"American Plumbing and Mechanical, Inc. Announces Confirmation of Plan of Reorganization
ROUND ROCK, TX -- (MARKET WIRE) -- 07/29/2004 -- American Plumbing and Mechanical, Inc. ('AMPAM') has announced that late Tuesday the United States Bankruptcy Court for the Western District of Texas confirmed its plan of reorganization, paving the way for AMPAM's emergence from chapter 11. "
July 30, 2004
July 29, 2004
Trouble at Yukos sends oil surging - The Herald
"KRISTY DORSEY, Deputy Business Editor July 29 2004
OIL prices jumped to a 21-year high yesterday after the ongoing saga at Russia's Yukos took another turn for the worse, with the near-bankrupt firm ordered by government officials to halt oil sales."
_______________________________
"Either way, the order brings Yukos another significant step closer to going bust. The company, Russia's largest oil firm, has been under attack for the past year."
Business Credit Insurance
OIL prices jumped to a 21-year high yesterday after the ongoing saga at Russia's Yukos took another turn for the worse, with the near-bankrupt firm ordered by government officials to halt oil sales."
"Either way, the order brings Yukos another significant step closer to going bust. The company, Russia's largest oil firm, has been under attack for the past year."
Business Credit Insurance
Hospital to reopen in November
"A doctors' group is upgrading Woodland Park Hospital, to be called Physicians' Hospital, and will be hiring new staff
Wednesday, July 28, 2004
SHANNON McMAHON
The group of doctors who bought bankrupt Woodland Park Hospital in Northeast Portland said Tuesday that they plan to reopen the facility by November and will initially hire about 100 nurses, physicians, maintenance workers and administrators. "
_______________________________
This sounds like good news for Northeast Portland:
"Woodland Park Hospital first opened in 1962 with 50 beds. When the hospital closed in January of this year, 245 employees lost their jobs.
O'Leary, a registered nurse, said she expects the hospital to be profitable in its first year and looks forward to its November opening.
'We're local,' she said. 'We're not here to build an empire. We're here to take care of patients.' "
Business Credit Insurance
Wednesday, July 28, 2004
SHANNON McMAHON
The group of doctors who bought bankrupt Woodland Park Hospital in Northeast Portland said Tuesday that they plan to reopen the facility by November and will initially hire about 100 nurses, physicians, maintenance workers and administrators. "
This sounds like good news for Northeast Portland:
"Woodland Park Hospital first opened in 1962 with 50 beds. When the hospital closed in January of this year, 245 employees lost their jobs.
O'Leary, a registered nurse, said she expects the hospital to be profitable in its first year and looks forward to its November opening.
'We're local,' she said. 'We're not here to build an empire. We're here to take care of patients.' "
Business Credit Insurance
Gainesvillesun.com - Ground Round franchisees acquire chain's franchise rights
"The Associated Press
BOSTON
A group of Ground Round franchisees said Wednesday that they have completed the acquisition of the bankrupt restaurant chain's franchise rights.
Earlier this month, a bankruptcy judge approved the franchisees' $4.85 million bid, despite objections from a Dallas real estate company, which bid $6.5 million."
_______________________________
This sounds like a smart move:
"The settlement which provided for the sale to the franchisees avoided costly litigation and will allow the investing owners to control their own systems and move forward and own a share of their franchisor," said Jack Crawford, the president and CEO of the new cooperative.
Business Credit Insurance
BOSTON
A group of Ground Round franchisees said Wednesday that they have completed the acquisition of the bankrupt restaurant chain's franchise rights.
Earlier this month, a bankruptcy judge approved the franchisees' $4.85 million bid, despite objections from a Dallas real estate company, which bid $6.5 million."
This sounds like a smart move:
"The settlement which provided for the sale to the franchisees avoided costly litigation and will allow the investing owners to control their own systems and move forward and own a share of their franchisor," said Jack Crawford, the president and CEO of the new cooperative.
Business Credit Insurance
Horizon lines up financing for Chapter 11 exit - 2004-07-27 - Business First of Columbus
"Tony Goins
Business First
Horizon PCS Inc. has lined up $125 million in financing to help it emerge from Chapter 11 bankruptcy proceedings.
On Tuesday, the Chillicothe-based company announced that it had formed Horizon PCS Escrow Co. which has completed an offering of $125 million in senior notes due in 2012. The two entities plan to merge if Horizon PCS Inc. successfully emerges from bankruptcy. Horizon PCS Inc. then will be an obligor under the notes. The new escrow company, however, will expire if Horizon does not leave Chapter 11 by Nov. 16. "
_______________________________
Business Credit Insurance
Business First
Horizon PCS Inc. has lined up $125 million in financing to help it emerge from Chapter 11 bankruptcy proceedings.
On Tuesday, the Chillicothe-based company announced that it had formed Horizon PCS Escrow Co. which has completed an offering of $125 million in senior notes due in 2012. The two entities plan to merge if Horizon PCS Inc. successfully emerges from bankruptcy. Horizon PCS Inc. then will be an obligor under the notes. The new escrow company, however, will expire if Horizon does not leave Chapter 11 by Nov. 16. "
Business Credit Insurance
Business: Airline stiffens contract stance
"US Airways tells employees they have two months to accept wage cuts or face Chapter 11.
By STEVE HUETTEL, Times Staff Writer
Published July 28, 2004
US Airways warned employees Tuesday that it needs new cost-cutting contracts within two months or could face another trip through bankruptcy.
The blunt message came on a day when the airline reported a rare quarterly profit. But chief executive Bruce Lakefield said US Airways has lost $143-million so far in 2004 and could see significant losses for the rest of year that would trigger actions by the airline's lenders."
_______________________________
"In a telephone message to employees, Lakefield told them that unless they ratified new agreements "well before Sept. 30," the company may need to file for its second Chapter 11 bankruptcy reorganization in two years."
Business Credit Insurance
By STEVE HUETTEL, Times Staff Writer
Published July 28, 2004
US Airways warned employees Tuesday that it needs new cost-cutting contracts within two months or could face another trip through bankruptcy.
The blunt message came on a day when the airline reported a rare quarterly profit. But chief executive Bruce Lakefield said US Airways has lost $143-million so far in 2004 and could see significant losses for the rest of year that would trigger actions by the airline's lenders."
"In a telephone message to employees, Lakefield told them that unless they ratified new agreements "well before Sept. 30," the company may need to file for its second Chapter 11 bankruptcy reorganization in two years."
Business Credit Insurance
Aviation Daily STORY - US Air Warns Of Second Ch. 11 If Labor Resists Concessions
"By Steve Lott
07/28/2004 09:38:01 AM
US Airways warned yesterday that it is considering filing for Chapter 11 protection for the second time in as many years if it is unable to win concessions from its labor group by Sept. 30, as the airline is at grave risk of defaulting on its covenants of government loan guarantee and regional jet financing deals.
In a message to employees on the same day as reporting a modest $34 million second-quarter profit, CEO Bruce Lakefield sent a clear and stern message to unions that the clock is ticking and they need to start negotiating some concessions or there will be grave consequences. 'Stop dragging your feet or hoping that Chapter 11 will help you,' he said. 'It certainly will not.' "
_______________________________
"Stop dragging your feet or hoping that Chapter 11 will help you," he (CEO Bruce Lakefield) said. "It certainly will not."
Business Credit Insurance
07/28/2004 09:38:01 AM
US Airways warned yesterday that it is considering filing for Chapter 11 protection for the second time in as many years if it is unable to win concessions from its labor group by Sept. 30, as the airline is at grave risk of defaulting on its covenants of government loan guarantee and regional jet financing deals.
In a message to employees on the same day as reporting a modest $34 million second-quarter profit, CEO Bruce Lakefield sent a clear and stern message to unions that the clock is ticking and they need to start negotiating some concessions or there will be grave consequences. 'Stop dragging your feet or hoping that Chapter 11 will help you,' he said. 'It certainly will not.' "
"Stop dragging your feet or hoping that Chapter 11 will help you," he (CEO Bruce Lakefield) said. "It certainly will not."
Business Credit Insurance
Court Confirms Fleming Plan of Reorganization
"Company Targets Planned Closing and Emergence From Chapter 11 on August 15, 2004
DALLAS, July 27 /PRNewswire/ -- Fleming Companies, Inc. ('Fleming') announced that the US Bankruptcy Court in Delaware confirmed the Company's Third Amended Plan of Reorganization filed jointly by Fleming and its Unsecured Creditors' Committee (the 'Plan'). Following a confirmation hearing in Wilmington, Delaware, Judge Mary Walrath ruled that Fleming had met all of the necessary statutory requirements to confirm the Plan. It is anticipated that the Plan will become effective in mid-August."
_______________________________
"Unsecured creditors will receive the majority of the common stock of Core-Mark."
Business Credit Insurance
DALLAS, July 27 /PRNewswire/ -- Fleming Companies, Inc. ('Fleming') announced that the US Bankruptcy Court in Delaware confirmed the Company's Third Amended Plan of Reorganization filed jointly by Fleming and its Unsecured Creditors' Committee (the 'Plan'). Following a confirmation hearing in Wilmington, Delaware, Judge Mary Walrath ruled that Fleming had met all of the necessary statutory requirements to confirm the Plan. It is anticipated that the Plan will become effective in mid-August."
"Unsecured creditors will receive the majority of the common stock of Core-Mark."
Business Credit Insurance
Atlas Air Worldwide Holdings, Inc. Emerges From Bankruptcy; Service Continued Uninterrupted During Restructuring
"July 28, 2004 10:51 AM US Eastern Timezone
PURCHASE, N.Y.--(BUSINESS WIRE)--July 28, 2004--Atlas Air Worldwide Holdings, Inc. (Pink Sheets: AAWWV) and its subsidiaries completed their financial restructuring yesterday and emerged from Chapter 11 bankruptcy protection as their Joint Plan of Reorganization became effective. AAWW, the parent company of Atlas Air, Inc. ('Atlas') and Polar Air Cargo, Inc. ('Polar'), sought Chapter 11 protection in January of this year.
