Posted on October 11th, 2011
The number of consumer bankruptcy filings have fallen in the United States in 2011 compared to 2010.
According to the American Bankruptcy Institute, the number of consumer bankruptcy has fallen 17 percent from 130, 329 to 108,517. This number is also down 10 percent from where they were at the start of the year.
The report has been based on data calculated by the National Research Center. From August to September, the number of consumer bankruptcies fell by 4 percent. Although these numbers have decreased there are still concerns with the U.S unemployment rate.
If you or a loved one has been struggling with debt, you need representation on your side that can explain all of your options and make this time less stressful. Contact the New Orleans bankruptcy lawyers of the Law Office of David D. Kervin, Jr. by calling 504-599-5906 today.
Posted on July 14th, 2011
A judge on Thursday said Borders Group Inc. could auction itself off to liquidators.
Judge Martin Glenn of U.S. Bankruptcy Court in Manhattan approved procedures for an auction of Borders, which will occur if any parties decide to challenge a bid by liquidators led by Gordon Brothers Group and Hilco Merchant Resources. Borders on Thursday said it hoped the private equity firm Najafi Cos. Or other parties will come forward with a bid that would keep the company in business.
Najafi’s Direct Brands offered $215.1 million for Borders’ assets and would have assumed about $220 million in liabilities. Borders on Wednesday however, named the liquidators as the new “stalking horse” bidder for next week’s auction amid concerns from creditors that the liquidators’ bid was better than Najafi’s in the event that the company had to be liquidated.
If you need assistance with bankruptcy proceedings, please contact the New Orleans Debt Negotiation Attorneys of the Law Office of David D. Kervin, Jr., LLC, by calling 504-599-5906.
Posted on June 23rd, 2011
Lawmakers in Harrisburg, Pennsylvania are at odds over whether Chapter 9 municipal bankruptcy is the right option for the indebted state capital.
A team of state-appointed advisors has recommended against bankruptcy, suggesting instead a rescue plan that would sell an incinerator at the root of the city’s fiscal problems. The Harrisburg City Council has until July 23 to adopt the rescue plan, which also calls for renegotiating labor deals and cutting jobs. The city council requested on Wednesday that Mayor Linda Thompson prepare for bankruptcy as a last resort.
The Pennsylvania legislature is debating a bill that would create a management board with full power to implement the Act 47 rescue plan if the council does not approve.
Pennsylvania’s Act 47 law mandates that financially faltering cities implement plans to ward off Chapter 9 filings.
If you are struggling with debt, please contact a New Orleans debt negotiation lawyer of the Law Office of David D. Kervin, Jr. by calling 504-599-5906.
Posted on June 2nd, 2011
A judge on Thursday gave Borders Group Inc. more time to come up with a plan to sell most or all of the company’s stores.
A lawyer for the bookseller said the company could eventually come up with a plan to reorganize, but added that a plan to sell stores to a third party is more imminent. The company says it is in talks with “multiple buyers” to sell “most up to all” of Border’s remaining stores.
According to U.S. Bankruptcy Court documents, Judge Martin Glenn approved the extension, which gives Borders until October to file a reorganization plan and until December to hold a vote on that plan.
Without the approval of its request, Border’s exclusivity period to file a plan would have expired June 16.
If your business is facing a bankruptcy, please contact the New Orleans business bankruptcy attorneys of the Law Office of David D. Kervin, Jr., LLC, at 504-599-5906.
Posted on May 4th, 2011
Consumer bankruptcy filings decreased seven percent nationwide in April.
According to a new report from the American Bankruptcy Institute using data from the National Bankruptcy Research Center, overall consumer bankruptcy filing total for April reached 134,720, down from 144,490 filings in April 2010. Last month’s filings also represented a seven percent decrease from the previous month; March saw 144,657 consumer bankruptcy totals.
The percentage of Chapter 13 bankruptcy filings for April remained unchanged from March.
“As consumer debt levels fall and families continue to shore up their finances, bankruptcy filings will continue to drop as well,” said Samuel J. Gerdano, Executive Director of the American Bankruptcy Institute. “Consumer bankruptcies for 2011 will likely dip below the 1.5 million filings recorded last year.”
If you are considering bankruptcy, please contact the New Orleans Bankruptcy Lawyers of the Law Office of David D. Kervin, Jr., by alling 504-599-5906.
