Posted on October 31st, 2011
Blossman Bancshares Inc., has announced that they will be filing for Chapter 11 reorganization Bankruptcy as the company tries to sell Central Progressive Bank.
The parent company to CPB are trying to sell the company to First NBC Holding Co. Federal regulators have told CPB that they will be shutting them down next month if they have not yet found a buyer.
As of Thursday, officials with Central Progressive have said that they will remain in business and that deposits made by customers are protected by the federal regulators.
If you or a loved one has been struggling financially, it is important that you discover all of your options in order to determine what is best for you. Contact the New Orleans business bankruptcy lawyers of the Law Office of David D. Kervin by calling 504-599-5906 today.
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 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 23rd, 2011
Washington Mutual Inc., will hold a vote to gain support for a new plan to help the bank exit Chapter 11 bankruptcy.
According to a new report, the bank was approved by U.S. bankruptcy court judge Mary Walrath, who allowed the company to contact creditors with a revised plan. The report said that Washington Mutual was told by the judge that insider trading may still be found in the bank’s records. The company is required to give creditors a detailed analysis of its consequences, along with a reorganization plan.
An estimated $700 million additional funds could be dispersed among creditors if proof of insider trading is found. The hedge funds accused of these actions are Appalossa Management LP, Centerbridge Patners LP, Aurelius Capital Management LP, and Owl Creek Asset Management LP.
Attorney for Washington Mutual, Brian Rosen, told the court that he is un aware if any hedge funds acted in an illegal manner.
Washington Mutual has been in bankruptcy since 2008, and was seized by bank regulators.
If your company is considering bankruptcy, please contact the New Orleans Chapter 11 Bankruptcy Lawyers of the Law Office of David D. Kervin, Jr., LLC, by calling 504-599-5906.a
Posted on February 10th, 2011
W.R. Grace & Co., a producer of catalysts used in oil refining, said the amount it will need to borrow in order to exit chapter 11 bankruptcy has dropped to $600 million.
According to Grace Chief Financial Officer Hudson La Force III, the company will use $1 billion of cash to help fund its exit from Chapter 11 bankruptcy protection. That compares with Grace’s forecast in July that it would need to borrow $800 million. In 2008, the company said it would need $1.5 billion.
The cash and debt will fund a trust compensating people with lung diseases caused by asbestos that was found in Grace products.
The company’s reorganization plan was approved by U.S. Bankruptcy Judge Judith Fitzgerald on January 31. The plan however, requires higher court approval because it would require future asbestos victims to seek compensation from the trust rather than Grace.
If you are facing bankruptcy, contact the New Orleans bankruptcy lawyers of the Law Office of David D. Kervin, Jr. by calling 504-599-5906 to discuss your legal situation.
Posted on January 28th, 2011
Ultimate Electronics Inc. filed for Chapter 11 bankruptcy protection Thursday.
The Colorado-based home-entertainment and electronics store operator filed papers in the U.S. Bankruptcy Court in Wilmington, Delaware. In the filing, the company cited decreased sales at certain locations and refusal of some suppliers to ship goods on credit. The company listed both assets and debt in the range of $100 million to $500 million.
Ultimate’s chief executive officer, Bruce Giesbrecht, said the company plans to use Chapter 11 to streamline operations, close “under-performing locations,” negotiate more favorable leases, and improve profitability.
Ultimate’s largest unsecured creditors are Video Products Distributors, which is owed $6.1 million; Valassis Communications Inc., owed $5.6 million. The company also owes $64.8 million to secured lender General Electric Capital Corp.
If you or your organization needs assistance filing for Chapter 11 bankruptcy, the New Orleans chapter 11 bankruptcy lawyers at the Law Office of David D. Kervin, Jr., LLC can help. To speak with a lawyer, contact us at 504-599-5906.
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 December 8th, 2010
Last week, a U.S. bankruptcy court judge ordered Bank of America Corp to pay around $90 million in interest to Lehman Brothers Holdings Inc in addition to the $501.8 million in deposits that the bank has already been ordered to return.
The ruling comes a scant three weeks after the ruling against Bank of America wherein Judge James Peck found the bank had violated federal law in “brazenly” seizing $500 million of Lehman’s deposits in the summer of 2008.
A spokeswoman for the bank told reporters that they were disappointed with the decision and were considering seeking an appeal.
The court decision is a victory for Lehman as it attempts to repay the hundreds of billions of dollars owed to creditors following its Sept. 15, 2008 bankruptcy.
If you are facing bankruptcy, contact the New Orleans bankruptcy lawyers of the Law Office of David D. Kervin, Jr., LLC by calling 504-599-5906 to discuss your legal situation.
Posted on November 30th, 2010
Constellation Energy Group was given permission to purchase five Boston Generating LLC power plants for $1.1 billion this week by a U.S. bankruptcy court.
Boston Generating, a unit of the US Power Generating Co, originally arranged the sale to Constellation Energy as part of their bankruptcy plan, but were waiting for the court’s approval to go ahead with it.
The five Boston-area plants together provide a combined 2,950 megawatts, making them the third-largest power generating unit in New England.
Boston Generating was forced to file for bankruptcy protection in August after being unable to generate sufficient cash to service its debt and fund operations.
If you are facing bankruptcy, contact the New Orleans bankruptcy lawyers of the Law Office of David D. Kervin, Jr., LLC by calling 504-599-5906 to discuss your legal situation.