AAWW's comprehensive financial and operational restructuring program has resulted in the discharge of more than $600 million of pre-petition debt, enhanced profitability through a reduction in operating costs and the elimination of capacity, and reduced financial costs through the restructuring of aircraft-related debt and lease obligations"
_______________________________
Wow - "resulted in the discharge of more than $600 million of pre-petition debt" - is that unsecured creditors that did not get paid (or settled for pennies on the dollar)? If so, business credit insurance would sure have been handy for the creditors.
Business Credit Insurance
PURCHASE, N.Y.--(BUSINESS WIRE)--July 28, 2004--Atlas Air Worldwide Holdings, Inc. (Pink Sheets: AAWWV) and its subsidiaries completed their financial restructuring yesterday and emerged from Chapter 11 bankruptcy protection as their Joint Plan of Reorganization became effective. AAWW, the parent company of Atlas Air, Inc. ('Atlas') and Polar Air Cargo, Inc. ('Polar'), sought Chapter 11 protection in January of this year.
AAWW's comprehensive financial and operational restructuring program has resulted in the discharge of more than $600 million of pre-petition debt, enhanced profitability through a reduction in operating costs and the elimination of capacity, and reduced financial costs through the restructuring of aircraft-related debt and lease obligations"
Wow - "resulted in the discharge of more than $600 million of pre-petition debt" - is that unsecured creditors that did not get paid (or settled for pennies on the dollar)? If so, business credit insurance would sure have been handy for the creditors.
Business Credit Insurance
July 28, 2004
Forbes.com: Judge Gives Nod To $4.2B Asbestos Settlement
"Tara Murphy, 07.27.04, 5:15 PM ET
NEW YORK - In the headlines this afternoon, reports say Halliburton says two of its units are moving closer to emerging from Chapter 11 bankruptcy, after a U.S. District Court judge approved a $4.2 billion asbestos settlement. "
_______________________________
"Halliburton's (nyse: HAL - news - people ) Dll Industries, which it acquired as Dresser Industries in 1999, and KBR filed for bankruptcy earlier this year to handle the asbestos claims."
Business Credit Insurance
NEW YORK - In the headlines this afternoon, reports say Halliburton says two of its units are moving closer to emerging from Chapter 11 bankruptcy, after a U.S. District Court judge approved a $4.2 billion asbestos settlement. "
"Halliburton's (nyse: HAL - news - people ) Dll Industries, which it acquired as Dresser Industries in 1999, and KBR filed for bankruptcy earlier this year to handle the asbestos claims."
Business Credit Insurance
AZZURRAair declared bankrupt
"by Dorian Cassar, di-ve news (dorcas@di-ve.com)
VALLETTA, Malta (di-ve news) -- July 27, 2004 -- 1845CET -- A court in Busto Arsizio, a town close to Milan, declared AZZURRAair bankrupt on Tuesday morning. Air Malta held a minority shareholding in the company. "
_______________________________
Business Credit Insurance
VALLETTA, Malta (di-ve news) -- July 27, 2004 -- 1845CET -- A court in Busto Arsizio, a town close to Milan, declared AZZURRAair bankrupt on Tuesday morning. Air Malta held a minority shareholding in the company. "
allAfrica.com: Kenya: New Trade Insurance Giant Flexes Its Muscle
"New Trade Insurance Giant Flexes Its Muscle
The Nation (Nairobi)
July 27, 2004
Posted to the web July 27, 2004
Washington Akumu
Nairobi
The African Trade Insurance Agency (ATI) has started aggressively promoting the hitherto obscure export side of its business.
It is often lost on many that the financial security of companies exporting out of the continent is also an integral part of ATI's mandate.
Chief executive officer and former Lloyds veteran, Bernard de Haldevang, explains this dual character for an institution that goes by the globally recognised, and therefore inescapable misnomer, of an Export Credit Agency (ECA)."
_______________________________
While this article is not about Chapter 11, it does provide an excellent argument for the use of business credit insurance.
"You send a consignment of, say, fresh produce to a European buyer, taking all due care to ensure that it arrives in good shape and on time. The contacts of the importer are a prized commodity, at this time the only tangible assurance that the buyer will pay.
But the flipside of it all, that any risk-averse trader is always alive to, is the worst-case scenario: what would happen if the buyer defaults on payment?
Many a business in Africa has gone burst as a result of being unprepared for such risks. Banks always shun such trades and doubt them as a bankable proposition, especially when there is no policy covering or guaranteeing the earnings receivable by the exporter."
Business Credit Insurance
The Nation (Nairobi)
July 27, 2004
Posted to the web July 27, 2004
Washington Akumu
Nairobi
The African Trade Insurance Agency (ATI) has started aggressively promoting the hitherto obscure export side of its business.
It is often lost on many that the financial security of companies exporting out of the continent is also an integral part of ATI's mandate.
Chief executive officer and former Lloyds veteran, Bernard de Haldevang, explains this dual character for an institution that goes by the globally recognised, and therefore inescapable misnomer, of an Export Credit Agency (ECA)."
While this article is not about Chapter 11, it does provide an excellent argument for the use of business credit insurance.
"You send a consignment of, say, fresh produce to a European buyer, taking all due care to ensure that it arrives in good shape and on time. The contacts of the importer are a prized commodity, at this time the only tangible assurance that the buyer will pay.
But the flipside of it all, that any risk-averse trader is always alive to, is the worst-case scenario: what would happen if the buyer defaults on payment?
Many a business in Africa has gone burst as a result of being unprepared for such risks. Banks always shun such trades and doubt them as a bankable proposition, especially when there is no policy covering or guaranteeing the earnings receivable by the exporter."
Business Credit Insurance
Internet Satellite Platform, Inc. Files for Chapter 11 Protection; ISAT Seeks Investment; Satellite Internet Service Remains Uninterrupted
"[July 27, 2004]
Internet Satellite Platform, Inc. Files for Chapter 11 Protection; ISAT Seeks Investment; Satellite Internet Service Remains Uninterrupted
ALTAMONTE SPRINGS, Fla. --(Business Wire)-- July 27, 2004 -- Internet Satellite Platform, Inc. (ISAT), the leading provider of wholesale satellite-based Internet services, today announced that it has filed for Chapter 11 Bankruptcy Protection and is seeking interim and long-term funding."
_______________________________
"ISAT's management has been in discussions with several entities from within the industry since June 9, 2004 to secure needed interim and permanent funding and believes that it will be able to close an interim funding round in the near future. To date however, management has been unable to secure funding."
Business Credit Insurance
Internet Satellite Platform, Inc. Files for Chapter 11 Protection; ISAT Seeks Investment; Satellite Internet Service Remains Uninterrupted
ALTAMONTE SPRINGS, Fla. --(Business Wire)-- July 27, 2004 -- Internet Satellite Platform, Inc. (ISAT), the leading provider of wholesale satellite-based Internet services, today announced that it has filed for Chapter 11 Bankruptcy Protection and is seeking interim and long-term funding."
"ISAT's management has been in discussions with several entities from within the industry since June 9, 2004 to secure needed interim and permanent funding and believes that it will be able to close an interim funding round in the near future. To date however, management has been unable to secure funding."
Business Credit Insurance
US Airways provides pessimistic outlook - 2004-07-27 - Triangle Business Journal
"11:15 AM EDT Tuesday
US Airways provides pessimistic outlook
US Airways, which provides service at Raleigh-Durham International Airport, reported second-quarter earnings of $34 million Tuesday but at the same time said that its existing cost structure 'will not allow for sustained profitability, given the competitive environment now dominated by low fares.'
US Airways, which emerged from Chapter 11 bankruptcy protection last year, has been battling low-cost carriers like Southwest Airlines at airports across the United States, including RDU.
US Airways "
_______________________________
"Absent an immediate and dramatic reduction in costs, this nominal (second quarter) profit is insufficient, and we will likely be faced with additional second half losses," US Airways Chief Executive Officer Bruce R. Lakefield said in a statement.
Business Credit Insurance
US Airways provides pessimistic outlook
US Airways, which provides service at Raleigh-Durham International Airport, reported second-quarter earnings of $34 million Tuesday but at the same time said that its existing cost structure 'will not allow for sustained profitability, given the competitive environment now dominated by low fares.'
US Airways, which emerged from Chapter 11 bankruptcy protection last year, has been battling low-cost carriers like Southwest Airlines at airports across the United States, including RDU.
US Airways "
"Absent an immediate and dramatic reduction in costs, this nominal (second quarter) profit is insufficient, and we will likely be faced with additional second half losses," US Airways Chief Executive Officer Bruce R. Lakefield said in a statement.
Business Credit Insurance
Lowell Sun Online - Business - New CEO named at Malden Mills after nine-month search
"Article Last Updated: Tuesday, July 27, 2004 - 11:25:56 AM EST
New CEO named at Malden Mills after nine-month search
LAWRENCE (AP) A former executive with the fashion company Tommy Hilfiger U.S.A. was named the top executive yesterday at Malden Mills, the century-old textile maker that recently emerged from a bankruptcy and survived a devastating 1995 fire.
Michael Spillane was named chief executive and president of Malden Mills after a nine-month search for new leadership that followed the company's October emergence from Chapter 11 bankruptcy protection."
_______________________________
"The Chapter 11 bankruptcy case reorganized Malden Mills under the control of creditors."
Business Credit Insurance
New CEO named at Malden Mills after nine-month search
LAWRENCE (AP) A former executive with the fashion company Tommy Hilfiger U.S.A. was named the top executive yesterday at Malden Mills, the century-old textile maker that recently emerged from a bankruptcy and survived a devastating 1995 fire.
Michael Spillane was named chief executive and president of Malden Mills after a nine-month search for new leadership that followed the company's October emergence from Chapter 11 bankruptcy protection."
"The Chapter 11 bankruptcy case reorganized Malden Mills under the control of creditors."
