Bankruptcy is the legal procedure by which the assets of a debtor are distributed among its creditors. The debtor can be either an individual or a firm. In corporations, bankruptcy happens when either the firm or the creditors delegate a third party - be it a judge or other public...
From the executive summary: ‘Purchasing assets from a debtor in bankruptcy can be an effective method of acquiring products or businesses at a discount. Also, such sales are not limited to businesses that are liquidating or going out of business. Debtors will frequently offer to sell underutilized assets in order...
Income interruption is a powerful form of financial distress. Even in good times as measured by low unemployment rates and soaring stock markets, job instability for some workers arises from the very changes in business and industrial patterns that also lead to enhanced security and prosperity for others. Displaced workers...
Many technology companies found that they cannot survive as independent companies and may not be able to reorganize even under the auspices of the Bankruptcy Code and so must liquidate their assets. If they must liquidate, then liquidation under with the debtor in possession is preferable over either under the...
The article explains bankruptcy code for foreign proceedings. Section 304 of the United States Bankruptcy Code, 11 U.S.C. § 304, enables the representative of a foreign debtor an expeditious mechanism to protect, preserve, and gather assets located in the United States for ultimate distribution to the creditors of such debtor...
NORWALK, Conn. -- GE Commercial Finance Corporate Lending today announced it provided a $125 million plan of reorganization credit facility to Hilex-Poly, a manufacturer of plastic bag and film products, on July 9, 2008. The financing was used to refinance the company's debtor-in-possession DIP financing upon the company's emergence from...
- Company Has Secured DIP Financing and Will Continue to Operate in the Ordinary Course - HAMILTON, N.J. -- Ascendia Brands, Inc. Ascendia, a manufacturer of branded bath, health and beauty care products, today announced that it has filed a voluntary petition for reorganization under Chapter 11 of...
A decision on an emergency motion for a $250 million financing for bankrupt SemGroup LP has been delayed until at least Tuesday by a Delaware bankruptcy judge. At a hearing Thursday, Judge Brendan Shannon set a deadline of 4 p.m. Monday for parties to submit briefs on...
KNOXVILLE, Tenn., July 25 /PRNewswire/ -- Goody's Family Clothing, Inc., a retailer of moderately priced family apparel operating in small to midsize markets primarily throughout the Southeast, today announced that on July 24, 2008, it and its subsidiaries (collectively, the "Debtors") filed a Disclosure Statement (the "Disclosure Statement") with...
HENDERSON, Nev. -- The U.S. Bankruptcy Court for the District of Nevada in Las Vegas yesterday granted Lake Las Vegas ("LLV") use of up to approximately $1.1 million of cash collateral to continue day-to-day operations, including funding of payroll and critical repairs to the Las Vegas Wash bypass conduit. In...
HOUSTON -- INX Inc., (NASDAQ:INXI) announced today that it has been selected to design and deploy a Cisco unified communications solution for Springboard Non-Profit Consumer Credit Management's national call center. As the consumer credit crisis deepens, Springboard has seen large increases in demand and call...
-- PRC emerges with positive cash flow, strengthened balance sheet and new funding-- PRC now owned by pre-Chapter 11 secured lenders through private holding company-- Client and employee support contributed to successful reorganization PRC, LLC, a...
Primarily in response to the recent credit crunch in the United States, including mortgage foreclosures, the IRS recently issued Publication 4681, "Canceled Debts, Foreclosures, Repossessions and Abandonments." While the primary focus of the publication relates to homeowners caught in the immediate "mortgage meltdown,"...
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...
TIMONIUM, Md. -- Omega Healthcare Investors, Inc. (NYSE:OHI) today announced that as a result of the termination of a third party's agreement to acquire substantially all the assets of Haven Eldercare, LLC out of bankruptcy, Omega and an experienced nursing home management team have formed a new...
Delphi Corporation (PINKSHEETS: DPHIQ)today announced that it is seeking buyers for its global exhaust businessas part of the company's transformation plan. The business to be sold relates to the design and manufacture of theexhaust system front exhaust module ("hot end") including catalyticconverters and exhaust manifolds. The business serves...
CHICAGO -- Fitch Ratings has downgraded AES El Salvador Trust's foreign and local currency Issuer Default Ratings IDRs to 'BB+' from 'BBB-'. The rating action applies to the US$300 million 6.75% Political Risk Protected PRP bond issuance due Feb. 1, 2016. Concurrently, Fitch has downgraded the bond...
Delphi Corp. (PINKSHEETS: DPHIQ) announced today thatit has been chosen to supply its Multec™ Medium Duty Common Rail MDCR forthe next generation of Tier 4 diesel engines to JCB Power Systems -- partof J C Bamford Excavators, the world's third largest producer ofconstruction equipment by volume. The seven-year...
CHICAGO -- Whitehall Jewelers Holdings, Inc. (OTCBB:WHJH), announced today that it and its operating subsidiary Whitehall Jewelers, Inc. have filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code. The filings were made today in the U.S. Bankruptcy Court for the District of Delaware....
PRC, LLC and its affiliated debtors ("PRC"),a leading provider of outsourced customer management services, announcedtoday that the U.S. Bankruptcy Court for the Southern District of New Yorkentered an order confirming their Plan of Reorganization. At the hearing,the Honorable Martin Glenn ruled that PRC had met all of...
Articles 2008-06-20
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