help him get his finances in order as he continues to […]

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Local artist worries about suspended work at Trudy’s, amid restaurant bankruptcy filing

AUSTIN (KXAN) — Creating artwork is hard work, so when local artist Lonnie Prachyl started seeing the headlines about Trudy’s restaurants having financial trouble, he was concerned. Several of his paintings hang above the tables at Trudy’s Texas Star on 30th Street for sale. An online search revealed that the location was damaged in the […]

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HopCat files for bankruptcy after Port St. Lucie restaurant closes

HopCat’s parent company filed for bankruptcy following the closure of the Port St. Lucie restaurant. Michigan-based BarFly Ventures LLC has filed for Chapter 11 bankruptcy as part of a financial restructuring aimed at reducing the company’s current debt caused by the coronavirus pandemic and other reasons, according to a statement. June press release. These other […]

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Retail rout continues as Men’s Wearhouse, others file for bankruptcy protection

NEW YORK — Lord and Taylor, America’s oldest retailer, is filing for bankruptcy protection, as are the owner of Men’s Wearhouse and Jos. A. Bank, expanding the list of major retail chains that have faltered during the pandemic. Surnames, many of the country’s longtime mall stalwarts, were already struggling to keep up with sweeping reform […]

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Using a Section 73 Proposal to Cancel a Bankruptcy – Insolvency/Bankruptcy

July 02, 2020 Worrells Solvency and Forensic Accountants To print this article, all you need to do is be registered or log in to Mondaq.com. Changing the trajectory of financial well-being. People often mistakenly believe that once in bankruptcy there is nothing more they can do for their financial life until they are discharged from […]

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WR Grace ends bankruptcy protection after 12 years

Legislation & Litigation Our fact-checking process begins with a thorough review of all sources to ensure they are of high quality. Then we cross-check the facts with original medical or scientific reports published by those sources, or we validate the facts with reputable news outlets, medical and scientific experts, and other health experts. Each page […]

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Congress revises bankruptcy laws : NPR

The House of Representatives approves an overhaul of the country’s bankruptcy laws on Wednesday in a vote of 302 to 126. The bill, which passed the Senate last month, will make it harder to get rid of debt by filing for bankruptcy, forcing tens of thousands of people to come up with repayment plans instead. […]

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The consolidated credit law of 2021: temporary modifications to the bankruptcy code

On December 27, 2020, President Trump signed into law the Consolidated Appropriations Act of 2021 (CAA), the omnibus funding bill that provides consolidated appropriations for the fiscal year ending September 30, 2021. The CAA also provides various forms of economic assistance to cope with the effects of the COVID-19 pandemic. As part of its coronavirus […]

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Six Questions to Ask When Your Seller, Supplier or Customer Files for Bankruptcy | Haynsworth Sinkler Boyd, Pennsylvania

After nearly eight months of dealing with the severe economic impact of COVID-19, it’s no surprise that more businesses are looking to bankruptcy for help. Commercial deposits continue to rise as many government-supported programs expire and the lasting effects of COVID-19 take hold. For many corporate lawyers, interactions with bankruptcy may be limited, but how […]

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Sharks won’t cancel Kane’s contract amid his bankruptcy filing

the San Jose Sharks will not cancel Evander Kane‘s contract as the forward navigates filing for bankruptcy in federal court, a team spokesperson has confirmed to Athletic’s Daniel Kaplan and Kevin Kurz. “The Sharks are 100% committed to honoring Evander Kane’s contract and have no intention of seeing it terminated,” the spokesperson said. The initial […]

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COVID-19 bankruptcy filings highest since 2009

The year ended relatively slowly, with just 45 major corporate bankruptcies across all sectors since October 1 – the slowest quarter of 2020. But it still marked the busiest past three months. the year since 2009. More bankruptcy filings are expected this year as struggling retail businesses, including gyms and cinemas, finally succumb, according to […]