Business Credit Insurance
Yahoo! News - States seek MCI tax files
"Tue Jul 27, 6:00 AM ETAdd Business - TheDeal.com to My Yahoo!
by Chris Nolter
While takeover speculation continues to follow MCI Inc., and has now enveloped its rival AT&T Corp., the telecom's lawyers are renewing a battle with state tax authorities in bankruptcy court Tuesday, July 27.
A group of 14 states, led by Massachusetts, is asking U.S. Bankruptcy Judge Arthur Gonzalez to unseal between 30 and 35 boxes of documents, as well as digital information, that Ashburn, Va.-based MCI provided the Securities and Exchange Commission (news - web sites) in regard to tax work done by KPMG."
_______________________________
"The dispute is part of a larger battle over state tax claims filed with the bankruptcy estate, and could have serious implications for both sides even though MCI exited Chapter 11 protection in April. The company's SEC filings state that various states have submitted roughly $2.75 billion in claims, so significant funds are at stake."
Business Credit Insurance
by Chris Nolter
While takeover speculation continues to follow MCI Inc., and has now enveloped its rival AT&T Corp., the telecom's lawyers are renewing a battle with state tax authorities in bankruptcy court Tuesday, July 27.
A group of 14 states, led by Massachusetts, is asking U.S. Bankruptcy Judge Arthur Gonzalez to unseal between 30 and 35 boxes of documents, as well as digital information, that Ashburn, Va.-based MCI provided the Securities and Exchange Commission (news - web sites) in regard to tax work done by KPMG."
"The dispute is part of a larger battle over state tax claims filed with the bankruptcy estate, and could have serious implications for both sides even though MCI exited Chapter 11 protection in April. The company's SEC filings state that various states have submitted roughly $2.75 billion in claims, so significant funds are at stake."
Business Credit Insurance
Forbes.com: US Airways 2Q Earnings More Than Double
"07.27.2004, 10:56 AM
US Airways Group Inc. said Tuesday its second-quarter earnings more than doubled, though the company's top executive expressed disappointment at the results and predicted more losses for the second half of the year.
'While we reported a small profit, we should have done significantly better in the second quarter, which is traditionally our best,' Bruce R. Lakefield, president and chief executive officer, said in a statement. "
_______________________________
On Tuesday, Lakefield said the quarterly results "reaffirm what we have told our labor leaders - that we must change course now."
Business Credit Insurance
US Airways Group Inc. said Tuesday its second-quarter earnings more than doubled, though the company's top executive expressed disappointment at the results and predicted more losses for the second half of the year.
'While we reported a small profit, we should have done significantly better in the second quarter, which is traditionally our best,' Bruce R. Lakefield, president and chief executive officer, said in a statement. "
On Tuesday, Lakefield said the quarterly results "reaffirm what we have told our labor leaders - that we must change course now."
Business Credit Insurance
US Plastic Lumber files Chapter 11 - 2004-07-26 - South Florida Business Journal
"Boca Raton-based US Plastic Lumber Corp. (Pink Sheets: USPL) said it filed voluntary petitions for bankruptcy on Friday. Shares closed down 45.45 percent on Monday"
_______________________________
The company also said it is seeking a court order to obtain debtor-in-possession financing. This type of financing is only available to companies in Chapter 11. It is traditionally used to fund post-petition trade and employee obligations, as well as ongoing, operating, corporate needs during the reorganization.
Business Credit Insurance
The company also said it is seeking a court order to obtain debtor-in-possession financing. This type of financing is only available to companies in Chapter 11. It is traditionally used to fund post-petition trade and employee obligations, as well as ongoing, operating, corporate needs during the reorganization.
Business Credit Insurance
Philadelphia Inquirer | 07/27/2004 | US Airways aims to show improvement
"Time is running out for the airline to avoid bankruptcy by proving to its creditors that it can cut costs.
By Tom Belden
Inquirer Staff Writer
This may sound familiar: It's crunch time again for US Airways.
By late September, analysts say, the airline that dominates air service in Philadelphia could be staring at another trip through Chapter 11 bankruptcy if it hasn't shown its creditors that costs are dropping enough to keep it from defaulting on loans and aircraft-lease payments. The airline must make a payment to its employee pension plans of about $110 million that month."
_______________________________
"A lot depends on what their results are," analyst Ray Neidl of Blaylock & Partners in New York said yesterday. "But they still need to have something done in late summer or early fall to avoid another bankruptcy filing."
US Airways' creditors granted the airline new terms on a $1 billion loan in March, but that only bought the company time to get its house in better order.
Business Credit Insurance
By Tom Belden
Inquirer Staff Writer
This may sound familiar: It's crunch time again for US Airways.
By late September, analysts say, the airline that dominates air service in Philadelphia could be staring at another trip through Chapter 11 bankruptcy if it hasn't shown its creditors that costs are dropping enough to keep it from defaulting on loans and aircraft-lease payments. The airline must make a payment to its employee pension plans of about $110 million that month."
"A lot depends on what their results are," analyst Ray Neidl of Blaylock & Partners in New York said yesterday. "But they still need to have something done in late summer or early fall to avoid another bankruptcy filing."
US Airways' creditors granted the airline new terms on a $1 billion loan in March, but that only bought the company time to get its house in better order.
Business Credit Insurance
Yahoo! News - SEC Revokes Spiegel's Stock Registration
"Mon Jul 26, 4:52 PM ETAdd Business - AP to My Yahoo!
DOWNERS GROVE, Ill. - The Securities and Exchange Commission (news - web sites) has revoked Spiegel Inc.'s stock registration so the retailer's shares can no longer be publicly traded, the company said Monday.
Spiegel, which filed for Chapter 11 bankruptcy protection from its creditors in March 2003, is no longer required to file quarterly or annual reports as a result of the SEC order. "
_______________________________
Spiegel went into bankruptcy shortly after the SEC brought a civil action in connection with its failure to file quarterly reports for more than a year.
Business Credit Insurance
DOWNERS GROVE, Ill. - The Securities and Exchange Commission (news - web sites) has revoked Spiegel Inc.'s stock registration so the retailer's shares can no longer be publicly traded, the company said Monday.
Spiegel, which filed for Chapter 11 bankruptcy protection from its creditors in March 2003, is no longer required to file quarterly or annual reports as a result of the SEC order. "
Spiegel went into bankruptcy shortly after the SEC brought a civil action in connection with its failure to file quarterly reports for more than a year.
Business Credit Insurance
Globes [online] - Demand soaring for export insurance to Russia and China
"Hadas Manor 25 Jul 04 17:24
Exporters' demand for sales credit insurance to Russia, China, Mexico and Romania soared in the first half of 2004. Israeli Credit Insurance Co. (ICIC) managing director David Milgrom said the rise in demand reflected the surge in exports to these countries, as well as growing awareness of credit insurance as a way to expand sales in various markets. "
_______________________________
While this article does not pertain to Chapter 11, it does pertain to business credit insurance (protection against your customers filing chapter 11 - and owing you money).
Business Credit Insurance
Exporters' demand for sales credit insurance to Russia, China, Mexico and Romania soared in the first half of 2004. Israeli Credit Insurance Co. (ICIC) managing director David Milgrom said the rise in demand reflected the surge in exports to these countries, as well as growing awareness of credit insurance as a way to expand sales in various markets. "
While this article does not pertain to Chapter 11, it does pertain to business credit insurance (protection against your customers filing chapter 11 - and owing you money).
Business Credit Insurance
July 27, 2004
Schlotzsky's shutters four more restaurants - 2004-07-26 - Austin Business Journal
"Schlotzsky's shutters four more restaurants
Austin-based deli chain Schlotzsky's Inc. (Nasdaq: BUNZ) has closed four more company-owned restaurants, making a total of 15 closures over the past three weeks.
However, Sam Coats, president and CEO of Schlotzky's, says the company doesn't expecct any more closings in the near future. "
Austin-based deli chain Schlotzsky's Inc. (Nasdaq: BUNZ) has closed four more company-owned restaurants, making a total of 15 closures over the past three weeks.
However, Sam Coats, president and CEO of Schlotzky's, says the company doesn't expecct any more closings in the near future. "
July 26, 2004
Fleming Exit Plan Hearing Set
"JULY 26, 2004 -- OKLAHOMA CITY -- A federal bankruptcy judge in Delaware is scheduled to hear arguments today in a confirmation proceeding on Fleming Co. Inc.'s plan to exit Chapter 11 bankruptcy protection, reported NewsOK.com."
_______________________________
"If the plan is confirmed, the company will have projected assets of $468 million and $320 million in liabilities, Fleming's chief restructuring officer Ted Stenger said in court filings."
Business Credit Insurance
"If the plan is confirmed, the company will have projected assets of $468 million and $320 million in liabilities, Fleming's chief restructuring officer Ted Stenger said in court filings."
Business Credit Insurance
July 25, 2004
PRG-Schultz Reports Second Quarter 2004 Financial Results
"Press ReleaseSource: PRG-Schultz International, Inc.
PRG-Schultz Reports Second Quarter 2004 Financial Results
Thursday July 22, 6:30 am ET
ATLANTA--(BUSINESS WIRE)--July 22, 2004--PRG-Schultz International, Inc. (NASDAQ:PRGX - News) today announced financial results for the second quarter of 2004, updated its 2004 full-year outlook and provided an outlook for the third quarter of 2004. "
_______________________________
I found this interesting in PRG-Schultz International, Inc's Forward Looking Statements:
"(iv) we may continue to experience revenue losses or delays as a result of our U.S. retailing clients' actual and / or potential revision of claim approval and claim processing guidelines, (v) the bankruptcy of any of our larger clients, or of any such clients' larger customers or suppliers, could impair then-existing accounts receivable and reduce expected future revenues from such clients, (vi) an indeterminate portion of $5.5 million in payments on account from a bankrupt client of the Company received during the quarter ended March 31, 2003 might be recoverable as "preference payments" under United States bankruptcy laws and, if so, would result in the recording of an unbudgeted expense in the Company's consolidated financial statements and the creation of an unbudgeted liquidity demand, (vii) modifications to auditor compensation models may negatively impact employee productivity and retention, and therefore, our ability to generate revenues"
Those recalled preference payments are tough.
