The key feature of the modern U.S. personal bankruptcy law is to provide debtors a financial fresh start through debt discharge. The primary justification for the discharge policy is to preserve human capital by maintaining incentives for work. This paper tests this fresh start argument by providing the first estimate...
NEWPORT NEWS, Virginia AFP — Former American football star Michael Vick filed for bankruptcy at a US Bankruptcy Court here, seeking Chapter 11 protection and citing debts between 10 million and 50 million dollars. The former Atlanta Falcons quarterback has served seven months of a 23-month sentence on...
Jacob Silver ( www.silverbankruptcy.com )has built his reputation by providing sound counsel to individuals andsmall businesses going through the challenging, emotional process of filingfor bankruptcy. With a fast-growing practice, Silver needed a better way tomanage all of his daily communications whether he's in the office, at home,at court or on...
CHICAGO -- Fitch Ratings does not foresee any adverse credit effects for the four principal Texas electricity market participants as a result of recent price spikes, as discussed in a special report published today. The four market participants defined by Fitch are generators, electric transmission and distribution (T&D) companies, utility...
NEW YORK -- Fitch Ratings places the following classes of Cobalt CMBS Commercial Trust commercial mortgage pass-through certificates, series 2006-C1 on Rating Watch Negative: --$3.2 million class M 'B+'; --$6.3 million class N 'B'; --$6.3 million class O 'B-'. The Rating Watch...
CHICAGO -- Fitch Ratings places the following class of COMM 2006-C8 Mortgage Trust commercial mortgage pass-through certificates on Rating Watch Negative: --$9.4 million class O at 'B+'. The Rating Watch Negative placement is due to the transfer to special servicing of the 12th largest loan (1.7%),...
Utah 7000 LLC, the owner of a 7,224-acre community in Summit County called Promontory, has won court permission to borrow as much as $25 million from Pivotal Financing LLC, over the objections of a Credit Suisse Group unit. Pivotal's loan would be paid before all other claims,...
Major Bedding Producer to Close Stores But Maintain Manufacturing Operations Following Sale JESSUP, Md. -- Dormia, a leading mattress retailer and manufacturer with 20 stores across the Central and Eastern United States, will conduct a court ordered liquidation sale beginning Thursday, July 3. The company filed for Chapter...
PLYMOUTH, Mich., July 1 /PRNewswire-FirstCall/ -- Johnson Controls announced today that it has formed a joint venture to acquire the interior product assets of Plastech Engineered Products of Dearborn, Michigan. Plastech filed for bankruptcy in February 2008. (Logo: http://www.newscom.com/cgi-bin/prnh/20070930/AQSU001LOGO) Johnson Controls owns 70%...
Consider Outsourcing from Alterna Office to Increase Bottom Line MIAMI -- Today's economy has forced many companies to shift their directions to save costs. While many are filing for bankruptcy and shutting their doors, others are looking to solutions such as outsourcing to save money and conserve resources....
Woodbridge Holdings Corporation (NYSE: WDG) ("Woodbridge") announced today that it has reached an agreement withLevitt and Sons, LLC, and each of its affiliates which filed voluntarypetitions under Chapter 11 of the U.S. Bankruptcy Code (the "Debtors") andthe Joint Committee of Unsecured Creditors appointed in the Chapter 11cases. As previously...
GreenMan Technologies, Inc. (OTCBB: GMTI), aleading regional tire recycler and emerging leader in patented cold-curerecycled rubber molded products, announced that its inactive GreenManTechnologies of Georgia, Inc. subsidiary has filed a voluntary petitionunder Chapter 7 of the United States Bankruptcy Code in the United StatesBankruptcy Court, Middle District of Georgia. As...
Closes Exit Financing Facilities; Announces New Board of Directors ROCHESTER HILLS, Mich. -- DURA Automotive Systems, Inc. (Pink Sheets: DRRAQ) announced today that it has successfully emerged from Chapter 11 bankruptcy protection. The company officially concluded its Chapter 11 reorganization process after meeting all statutory requirements...
FORT MILL, S.C. -- Wellman, Inc. (OTC: WMANQ) announced that the Company and its debtor subsidiaries have filed a Joint Plan of Reorganization (the "Plan"), a Disclosure Statement (the "Disclosure Statement") and related documents with the United States Bankruptcy Court for the Southern District of New York (the "Bankruptcy Court")....
California-Based Furniture Chain to Close Following Sale SACRAMENTO, Calif. -- The Room Source, a moderately-priced furniture chain with six locations in California, will conduct a court-ordered bankruptcy liquidation sale beginning June 28, 2008. The sale was ordered by the bankruptcy court as a result of The Room Source's...
Caruso Homes seeks Chap. 11 Caruso Homes Inc., of Crofton, a home builder operating in mid- Atlantic states including Virginia and Maryland, filed for bankruptcy, blaming what it called the "double-whammy' of the credit crunch and falling home prices. In Chapter 11 documents filed in U.S. Bankruptcy...
GERALD, Mo. -- Bill Jakob arrived in this small town with an offer to help police curb the community's methamphetamine problem. He had a badge and a gun and told officials he had previously worked as an anti-drug agent in Illinois. He even drove a fully equipped...
Draper city on Tuesday filed a legal objection to the proposed sale of the bankrupt development SunCrest to Zions Bank, citing concerns about the millions of dollars that will be required to complete infrastructure in the subdivision. The conditional objection ensures that the judge understands all the...
BOSTON AP -- The largest construction contractor on Boston's beleaguered Big Dig project filed for bankruptcy protection Monday, the first business day after federal prosecutors charged the company with lying about its work. Modern Continental Co. made a Chapter 11 filing in federal bankruptcy court in Boston,...
CLIFTON, N.J. -- Linens Holding Co. ("LNT"), a leading home furnishings specialty retailer operating as "Linens 'n Things," announced today the hiring of DJM Realty, the leading national retail real estate disposition firm, to exclusively manage the disposition of 120 underperforming stores that the Company targeted for closure as part...
Articles 2008-06-23
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