Businesses not subject to means test
After announcing an influx of loans and financial support from various sources, including a $1 billion loan from Carl Icahn, CIT Group has officially filed for bankruptcy protection.  They are seeking protection under Chapter 11 bankruptcy which is designed for reorganization, not complete discharge of all debts.  In order to [...]

After filing Chapter 11 bankruptcy on Sunday, CIT Group is hoping that it will fair better than previous financial companies who have filed bankruptcy.  According to an article in the Star-Telegram, most financial companies who file for bankruptcy are usually liquidated or sold.
The article said:
“But the real test will come from CIT customers, who could [...]

According to an article in the Business Journal, Super 88 LLC, an operator of Asian supermarkets filed for Chapter 11 bankruptcy on Monday after a deal to sell the chain was derailed by two other parties claiming to have deals to buy individual stores. Because the deal to sale the company did not go forward, [...]

According to an article in the Star-Telegram, FairPoint Communications filed for Chapter 11 bankruptcy protection Monday after agreeing to a debt reduction deal with its creditors that will lower its debt by 62 percent.  FairPoint, owns and operates phone companies in 18 states with a total of 1.65 million lines. The company has been struggling [...]

According to an article in the Star-Telegram, the Erickson Retirement Communities have filed for Chapter 11 bankruptcy and has agreed to be purchased by Redwood Capital Investments LLC.
The article said:
“Erickson spokesman Mel Tansill says the bankruptcy filing in Dallas and the agreement with Redwood took place on Monday. He says Erickson must restructure its debt [...]

According to an article in the Star-Telegram, CIT Group Inc., is asking bondholders to approve a prepackaged reorganization plan in case it is forced to file for Chapter 11 bankruptcy protection.
The article said.
“The troubled New York-based lender had launched the restructuring effort Oct. 1 with the hope that it will trim at least $5.7 billion [...]

According to an article in the Star-Telegram, Margaux Development has filed for Chapter 11 bankruptcy in an attempt to reorganize its real estate partnerships, including Margaux Westover Partners which owns the 35-acre Margaux Westover Village at the southeast corner of Green Oaks Road and Texas 183. In its bankruptcy filing, Margaux Westover Partners lists its [...]

According to an article in the Star-Telegram, the Chicago Cubs is filing Chapter 11 bankruptcy in an effort to make it easier to sell the sports team.
The article said:
“The team filed for bankruptcy in Delaware on Monday. The move was anticipated as the Tribune Co. looks to complete an $845 million sale of the [...]

According to an article in the Star-Telegram, CIT Group, Inc. is battling to avoid filing Chapter 11 bankruptcy–again, as it struggles to survive the credit crunch and economic crisis.  The commercial lender is attempting to finalize a deal that would cut its debt by as much as 40 percent while giving its bondholders a large [...]

The news headlines are filled with stories about big corporations filing for Chapter 11 bankruptcy, but what about filing Chapter 7 bankruptcy for business?  Are there any benefits in filing a Chapter 7 bankruptcy for your business?  Well, maybe, let’s take a look:
If a business owner wants to completely close his/her business and liquidate its [...]

According to an article in the Star-Telegram, Frontier Airlines emerged from Chapter 11 bankruptcy under the new ownership of Republic Airways Holdings, Inc.  Republic gained control of the bankrupt airline with a $108.8 million bid in bankruptcy court, which included a plan for the cancellation of the airline’s old shares. But despite the bankruptcy buyout, [...]

According to an article in About Lawsuits, a bankruptcy judge approved a $24 million settlement for the family of a California longshoreman who brought a wrongful death lawsuit against Chrysler before the company went bankrupt.
The article said:
“The Chrysler wrongful death lawsuit was filed by the family of Richard Mraz, who was 38 years-old when he [...]