Business Credit Insurance
PRG-Schultz Reports Second Quarter 2004 Financial Results
Thursday July 22, 6:30 am ET
ATLANTA--(BUSINESS WIRE)--July 22, 2004--PRG-Schultz International, Inc. (NASDAQ:PRGX - News) today announced financial results for the second quarter of 2004, updated its 2004 full-year outlook and provided an outlook for the third quarter of 2004. "
I found this interesting in PRG-Schultz International, Inc's Forward Looking Statements:
"(iv) we may continue to experience revenue losses or delays as a result of our U.S. retailing clients' actual and / or potential revision of claim approval and claim processing guidelines, (v) the bankruptcy of any of our larger clients, or of any such clients' larger customers or suppliers, could impair then-existing accounts receivable and reduce expected future revenues from such clients, (vi) an indeterminate portion of $5.5 million in payments on account from a bankrupt client of the Company received during the quarter ended March 31, 2003 might be recoverable as "preference payments" under United States bankruptcy laws and, if so, would result in the recording of an unbudgeted expense in the Company's consolidated financial statements and the creation of an unbudgeted liquidity demand, (vii) modifications to auditor compensation models may negatively impact employee productivity and retention, and therefore, our ability to generate revenues"
Those recalled preference payments are tough.
Business Credit Insurance
Halliburton Announces Court Confirms Prepackaged Plan of Reorganization of its DII Industries and Kellogg Brown & Root Subsidiaries
"Press ReleaseSource: Halliburton
Halliburton Announces Court Confirms Prepackaged Plan of Reorganization of its DII Industries and Kellogg Brown & Root Subsidiaries
Wednesday July 21, 5:39 pm ET
HOUSTON, July 21 /PRNewswire-FirstCall/ -- Halliburton (NYSE: HAL - News) announced that on Friday, July 16, 2004, the Honorable Judith K. Fitzgerald issued an order confirming the Chapter 11 Plan of Reorganization filed by DII Industries, Kellogg Brown & Root (KBR) and various other Halliburton subsidiaries to implement the companies' proposed global asbestos and silica settlement. DII Industries, KBR and other affected subsidiaries filed for a prepackaged Chapter 11 plan of reorganization on December 16, 2003, in Bankruptcy Court in Pittsburgh, Pennsylvania."
_______________________________
Hmmm? "Prepackaged Chapter 11"
Business Credit Insurance
Halliburton Announces Court Confirms Prepackaged Plan of Reorganization of its DII Industries and Kellogg Brown & Root Subsidiaries
Wednesday July 21, 5:39 pm ET
HOUSTON, July 21 /PRNewswire-FirstCall/ -- Halliburton (NYSE: HAL - News) announced that on Friday, July 16, 2004, the Honorable Judith K. Fitzgerald issued an order confirming the Chapter 11 Plan of Reorganization filed by DII Industries, Kellogg Brown & Root (KBR) and various other Halliburton subsidiaries to implement the companies' proposed global asbestos and silica settlement. DII Industries, KBR and other affected subsidiaries filed for a prepackaged Chapter 11 plan of reorganization on December 16, 2003, in Bankruptcy Court in Pittsburgh, Pennsylvania."
Hmmm? "Prepackaged Chapter 11"
WTNH.com - Huffman Koos customers concerned they will lose money
"(WTNH, July 20, 2004 5:45 PM) _ When a major furniture store goes belly up, are customers the big losers?
Some people who have bought furniture at Huffman Koos say that's exactly what's going on.
by News Channel 8's Leigh Frillici"
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I don't know how to protect against this.
Business Credit Insurance
Some people who have bought furniture at Huffman Koos say that's exactly what's going on.
by News Channel 8's Leigh Frillici"
I don't know how to protect against this.
Business Credit Insurance
Yahoo! News - Gordon Brothers of Boston swallows chocolatier Laura Secord with $27.6M bid
"Fri Jul 23, 5:21 PM ET
CRAIG WONG
TORONTO (CP) - Iconic Canadian chocolate retailer Laura Secord will remain in American hands.
U.S. investment firm Gordon Brothers Group has won an auction with a bid of $27.6 million Cdn, the chocolatier's current U.S. owner, Archibald Candy Corp., said Friday. "
_______________________________
"The Canadian chocolate shop, founded in 1913 and named for a Canadian heroine of the War of 1812, was put up for sale by Archibald, which has been operating under Chapter 11 proceedings since January."
Business Credit Insurance
CRAIG WONG
TORONTO (CP) - Iconic Canadian chocolate retailer Laura Secord will remain in American hands.
U.S. investment firm Gordon Brothers Group has won an auction with a bid of $27.6 million Cdn, the chocolatier's current U.S. owner, Archibald Candy Corp., said Friday. "
"The Canadian chocolate shop, founded in 1913 and named for a Canadian heroine of the War of 1812, was put up for sale by Archibald, which has been operating under Chapter 11 proceedings since January."
Business Credit Insurance
July 24, 2004
News 8 Austin | 24 Hour Local News | LOCAL NEWS | Schlotzsky's facing tough times
"Schlotzsky's facing tough times
7/23/2004 8:26 PM
By: Crestina Chavez
It's a funny name, but its business is no laughing matter.
Austin-based Schlotzsky's Deli faces two lawsuits.
The lawsuits add on to an even tougher month for the food chain.
It's been a tough month for Schlotzsky's. Earlier this month, Schlotzsky's cut 19 corporate positions and reported more than $10 million in losses last year.
The restaurant had to close 11 stores, two board members resigned and now the company faces two lawsuits.
The second lawsuit was filed by former CEO and owner John Wooleys who claims a $2.5 million loan to Schlotzsky's hasn't been paid back."
7/23/2004 8:26 PM
By: Crestina Chavez
It's a funny name, but its business is no laughing matter.
Austin-based Schlotzsky's Deli faces two lawsuits.
The lawsuits add on to an even tougher month for the food chain.
It's been a tough month for Schlotzsky's. Earlier this month, Schlotzsky's cut 19 corporate positions and reported more than $10 million in losses last year.
The restaurant had to close 11 stores, two board members resigned and now the company faces two lawsuits.
The second lawsuit was filed by former CEO and owner John Wooleys who claims a $2.5 million loan to Schlotzsky's hasn't been paid back."
News 8 Austin | 24 Hour Local News | LOCAL NEWS | Schlotzsky's facing tough times
"Schlotzsky's facing tough times
7/23/2004 8:26 PM
By: Crestina Chavez
It's a funny name, but its business is no laughing matter.
Austin-based Schlotzsky's Deli faces two lawsuits.
The lawsuits add on to an even tougher month for the food chain.
It's been a tough month for Schlotzsky's. Earlier this month, Schlotzsky's cut 19 corporate positions and reported more than $10 million in losses last year.
The restaurant had to close 11 stores, two board members resigned and now the company faces two lawsuits.
The second lawsuit was filed by former CEO and owner John Wooleys who claims a $2.5 million loan to Schlotzsky's hasn't been paid back."
7/23/2004 8:26 PM
By: Crestina Chavez
It's a funny name, but its business is no laughing matter.
Austin-based Schlotzsky's Deli faces two lawsuits.
The lawsuits add on to an even tougher month for the food chain.
It's been a tough month for Schlotzsky's. Earlier this month, Schlotzsky's cut 19 corporate positions and reported more than $10 million in losses last year.
The restaurant had to close 11 stores, two board members resigned and now the company faces two lawsuits.
The second lawsuit was filed by former CEO and owner John Wooleys who claims a $2.5 million loan to Schlotzsky's hasn't been paid back."
Loral Reaches Agreement With Creditors' Committee on Terms of Consensual Plan of Reorganization
"Thursday July 22, 8:07 am ET
All Business Units Expected to Emerge Debt-Free From Chapter 11 by Year End
NEW YORK, July 22 /PRNewswire-FirstCall/ -- Loral Space & Communications Ltd. announced that it has reached an agreement with the Official Committee of Unsecured Creditors in its chapter 11 reorganization on the principal terms of a plan of reorganization that will lead to the early filing of a consensual plan for Loral and an exit from chapter 11 proceedings by the end of the year. The agreement provides for a reorganization that will leave Loral under current management, with its two businesses, Space Systems/Loral and Loral Skynet, intact and substantially debt-free. Loral will be a public company upon emergence and expects to be listed on a major exchange in due course"
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I found this interesting:
"It is contemplated that under the plan of reorganization, all other pre-petition general unsecured creditors will be offered an option to elect either a discounted cash payment or a payout over time."
I wonder how much the cash payment will be discounted ($.05 on th $1.00)?
Business Credit Insurance
All Business Units Expected to Emerge Debt-Free From Chapter 11 by Year End
NEW YORK, July 22 /PRNewswire-FirstCall/ -- Loral Space & Communications Ltd. announced that it has reached an agreement with the Official Committee of Unsecured Creditors in its chapter 11 reorganization on the principal terms of a plan of reorganization that will lead to the early filing of a consensual plan for Loral and an exit from chapter 11 proceedings by the end of the year. The agreement provides for a reorganization that will leave Loral under current management, with its two businesses, Space Systems/Loral and Loral Skynet, intact and substantially debt-free. Loral will be a public company upon emergence and expects to be listed on a major exchange in due course"
I found this interesting:
"It is contemplated that under the plan of reorganization, all other pre-petition general unsecured creditors will be offered an option to elect either a discounted cash payment or a payout over time."
I wonder how much the cash payment will be discounted ($.05 on th $1.00)?
Business Credit Insurance
Richmond.com - Feature Story: "" for 07/22/2004
"Elantic Telecom Inc. files for Chapter 11
Richmond.com
Thursday July 22, 2004
Elantic Telecom, Inc. has filed a voluntary petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code. The Richmond-based company filed the petition as part of what it called a comprehensive financial restructuring plan which will significantly reduce its debt and strengthen its balance sheet. "
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Business Credit Insurance
Richmond.com
Thursday July 22, 2004
Elantic Telecom, Inc. has filed a voluntary petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code. The Richmond-based company filed the petition as part of what it called a comprehensive financial restructuring plan which will significantly reduce its debt and strengthen its balance sheet. "
Yahoo! News - Russia's YUKOS Says It Could Go Bust Within a Month
"Thu Jul 22, 6:25 AM ETAdd World - Reuters to My Yahoo!
