This page has plenty of information about the events relative to the Chapter 11 of Pacific Gas and Electric Company (PG&E). It also has useful information about Chapter 11 in general.
Business Credit Insurance
August 12, 2004
Details of the Chapter 11 Reorganization
"As Pacific Gas and Electricity Company progresses through Chapter 11 Reorganization, be assured that the services we provide to our customers will continue uninterrupted. Supply and distribution of gas and electricity will not be affected."
_______________________________
This page has plenty of information about the events relative to the Chapter 11 of Pacific Gas and Electric Company (PG&E). It also has useful information about Chapter 11 in general.
Business Credit Insurance
This page has plenty of information about the events relative to the Chapter 11 of Pacific Gas and Electric Company (PG&E). It also has useful information about Chapter 11 in general.
Business Credit Insurance
August 10, 2004
FresnoBee.com: Business: J.P. Morgan faces lawsuits over work with now-bankrupt company
"The Associated Press
(Updated Monday, August 9, 2004, 6:29 PM)
WASHINGTON (AP) - J.P. Morgan Chase & Co., its subsidiaries and three current or former employees have been named as defendants in a series of lawsuits stemming from the company's work with a now-bankrupt firm, according to J.P. Morgan's quarterly report filed late Monday with the Securities and Exchange Commission.
The 13 suits, which were filed in or transferred to the U.S. District Court for the Southern District of Ohio, stem from the November 2002 bankruptcy of National Century Financial Enterprises Inc."
(Updated Monday, August 9, 2004, 6:29 PM)
WASHINGTON (AP) - J.P. Morgan Chase & Co., its subsidiaries and three current or former employees have been named as defendants in a series of lawsuits stemming from the company's work with a now-bankrupt firm, according to J.P. Morgan's quarterly report filed late Monday with the Securities and Exchange Commission.
The 13 suits, which were filed in or transferred to the U.S. District Court for the Southern District of Ohio, stem from the November 2002 bankruptcy of National Century Financial Enterprises Inc."
The Morning Journal - DALLAS - Delta warns it could go bankrupt soon
"DALLAS -- Delta Air Lines Inc. said yesterday it's burning through cash at a faster pace than expected and will file for bankruptcy protection without major cost reductions. "
"Much of Delta's focus remains on its 6,500 pilots. The carrier continues discussions with its chapter of the Air Line Pilots Association, and has asked for $1 billion in annual wage, benefit and efficiency givebacks."
_______________________________
"Delta pilots earn as much as 60 percent more on an hourly basis than pilots for American Airlines Inc. They conceded $660 million in annual pay and benefits in 2003 to help keep American solvent."
Business Credit Insurance
"Much of Delta's focus remains on its 6,500 pilots. The carrier continues discussions with its chapter of the Air Line Pilots Association, and has asked for $1 billion in annual wage, benefit and efficiency givebacks."
"Delta pilots earn as much as 60 percent more on an hourly basis than pilots for American Airlines Inc. They conceded $660 million in annual pay and benefits in 2003 to help keep American solvent."
Business Credit Insurance
Delta plans bankruptcy filing if it can't cut costs
"By Matt Andrejczak, CBS.MarketWatch.com
Last Update: 5:51 PM ET Aug. 9, 2004
SAN FRANCISCO (CBS.MW) - Delta Air Lines, in one of its strongest worded statements to date, warned Monday it will file for bankruptcy if it cannot drastically slash its costs soon.
The nation's third-largest airline also said its cash reserves are dwindling faster than anticipated due to weaker margins and soaring fuel costs.
'If we cannot make substantial progress in the near term toward achieving a competitive cost structure ... we will need to seek to restructure our costs under Chapter 11 of the U.S. Bankruptcy Code,' Delta said in its quarterly Securities and Exchange Commission filing. "
Last Update: 5:51 PM ET Aug. 9, 2004
SAN FRANCISCO (CBS.MW) - Delta Air Lines, in one of its strongest worded statements to date, warned Monday it will file for bankruptcy if it cannot drastically slash its costs soon.
The nation's third-largest airline also said its cash reserves are dwindling faster than anticipated due to weaker margins and soaring fuel costs.
'If we cannot make substantial progress in the near term toward achieving a competitive cost structure ... we will need to seek to restructure our costs under Chapter 11 of the U.S. Bankruptcy Code,' Delta said in its quarterly Securities and Exchange Commission filing. "
August 09, 2004
Bureau of Transportation Statistics (BTS) - Issue Brief - Number 8, October 2003 - Rising Breakeven Load Factors Threaten Airline Finances
"Since 2000, most large passenger airlines suffered a sharp increase in their Breakeven Load Factor - the number of seats they have to sell to cover operating expenses. Some carriers could not cover operating expenses even if they sold 100% of their seats at average airfares.
Passenger yield, which partly determines Breakeven Load Factor, has fallen most sharply for recently bankrupt carriers, although it has also declined steeply for most large carriers.
Unit costs - another factor in Breakeven Load Factor - have been rising for many large passenger airlines. Large airlines at most financial risk had higher unit costs than other airlines even prior to September 11, 2001, and those costs have remained high and have even increased for some. "
_______________________________
"This study focuses on three groups of major passenger airlines:
The “recently bankrupt” – airlines that have filed for bankruptcy within the last two years. This group consists of United Airlines and US Airways. (US Airways has recently emerged from bankruptcy.)
The “at risk” – airlines that have not filed for bankruptcy, but they have not achieved yearly profits over the last two years. This group consists of American Airlines, Alaska Airlines, Continental Airlines, Delta Air Lines, America West Airlines, and Northwest Airlines.
The “profitable” – the only major passenger airline to show a yearly profit over the last two years is Southwest Airlines."
_______________________________
This is slightly old - but interesting.
Business Credit Insurance
Passenger yield, which partly determines Breakeven Load Factor, has fallen most sharply for recently bankrupt carriers, although it has also declined steeply for most large carriers.
Unit costs - another factor in Breakeven Load Factor - have been rising for many large passenger airlines. Large airlines at most financial risk had higher unit costs than other airlines even prior to September 11, 2001, and those costs have remained high and have even increased for some. "
"This study focuses on three groups of major passenger airlines:
The “recently bankrupt” – airlines that have filed for bankruptcy within the last two years. This group consists of United Airlines and US Airways. (US Airways has recently emerged from bankruptcy.)