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Exclusive: Saad Group seeks debt settlement under Saudi bankruptcy law – sources

By Marwa Rashad, David Barbuscia RIYADH/DUBAI (Reuters) – The company of indebted Saudi billionaire Maan al-Sanea has filed for bankruptcy under a new Saudi law that makes it easier for creditors to collect payments, three sources familiar with the matter said, a ruling which could provide a breakthrough in the kingdom’s longest-running debt dispute. The […]

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Changes to UAE Bankruptcy Law

As announced this week, the UAE Cabinet has approved a new Amendment (Amendment Law) to Federal Law No. 9 of 2016 (The Business Bankruptcy Law). The amending law follows the previous amendment to the law on business bankruptcy in 2019 (in accordance with Federal Law No. 23 of 2019). The amending law has not yet […]

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Bankruptcy court approves $801 million sale of NPC International

Photography: Shutterstock A federal bankruptcy court judge on Wednesday cleared the $801 million sale of Pizza Hut and franchisee Wendy’s NPC International to another major operator, Flynn Restaurant Group, as well as five existing operators of the burger chain. Flynn Restaurant Group (FRG), already the largest restaurant franchisee in the United States, will get 925 […]

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Judge approves Ruby Tuesday’s bankruptcy plan

The chain said it will now “compete more effectively” in the casual dining environment. A federal judge has approved Ruby Tuesday’s bankruptcy plan, which will give ownership to secured lenders Goldman Sachs and TCW Direct Lending in a debt/equity swap. The chain filed for bankruptcy in October. Prior to the filing, the restaurant and the […]

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Plymouth Meeting Mall owner reaches settlement with majority of lenders, but warns of Chapter 11 bankruptcy

Plymouth Meeting Mall owner PREIT announced on October 15 that it had reached an agreement with more than 80% of its bank lenders under which banks would provide an additional $150 million to recapitalize the business and extend the maturity of its debt, support PREIT’s operations and the continued execution of its strategic priorities. Under […]

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Demystifying the Receivership Process – Insolvency/Bankruptcy/Restructuring

In this fourth and final installment of the Demystifying Insolvency series, we focus on the receivership process. A company is placed in receivership when an independent and suitably qualified person (the receiver) is appointed by a secured creditor or the court and is responsible for taking control of some or all of the company’s assets […]

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(AMC), Apple Inc. (NASDAQ:AAPL) – After Regal, COVID-19 Forces Theater Chain AMC to Consider Bankruptcy: Report

The largest cinema chain in the world – AMC Entertainment Holdings Inc. (NYSE: CMA) is considering options for a respite from debt, which includes potential bankruptcy, reports Bloomberg. The cinema chain is still reeling from the consequences of the pandemic outbreak and lockdown measures, which have kept moviegoers out of cinemas. What happened: The company […]

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Ruby Tuesday closes 185 restaurants and files for Chapter 11 bankruptcy

Hampered by the pandemic and facing the same long-term challenges as other casual dining chains, Ruby Tuesday filed for Chapter 11 bankruptcy early Wednesday. The company hopes to use the debt reduction process to improve its finances and stay in business, saying in a statement that it has “reached an agreement with its secured lenders […]

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Elizabeth Warren’s bankruptcy plan rekindles old clash with Biden

Senator Elizabeth Warren tuesday announced a plan to overturn provisions of a 2005 bankruptcy lawreigniting a debate she had had 15 years ago with Joseph R. Biden Jr.a US senator at the time, on consumer protection and the credit card industry. Bankruptcy is an essential element in the history of the political origin of Mrs […]

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Debt Call Evidence: The Court’s Approach to a Challenge to an Official Liquidator’s Decision – Insolvency/Bankruptcy/Restructuring

Cayman Islands: Proof of debt call: the court’s approach to an official liquidator’s arbitration challenge To print this article, all you need to do is be registered or log in to Mondaq.com. In a recent case in the Grand Court of the Cayman Islands, Walkers successfully acted for the joint […]