Chapter 13 bankruptcy allows a debtor to repay all or part of their debts over a 3 to 5 year period of time.  However, some debtors who have filed Chapter 13 bankruptcy may find themselves facing new financial difficulties at some point during the repayment period that prevents them from making agreed upon payments.  This reason alone has been major factor is scaring off some debtors from …

Category: Bankruptcy , Bankruptcy Q&A , Chapter 13 Bankruptcy , Chapter 7 Bankruptcy , Economy , Foreclosures

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Veoh, an online video sharing service plans to file for Chapter 7 bankruptcy and liquidate its business, according to the company’s founder, Dmitry Shapiro. Shapiro posted a passionate open letter blaming a legal battle with Universal Music Group for the company’s bankruptcy: 

“Two years ago, Universal Music Group (UMG), the largest music company in the world sued Veoh alleging copyright infringement. While we made every effort to convince …

Category: Breaking News , Chapter 7 Bankruptcy , Economy , Filing Bankruptcy

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… considering bankruptcy find it difficult to decide whether they should reorganize their debts Chapter 11 bankruptcy or liquidate their debts in a Chapter 7 bankruptcy.  Below are a few questions every business owner should ask before they file Chapter 11 bankruptcy.

Is my business viable?  Oftentimes businesses run into financial problems because they are running on faulty business plans or their industry is permanently contracting.  Business owners considering Chapter 11 …

Category: Bankruptcy , Bankruptcy Q&A , Chapter 11 Bankruptcy , Chapter 7 Bankruptcy , Economy , Filing Bankruptcy

Tags: Business Chapter 11 Bankruptcy Chapter 7 Bankruptcy

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Penton Business Media Holdings Inc. filed for Chapter 11 bankruptcy protection in hopes that the company can reduce the large amount of debt it incurred when the company bought trade-magazine publisher Penton Media Inc. three years ago.  Penton Business Media came to its bankruptcy decision after it became apparent it may not be able to pay its debts.  Penton Business and Penton Media filed Chapter 11 Bankruptcy with a prepackaged …

Category: Bankruptcy , Breaking News , Chapter 11 Bankruptcy , Economy

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Chapter 11 bankruptcy has become almost a like a “miracle cure” for companies around the country.  At the onset of the recession and foreclosure crisis, many companies desperately sought the protection of Chapter 11 bankruptcy, went through the bankruptcy process and emerged more stable and more profitable.  But how is it that bankruptcy can help companies turn the proverbial corner …

Category: Bankruptcy , Bankruptcy Q&A , Chapter 11 Bankruptcy , Economy

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… A major supplier of castings for manhole covers and frames, Neenah Enterprises, Inc., has filed Chapter 11 bankruptcy due to a dramatic plunge in sales revenue.  Neenah’s Chapter 11 bankruptcy filing lists assets of $286.6 million and debt of $449.1 million.

Neenah, based in the Wisconsin town of the same name, reported a $150 million net loss on net sales of $333 million for the fiscal year ended Sept. 30. In fiscal 2008, net sales were $511 million with a net loss of $12 million. …

Category: Bankruptcy , Breaking News , Chapter 11 Bankruptcy

Tags: Business Chapter 11 Bankruptcy

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Rumors are swirling that Borders Bookstore may need to file for Chapter 11 bankruptcy or even a Chapter 7 bankruptcy if it is not able to make significant changes to its business model that will allow it to compete with electronic rivals.  Of course, Borders has vehemently denied speculations that it will need to seek protection from creditors under Chapter 11 bankruptcy.  But it is Borders’ outstanding senior secured loan of $42.5 million which is …

Category: Bankruptcy , Bankruptcy Q&A , Breaking News , Chapter 11 Bankruptcy

Tags: Business Chapter 11 Bankruptcy

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… one of the largest domestic off-site airport parking businesses in the United States, has filed Chapter 11 bankruptcy and plans to sell the company after sales were negatively impacted by the battered airline industry.  Parking Co. of America’s Chapter 11 bankruptcy filing listed the company’s assets at $94 million and its debt obligations at $233 million as of September 30, 2009.   Its parent company, PCAA Parent LLC has also filed Chapter 11 bankruptcy.

Parking Co. of …

Category: Bankruptcy , Breaking News , Chapter 11 Bankruptcy

Tags: Bankruptcy Chapter 11 Debt

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… troubles.  The left leaning radio network, which owned 100 radio outlets nationwide, filed Chapter 7 bankruptcy so that it can be liquidated to repay creditors.

“The very difficult economic environment has had a significant impact on Air America’s business. This past year has seen a ‘perfect storm’ in the media industry generally,” the company said in a statement on its Web site.

Bankruptcy has become a common move for many media companies during this recession.  …

Category: Chapter 7 Bankruptcy

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The developers of the 6,000-acre Dallas Logistics Hub have filed for Chapter 11 bankruptcy protection to reorganize their debts and improve their dismal balance sheet.  Master Land Holding LLC and its parent company Allen Capital Partners LLC said the bankruptcy filing would allow them to “extend debt maturities, improve their capital structure and further strengthen the Dallas Logistics Hub’s competitive position.”

“We have a balance sheet problem, …

Category: Chapter 11 Bankruptcy

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Tropicana Entertainment is poised as the first major casino company to emerge from Chapter 11 bankruptcy later this month after nearly 2 years of restructuring and negotiations. The company’s debt has been discharged and Tropicana’s new owner, Carl Icahn is infusing the company with $150 million to pay creditors and upgrade casino properties.

The corporation’s drop into bankruptcy traces back to former owner Bill Yung’s pricey, boom-era gamble in 2007 — the …

Category: Chapter 11 Bankruptcy

Tags: Casinos Chapter 11 Bankruptcy Reorganization Tropicana Entertainment

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Metro-Goldwyn-Mayer (MGM) may be considering a prepackaged Chapter 11 bankruptcy in addition to a sale of the company.   The attempts to sale the company and the consideration of Chapter 11 bankruptcy come after the company ran into difficulty paying $3.7 billion in debt.

Many media companies, including Time Warner Inc and Lions Gate Entertainment Corp, have put in bids for MGM, along with separate offers from private equity firms, the sources …

Category: Chapter 11 Bankruptcy

Tags: Chapter 11 Bankruptcy Lions Gate Metro-Goldwyn-Mayer MGM Time Warner

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