The “at risk” – airlines that have not filed for bankruptcy, but they have not achieved yearly profits over the last two years. This group consists of American Airlines, Alaska Airlines, Continental Airlines, Delta Air Lines, America West Airlines, and Northwest Airlines.
The “profitable” – the only major passenger airline to show a yearly profit over the last two years is Southwest Airlines."
This is slightly old - but interesting.
Business Credit Insurance
The Telegraph Online - Delta pilots say other costs should be cut as well
"Published: Thursday, Aug. 5, 2004
ATLANTA (AP)- Delta Air Lines' pilots union said Wednesday the struggling carrier will edge closer to bankruptcy if management continues to seek $1 billion in concessions from them without asking other stakeholders to tighten their belts.
The chairman of the union’s executive committee, John Malone, made the comment in a strongly worded letter to other pilots."
_______________________________
“'Either management will figure out what it ‘needs,’ address our equity requirements and make other stakeholders participants in a comprehensive restructuring, or we will take another path,' Malone wrote. "
_______________________________
"Delta’s pilots, among the highest paid in the industry, earn between $100,000 and $300,000 a year, Delta has said."
_______________________________
WOW
ATLANTA (AP)- Delta Air Lines' pilots union said Wednesday the struggling carrier will edge closer to bankruptcy if management continues to seek $1 billion in concessions from them without asking other stakeholders to tighten their belts.
The chairman of the union’s executive committee, John Malone, made the comment in a strongly worded letter to other pilots."
“'Either management will figure out what it ‘needs,’ address our equity requirements and make other stakeholders participants in a comprehensive restructuring, or we will take another path,' Malone wrote. "
"Delta’s pilots, among the highest paid in the industry, earn between $100,000 and $300,000 a year, Delta has said."
Telegraph | Money | Negligence claims could drive us under, says E&Y
"By Sylvia Pfeifer (Filed: 08/08/2004)
Nick Land, the chairman of Ernst & Young UK, has issued the starkest warning yet that the accounting firm could go bankrupt because it lacks adequate insurance to cover existing negligence claims."
Nick Land, the chairman of Ernst & Young UK, has issued the starkest warning yet that the accounting firm could go bankrupt because it lacks adequate insurance to cover existing negligence claims."
Chapter 11 Overview - Armstrong World Industries'
"This site is designed to provide information about Armstrong World Industries' Chapter 11 reorganization case."
"On December 6, 2000, Armstrong World Industries, Inc. (the major operating subsidiary of Armstrong Holdings, Inc., and its only substantial asset), filed for voluntary reorganization under Chapter 11 of the U.S. Bankruptcy Code in Delaware to resolve its liability for asbestos personal injury claims."
_______________________________
This page (on armstrong.com) posts significant updates on events following this Chapter 11 from December 6, 2000 through recent events.
Business Credit Insurance
"On December 6, 2000, Armstrong World Industries, Inc. (the major operating subsidiary of Armstrong Holdings, Inc., and its only substantial asset), filed for voluntary reorganization under Chapter 11 of the U.S. Bankruptcy Code in Delaware to resolve its liability for asbestos personal injury claims."
This page (on armstrong.com) posts significant updates on events following this Chapter 11 from December 6, 2000 through recent events.
Business Credit Insurance
August 06, 2004
HVAC company files for bankruptcy - 2004-08-05 - Philadelphia Business Journal
"August 5, 2004
HVAC company files for bankruptcy
Larry Rulison
Voegele Mechanical Inc., a Philadelphia-based heating, ventilation and air-conditioning contractor, filed for Chapter 11 bankruptcy protection Aug. 3.
Voegele had $29 million in revenue in fiscal 2003, according to the bankruptcy filing, which was made in U.S. Bankruptcy Court in Philadelphia."
_______________________________
"Voegele's bankruptcy filing said it had assets of between $10 million to $50 million and similar debts. The filing listed Economy Plumbing & Heating Supply Co. of Philadelphia as its largest unsecured creditor, and that it owed that company $1.05 million. The firm also owes local plumbing unions more than $1.2 million."
_______________________________
That had to hurt.
Business Credit Insurance
HVAC company files for bankruptcy
Larry Rulison
Voegele Mechanical Inc., a Philadelphia-based heating, ventilation and air-conditioning contractor, filed for Chapter 11 bankruptcy protection Aug. 3.
Voegele had $29 million in revenue in fiscal 2003, according to the bankruptcy filing, which was made in U.S. Bankruptcy Court in Philadelphia."
"Voegele's bankruptcy filing said it had assets of between $10 million to $50 million and similar debts. The filing listed Economy Plumbing & Heating Supply Co. of Philadelphia as its largest unsecured creditor, and that it owed that company $1.05 million. The firm also owes local plumbing unions more than $1.2 million."
Business Credit Insurance
Schlotzsky's stock pulled from Nasdaq - 2004-08-05 - San Antonio Business Journal
"August 5, 2004
Schlotzsky's stock pulled from Nasdaq
Austin Business Journal
Two days after it voluntarily filed for Chapter 11 bankruptcy reorganization, the stock of Austin-based deli chain Schlotzsky's Inc. (Nasdaq: BUNZQ) has been yanked from listing on the Nasdaq stock market.
Schlotzsky's says it received a Nasdaq notice indicating its stock would be delisted unless the company requests a hearing, according to a company news release issued Thursday. The company says it won't request a hearing."
_______________________________
"Executives say a sale of the company is possible."
Business Credit Insurance
Schlotzsky's stock pulled from Nasdaq
Austin Business Journal
Two days after it voluntarily filed for Chapter 11 bankruptcy reorganization, the stock of Austin-based deli chain Schlotzsky's Inc. (Nasdaq: BUNZQ) has been yanked from listing on the Nasdaq stock market.
Schlotzsky's says it received a Nasdaq notice indicating its stock would be delisted unless the company requests a hearing, according to a company news release issued Thursday. The company says it won't request a hearing."
"Executives say a sale of the company is possible."
Business Credit Insurance
August 05, 2004
Yahoo! News - McCann trustee to sue Manhattan DA
"Thu Aug 5, 6:00 AM ETAdd Business - TheDeal.com to My Yahoo!
by Terry Brennan
The trustee overseeing the Chapter 11 case of McCann Inc. will sue Manhattan's top legal office for $2 million in alleged fraudulent transfers it collected from the bankrupt construction company's estate, according to his counsel."