Posted on April 28th, 2011
The Philadelphia Orchestra has filed for Chapter 11 bankruptcy protection.
According to court documents, the Philadelphia Orchestra was facing a $14.5 million shortfall on a $46 million budget. Orchestra Chairman Richard Worley said the symphony would run out of money by June. A hearing before U.S. Bankruptcy Judge Eric L. Frank last week allowed the orchestra to reorganize its finances without cancelling the concert season.
The orchestra has not outstanding debt and an endowment of $140 million. The endowment funds are restricted by various donors for specific uses, or to be held solely for interest income, making the funds off limit for general operating expenses. In the bankruptcy petition, Worley blamed the economic recession and an “increasingly crowded entertainment market” for the filing.
If you are considering bankruptcy, please contact a New Orleans Bankruptcy Attorney of the Law Office of David D. Kervin, Jr., LLC, at 504-599-5906.
Posted on April 22nd, 2011
Clothing chain American Apparel was able to avert Chapter 11 bankruptcy by securing a $43 million life line Thursday.
According to a company spokesperson, the retailer’s board has approved a financing package from a group of Canadian investors that will immediately pump $15 million into American Apparel’s operations in exchange for common stock priced at 90 cents a share. The company’s closing share price yesterday was $1.24.
The investors will also be given stock warrants, priced at 90 cents a share, that could bring the company’s total cash infusion to as much as $43 million over the next sixth months.
Roy Sebag, a managing partner of Essentia Equity, one of several lenders in the rescue package, said the issuance of new stock and warrants will dilute current shareholders, but “the return on equity looks very attractive to everybody longer term.”
If your business is facing bankruptcy, please contact a New Orleans Bankruptcy Lawyers of the Law Office of David D. Kervin, Jr., by calling 504-599-5906.
Posted on April 8th, 2011
The U.S. Bankruptcy Court in New York on Thursday approved the sale of Blockbuster Inc. to television provider Dish Network.
According to court documents, the satellite television provider will pay $320.6 million for the Dallas-based movie rental chain. The transaction is expected to close by April 25, but could be extended to May 5. Blockbuster’s senior secured note holders will receive about $162 million, or 26 cents on the dollar.
The company’s senior secured note holders include billionaire investor Carl Icahn and hedge fund Monarch Alternative Capital LP.
Funds will also go to film studios and to cover administrative fees and taxes. Unsecured debt holders and share holders will not receive anything.
In a statement Thursday, Blockbuster chairman and CEO Jim Keyes called the bankruptcy sale to Dish Network an “important milestone in the ongoing transformation of Blockbuster.”
If your company is facing bankruptcy, please contact the New Orleans Bankruptcy Attorneys of the Law Office of David D. Kervin, Jr., by calling 504-599-5906.
Posted on March 31st, 2011
The iconic fruit-basket company Harry & David Holdings Inc., filed for bankruptcy protection Monday.
According to court documents, Harry & David Holdings Inc. filed for bankruptcy-court protections in Delaware after struggling with $198 million in debt that remained from a 2004 buyout by Wasserstein & Company. The company said in a statement that normal operations would continue.
“We believe that entering into this agreement provides the best opportunity for Harry & David to restructure its balance sheet,” said Kay Hong, chief restructuring officer and interim chief executive officer. “Harry & David is an iconic brand, and we believe this is an important first step to position the business for long-term profitable growth.”
The company reached a “prearranged” bankruptcy deal with creditors under which the company would convert its bond debt to equity. It also plans to raise additional capital through a new $55 million stock sale, which would finance its exit from bankruptcy.
If your company is considering bankruptcy, please contact the New Orleans Bankruptcy Lawyers of the Law Office of David D. Kervin, Jr., by calling 504-599-5906.
Posted on January 14th, 2011
Forty-four Pizza Huts in the New Orleans and Baton Rouge area have been shut down this week because the pizza company is suing Lundy Enterprises LLC.
Pizza Hut has said that the company failed to “timely pay royalties, advertising fees and other related fees to Pizza Hut.” The company went into bankruptcy in 1990s, but made it out of it. The head of the company said that they feel that it is unfortunate that Pizza had to pull the plug on their business together.
If you or a loved one has been considering bankruptcy for your business, it is important to consider all of your options. Contact the New Orleans bankruptcy lawyers of the law office of the Law Office of David D. Kervin, Jr., LLC by calling 504-599-5906 today.
