Former auto tycoon Denny Hecker is facing a slew of criminal charges and the possibility of losing his defense attorneys. Hecker has been charged with 10 counts of bankruptcy fraud, eight counts of wire fraud and one count of money laundering. The bankruptcy fraud charges accuse Hecker of failing to disclose numerous assets on his [...]
Blockbuster Inc., has again warned of a possible Chapter 11 bankruptcy filing if it is unable to turn its business around. In an annual report it filed recently, Blockbuster said that it was concerned that it would not be able to continue without filing bankruptcy due to declining sales and a lack of sufficient cash [...]
Movie studio Metro-Goldwyn-Mayer is still struggling to sale itself and find a non-bankruptcy method of reorganizing its $5 billion debt load. But with about 10 days to go before the next round of potential investor bids are due, MGM may need to seriously consider filing Chapter 11 bankruptcy if it is to survive. MGM put [...]
Natural Products Group has filed a prepackaged Chapter 11 bankruptcy with $286 million in assets and $804 million in liabilities. Lenders who hold 90 percent of the company's loans voted in favor of the bankruptcy and Nature Products Group is expected to emerge from bankruptcy in 60 days or less. The company plans to borrow [...]
Senior creditors in the Tribune Co's Chapter 11 bankruptcy proceeding have warned the bankruptcy court against allowing bondholders to sue over the legitimacy of $10 billion of the bankrupt company's debt. The bondholders claim that $10 billion in debt for a leveraged buyout of the Tribune in 2007 was fraudulently incurred and therefore holders of [...]
Since emerging from Chapter 11 bankruptcy in July, General Motors Co. has become somewhat of a poster child for how bankruptcy can turn around even the most seemingly doomed enterprise. In the throes of the recession, General Motors' future was questioned and its viability as a company uncertain. After filing Chapter 11 bankruptcy it was [...]
Last year the Obama administration created the American Recovery Capital lending program which is providing $255 million in emergency loans until September for "viable" small businesses facing immediate financial hardship. Businesses facing financial problems could receive deferred payment loans of up to $35,000 interest-free for five years. However the program has not worked out as [...]
Reader's Digest Association, one of the most popular magazines in the US, has emerged from Chapter 11 bankruptcy, six months after seeking bankruptcy protection. The company said on Monday it was able to slash its US$2.2 billion ($3.1 billion) debt load by 75 per cent and boost its capital levels. It has access to US$525 [...]
Regent Communications Inc., the owner of 62 radio stations in 13 markets, filed for Chapter 11 bankruptcy along with 40 of its affiliates. Regents owes creditors more than $211 million; but hopes that Chapter 11 bankruptcy will allow it to cut its debt level by $87 million. Regents and creditors are proposing a debt exchange [...]
General Growth Properties Inc., the second-largest U.S. mall owner, recently won court approval to reorganize $500 million in debt for two shopping centers, adding to its $11.6 billion in property-level debt that has been reorganized in Chapter 11 bankruptcy. U.S. Bankruptcy Judge Allan Gropper approved reorganization plans for Stonestown Galleria in San Francisco and Mall [...]