_______________________________
"The problem is that the payments came out of McCann's coffers and the DA's office gets to keep a $2 million windfall while the people who deserve it — the debtor's creditors — get screwed," he said. "We're going to fight to get that money back because we believe they're fraudulent transfers that are voidable under Section 548 of the Bankruptcy Code.
McCann filed for Chapter 11 protection with the U.S. Bankruptcy Court for the Southern District of New York in Manhattan on June 25."
_______________________________
"The decision to sue Morgenthau's office is the latest twist in a bizarre Chapter 11 liquidation case that was triggered in April when three disgruntled creditors filed an involuntary liquidation against McCann."
_______________________________
Wow - Interesting article.
Business Credit Insurance
by Terry Brennan
The trustee overseeing the Chapter 11 case of McCann Inc. will sue Manhattan's top legal office for $2 million in alleged fraudulent transfers it collected from the bankrupt construction company's estate, according to his counsel."
"The problem is that the payments came out of McCann's coffers and the DA's office gets to keep a $2 million windfall while the people who deserve it — the debtor's creditors — get screwed," he said. "We're going to fight to get that money back because we believe they're fraudulent transfers that are voidable under Section 548 of the Bankruptcy Code.
McCann filed for Chapter 11 protection with the U.S. Bankruptcy Court for the Southern District of New York in Manhattan on June 25."
"The decision to sue Morgenthau's office is the latest twist in a bizarre Chapter 11 liquidation case that was triggered in April when three disgruntled creditors filed an involuntary liquidation against McCann."
Wow - Interesting article.
Business Credit Insurance
Schlotzsky's may consider sale of ailing company - 2004-08-04 - San Antonio Business Journal
"12:20 PM CDT Wednesday
Schlotzsky's may consider sale of ailing company
Chantal Rice
Austin Business Journal
Despite Tuesday's announcement that Austin-based deli chain Schlotzsky's Inc. (Nasdaq: BUNZ) filed for voluntary Chapter 11 bankruptcy reorganization, interim President and CEO Sam Coats remains optimistic. "
Schlotzsky's may consider sale of ailing company
Chantal Rice
Austin Business Journal
Despite Tuesday's announcement that Austin-based deli chain Schlotzsky's Inc. (Nasdaq: BUNZ) filed for voluntary Chapter 11 bankruptcy reorganization, interim President and CEO Sam Coats remains optimistic. "
Chicagobusiness.com - RCN Cable joins parent in Chapter 11
"August 05, 2004
By Sandra Jones
RCN Cable TV of Chicago Inc. on Thursday said it filed for Chapter 11 bankruptcy protection, joining New Jersey-based parent RCN Corp. in restructuring proceedings.
RCN Corp., a holding company for cable and telephone properties across the country, filed for Chapter 11 in late May, but until now had kept its Chicago assets out of the reorganization."
By Sandra Jones
RCN Cable TV of Chicago Inc. on Thursday said it filed for Chapter 11 bankruptcy protection, joining New Jersey-based parent RCN Corp. in restructuring proceedings.
RCN Corp., a holding company for cable and telephone properties across the country, filed for Chapter 11 in late May, but until now had kept its Chicago assets out of the reorganization."
Franchiseforsale.com - Schlotzsky's Deli Franchise
"Sitting in his neighborhood Schlotzsky's, Mike Fleming considered just these factors: "I chose to become a franchise owner for three reasons: a quality product, a simple system and a well-known name. Ok, four - I loved the food. I ate there (at Schlotzsky's) all the time. One day I was looking at the cup, and it said 'call for
..more information.' I did, then I talked with a friend who already owned a Schlotzsky's. He gave a positive recommendation and answered a few questions, and I was convinced."
_______________________________
"Once a loyal customer, today a committed franchisee, Fleming loves owning his own business and applauds Schlotzsky's™ proven operating systems and commitment to customers. Today’s customers appreciate superior food and speedy service, yet also enjoy socializing in a comfortable, engaging environment."
_______________________________
I like their food too, Mr. Fleming.
Business Credit Insurance
..more information.' I did, then I talked with a friend who already owned a Schlotzsky's. He gave a positive recommendation and answered a few questions, and I was convinced."
"Once a loyal customer, today a committed franchisee, Fleming loves owning his own business and applauds Schlotzsky's™ proven operating systems and commitment to customers. Today’s customers appreciate superior food and speedy service, yet also enjoy socializing in a comfortable, engaging environment."
I like their food too, Mr. Fleming.
Business Credit Insurance
Stockwatch > News > News Item > ValCom Perseveres and Emerges Subsidiary Out of Chapter 11
"ValCom Perseveres and Emerges Subsidiary Out of Chapter 11
2004-08-04 09:10 ET - News Release
VALENCIA, Calif. -- (Business Wire) -- Aug. 4, 2004
A subsidiary of ValCom, Inc. (OTCBB:VACM)(Frankfurt
XETRA:VAM)(the 'Company'), Valencia Entertainment International,
emerged from Chapter 11. ValCom, Inc. also announced today that the
Company has sold 6 of its 12 owned/operated Los Angeles studios for
over $10 million and has paid off the Company's debt. The Company will
continue to operate its 14 film and television production sound
stages, both in Los Angeles and Las Vegas, with the primary focus
being on its newly acquired studio facilities in the Las Vegas booming
entertainment market."
2004-08-04 09:10 ET - News Release
VALENCIA, Calif. -- (Business Wire) -- Aug. 4, 2004
A subsidiary of ValCom, Inc. (OTCBB:VACM)(Frankfurt
XETRA:VAM)(the 'Company'), Valencia Entertainment International,
emerged from Chapter 11. ValCom, Inc. also announced today that the
Company has sold 6 of its 12 owned/operated Los Angeles studios for
over $10 million and has paid off the Company's debt. The Company will
continue to operate its 14 film and television production sound
stages, both in Los Angeles and Las Vegas, with the primary focus
being on its newly acquired studio facilities in the Las Vegas booming
entertainment market."
