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 to repay its large debt load while its revenues have continued to fall.  Because of this the …

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Charter Communications Inc. has emerged from Chapter 11 bankruptcy with only $13 billion in debt. Charter filed bankruptcy in March with $21.7 billion of debt.  Their bankruptcy plan has wiped out $8 billion of debt and reduced their interest costs to $830 million a year.

Bondholders who exchanged $8 billion of debt end up owning substantially all of the newly reorganized company. Allen’s …

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Regent Communications Inc., the owner of 62 radio stations in 13 markets, filed for Chapter 11 bankruptcy along with 40 of its affiliates. Regents owes creditors more than $211 million; but hopes that Chapter 11 bankruptcy will allow it to cut its debt level by $87 million.  Regents and creditors are proposing a debt exchange which will give creditors control of the broadcaster.

Under terms of a …

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According to an article in the Star-Telegram, Freedom Communications has filed Chapter 11 bankruptcy and agreed to give their creditors a majority stake in the business in exchange for forgiving a substantial portion of their debt.

The article said:

“The filing by Freedom Communications Holdings Inc. was part of a prepackaged plan approved by a majority of the company’s lenders, which should minimize the haggling that can bog down …

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… costs and improve our competitive position,” said Ginger Reeder, vice president of corporate communications.

But how beneficial will outsourcing be to workers who are unable to find new jobs after a job loss?  While outsourcing jobs overseas may benefit the balance sheets of companies in the short-term, the long-term effect on American workers is extremely negative.  Once a job is outsourced to a foreign country, it has a minimal chance of returning to these shores and providing …

According to an article in Reuters, unsecured creditors of Freedom Communications Holdings Inc. called the company’s bankruptcy plan “immoral and wicked.”

The article said:

“Freedom’s proposed bankruptcy plan would give secured bank lenders almost all of the reorganized company’s equity and $325 million in new notes. In return, secured lenders including JPMorgan Chase & Co, SunTrust Banks Inc and Union Bank of California would forgive $770 …

… will not go away by avoiding them.  Respond to your lenders and keep track of all of your communications (written and via telephone).

Don’t go it alone. When facing foreclosure you need to seek professional advice.  Remember, your home is at risk and you don’t want to take any chances by making a wrong move when fighting a foreclosure. Before you sign any agreements with the mortgage lender seek counsel from an attorney, accountant or knowledgeable mortgage professional. …

According to an article in the Star-Telegram, Charter Communications, the fourth-largest cable operator in the country has filed for Chapter 11 bankruptcy

The article said: Charter, which serves 150,000 customers in 59 municipalities in the Fort Worth area, said last month that the upcoming filing would not affect its service. It reported having about 350 employees in the Fort Worth area.

Certainly, some of those employees will face job …

The attorney -client privilege rule prevents a client from being compelled to reveal communications (written or verbal) between himself and his attorney that was for the purpose of obtaining legal advice with the expectation that the communication would be kept confidential. What this means is that a debtor cannot be compelled to reveal information that he has expressly told his attorney that he expects to remain confidential. This expectation of confidentiality must be expressed …