By Oliver Bullough
MOSCOW (Reuters) - YUKOS, Russia's largest oil company by output, expects to be driven bankrupt within a month by record tax demands unless it can raise cash soon, it said on Thursday.
'We will essentially run out of cash and not be able to fund our business operating expenses and obligations some time in the first half of August,' Chief Executive Steven Theede told a news conference called amid speculation YUKOS may file for bankruptcy. "
_______________________________
"However, should those efforts prove unsuccessful and Yuganskneftegaz is sold, in the present circumstances, the management of the Company would be compelled to announce the bankruptcy of Russia's largest oil company," it said.
Business Credit Insurance
By Oliver Bullough
MOSCOW (Reuters) - YUKOS, Russia's largest oil company by output, expects to be driven bankrupt within a month by record tax demands unless it can raise cash soon, it said on Thursday.
'We will essentially run out of cash and not be able to fund our business operating expenses and obligations some time in the first half of August,' Chief Executive Steven Theede told a news conference called amid speculation YUKOS may file for bankruptcy. "
"However, should those efforts prove unsuccessful and Yuganskneftegaz is sold, in the present circumstances, the management of the Company would be compelled to announce the bankruptcy of Russia's largest oil company," it said.
Business Credit Insurance
July 21, 2004
Yahoo! News - United in Talks for New Bankruptcy Deal
"United in Talks for New Bankruptcy Deal
Tue Jul 20, 7:56 PM ET
By DAVE CARPENTER, AP Business Writer
CHICAGO - United Airlines is in advanced negotiations for a new bankruptcy financing package that would extend its funding in Chapter 11 bankruptcy through next summer, doubling the amount of cash available, sources familiar with the matter said Tuesday. "
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Business Credit Insurance
Tue Jul 20, 7:56 PM ET
By DAVE CARPENTER, AP Business Writer
CHICAGO - United Airlines is in advanced negotiations for a new bankruptcy financing package that would extend its funding in Chapter 11 bankruptcy through next summer, doubling the amount of cash available, sources familiar with the matter said Tuesday. "
Elantic Telecom, Inc. Files for Reorganization
"Press Release Source: Elantic Telecom, Inc.
Elantic Telecom, Inc. Files for Reorganization
Tuesday July 20, 7:29 am ET
RICHMOND, Va., July 20 /PRNewswire/ -- Elantic Telecom, Inc. (Elantic Telecom), today announced that it has filed a voluntarily petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Eastern District of Virginia, Richmond Division. The company filed the petition as part of a comprehensive financial restructuring plan that will significantly reduce its debt and strengthen its balance sheet."
_______________________________
Business Credit Insurance
Elantic Telecom, Inc. Files for Reorganization
Tuesday July 20, 7:29 am ET
RICHMOND, Va., July 20 /PRNewswire/ -- Elantic Telecom, Inc. (Elantic Telecom), today announced that it has filed a voluntarily petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Eastern District of Virginia, Richmond Division. The company filed the petition as part of a comprehensive financial restructuring plan that will significantly reduce its debt and strengthen its balance sheet."
Horizons Warcry - Horizons News, Community and Information
"Artifact files for Chapter 11
by Rosethorn - 07-19-2004 @ 03:17 PM
This was just posted over at horizons.istaria.com:
Artifact Entertainment Questions and answers regarding our recent Chapter 11 Filing
Artifact Entertainment recently - and voluntarily - filed for Chapter 11 bankruptcy protection. Below are some FAQ's about this filing, Artifact Entertainment and the future of Horizons: Empire of Istaria. "
_______________________________
See more stories on this topic HERE
Business Credit Insurance
by Rosethorn - 07-19-2004 @ 03:17 PM
This was just posted over at horizons.istaria.com:
Artifact Entertainment Questions and answers regarding our recent Chapter 11 Filing
Artifact Entertainment recently - and voluntarily - filed for Chapter 11 bankruptcy protection. Below are some FAQ's about this filing, Artifact Entertainment and the future of Horizons: Empire of Istaria. "
See more stories on this topic HERE
Business Credit Insurance
The Daily Times - Good's Furniture to shut stores, file for Chapter 11
Good's Furniture to shut stores, file for Chapter 11
By BRIAN McCULLOUGH , Special to the Times 07/19/2004
"The owner of a popular home-furnishings store said Wednesday it will close all of its locations, including four in the Chester County area.
Breuners Home Furnishings Corp., owner of Good's Furniture, said it has filed for Chapter 11 bankruptcy protection and will hold going-out-of-business sales."
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Business Credit Insurance
By BRIAN McCULLOUGH , Special to the Times 07/19/2004
"The owner of a popular home-furnishings store said Wednesday it will close all of its locations, including four in the Chester County area.
Breuners Home Furnishings Corp., owner of Good's Furniture, said it has filed for Chapter 11 bankruptcy protection and will hold going-out-of-business sales."
Business Credit Insurance
July 18, 2004
Seattle Post-Intelligencer: AP - Business: Breuners files for Chapter 11
Thursday, July 15, 2004
Breuners files for Chapter 11
THE ASSOCIATED PRESS
LANCASTER, Pa. -- Breuners Home Furnishings Corp., the Pennsylvania-based furniture retailer, has filed for Chapter 11 bankruptcy protection, plans to close its stores and will liquidate its assets.
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Business Credit Insurance
Breuners files for Chapter 11
THE ASSOCIATED PRESS
LANCASTER, Pa. -- Breuners Home Furnishings Corp., the Pennsylvania-based furniture retailer, has filed for Chapter 11 bankruptcy protection, plans to close its stores and will liquidate its assets.
July 17, 2004
Yahoo! News - Italy Whaling Talks Seen Extending Hunting Ban
"We believe that the alleged profitability of whale watching is many times inflated and seems to be inspired by Enron-style accounting practices," it said. Enron went bankrupt in 2001 after disclosures it inflated profits.
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Ahhhhh, the effects of creative accounting is affecting whale watching??
Business Credit Insurance
Ahhhhh, the effects of creative accounting is affecting whale watching??
Business Credit Insurance
Alternative Comics Needs Your Help!
Here is something I found that looks a lot like a blog page or a posting on a forum. Since I am not familiar with Alternative Comics I can't recommend you go out and buy his comics. But, I can relate to Jeff Mason's predicament - I have seen it happen to way too many businesses (large and small).
Posted: Tuesday, July 13
Posted By: Shawn Patty
Please buy our books from your local comic book store to help Alternative Comics survive!
Dear Comics Fans:
I’m Jeff Mason making a direct appeal to you, our faithful readers, in a time of serious financial difficulty. If you could find a way to buy some of our books listed below, you would greatly help in our time of financial crisis.
"Alternative Comics is suffering some very dire cash flow problems and I am turning to you for help. In the spring of 2002 our book trade distributor, LPC, filed Chapter 11 bankruptcy owing Alternative Comics a lot of money. I had hoped that I could weather the storm by taking money from my savings and by borrowing on credit until receiving the agreed-upon 42% of what LPC owed us. Now over two years later, LPC is still in bankruptcy proceedings and I am completely out of savings and credit."
_______________________________
It appears Jeff has a relatively small business and he probably is very good at what he does. Unfortunately, he may not have known that insurance is offered that protects businesses selling to other businesses against the inability of their customers to pay them (with a very reasonable premium). I am not at all saying that Jeff is not a good businessman.
While business credit insurance is widely used in Europe and it has been around in the United States for over 100 years, the acceptance of it (and even the knowledge that it exists) has just blossomed within the last ten to twenty years. Today, businesses that use it have discovered that there are reasons other than just the protection it offers to use business credit insurance (increased sales, improved working capital, credit guidance and other reasons).
Jeff, I wish you well in pulling through your predicament. IF and/or WHEN you do actually receive 42% of what is owed to you, consider yourself lucky. That is a lot more than unsecured creditors normally receive (based on what I have seen). Five or ten cents on the dollar (if anything at all) is not uncommon.
Sadly, over the 30+ years I have been involved in business credit, this is an all too familiar story.
For more information, go to Business Credit Insurance. (The site is being reconstructed right now but until it is ready, feel free to contact me.)
Posted: Tuesday, July 13
Posted By: Shawn Patty
Please buy our books from your local comic book store to help Alternative Comics survive!
Dear Comics Fans:
I’m Jeff Mason making a direct appeal to you, our faithful readers, in a time of serious financial difficulty. If you could find a way to buy some of our books listed below, you would greatly help in our time of financial crisis.
"Alternative Comics is suffering some very dire cash flow problems and I am turning to you for help. In the spring of 2002 our book trade distributor, LPC, filed Chapter 11 bankruptcy owing Alternative Comics a lot of money. I had hoped that I could weather the storm by taking money from my savings and by borrowing on credit until receiving the agreed-upon 42% of what LPC owed us. Now over two years later, LPC is still in bankruptcy proceedings and I am completely out of savings and credit."
It appears Jeff has a relatively small business and he probably is very good at what he does. Unfortunately, he may not have known that insurance is offered that protects businesses selling to other businesses against the inability of their customers to pay them (with a very reasonable premium). I am not at all saying that Jeff is not a good businessman.
While business credit insurance is widely used in Europe and it has been around in the United States for over 100 years, the acceptance of it (and even the knowledge that it exists) has just blossomed within the last ten to twenty years. Today, businesses that use it have discovered that there are reasons other than just the protection it offers to use business credit insurance (increased sales, improved working capital, credit guidance and other reasons).
Jeff, I wish you well in pulling through your predicament. IF and/or WHEN you do actually receive 42% of what is owed to you, consider yourself lucky. That is a lot more than unsecured creditors normally receive (based on what I have seen). Five or ten cents on the dollar (if anything at all) is not uncommon.