StockHouse USA -- News -- Universal Access Files for Bankruptcy Court Protection
"CHICAGO, Aug 4, 2004 /PRNewswire-FirstCall via COMTEX/ --
Universal Access Global Holdings Inc. (Nasdaq: UAXS) (the 'Company') announced today that the Company and its U.S. subsidiaries filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy
Court for the Northern District of Illinois. The filings will enable the Company and its U.S. subsidiaries to continue to conduct business without interruption while it implements its reorganization plan"
Universal Access Global Holdings Inc. (Nasdaq: UAXS) (the 'Company') announced today that the Company and its U.S. subsidiaries filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy
Court for the Northern District of Illinois. The filings will enable the Company and its U.S. subsidiaries to continue to conduct business without interruption while it implements its reorganization plan"
TheCarolinaChannel.com - Buyer Beware - Lifetime Warranty Isn't As Lifetime As Advertised
"Kmart Stops Honoring Anderson Man's Warranty
POSTED: 2:02 pm EDT July 30, 2004
UPDATED: 6:25 pm EDT July 30, 2004
ANDERSON -- When Tony Edmonds of Anderson bought his 1960 Plymouth Fury, he knew he would keep it forever.
'This is my baby. I just love the attention it gets from people when they see it. People come up to me and tell me my grandfather had a car like this, or my father had a car like this,' he said.
Edmonds bought the car in 1974, and the first thing he did was buy a Kmart battery with a lifetime warranty"
_______________________________
"But on July 17, 2004, Edmonds tried to get a new battery at the Kmart on Clemson Boulevard in Anderson. Edmonds claims he was told by store manager Brian Fischer that because Kmart filed Chapter 11 bankruptcy a few years ago, they no longer had to honor the lifetime warranty.
"And I said, 'Is that right?' He said, 'Yes, you know we went through bankruptcy court, and I guess it's more a legal matter. We owe creditors millions of dollars that we'll never have to pay back'," Edmonds said."
_______________________________
Well stated Mr Edmonds.
"Edmonds did receive a battery that day at no charge, but he says they wouldn't give him a receipt that contains the words 'lifetime warranty.'"
Business Credit Insurance
POSTED: 2:02 pm EDT July 30, 2004
UPDATED: 6:25 pm EDT July 30, 2004
ANDERSON -- When Tony Edmonds of Anderson bought his 1960 Plymouth Fury, he knew he would keep it forever.
'This is my baby. I just love the attention it gets from people when they see it. People come up to me and tell me my grandfather had a car like this, or my father had a car like this,' he said.
Edmonds bought the car in 1974, and the first thing he did was buy a Kmart battery with a lifetime warranty"
"But on July 17, 2004, Edmonds tried to get a new battery at the Kmart on Clemson Boulevard in Anderson. Edmonds claims he was told by store manager Brian Fischer that because Kmart filed Chapter 11 bankruptcy a few years ago, they no longer had to honor the lifetime warranty.
"And I said, 'Is that right?' He said, 'Yes, you know we went through bankruptcy court, and I guess it's more a legal matter. We owe creditors millions of dollars that we'll never have to pay back'," Edmonds said."
Well stated Mr Edmonds.
"Edmonds did receive a battery that day at no charge, but he says they wouldn't give him a receipt that contains the words 'lifetime warranty.'"
Business Credit Insurance
The Business Times - Singapore - S'pore eyes growing oil and gas pie - August 4, 2004
"BG Yeo: search on for partners in Middle-East
By CHEN HUIFEN
SINGAPORE is getting ready to ride on increased oil and gas activities in Asia, and it is seeking new partners among oil and gas producers in the Middle East to support the growth in the region, according to Minister for Trade and Industry George Yeo."
_______________________________
While this article isn't about Chapter 11, it is a well written article that sure makes a strong case for business credit insurance (read it all). Here is an excerpt:
_______________________________
"On the sidelines of the event, Vitol Asia president Kho Hui Meng also suggested that Singapore find more ways to co-operate with neighbouring countries to spur more activities in Asean as well.
One possibility would be to introduce credit insurance for Singapore-based companies dealing with trade in Indonesia.
'From time to time, Indonesia oil companies encounter a tight credit squeeze,' said Mr Kho. 'If a Singapore agency can offer a Singapore company credit insurance, in addition to (credit offered by) traditional banks, then the Singapore company will have a cost as well as capacity advantage to compete in that market.
'And this is what we found in the case of the Japanese government. They provide export credit and this gives the Japanese companies an edge in doing business in Indonesia.'
According to Mr Kho, credit insurance provides companies with protection against the risk of non-payment by buyers arising from commercial and non-commercial risks."
_______________________________
That's a pretty accurate description Mr. Kho. And, you realize that credit insurance gives a competetive edge. You are a smart man. Credit terms can be a powerful selling tool.
Business Credit Insurance
By CHEN HUIFEN
SINGAPORE is getting ready to ride on increased oil and gas activities in Asia, and it is seeking new partners among oil and gas producers in the Middle East to support the growth in the region, according to Minister for Trade and Industry George Yeo."
While this article isn't about Chapter 11, it is a well written article that sure makes a strong case for business credit insurance (read it all). Here is an excerpt:
"On the sidelines of the event, Vitol Asia president Kho Hui Meng also suggested that Singapore find more ways to co-operate with neighbouring countries to spur more activities in Asean as well.
One possibility would be to introduce credit insurance for Singapore-based companies dealing with trade in Indonesia.
'From time to time, Indonesia oil companies encounter a tight credit squeeze,' said Mr Kho. 'If a Singapore agency can offer a Singapore company credit insurance, in addition to (credit offered by) traditional banks, then the Singapore company will have a cost as well as capacity advantage to compete in that market.
'And this is what we found in the case of the Japanese government. They provide export credit and this gives the Japanese companies an edge in doing business in Indonesia.'
According to Mr Kho, credit insurance provides companies with protection against the risk of non-payment by buyers arising from commercial and non-commercial risks."
That's a pretty accurate description Mr. Kho. And, you realize that credit insurance gives a competetive edge. You are a smart man. Credit terms can be a powerful selling tool.
Business Credit Insurance
Universal Access Files for Bankruptcy Court Protection
"CHICAGO, Aug. 4 /PRNewswire-FirstCall/ -- Universal Access Global Holdings Inc. (the 'Company') announced today that the Company and its U.S. subsidiaries filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Northern District of Illinois. The filings will enable the Company and its U.S. subsidiaries to continue to conduct business without interruption while it implements its reorganization plan.
The Company's non-U.S. subsidiaries are not included in the filing and will also continue to operate normally."
_______________________________
Business Credit Insurance
The Company's non-U.S. subsidiaries are not included in the filing and will also continue to operate normally."
Business Credit Insurance
Ground Round franchisees take control - Lowell Sun Online - Business
"By DAN O'BRIEN, Sun StaffA group of Ground Round franchisees has completed the acquisition of the bankrupt restaurant chain's franchise rights.
