After months of intense negotiations, Morris Publishing Group, owner of 13 daily newspapers in eight states including Texas has announced plans to file for Chapter 11 bankruptcy.  The company plans to file a “prepackaged” bankruptcy plan that has already been approved by the majority of its creditors.  If accepted by the bankruptcy trustee, the prepackaged bankruptcy plan could slash Morris Publishing’s debt of $415 million by nearly 70 …

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Mesa Air Group Inc., a regional airline carrier filed for Chapter 11 bankruptcy in hopes that it can shed excess planes after experiencing a significant loss of customers.  Mesa and other carriers have been particularly hit hard by the recession as air travel has falling significant during 2009.

Contract carriers like Mesa have traditionally been able to maneuver through tough economic times because …

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The holding company of MediaNews Group Inc., which owns 54 daily newspapers, along with television and radio broadcasters, plans to file Chapter 11 bankruptcy after getting hit hard by the lagging advertising revenue that sent their balance sheet into a tailspin.

MediaNews said its holding company will file a “prepackaged” bankruptcy …Under MediaNews’s plan, senior lenders will swap debt for equity, helping reduce …

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… doubted that the aid money would “trickle down” to ordinary Americans or even be repaid. CIT Group, which filed for Chapter 11 bankruptcy just a few months ago has become the first bank to materialize critics’ fears. The 101 year old commercial bank received a $2.3 billion taxpayer bailout; but its Chapter 11 bankruptcy wiped out its obligation to repay that money. And many analysts closely watching developments in the banking industry predict that taxpayers losses with CIT Group …

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… 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 avoid bankruptcy, CIT Group has attempted to improve its financial situation by offering a debt-exchange proposal to bondholders.  That proposal was rejected by bondholders who instead wanted …

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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 decide to take their business elsewhere… Just as a bank would fail if all …

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Natural Products Group has filed a prepackaged Chapter 11 bankruptcy with $286 million in assets and $804 million in liabilities.  Lenders who hold 90 percent of the company’s loans voted in favor of the bankruptcy and Nature Products Group is expected to emerge from bankruptcy in 60 days or less.

The company plans to borrow up to $20 million to fund operations during its bankruptcy, known as a …

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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 from its near-term debt.”

CIT Group, which has received $2.3 billion in federal …

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According to an article in the Bloomberg, commercial lender CIT Group Inc., is pulling no punches to avoid bankruptcy ; but may need to file anyway. The struggling commercial lender said that it is trying to avoid bankruptcy with a debt tender offer to bondholders which would include a $3 billion loan and $1 billion in floating-rate notes.

The article said:

"Even if the bond tender succeeds, “the risk that the $3 billion loan facility …

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According to an article in Bloomberg, CIT Group Inc., a 101-year-old commercial lender is facing a possible bankruptcy as it has failed to secure an emergency loan to pay creditors. If CIT Group (not Citigroup) files bankruptcy it will be the first bank who received TARP funds to do so.

The article said:

“A bankruptcy filing may be the first by a company that took money from the Troubled Asset Relief Program, the …

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… 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 them that we were not their enemy and had not infringed on their content, they pursued a relentless war of attrition against us in federal court,” Shapiro wrote. ”We eventually …

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… judge John Dalis approved the prepackaged Chapter 11 bankruptcy plan of Morris Publishing Group clearing the way for the company to exit Chapter 11 bankruptcy by March 1, 2010.

The restructuring plan approved Wednesday includes a bond swap that trades the company’s existing unsecured debt for $100 million in new bonds — erasing $178.5 million owed to creditors.

Morris will further reduce its debt by paying back $110 million of $136 million in debt owed to banks using funds …

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