Penton Business Media Holdings Inc. filed for Chapter 11 bankruptcy protection in hopes that the company can reduce the large amount of debt it incurred when the company bought trade-magazine publisher Penton Media Inc. three years ago. Penton Business Media came to its bankruptcy decision after it became apparent it may not be able to [...]
Chapter 11 bankruptcy has become almost a like a "miracle cure" for companies around the country. At the onset of the recession and foreclosure crisis, many companies desperately sought the protection of Chapter 11 bankruptcy, went through the bankruptcy process and emerged more stable and more profitable. But how is it that bankruptcy can help [...]
A major supplier of castings for manhole covers and frames, Neenah Enterprises, Inc., has filed Chapter 11 bankruptcy due to a dramatic plunge in sales revenue. Neenah's Chapter 11 bankruptcy filing lists assets of $286.6 million and debt of $449.1 million. Neenah, based in the Wisconsin town of the same name, reported a $150 million [...]
Minh-Vu Hoang who filed for Chapter 11 bankruptcy and submitted false information, has pleaded guilty of attempting to defraud the IRS and the bankruptcy system when hiding profits earned from the purchase and sale of foreclosures. On May 10, 2005, Minh-Vu Hoang filed for a voluntary petition under Chapter 11 of the Bankruptcy Code in [...]
More details have emerged about Anna Nicole Smith's Chapter 11 bankruptcy in 1996 after the death of her billionaire husband. According to bankruptcy documents, the celebrity was in deep financial trouble but couldn't understand why she was in bankruptcy. She was said to be confused and unfocused during the bankruptcy proceedings and even could not [...]
The developers of the 6,000-acre Dallas Logistics Hub have filed for Chapter 11 bankruptcy protection to reorganize their debts and improve their dismal balance sheet. Master Land Holding LLC and its parent company Allen Capital Partners LLC said the bankruptcy filing would allow them to "extend debt maturities, improve their capital structure and further strengthen [...]
Reader's Digest is ready to exit Chapter 11 bankruptcy after its bankruptcy restructuring plan was approved by the bankruptcy court. Under the bankruptcy plan, senior lenders owed $1.6 billion will receive all the equity in the reorganized company plus a new $300 million loan. Another $105 million loan will remain in place. Bondholders owed more [...]
After losing a $15.9 million judgment for ad-price fixing, Village Voice Media LLC, may be forced into an involuntary bankruptcy. The company's rival Bay Guardian Co., won a lawsuit against Village voice which gave Bay Guardian a lien on all the Village Voice Media's newspaper properties. Village Voice has refused to pay the judgment claiming [...]
Auto dealership mogul Denny Hecker has been sued by bankruptcy trustee Randy Seaver who accuses Hecker of lying, fraud and scheming to conceal cars, cash, property and other assets from the bankruptcy court. If Seaver has his way, Hecker won't be allowed to use the protection of bankruptcy court to shield assets and escape the [...]
After months of intense negotiations, Morris Publishing Group, owner of 13 daily newspapers in eight states including Texas has announced plans to file for Chapter 11 bankruptcy. The company plans to file a "prepackaged" bankruptcy plan that has already been approved by the majority of its creditors. If accepted by the bankruptcy trustee, the prepackaged [...]