'It's been a long haul, but we're happy to get this done and look forward to the future of this operation,' said Kathy Kelley, a co-owner of the Chelmsford Ground Round franchise.
A bankruptcy judge recently approved the franchisees' $4.85 million bid, despite objections from a Dallas real estate company, which bid $6.5 million."
_______________________________
That looks like a good decision to me.
Business Credit Insurance
'It's been a long haul, but we're happy to get this done and look forward to the future of this operation,' said Kathy Kelley, a co-owner of the Chelmsford Ground Round franchise.
A bankruptcy judge recently approved the franchisees' $4.85 million bid, despite objections from a Dallas real estate company, which bid $6.5 million."
That looks like a good decision to me.
Business Credit Insurance
August 04, 2004
Computerworld Singapore - Vol. 10 Issue No. 25, 30 July - 10 August 2004 - Rabid restructuring
"PC prices plummeted and the axe fell as 'restructuring' became the byword for the IT industry.
PC prices plummeted and the axe fell as 'restructuring' became the byword for the IT industry. Users of the once-mighty Wang looked for safe haven and migrated to other platforms as the company filed for Chapter 11 bankruptcy protection. (For the record, Wang lived to fight another day.) "
PC prices plummeted and the axe fell as 'restructuring' became the byword for the IT industry. Users of the once-mighty Wang looked for safe haven and migrated to other platforms as the company filed for Chapter 11 bankruptcy protection. (For the record, Wang lived to fight another day.) "
KXAN.com - Schlotzsky's Seeks Chapter 11 Protection
"An Austin-original is trying to avoid becoming a part of Austin history. Schlotzsky's Deli has been in financial trouble for sometime.
Tuesday the restaurant chain is filing bankruptcy to re-organize and stay in business."
_______________________________
"Tuesday's bankruptcy filing shows assets of $111 million while $65 million are intangible. Schlotzsky's owes creditors $72 million."
Business Credit Insurance
Tuesday the restaurant chain is filing bankruptcy to re-organize and stay in business."
"Tuesday's bankruptcy filing shows assets of $111 million while $65 million are intangible. Schlotzsky's owes creditors $72 million."
Business Credit Insurance
NWC drops plan to pay big exec bonuses - billingsgazette.com
"By JENNIFER McKEE
Gazette State Bureau
HELENA - NorthWestern Corp. officials have pulled the plug on a plan to pay the bankrupt company's top four executives $6.55 million in bonuses if the company is sold off, state and company officials said Tuesday.
The pay plan, which drew sharp criticism across Montana, was to have been discussed today at a hearing on the company's ongoing bankruptcy case in Delaware, said Bob Rowe, chairman of the Montana Public Service Commission."
_______________________________
"Additionally, NorthWestern's creditors have overwhelmingly approved a plan to move the company out of bankruptcy. The plan, Schrum said, would allow entities to whom NorthWestern owes some $2.2 billion to exchange their debts for stock in the newly reorganized NorthWestern Corp. Under the plan, creditors would still end up losing money."
Business Credit Insurance
Gazette State Bureau
HELENA - NorthWestern Corp. officials have pulled the plug on a plan to pay the bankrupt company's top four executives $6.55 million in bonuses if the company is sold off, state and company officials said Tuesday.
The pay plan, which drew sharp criticism across Montana, was to have been discussed today at a hearing on the company's ongoing bankruptcy case in Delaware, said Bob Rowe, chairman of the Montana Public Service Commission."
"Additionally, NorthWestern's creditors have overwhelmingly approved a plan to move the company out of bankruptcy. The plan, Schrum said, would allow entities to whom NorthWestern owes some $2.2 billion to exchange their debts for stock in the newly reorganized NorthWestern Corp. Under the plan, creditors would still end up losing money."
Business Credit Insurance
Schlotzsky's Seeks Chapter 11 Protection to Assist in Reorganization
"Schlotzsky's Seeks Chapter 11 Protection to Assist in Reorganization
Company Announces Additional Reduction in Force
AUSTIN, TX -- (MARKET WIRE) -- 08/03/2004 -- Schlotzsky's, Inc. (NASDAQ: BUNZ) today filed for voluntary Chapter 11 protection in U.S. Bankruptcy Court in San Antonio, Texas. The Company reported liabilities of approximately $71.3 million and assets of approximately $111.7 million, including approximately $64.8 million of intangible assets, according to the court filing. The Company reported a net loss of $11.7 million in 2003, compared to a net loss of $199,000 in 2002, and a net loss of $671,000 in the first quarter of 2004. "
_______________________________
Business Credit Insurance
Company Announces Additional Reduction in Force
AUSTIN, TX -- (MARKET WIRE) -- 08/03/2004 -- Schlotzsky's, Inc. (NASDAQ: BUNZ) today filed for voluntary Chapter 11 protection in U.S. Bankruptcy Court in San Antonio, Texas. The Company reported liabilities of approximately $71.3 million and assets of approximately $111.7 million, including approximately $64.8 million of intangible assets, according to the court filing. The Company reported a net loss of $11.7 million in 2003, compared to a net loss of $199,000 in 2002, and a net loss of $671,000 in the first quarter of 2004. "
Business Credit Insurance
August 03, 2004
Chapter 11 filing will not close Wichita Schlotzsky's - 2004-08-03 - Wichita Business Journal
"David Dinell
The three Schlotzsky's Deli outlets in Wichita will continue to operate as usual, says a local manager, despite the parent company's bankruptcy filing.
Schlotzsky's Inc., which has more than 500 locations in 36 states and six countries, filed Chapter 11 bankruptcy Tuesday. "
_______________________________
Awwww, not Schlotzky's too.
Business Credit Insurance
The three Schlotzsky's Deli outlets in Wichita will continue to operate as usual, says a local manager, despite the parent company's bankruptcy filing.
Schlotzsky's Inc., which has more than 500 locations in 36 states and six countries, filed Chapter 11 bankruptcy Tuesday. "
Awwww, not Schlotzky's too.
Business Credit Insurance
Democrat & Chronicle: Choice One to file bankruptcy
"By Richard Mullins
Staff writer
(August 2, 2004) Choice One Communications Inc. officials this morning announced a plan to reorganize finances and lower debts through a voluntary prepackaged bankruptcy.
The company will file Chapter 11 papers sometime in the next month, they said."
