Category Archives: Chapter 11
The Different Kinds Of Bankruptcy In Illinois
All the types of bankruptcy have the same goal that Supreme Court Justice James Clark McReynolds first articulated in 1915: “to relieve the honest debtor from the weight of oppressive indebtedness, and permit him to start afresh free from the obligations and responsibilities consequent upon business misfortunes.” So, to be eligible for debt relief… Read More »
Prompted By Defective Airbag Imbroglio, Takata Files Bankruptcy
The Japanese manufacturer, which faces up to $24 billion in liability lawsuits, filed Chapter 11 Bankruptcy and said that its assets would be sold to a Chinese-led group. Attorneys for the Japanese manufacturer are probably hoping for a cramdown, a tool that’s also available in many consumer bankruptcies. Historically, Chapter 11 proceedings that also… Read More »
Marsh Files Chapter 11; Seeks Buyer
Since 1931, thousands of Hoosiers have done most or all of their grocery shopping at a local Marsh Supermarket. But now, the company says it will close its 44 remaining locations if no one buys the chain within the next two months. As recently as 2006, Marsh operated 120 stores in three states. But… Read More »
Report: Illinois In Dire Financial Straits
The Prairie State ranked 44th overall in a recent economic survey. Should Illinois lawmakers consider bankruptcy as a way to obtain a fresh start? Illinois’ rank was even lower (48th) in terms of outmigration, or the number of people leaving the state versus the number of people moving into the state. There are various… Read More »
Pre-Bankruptcy Activity In Indiana
When regular people contemplate bankruptcy, does it look anything like the looming HHGregg bankruptcy? After two straight years of revenue losses, including a 24 percent decline in the fourth quarter of 2016, the Indianapolis-based company may now see Chapter 11 bankruptcy as the best way to pull out of its financial tailspin. Two other… Read More »
Indiana Rejects Peabody Bankruptcy Plan
Concerns over future mine cleanup costs have put the energy giant’s Chapter 11 bankruptcy on hold, at least for now. The state of Indiana, along with some environmental groups, were among the only parties that objected to an $8 billion reorganization plan. Peabody said it would use a controversial though federally-approved plan to clean… Read More »
New Republic Airways To Emerge From Bankruptcy
The Indianapolis-based regional airline submitted a Chapter 11 reorganization plan to a bankruptcy judge, and if it is approved, Republic should emerge from bankruptcy sometime in the first quarter of 2017. A protracted contract dispute with its pilots meant that the carrier could not fulfill its obligations to United, American, and Delta, forcing the… Read More »
What Happens During Bankruptcy?
Trilogy Capital Management, one of the last holdout creditors in the ongoing Caesar’s Entertainment Corp. bankruptcy, agreed to support the reorganization plan. This development is good news for the newly-christened Caesars Entertainment Operating Company Inc., because it will probably allow the company to emerge from Chapter 11 and return to business as usual. In… Read More »
Your Business Can Emerge From Bankruptcy as a Publicly Traded Company, Just Ask Twinkies Maker Hostess
In 1930, in a suburban Chicago bakery, the Twinkie was invented. Since then, Twinkies and other hostess snacks have truly become a part of Americana. Hostess Brand owns both Twinkie and Ding Dongs and operated as a financially successful company for many years. However, over the decades Hostess has found itself in a bit… Read More »
Arch Coal’s Bankruptcy Disclosure Statement Under Scrutiny
Arch Coal, Inc., America’s second largest coal mining company, filed for Chapter 11 (or “reorganization”) bankruptcy in January of 2011. This is a massive company that even has a mine located nearby in the Illinois Basin. According to Arch Coal’s website, the company plans to eliminate over $4.5 billion in debt from their balance… Read More »
