Posted on January 20th, 2011
Movie rental company Blockbuster Inc. has been given more time to file its restructuring plan.
The Dallas-based company filed for Chapter 11 bankruptcy protection in September. A regulatory filing with the Securities and Exchange Commission indicates that the company now has until February 4 to file its reorganization plan. The company has previously been granted filing extensions.
Blockbuster is expected to emerge from bankruptcy protection this year under new owners. The company is hoping the bankruptcy process will reduce its debt from nearly $1 billion to around $100 million.
The rental-chain has also begun talks with its bondholders for an additional $200 million to $250 million for use after it leaves bankruptcy protection.
Blockbuster has closed more than 1,000 stores in the past two years and plans to close an additional 182 stores in the next few months.
If your business needs is considering filing for Chapter 11 bankruptcy, please contact the New Orleans bankruptcy attorneys of the law office of the Law Office of David D. Kervin, Jr., LLC, by calling 504-599-5906.
Posted on January 6th, 2011
The Milwaukee Catholic Archdiocese filed for Chapter 11 bankruptcy on Tuesday. The filing comes in response to dozens of pending sexual abuse lawsuits, which the church says it does not have the assets to pay.
Archbishop Listecki said that by restructuring, the church would be able to pay victims who had been subject to “the horrific actions of a few” priests while still preserving programs. He also said that local schools and parishes would not feel any effects of the bankruptcy because they are legally separate organizations. However, some plaintiffs in the abuse cases argue that the filing is simply an act to stall further litigation.
If you or your organization needs assistance filing for Chapter 11 bankruptcy, the New Orleans chapter 11 bankruptcy attorneys at the Law Office of David D. Kervin, Jr. can help. To speak with a lawyer, contact us at 504-599-5906.
Posted on October 2nd, 2010
Malcom Bell, the Illinois hedge fund manager who played a part in the recent Petters Co. Inc. fraud scheme, was sentenced this week in federal court to six years in prison.
The 45-year-old owned Lancelot Investment Management, which had invested all of its money in PCI promissory notes. When PCI fell behind in paying notes held by Lancelot, Bell devised a plan to fool investors and make it seem like the note were being paid off.
In his plea bargain, Bell admitted that he had obtained more than $200 million from investors.
If you or someone you know is considering filing for Chapter 11 bankruptcy, contact the New Orleans Chapter 11 bankruptcy lawyers of The Law Offices of the Law Office of David D. Kervin, Jr., LLC at 504-599-5906 to learn more about your rights.
Posted on September 17th, 2010
Blockbuster executives announced last month that they plan to file for Chapter 11 bankruptcy sometime this month. Under Chapter 11 bankruptcy, businesses are able to restructure the company while paying off debts and continuing operations. The pre-planned bankruptcy will help Blockbuster pay back $1.1 billion of debt.
In accordance with the bankruptcy, Blockbuster plans to close between 500 and 800 stores across the country. Last year alone, almost 1,000 stores were closed. In addition, they hope to be able to expand into kiosk and online rentals in order to compete with companies like RedBox and Netflix.
If you or someone you know is considering filing for Chapter 11 bankruptcy, contact the New Orleans Chapter 11 bankruptcy lawyers of The Law Offices of the Law Office of David D. Kervin, Jr., LLC at 504-599-5906 to learn more about your rights.
Posted on August 13th, 2010
The Texas Rangers officially exited Chapter 11 bankruptcy last Thursday after former Ranger and Hall of Fame pitcher Nolan Ryan won the auction to purchase the team.
The team’s auction lasted for eight hours between Ryan and Dallas Mavericks owner Mark Cuban. The winning bid was $590 million. U.S. Bankruptcy Judge Stacey Jernigan approved the sale and exit from bankruptcy later in the day Thursday. The MLB also approved Ryan and sports attorney Chuck Greenburg as owners this week.
In reference to the new owners, former owner Tom Hicks stated, “You have to admire their endurance, dedication and commitment over the last 15 months to get this transaction complete”.
If you or someone you know is considering filing for Chapter 11 bankruptcy protection, contact the New Orleans Chapter 11 bankruptcy lawyers of The Law Offices of the Law Office of David D. Kervin, Jr., LLC at 504-599-5906 to learn more about your rights.