_______________________________
"The restructuring would reduce Choice One's total debt from $650 million to $200 million and add $25 million in new cash to company coffers. Yawman said the company expects to stay in bankruptcy less than 60 days, with the entire process to be completed by the end of this year."
_______________________________
Wow - reduce debt by $450 million and add $25 million??? It looks like some unsecured creditors aren't going to get paid.
Business Credit Insurance
Staff writer
(August 2, 2004) Choice One Communications Inc. officials this morning announced a plan to reorganize finances and lower debts through a voluntary prepackaged bankruptcy.
The company will file Chapter 11 papers sometime in the next month, they said."
"The restructuring would reduce Choice One's total debt from $650 million to $200 million and add $25 million in new cash to company coffers. Yawman said the company expects to stay in bankruptcy less than 60 days, with the entire process to be completed by the end of this year."
Wow - reduce debt by $450 million and add $25 million??? It looks like some unsecured creditors aren't going to get paid.
Business Credit Insurance
Choice One Communications Has Agreement in Principle on Terms of a Financial Restructuring
"ROCHESTER, N.Y. --(Business Wire)-- Aug. 2, 2004 -- Choice One Communications (OTCBB: CWON):
-- Reaches agreement in principle with ad hoc committees of its senior and subordinated lenders on the key terms for a financial restructuring
-- Financial restructuring would substantially reduce Company's debt, strengthen its balance sheet, and increase its liquidity "
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"-- It is anticipated that the financial restructuring will be accomplished through "prepackaged" or prearranged chapter 11 proceeding and completed by year end."
Business Credit Insurance
-- Reaches agreement in principle with ad hoc committees of its senior and subordinated lenders on the key terms for a financial restructuring
-- Financial restructuring would substantially reduce Company's debt, strengthen its balance sheet, and increase its liquidity "
"-- It is anticipated that the financial restructuring will be accomplished through "prepackaged" or prearranged chapter 11 proceeding and completed by year end."
Business Credit Insurance
August 02, 2004
Daily Herald - Bailout might be needed for U.S. pension insurer
"By Susan Cornwell Reuters
Posted 8/1/2004
WASHINGTON -- Looming insolvency at pension plans run by bankrupt United Airlines and other struggling companies could overwhelm the U.S. agency that insures plans and force it to seek a taxpayer bailout, the agency's former head says.
The Pension Benefit Guaranty Corp. expressed alarm last week after United, a unit of UAL Corp., said it would stop contributing to its pension plans while under bankruptcy protection, raising the specter of default.
'The PBGC wasn't designed to withstand the level of underfunding that we are now witnessing in the system,' former PBGC executive director Steve Kandarian, who stepped down in February, said in a telephone interview."
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"The pension agency already has a deficit of $9.7 billion. A decision by United to scrap its pension plans, leaving the PBGC to pay benefits, would add another $5 billion to its red ink, the agency says, potentially its biggest hit ever."
Business Credit Insurance
Posted 8/1/2004
WASHINGTON -- Looming insolvency at pension plans run by bankrupt United Airlines and other struggling companies could overwhelm the U.S. agency that insures plans and force it to seek a taxpayer bailout, the agency's former head says.
The Pension Benefit Guaranty Corp. expressed alarm last week after United, a unit of UAL Corp., said it would stop contributing to its pension plans while under bankruptcy protection, raising the specter of default.
'The PBGC wasn't designed to withstand the level of underfunding that we are now witnessing in the system,' former PBGC executive director Steve Kandarian, who stepped down in February, said in a telephone interview."
"The pension agency already has a deficit of $9.7 billion. A decision by United to scrap its pension plans, leaving the PBGC to pay benefits, would add another $5 billion to its red ink, the agency says, potentially its biggest hit ever."
Business Credit Insurance
www.delawareonline.com : The News Journal : BUSINESS : Applied Extrusion to file Chapter 11
"Company says protection filing will not affect jobs in Delaware
By TED GRIFFITH
Staff reporter
07/31/2004
Applied Extrusion Technologies Inc. said Friday it would seek bankruptcy protection, but the move is not expected to result in job cuts.
The New Castle-based maker of films used in product labeling intends to continue operations while it reduces its debt. Chief Executive Amin Khoury said in a statement that the filing would 'restore the long-term financial stability' of Applied Extrusion. "
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"Crescenzo said creditors had indicated they would support the company's plan, a so-called prepackaged Chapter 11 bankruptcy filing. He said the company expects to make its filing in the fall and then emerge from bankruptcy protection six to eight weeks later."
Business Credit Insurance
By TED GRIFFITH
Staff reporter
07/31/2004
Applied Extrusion Technologies Inc. said Friday it would seek bankruptcy protection, but the move is not expected to result in job cuts.
The New Castle-based maker of films used in product labeling intends to continue operations while it reduces its debt. Chief Executive Amin Khoury said in a statement that the filing would 'restore the long-term financial stability' of Applied Extrusion. "
"Crescenzo said creditors had indicated they would support the company's plan, a so-called prepackaged Chapter 11 bankruptcy filing. He said the company expects to make its filing in the fall and then emerge from bankruptcy protection six to eight weeks later."
Business Credit Insurance
Green Bay Press-Gazette - Plan dissolves bankrupt Hougard
"Posted July 31, 2004
Construction company's debts top $3.5 million
By Andy Nelesen and Karen Rauen
anelesen@greenbaypressgazette.com krauen@greenbaypressgazette.com
A federal bankruptcy court this week approved the liquidation plan that will dissolve the construction company that was the contractor for the original Lambeau Field and dozens of other buildings in Northeastern Wisconsin.
Geo. M. Hougard & Sons Inc. filed Chapter 11 bankruptcy in July 2003, blaming poor economic conditions in the wake of the Sept. 11, 2001, terrorist attacks. The 106-year-old construction company, involved through the years in construction of the Neville Public Museum, the Brown County Central Library, the KI Convention Center and Green Bay Preble and Southwest high schools among others, closed its doors in May 2003 and laid off 80 employees, but it re-opened in July to finish some projects."
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"According to the bankruptcy documents, the firm owes $288,186 in secured and administrative debt and $3.4 million in unsecured debt.
Secured creditors get first dibs on the proceeds of the company’s liquidation. Unsecured creditors divvy up what’s left."
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"According to documents filed in federal court, the company has assets of approximately $1.5 million, including $640,000 in cash from the sale of assets in June 2004. The company’s accounts receivable — part of its total assets — are estimated at $1.36 million, but because of claims that project owners are expected to file against the company for uncompleted work, Hougard estimates the collectible amount at $600,000."
