… music in stores, hotels and elevators just received approval of its Chapter 11 bankruptcy reorganization plan and hopes to exit Chapter 11 bankruptcy in late January.  The company, which filed for bankruptcy protection in February to restructure maturing debt, was able to slash its debt burden to less than half of what it was when it originally filed bankruptcy.

Under the company’s reorganization plan, its lenders are swapping debt in the company for equity, cutting Muzak’s …

Tags: Chapter 11 Bankruptcy DMX Inc. Muzak Holding LLC Reorganization

… open thanks to the Chapter 11 bankruptcy filing.  The company is also optimistic that after the reorganization process is completed, that the company can begin to move forward on a $500 million extension to McCarran International Airport.  For anyone that has stood in a cab line in Las Vegas, that sounds great.

 

There is a lot of money involved though, so it is important for the company to get its finances in order before spending a lot more.  This is a perfect situation showing the …

… cases it may not be profitable or even feasible to allow creditor ownership as part of bankruptcy reorganization.

… this bankruptcy case are the key points which could determine how much shareholders receive in the reorganization.  This could also serve as an example of what is to come, if there is a special “bankruptcy” division setup for financial institutions which has been proposed by the current administration.

… protection for the first time.  The new type of bankruptcy was referred to as a wage-earner reorganization bankruptcy.

The act allowed married couples to file a joint bankruptcy for the first time.  Before the act, people had to file individually regardless of whether they were married or not.

The act introduced more exemptions for filers.  Before the act, debtors had limited options and exemptions.  For the first time individuals had exemptions available that would many times …

… without a single statement about why commencement of litigation at this critical junction in the reorganization is necessary or appropriate,” said the group in a court document.

Creditor disputes during Chapter 11 bankruptcy often happen especially in complex bankruptcy cases.  In the case of the Tribune bankruptcy, coming to an agreeable settlement in Chapter 11 bankruptcy may allow the claimants to recover more and expedite the Tribune’s exit from bankruptcy.  However, it is still …

… chief executive Mary Berner said in a statement.

Reader’s Digest’s Chapter 11 bankruptcy reorganization will give this company another chance at being competitive in an industry that is rapidly changing.  With a circulation of just over 7 million, Reader’s Digest has experienced devastating declines in advertising and competition from electronic competitors.  Since 1995, the company’s circulation has declined by 50 percent leading many to fear that the company was taking its …

… a debt exchange which will give creditors control of the broadcaster.

Under terms of a reorganization proposal worked out before the broadcaster filed its bankruptcy, affiliates of Oaktree Capital Management L.P. will own a majority of the new stock to be issued once Regent leaves bankruptcy.

Current stockholders will receive about $5.5 million and the company will have a new loan of $95 million, according court records. A judge must first approve the reorganization proposal. …

… has been reorganized in Chapter 11 bankruptcy.

U.S. Bankruptcy Judge Allan Gropper approved reorganization plans for Stonestown Galleria in San Francisco and Mall of Louisiana in Baton Rouge, Louisiana. Company lawyer Anup Sathy says General Growth is left with six remaining property-level loans worth $2.8 billion which it is preparing to restructure. Property level loans refer to debt that’s held by the unit that owns the property, as opposed to the corporate parent.

The company …

… outstanding issues delaying the company’s emergence from bankruptcy and present an effective reorganization plan.   The main point of contention is an $8.2 billion leveraged buyout in 2007 that according to an official committee of unsecured creditors, left the company bankrupt.   The unsecured creditors are requesting permission to file a lawsuit against the holders of the secured claims for their role in the leverage buyout.  Furthermore, the unsecured creditors are accusing …

… it attempts to sell its assets during Chapter 11 bankruptcy.  A successful Chapter 11 bankruptcy reorganization may allow the airport parking company to become viable again even if the airline industry’s slump is protracted.

… a few weeks.

On January 15, 2010, the bankruptcy court approved Reader’s Digests’ bankruptcy reorganization plan which cleared the way for the company’s future bankruptcy exit. The Reader’s Digest Chapter 11 bankruptcy filing was just one of many bankruptcies in the publishing industry that has many analysts shaken about the industry’s future.  It is still not clear how viable Reader’s Digest will be after bankruptcy as it faces stiff competition from online publications.  …