Sadly, over the 30+ years I have been involved in business credit, this is an all too familiar story.
For more information, go to Business Credit Insurance. (The site is being reconstructed right now but until it is ready, feel free to contact me.)
July 16, 2004
Crain's New York Business
Huffman Koos files for Chapter 11
Huffman Koos, a tristate-area furniture dealer, has filed for Chapter 11 bankruptcy and plans to liquidate its assets.
The company, which has 20 showrooms in New York, New Jersey and Connecticut filed its petition today, declaring more than $100 million in assets and more than $100 million in liabilities. The company, which started as a family business in 1917 in Rahway, N.J., was bought by Breuners Home Furnishings Corp. of Lancaster, Pa., in the mid-1990s.
Unsecured creditors include Martha Stewart Signature Collection, whose furniture line is sold at Huffman Koos. According to the filing, the company is owed $258,661. Local creditors include JL Media of Union, N.J., which is owed $975,584; and Excelsior Merchandise Ltd., of North Amityville, L.I., which is owed $303,866. The largest unsecured creditor is Broyhill Furniture of Charlotte, N.C., which is owed $5.5 million.
_______________________________
Ouch, that had to hurt the companies listed (unless they had business credit insurance).
Business Credit Insurance
Huffman Koos, a tristate-area furniture dealer, has filed for Chapter 11 bankruptcy and plans to liquidate its assets.
The company, which has 20 showrooms in New York, New Jersey and Connecticut filed its petition today, declaring more than $100 million in assets and more than $100 million in liabilities. The company, which started as a family business in 1917 in Rahway, N.J., was bought by Breuners Home Furnishings Corp. of Lancaster, Pa., in the mid-1990s.
Unsecured creditors include Martha Stewart Signature Collection, whose furniture line is sold at Huffman Koos. According to the filing, the company is owed $258,661. Local creditors include JL Media of Union, N.J., which is owed $975,584; and Excelsior Merchandise Ltd., of North Amityville, L.I., which is owed $303,866. The largest unsecured creditor is Broyhill Furniture of Charlotte, N.C., which is owed $5.5 million.
Ouch, that had to hurt the companies listed (unless they had business credit insurance).
Business Credit Insurance
MercuryNews.com | 07/13/2004 | Fresh Choice tries plate of Chapter 11
NO FURTHER CLOSINGS SLATED FOR BAY AREA, COMPANY SAYS
By Michele Chandler
Mercury News
Struggling with too few customers and mounting losses, Bay Area restaurant chain Fresh Choice has shuttered some of its eat-all-you-want buffets and filed for bankruptcy protection from creditors.
Analysts blamed Fresh Choice's troubles at least partly on the public's appetite for low-carb meals, which the chain has only recently added to the menu. Morgan Hill-based Fresh Choice closed 10 of its 56 restaurants last week, including a 7-month-old location in San Jose at the Westfield Shoppingtown Valley Fair mall. A restaurant in Richmond's Hilltop Mall also was shuttered."
``We firmly believe that upon emerging from Chapter 11, Fresh Choice will be stronger in terms of cash flow and operating flexibility,'' said Jefferson.
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There is a new twist that has affected a lot of businesses (failure by carbohydrates). You just never know what might cause one of your customers to file for bankruptcy protection.
Business Credit Insurance
By Michele Chandler
Mercury News
Struggling with too few customers and mounting losses, Bay Area restaurant chain Fresh Choice has shuttered some of its eat-all-you-want buffets and filed for bankruptcy protection from creditors.
Analysts blamed Fresh Choice's troubles at least partly on the public's appetite for low-carb meals, which the chain has only recently added to the menu. Morgan Hill-based Fresh Choice closed 10 of its 56 restaurants last week, including a 7-month-old location in San Jose at the Westfield Shoppingtown Valley Fair mall. A restaurant in Richmond's Hilltop Mall also was shuttered."
``We firmly believe that upon emerging from Chapter 11, Fresh Choice will be stronger in terms of cash flow and operating flexibility,'' said Jefferson.
There is a new twist that has affected a lot of businesses (failure by carbohydrates). You just never know what might cause one of your customers to file for bankruptcy protection.
Damman Hardware emerges from Chapter 11 - 07/13/04
By Tenisha Mercer / The Detroit News
MADISON HEIGHTS - Damman Hardware emerged from Chapter 11 bankruptcy protection on Monday with an $8 million line of credit and a new inventory system designed to put more items on store shelves.
With its bankruptcy behind it, Damman has received a line of credit from LaSalle Retail Finance in Boston that will be used to stock seasonal items such as shovels, gardening items and snow blowers, the company said.
“This is a new beginning,” said Frederick Marx, a spokesman for the Madison Heights-based chain. “Sales have been stabilized, and with these two new relationships, we are very encouraged about our sales prospects looking forward.”
_______________________________
Hmmm? While I do not know the details of this company's use of the bankruptcy laws, it sure is common to see businesses file Chapter 11 one day and have very attractive DIP (Debtor In Possession) funds available the next day (actually the financing arrangement is in place before they file).
Then, during the "reorganization", the unsecured debt is virtually wiped out (with the unsecured creditors getting little or nothing from what is owed to them).
Then, the day they emerge from Chapter 11, they have lenders in place ready to lend plenty to the business that now has a "new beginning" because their balance sheet now looks great (at the expense of their suppliers' balance sheet - unless the supplier had business credit insurance).
Business Credit Insurance
MADISON HEIGHTS - Damman Hardware emerged from Chapter 11 bankruptcy protection on Monday with an $8 million line of credit and a new inventory system designed to put more items on store shelves.
With its bankruptcy behind it, Damman has received a line of credit from LaSalle Retail Finance in Boston that will be used to stock seasonal items such as shovels, gardening items and snow blowers, the company said.
“This is a new beginning,” said Frederick Marx, a spokesman for the Madison Heights-based chain. “Sales have been stabilized, and with these two new relationships, we are very encouraged about our sales prospects looking forward.”
Hmmm? While I do not know the details of this company's use of the bankruptcy laws, it sure is common to see businesses file Chapter 11 one day and have very attractive DIP (Debtor In Possession) funds available the next day (actually the financing arrangement is in place before they file).
Then, during the "reorganization", the unsecured debt is virtually wiped out (with the unsecured creditors getting little or nothing from what is owed to them).
Then, the day they emerge from Chapter 11, they have lenders in place ready to lend plenty to the business that now has a "new beginning" because their balance sheet now looks great (at the expense of their suppliers' balance sheet - unless the supplier had business credit insurance).
Business Credit Insurance
A.B.Dick to be Sold to Presstek Via Chapter 11 Reorganization
A.B.Dick also announced that it, its parent company, Paragon Corporate Holdings, Inc., and Paragon subsidiaries Itek Graphix, Inc., Interactive Media Group, and Multigraphics LLC today filed voluntary petitions for protection from creditors under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. During the Chapter 11 process, A.B.Dick and all its units will continue to manufacture and deliver products and provide services to customers as usual.
A.B.Dick Company celebrates 120 years as a leading worldwide supplier to the graphic arts and printing industry in 2004.
_______________________________
Business Credit Insurance
A.B.Dick Company celebrates 120 years as a leading worldwide supplier to the graphic arts and printing industry in 2004.
Business Credit Insurance
Yahoo! News - Watchdog to Probe Mayflower Auditing
LONDON - An accounting watchdog said Wednesday it will probe the auditing procedures at Mayflower Corp. PLC, a collapsed British engineering company with operations in the United States.
Mayflower was declared bankrupt and handed over to an external administrator, professional services firm Deloitte Touche Tohmatsu, in March with debts of almost $356 million.
Early analysis of the British company's collapse has revealed accounting irregularities, a string of bad acquisitions and, crucially, a failure by the company to comply with regulations that require a certain number of independent directors to sit on its board.
_______________________________
Sometimes you just don't know what is going on inside your customers' business that may effect your receiving payment: A failure by the company to comply with regulations that require a certain number of independent directors to sit on its board was the crucial cause of collapse? Oops - I forgot to count the number of independent directors on their board when I decided to extend them credit?
Business Credit Insurance
Mayflower was declared bankrupt and handed over to an external administrator, professional services firm Deloitte Touche Tohmatsu, in March with debts of almost $356 million.
Early analysis of the British company's collapse has revealed accounting irregularities, a string of bad acquisitions and, crucially, a failure by the company to comply with regulations that require a certain number of independent directors to sit on its board.
Sometimes you just don't know what is going on inside your customers' business that may effect your receiving payment: A failure by the company to comply with regulations that require a certain number of independent directors to sit on its board was the crucial cause of collapse? Oops - I forgot to count the number of independent directors on their board when I decided to extend them credit?
Business Credit Insurance
Yahoo! News - Jury Fails to Decide on Michael Rigas Fraud
By Paul Thomasch
NEW YORK (Reuters) - A federal jury that convicted Adelphia founder John Rigas of fraud and conspiracy failed in a last-ditch effort Friday to reach a verdict on 17 criminal counts against his son, Michael Rigas, another former executive of the bankrupt cable company.
_______________________________
I just put this here in case you are following this one.
Business Credit Insurance
NEW YORK (Reuters) - A federal jury that convicted Adelphia founder John Rigas of fraud and conspiracy failed in a last-ditch effort Friday to reach a verdict on 17 criminal counts against his son, Michael Rigas, another former executive of the bankrupt cable company.
I just put this here in case you are following this one.
Business Credit Insurance
Yahoo! News - Teen Bids for Maker of Gun That Maimed Him
By RON WORD, Associated Press Writer
JACKSONVILLE, Fla. - A California teenager left paralyzed by an accidental shooting a decade ago placed a bid in federal bankruptcy court Friday to buy the flawed handgun's manufacturer so he can shut it down.
Brandon Maxfield, 17, raised $175,000, much of it through his Web site, to buy bankrupt Bryco Arms of Costa Mesa, Calif. He wants to melt down 70,000 unassembled guns and close the company for good.
