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 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 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 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 July 6th, 2010
According to the Tribune News Services, “Three-time Pro Bowl quarterback Mark Brunell, who was paid nearly $52 million during his past 10 years in the NFL, plans to file for Chapter 11 bankruptcy protection Friday.”
Brunell was part of the Super-Bowl winning team last year, serving as the backup quarterback. He is facing multiple lawsuits over his failed real estate and business loans. His partnership, Champion LLC, had bad timing on its investments, writes Brunell in a response to the Florida Times-Union.
One of Brunell’s former partners, ex-Jaguar Joel Smeenge, has already filed for bankruptcy.
The Tribune News Services reports that Brunell has made almost $52 million in his 10 years of playing in the NFL.
If you or anyone you know faces bankruptcy, call the New Orleans Chapter 11 bankruptcy lawyers at the Law Office of David D. Kervin, Jr., LLC, by dialing 504-599-5906.