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Let's see - hmmm? $1.5 million in assets of which $1.3 million is accounts receivable (which only $600,000 is estimated to be collectable)brings assets to somewhere around $800,000?
But wait, it states they have $600,000 in cash and $600,000 in collectable accounts receivable - that way brings total to $1.2 million. I wonder what it really is. OK, let's say they have between $800,000 and $1.2 milion in assets.
The first $288,186 goes to secured and administrative debt?
And, there is "$3.4 million in unsecured debt"?
And, "Unsecured creditors divvy up what’s left."
IF they collect $600,000 of the $1.3 million in accounts receivable and IF there are no more "administrative" costs to "divvy" it up, unsecured creditors will get between 15 and 27 cents on the dollar? Is that correct?
Business Credit Insurance
Construction company's debts top $3.5 million
By Andy Nelesen and Karen Rauen
anelesen@greenbaypressgazette.com krauen@greenbaypressgazette.com
A federal bankruptcy court this week approved the liquidation plan that will dissolve the construction company that was the contractor for the original Lambeau Field and dozens of other buildings in Northeastern Wisconsin.
Geo. M. Hougard & Sons Inc. filed Chapter 11 bankruptcy in July 2003, blaming poor economic conditions in the wake of the Sept. 11, 2001, terrorist attacks. The 106-year-old construction company, involved through the years in construction of the Neville Public Museum, the Brown County Central Library, the KI Convention Center and Green Bay Preble and Southwest high schools among others, closed its doors in May 2003 and laid off 80 employees, but it re-opened in July to finish some projects."
"According to the bankruptcy documents, the firm owes $288,186 in secured and administrative debt and $3.4 million in unsecured debt.
Secured creditors get first dibs on the proceeds of the company’s liquidation. Unsecured creditors divvy up what’s left."
"According to documents filed in federal court, the company has assets of approximately $1.5 million, including $640,000 in cash from the sale of assets in June 2004. The company’s accounts receivable — part of its total assets — are estimated at $1.36 million, but because of claims that project owners are expected to file against the company for uncompleted work, Hougard estimates the collectible amount at $600,000."
Let's see - hmmm? $1.5 million in assets of which $1.3 million is accounts receivable (which only $600,000 is estimated to be collectable)brings assets to somewhere around $800,000?
But wait, it states they have $600,000 in cash and $600,000 in collectable accounts receivable - that way brings total to $1.2 million. I wonder what it really is. OK, let's say they have between $800,000 and $1.2 milion in assets.
The first $288,186 goes to secured and administrative debt?
And, there is "$3.4 million in unsecured debt"?
And, "Unsecured creditors divvy up what’s left."
IF they collect $600,000 of the $1.3 million in accounts receivable and IF there are no more "administrative" costs to "divvy" it up, unsecured creditors will get between 15 and 27 cents on the dollar? Is that correct?
Business Credit Insurance
MSNBC - Delta warns bankruptcy filing remains possible
"By Lucy May
Cincinnati Business Courier
Updated: 8:00 p.m. ET Aug. 1, 2004
Delta Air Lines CEO Gerald Grinstein uses the terms "urgent need" and "burgeoning debt" when describing his carrier's dire financial condition."
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"If an airline is losing money, it's not clear that shrinking operations is the right thing to do," Brueckner said. "The solution for Delta's problems is not hacking away at its network. It's reducing labor costs."
Business Credit Insurance
Cincinnati Business Courier
Updated: 8:00 p.m. ET Aug. 1, 2004
Delta Air Lines CEO Gerald Grinstein uses the terms "urgent need" and "burgeoning debt" when describing his carrier's dire financial condition."
"If an airline is losing money, it's not clear that shrinking operations is the right thing to do," Brueckner said. "The solution for Delta's problems is not hacking away at its network. It's reducing labor costs."
Business Credit Insurance
Forbes.com: Delta Asks Pilots for $1 Billion in Cuts
"07.31.2004, 09:31 PM
Delta Air Lines Inc. chief executive Gerald Grinstein told pilots Friday the survival of the company depends on a minimum of $1 billion in concessions from them, insisting their proposal for up to $705 million in cuts is inadequate."
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"Delta's management has said in the past that without deep wage concessions it would need to file for bankruptcy court protection. Analysts say the airline, which had $2 billion in unrestricted cash at the end of the second quarter, has until the fall to get the cuts it needs, or enter Chapter 11."
Business Credit Insurance
Delta Air Lines Inc. chief executive Gerald Grinstein told pilots Friday the survival of the company depends on a minimum of $1 billion in concessions from them, insisting their proposal for up to $705 million in cuts is inadequate."
"Delta's management has said in the past that without deep wage concessions it would need to file for bankruptcy court protection. Analysts say the airline, which had $2 billion in unrestricted cash at the end of the second quarter, has until the fall to get the cuts it needs, or enter Chapter 11."
Business Credit Insurance
MercuryNews.com | 08/01/2004 | Government takes over pension plan
"2,900 AFFECTED AT KAISER ALUMINUM
SPOKANE, Wash. (AP) - The government assumed control of a Kaiser Aluminum pension plan covering about 2,900 former employees of the nation's third-largest aluminum producer.
The federal Pension Benefit Guaranty Corp. said most of the people covered by the plan are retired steelworkers who were employed at now-shuttered Kaiser plants."
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"Kaiser filed for bankruptcy protection under Chapter 11 of the federal code in early 2002."
Business Credit Insurance
SPOKANE, Wash. (AP) - The government assumed control of a Kaiser Aluminum pension plan covering about 2,900 former employees of the nation's third-largest aluminum producer.
The federal Pension Benefit Guaranty Corp. said most of the people covered by the plan are retired steelworkers who were employed at now-shuttered Kaiser plants."
"Kaiser filed for bankruptcy protection under Chapter 11 of the federal code in early 2002."
Business Credit Insurance
ContraCostaTimes.com | 08/01/2004 | Bankruptcies:
"Posted on Sun, Aug. 01, 2004
Bankruptcies:
The following businesses filed for legal protection from creditors in the federal bankruptcy court in Oakland.
Companies most commonly file for protection under three chapters of the bankruptcy code: Chapter 7, which involves liquidation of assets and appointment of a trustee to handle paying creditors' claims; Chapter 11, in which the debtor must submit a reorganization plan to meet the court's and creditors' approval but permits debtors to retain ownership; and Chapter 13, which involves proprietorship and allows the debtor to submit a payment plan.