Bryco filed for bankruptcy in 2003 after a jury awarded the teenager $51 million in damages in a lawsuit.
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Business Credit Insurance
JACKSONVILLE, Fla. - A California teenager left paralyzed by an accidental shooting a decade ago placed a bid in federal bankruptcy court Friday to buy the flawed handgun's manufacturer so he can shut it down.
Brandon Maxfield, 17, raised $175,000, much of it through his Web site, to buy bankrupt Bryco Arms of Costa Mesa, Calif. He wants to melt down 70,000 unassembled guns and close the company for good.
Bryco filed for bankruptcy in 2003 after a jury awarded the teenager $51 million in damages in a lawsuit.
Business Credit Insurance
Telecom will voluntarily enter Chapter 11
Friday, July 09, 2004
BY HENRY C. JACKSON
Star-Ledger Staff
NorVergence will voluntarily seek Chapter 11 bankruptcy protection, a lawyer for the troubled Newark telecommunications company said during a hearing yesterday.
Speaking before a judge in U.S. Bankruptcy Court in Newark, Bruce Buechler said NorVergence "is going to be a Chapter 11 case in a matter of days." Because of mounting pressure from creditors, the company also has fired "90-plus percent" of its staff and needs time to reorganize, he said.
_______________________________
NorVergence acknowledged at least $30 million of debt in court yesterday.
Business Credit Insurance
BY HENRY C. JACKSON
Star-Ledger Staff
NorVergence will voluntarily seek Chapter 11 bankruptcy protection, a lawyer for the troubled Newark telecommunications company said during a hearing yesterday.
Speaking before a judge in U.S. Bankruptcy Court in Newark, Bruce Buechler said NorVergence "is going to be a Chapter 11 case in a matter of days." Because of mounting pressure from creditors, the company also has fired "90-plus percent" of its staff and needs time to reorganize, he said.
NorVergence acknowledged at least $30 million of debt in court yesterday.
Business Credit Insurance
July 12, 2004
Tawas Holiday Inn files for Chapter 11
Thursday, 8, 2004
By Eric English
TIMES WRITER
EAST TAWAS - Owners of the Tawas Bay Holiday Inn filed for Chapter 11 bankruptcy protection on Tuesday in a move to stave off creditors.
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Business Credit Insurance
By Eric English
TIMES WRITER
EAST TAWAS - Owners of the Tawas Bay Holiday Inn filed for Chapter 11 bankruptcy protection on Tuesday in a move to stave off creditors.
Business Credit Insurance
July 11, 2004
Corporate Bankruptcy
Corporate Bankruptcy: "How Does Chapter 11 Work?
The U.S. Trustee, the bankruptcy arm of the Justice Department, will appoint one or more committees to represent the interests of creditors and stockholders in working with the company to develop a plan of reorganization to get out of debt. The plan must be accepted by the creditors, bondholders, and stockholders, and confirmed by the court. However, even if creditors or stockholders vote to reject the plan, the court can disregard the vote and still confirm the plan if it finds that the plan treats creditors and stockholders fairly. Once the plan is confirmed, another more detailed report must be filed with the SEC on Form 8-K. This report must contain a summary of the plan, but sometimes a copy of the complete plan is attached. "
The U.S. Trustee, the bankruptcy arm of the Justice Department, will appoint one or more committees to represent the interests of creditors and stockholders in working with the company to develop a plan of reorganization to get out of debt. The plan must be accepted by the creditors, bondholders, and stockholders, and confirmed by the court. However, even if creditors or stockholders vote to reject the plan, the court can disregard the vote and still confirm the plan if it finds that the plan treats creditors and stockholders fairly. Once the plan is confirmed, another more detailed report must be filed with the SEC on Form 8-K. This report must contain a summary of the plan, but sometimes a copy of the complete plan is attached. "
Yahoo! News - B.C. court gives New Skeena another month to firm up restructuring plan
Mon Jul 5, 9:31 PM ET
VANCOUVER (CP) - A B.C. Supreme Court judge extended insolvent New Skeena Forest Products' creditor protection for another month Monday so it can finalize its deal with a new investor. "
*** The company has been forced into bankruptcy protection three times since 1997, racking up almost $1 billion in total debts. ***
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Hmmm? I wonder how many suppliers lost money all three times the company went bankrupt?
Business Credit Insurance
VANCOUVER (CP) - A B.C. Supreme Court judge extended insolvent New Skeena Forest Products' creditor protection for another month Monday so it can finalize its deal with a new investor. "
*** The company has been forced into bankruptcy protection three times since 1997, racking up almost $1 billion in total debts. ***
Hmmm? I wonder how many suppliers lost money all three times the company went bankrupt?
Business Credit Insurance
July 09, 2004
Corporate Bankruptcy - from the S.E.C.
What Every Investor Should Know ...
Corporate Bankruptcy
What happens when a public company files for protection under the federal bankruptcy laws? Who protects the interests of investors? Do the old securities have any value when, and if, the company is reorganized? We hope this information answers these and other frequently asked questions about the lengthy and sometimes uncertain bankruptcy process.
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Business Credit Insurance
Corporate Bankruptcy
What happens when a public company files for protection under the federal bankruptcy laws? Who protects the interests of investors? Do the old securities have any value when, and if, the company is reorganized? We hope this information answers these and other frequently asked questions about the lengthy and sometimes uncertain bankruptcy process.
Business Credit Insurance
July 08, 2004
Chapter 11 filing - PittsburghLIVE.com
Country club plans Chapter 11 filing
By Craig Smith
TRIBUNE-REVIEW
Friday, July 2, 2004
A Westmoreland County country club celebrating its 100th year has told its members that it plans to seek Chapter 11 bankruptcy protection. "
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Business Credit Insurance
By Craig Smith
TRIBUNE-REVIEW
Friday, July 2, 2004
A Westmoreland County country club celebrating its 100th year has told its members that it plans to seek Chapter 11 bankruptcy protection. "
Business Credit Insurance
The Globe and Mail - Yukos circling the drain
Yukos circling the drain
By MARK MacKINNON
From Thursday's Globe and Mail
Moscow - The Russian oil giant OAO Yukos missed a deadline Wednesday for paying a multibillion-dollar tax bill, putting the state in a position to begin seizing the company's assets as early as today.
While desperate negotiations aimed at saving the company from bankruptcy were still going on late Wednesday, the passing of the deadline put the Kremlin in a position to begin what many have speculated was the government's intention all along - the effective re-nationalization of one of the country's major natural resource companies."_______________________________
Business Credit Insurance offers assistance with export credit insurance (including political risk).
By MARK MacKINNON
From Thursday's Globe and Mail
Moscow - The Russian oil giant OAO Yukos missed a deadline Wednesday for paying a multibillion-dollar tax bill, putting the state in a position to begin seizing the company's assets as early as today.
While desperate negotiations aimed at saving the company from bankruptcy were still going on late Wednesday, the passing of the deadline put the Kremlin in a position to begin what many have speculated was the government's intention all along - the effective re-nationalization of one of the country's major natural resource companies."
Business Credit Insurance offers assistance with export credit insurance (including political risk).
The Rutland Herald Online - Scorecard: Status of major Enron players
Scorecard: Status of major Enron players - Jul. 7, 2004
The Dallas Morning News
With Kenneth Lay's indictment, federal prosecutors have finally reached the top rung of Enron's former corporate hierarchy. This year has seen a number of significant developments in the ongoing criminal investigation, which began a little more than 21/2 years ago. Here's a rundown on the status of the major players in one of the most complex business scandals in American history: "
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Do you think
Business Credit Insurance
might have been handy for the creditors of Enron?.
The Dallas Morning News
With Kenneth Lay's indictment, federal prosecutors have finally reached the top rung of Enron's former corporate hierarchy. This year has seen a number of significant developments in the ongoing criminal investigation, which began a little more than 21/2 years ago. Here's a rundown on the status of the major players in one of the most complex business scandals in American history: "
Do you think
Business Credit Insurance
might have been handy for the creditors of Enron?.
The New York Times > Business > Once a Corporate Hunter, Enron Is Now Just Leftovers
By SIMON ROMERO
Published: July 8, 2004
OUSTON, July 7 - Enron may still be called Enron, but the company that was once at the pinnacle of the international energy industry is now little more than a shadow of its former self.
'The company is a smoking ruin, nothing more,' said John Olson, chief investment officer at Sanders Morris Harris, a Houston investment bank. 'What's left now is for a few people to swoop down and pick at Enron's carcass - at least, the good parts.' "
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Business Credit Insurance
Published: July 8, 2004
OUSTON, July 7 - Enron may still be called Enron, but the company that was once at the pinnacle of the international energy industry is now little more than a shadow of its former self.
'The company is a smoking ruin, nothing more,' said John Olson, chief investment officer at Sanders Morris Harris, a Houston investment bank. 'What's left now is for a few people to swoop down and pick at Enron's carcass - at least, the good parts.' "
Business Credit Insurance
Fayetteville Online Story - Hyland Hills Country Club sold to creditor
By Al Greenwood
Staff writer
SOUTHERN PINES - The bankrupt Hyland Hills Country Club was sold to a creditor at public auction Wednesday for $4.8 million.
The new owner, Old Saybrook Golf Capital I of Old Saybrook, Conn., has a claim of $1.1million against AZ Golf Club of N.C., the company that owned Hyland Hills County Club.
The sale will close in a month. Hyland Hills covers 140 acres and includes an 18-hole golf course, a 10,000-square-foot clubhouse and a maintenance building. Tom Jackson designed the course. Hyland Hills opened in 1965.
AZ Golf Club declared bankruptcy under Chapter 11 on May 26. In its bankruptcy documents, the company listed $4.5 million in assets and $4.3million in debts.
The bankruptcy was later converted to Chapter 7."
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Business Credit Insurance
Staff writer
SOUTHERN PINES - The bankrupt Hyland Hills Country Club was sold to a creditor at public auction Wednesday for $4.8 million.