Pjhulam K. Lama, dba: Shangri La Rugs & Crafts, 2708 Virginia St., Berkeley. Liabilities: $30,525. Assets: $22,552. Chapter 7. Filed June 30. Case #04-43594-lt7. Attorney: Ted Wolny.
Paul A. Scatena, dba: Advance Auto detail, 3597 Nevada St. #E, Pleasanton. Liabilities: $120,708. Assets: $8,600. Chapter 13. Filed June 30. Case #04-43602-rn13. Attorney: Steven Jacobs.
James B. West, dba: Builders Aid Construction, 5112 Concord Blvd., Concord. Liabilities: $580,563. Assets: $739,600. Chapter 13. Filed July 12. Case #04-43799-rn13. Attorney: Daniel Vaughan.
Hyper Corporation, 3000-F Danville Blvd. #387, Alamo. Liabilities: $224,784. Assets: $21,070. Chapter 11. Filed July 14. Case #04-43873-lt11. Attorney: Terrence Andrews.
Carol A. Storely, dba: Pleasant Hill-Martinez Examiner, 243 Boulder Drive, Antioch. Liabilities: not listed (over $100,000). Assets: not listed (under $50,000). Chapter 13. Filed July 14. Case #04-43871-lt13. Attorney: Peter Pappas."
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Business Credit Insurance
Bankruptcies:
The following businesses filed for legal protection from creditors in the federal bankruptcy court in Oakland.
Companies most commonly file for protection under three chapters of the bankruptcy code: Chapter 7, which involves liquidation of assets and appointment of a trustee to handle paying creditors' claims; Chapter 11, in which the debtor must submit a reorganization plan to meet the court's and creditors' approval but permits debtors to retain ownership; and Chapter 13, which involves proprietorship and allows the debtor to submit a payment plan.
Pjhulam K. Lama, dba: Shangri La Rugs & Crafts, 2708 Virginia St., Berkeley. Liabilities: $30,525. Assets: $22,552. Chapter 7. Filed June 30. Case #04-43594-lt7. Attorney: Ted Wolny.
Paul A. Scatena, dba: Advance Auto detail, 3597 Nevada St. #E, Pleasanton. Liabilities: $120,708. Assets: $8,600. Chapter 13. Filed June 30. Case #04-43602-rn13. Attorney: Steven Jacobs.
James B. West, dba: Builders Aid Construction, 5112 Concord Blvd., Concord. Liabilities: $580,563. Assets: $739,600. Chapter 13. Filed July 12. Case #04-43799-rn13. Attorney: Daniel Vaughan.
Hyper Corporation, 3000-F Danville Blvd. #387, Alamo. Liabilities: $224,784. Assets: $21,070. Chapter 11. Filed July 14. Case #04-43873-lt11. Attorney: Terrence Andrews.
Carol A. Storely, dba: Pleasant Hill-Martinez Examiner, 243 Boulder Drive, Antioch. Liabilities: not listed (over $100,000). Assets: not listed (under $50,000). Chapter 13. Filed July 14. Case #04-43871-lt13. Attorney: Peter Pappas."
Business Credit Insurance
August 01, 2004
TheCarolinaChannel.com - Buyer Beware - Lifetime Warranty Isn't As Lifetime As Advertised
"Kmart Stops Honoring Anderson Man's Warranty
POSTED: 2:02 pm EDT July 30, 2004
UPDATED: 6:25 pm EDT July 30, 2004
ANDERSON -- When Tony Edmonds of Anderson bought his 1960 Plymouth Fury, he knew he would keep it forever.
'This is my baby. I just love the attention it gets from people when they see it. People come up to me and tell me my grandfather had a car like this, or my father had a car like this,' he said.
Edmonds bought the car in 1974, and the first thing he did was buy a Kmart battery with a lifetime warranty."
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"But on July 17, 2004, Edmonds tried to get a new battery at the Kmart on Clemson Boulevard in Anderson. Edmonds claims he was told by store manager Brian Fischer that because Kmart filed Chapter 11 bankruptcy a few years ago, they no longer had to honor the lifetime warranty.
"And I said, 'Is that right?' He said, 'Yes, you know we went through bankruptcy court, and I guess it's more a legal matter. We owe creditors millions of dollars that we'll never have to pay back'," Edmonds said."
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Well, Mr. Edmonds stated that well.
Business Credit Insurance
POSTED: 2:02 pm EDT July 30, 2004
UPDATED: 6:25 pm EDT July 30, 2004
ANDERSON -- When Tony Edmonds of Anderson bought his 1960 Plymouth Fury, he knew he would keep it forever.
'This is my baby. I just love the attention it gets from people when they see it. People come up to me and tell me my grandfather had a car like this, or my father had a car like this,' he said.
Edmonds bought the car in 1974, and the first thing he did was buy a Kmart battery with a lifetime warranty."
"But on July 17, 2004, Edmonds tried to get a new battery at the Kmart on Clemson Boulevard in Anderson. Edmonds claims he was told by store manager Brian Fischer that because Kmart filed Chapter 11 bankruptcy a few years ago, they no longer had to honor the lifetime warranty.
"And I said, 'Is that right?' He said, 'Yes, you know we went through bankruptcy court, and I guess it's more a legal matter. We owe creditors millions of dollars that we'll never have to pay back'," Edmonds said."
Well, Mr. Edmonds stated that well.
Business Credit Insurance
iWon Money & Investing
"Friday July 30, 11:18 AM EDT
NEW CASTLE, Del. (Dow Jones)--Announcing its plans for a Chapter 11 reorganization, Applied Extrusion Technologies Inc. (AETC) said it reached an agreement in principle with six bondholders holding over 70% of the company's 10 3/4% senior notes to recapitalize the senior notes."
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Here is something you don't often see:
Under the prepackaged Chapter 11 plan, Applied Extrusion will pay its trade creditors in full on a current basis.
Business Credit Insurance
NEW CASTLE, Del. (Dow Jones)--Announcing its plans for a Chapter 11 reorganization, Applied Extrusion Technologies Inc. (AETC) said it reached an agreement in principle with six bondholders holding over 70% of the company's 10 3/4% senior notes to recapitalize the senior notes."
Here is something you don't often see:
Under the prepackaged Chapter 11 plan, Applied Extrusion will pay its trade creditors in full on a current basis.
Business Credit Insurance
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