The new owner, Old Saybrook Golf Capital I of Old Saybrook, Conn., has a claim of $1.1million against AZ Golf Club of N.C., the company that owned Hyland Hills County Club.
The sale will close in a month. Hyland Hills covers 140 acres and includes an 18-hole golf course, a 10,000-square-foot clubhouse and a maintenance building. Tom Jackson designed the course. Hyland Hills opened in 1965.
AZ Golf Club declared bankruptcy under Chapter 11 on May 26. In its bankruptcy documents, the company listed $4.5 million in assets and $4.3million in debts.
The bankruptcy was later converted to Chapter 7."
Business Credit Insurance
WRAL.com - News - Bankrupt Moore County Golf Course Under New Ownership
Bankrupt Moore County Golf Course Under New Ownership
POSTED: 7:09 pm EDT July 7, 2004
PINEHURST, N.C. -- A golf course in the Pinehurst area that recently filed for bankruptcy is now under new ownership."
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Business Credit Insurance
POSTED: 7:09 pm EDT July 7, 2004
PINEHURST, N.C. -- A golf course in the Pinehurst area that recently filed for bankruptcy is now under new ownership."
Business Credit Insurance
L.A. Daily News - News - MTA construction work drives deli into bankruptcy
MTA construction work drives deli into bankruptcy
By Gregory J. Wilcox
Staff Writer
Construction, detours, foul-ups and delays along the San Fernando Valley's $330 million busway have created a financial nightmare for some businesses along the east-west route, driving away customers, eroding sales and even forcing a delicatessen to seek bankruptcy protection."
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Business Credit Insurance
By Gregory J. Wilcox
Staff Writer
Construction, detours, foul-ups and delays along the San Fernando Valley's $330 million busway have created a financial nightmare for some businesses along the east-west route, driving away customers, eroding sales and even forcing a delicatessen to seek bankruptcy protection."
Business Credit Insurance
.: Corvallis Gazette-Times :. News
By WILLIAM McCALL
AP business writer
PORTLAND - A number of Roman Catholic dioceses have considered bankruptcy to fight lawsuits resulting from allegations of priest sex abuse over the years, and some may be ready to make that move after the Portland Archdiocese became the first in the nation to file for Chapter 11 protection"
AP business writer
PORTLAND - A number of Roman Catholic dioceses have considered bankruptcy to fight lawsuits resulting from allegations of priest sex abuse over the years, and some may be ready to make that move after the Portland Archdiocese became the first in the nation to file for Chapter 11 protection"
July 07, 2004
Portland Archdiocese seeks Chapter 11
Wednesday, July 7, 2004
Portland Archdiocese seeks Chapter 11
Costly abuse suits lead to bankruptcy filing, first in nation
By CLAUDIA ROWE
SEATTLE POST-INTELLIGENCER REPORTER
Drowning under a flood of costly lawsuits stemming from allegations of clerical abuse, the Catholic Archdiocese in Portland yesterday filed for Chapter 11 bankruptcy to secure its property from creditors, a move that left church officials in Seattle relieved at steps taken here to prevent similar disaster."
Portland Archdiocese seeks Chapter 11
Costly abuse suits lead to bankruptcy filing, first in nation
By CLAUDIA ROWE
SEATTLE POST-INTELLIGENCER REPORTER
Drowning under a flood of costly lawsuits stemming from allegations of clerical abuse, the Catholic Archdiocese in Portland yesterday filed for Chapter 11 bankruptcy to secure its property from creditors, a move that left church officials in Seattle relieved at steps taken here to prevent similar disaster."
July 04, 2004
Pollution blamed on Chapter 11 - PittsburghLIVE.com
"By Vicki Smith
THE ASSOCIATED PRESS
Wednesday, June 30, 2004
MORGANTOWN, W.Va. -- Wheeling-Pittsburgh Steel Corp. is taking an aggressive approach to fixing long-standing pollution problems at its coke plant in Follansbee, a company official said Tuesday.
Spokesman Jim Kosowski would not say how much the steelmaker plans to spend repairing its four massive coke ovens and related equipment, but he predicted Follansbee residents soon will see visible improvement."
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Does Business Credit Insurance guarantee against pollution?
THE ASSOCIATED PRESS
Wednesday, June 30, 2004
MORGANTOWN, W.Va. -- Wheeling-Pittsburgh Steel Corp. is taking an aggressive approach to fixing long-standing pollution problems at its coke plant in Follansbee, a company official said Tuesday.
Spokesman Jim Kosowski would not say how much the steelmaker plans to spend repairing its four massive coke ovens and related equipment, but he predicted Follansbee residents soon will see visible improvement."
Does Business Credit Insurance guarantee against pollution?
Bankruptcies - 7/4/04
Sunday, July 4, 2004
Bankruptcies
Compiled by Terry Dobson / The Detroit News
Here are the business bankruptcies June 25 to July 1 from U.S. Bankruptcy Court in Detroit. Chapter 11 protects a company from creditors while it reorganizes its business. Chapter 7 is a liquidation of a company's assets. An involuntary petition means creditors are pursuing claims against a debtor through the bankruptcy process.
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Thanks Terry - nice basic summary of different bankruptcy filings. Since you are covering these filings, maybe you should make your readers (especially the creditors) aware of Business Credit Insurance.
Bankruptcies
Compiled by Terry Dobson / The Detroit News
Here are the business bankruptcies June 25 to July 1 from U.S. Bankruptcy Court in Detroit. Chapter 11 protects a company from creditors while it reorganizes its business. Chapter 7 is a liquidation of a company's assets. An involuntary petition means creditors are pursuing claims against a debtor through the bankruptcy process.
Thanks Terry - nice basic summary of different bankruptcy filings. Since you are covering these filings, maybe you should make your readers (especially the creditors) aware of Business Credit Insurance.
Creditors File Involuntary Chapter 11 Petition Against ORBIT BRANDS CORPORATION
June 30, 2004 10:11 AM US Eastern Timezone
LOS ANGELES--(BUSINESS WIRE)--June 30, 2004--ORBIT BRANDS CORPORATION f/k/a orbitTRAVEL.com Corporation (OBTV) (NASDAQ).
ORBIT BRANDS CORPORATION announced today that on Friday, June 25, 2004, several of its creditors filed an Involuntary Chapter 11 Petition against the Company with the objective of reorganizing the Company in the United States Bankruptcy Court for the Central District of California, in Los Angeles, California. The Company has issued notice of the involuntary bankruptcy filing to all of its shareholders and has filed an SEC Form 8-K regarding this event with the Securities and Exchange Commission.
The Petitioning Creditors expressed concern that ongoing litigation in Delaware, brought by a former employee of the Company and believed to be supported by the Company's former chief legal counsel, represents an unregistered hostile takeover attempt for control of a public company. These creditors have informed the Company that they believe such action places their interests in jeopardy.
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Some bankruptcies are hard to predict. Have you considered Business Credit Insurance lately?
LOS ANGELES--(BUSINESS WIRE)--June 30, 2004--ORBIT BRANDS CORPORATION f/k/a orbitTRAVEL.com Corporation (OBTV) (NASDAQ).
ORBIT BRANDS CORPORATION announced today that on Friday, June 25, 2004, several of its creditors filed an Involuntary Chapter 11 Petition against the Company with the objective of reorganizing the Company in the United States Bankruptcy Court for the Central District of California, in Los Angeles, California. The Company has issued notice of the involuntary bankruptcy filing to all of its shareholders and has filed an SEC Form 8-K regarding this event with the Securities and Exchange Commission.
The Petitioning Creditors expressed concern that ongoing litigation in Delaware, brought by a former employee of the Company and believed to be supported by the Company's former chief legal counsel, represents an unregistered hostile takeover attempt for control of a public company. These creditors have informed the Company that they believe such action places their interests in jeopardy.
Some bankruptcies are hard to predict. Have you considered Business Credit Insurance lately?
July 03, 2004
DB Mart's parent files Chapter 11
Friday, July 02, 2004
By MARCIA BLOMBERG
mblomberg@repub.com
Nearly 150 DB Mart stores - the last New England vestiges of Dairy Mart, the convenience store chain founded in Springfield in 1958 - will be sold at auction in late August.
DB Companies, which bought 161 Dairy Mart stores in the Northeast in 1997 and operates them as DB Marts, filed for Chapter 11 bankruptcy, and has hired Matrix Capital Markets Group to sell its remaining 148 convenience store and gas station sites.
Chapter 11 allows DB Companies to operate while it negotiates repayment plans with its debtors.
_______________________________
Time to check into
Business Credit Insurance?
By MARCIA BLOMBERG
mblomberg@repub.com
Nearly 150 DB Mart stores - the last New England vestiges of Dairy Mart, the convenience store chain founded in Springfield in 1958 - will be sold at auction in late August.
DB Companies, which bought 161 Dairy Mart stores in the Northeast in 1997 and operates them as DB Marts, filed for Chapter 11 bankruptcy, and has hired Matrix Capital Markets Group to sell its remaining 148 convenience store and gas station sites.
Chapter 11 allows DB Companies to operate while it negotiates repayment plans with its debtors.
Time to check into
Business Credit Insurance?
July 02, 2004
Ramco files for Chapter 11 - 2004-06-30 - South Florida Business Journal
Ramco files for Chapter 11 - 2004-06-30 - South Florida Business Journal
Miami Lakes-based Ramco Trading Corp. said it has filed for Chapter 11 bankruptcy protection.
For the period ended May 31, the 20-year-old discount general merchandise retailer and wholesaler reported total assets of $9.1 million and total liabilities of $7.6 million.
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I'm guessing there are several unsecured suppliers represented in that $7.6 million liabilities. I wonder if they had Business Credit Insurance.
Miami Lakes-based Ramco Trading Corp. said it has filed for Chapter 11 bankruptcy protection.
For the period ended May 31, the 20-year-old discount general merchandise retailer and wholesaler reported total assets of $9.1 million and total liabilities of $7.6 million.
I'm guessing there are several unsecured suppliers represented in that $7.6 million liabilities. I wonder if they had Business Credit Insurance.
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