Muzak Holding LLC a music and entertainment company which provides background music in stores, hotels and elevators just received approval of its Chapter 11 bankruptcy reorganization plan and hopes to exit Chapter 11 bankruptcy in late January. The company, which filed for bankruptcy protection in February to restructure maturing debt, was able to slash its [...]
Chapter 11 bankruptcy has been talked about often throughout 2009. Companies such as GM, Chrysler and CIT Group which all seemed on the brink of complete failure filed Chapter 11 bankruptcy and came back from the abyss. But how does Chapter 11 bankruptcy work its magic? Chapter 11 bankruptcy allows the company filing bankruptcy to [...]
Bankruptcy and Rental Property Holding rental property when filing bankruptcy can impact your "means test" and your post-bankruptcy fresh start depending on the circumstances surrounding that property. Let's take a look at a few scenarios: If you have a rental property with a paying tenant, the rent received will be counted towards your income. This [...]
Mesa Air Group Inc., a regional airline carrier filed for Chapter 11 bankruptcy in hopes that it can shed excess planes after experiencing a significant loss of customers. Mesa and other carriers have been particularly hit hard by the recession as air travel has falling significant during 2009. Contract carriers like Mesa have traditionally been [...]
The holding company of MediaNews Group Inc., which owns 54 daily newspapers, along with television and radio broadcasters, plans to file Chapter 11 bankruptcy after getting hit hard by the lagging advertising revenue that sent their balance sheet into a tailspin. MediaNews said its holding company will file a "prepackaged" bankruptcy...Under MediaNews's plan, senior lenders [...]
In 2009 we saw many corporate bankruptcies move swiftly, with the company filing bankruptcy and emerging form the bankruptcy process in only a few months. But what exactly are the bankruptcy tools being used by companies such as CIT Group, Gm and others? Let's take a look at two frequently used strategies in Chapter 11 [...]
In their effort to consolidate jobs and streamline processes, Pilgrim's Pride which was purchased by JBS USA during Chapter 11 bankruptcy, implemented 230 corporate and administrative job losses, including 160 job losses in East Texas. "We operate a lean corporate structure," said spokesman Chandler Keys. "One of the main goals is to make sure we [...]
Brown's Chicken & Pasta Inc. a chain of chicken restaurants that made national headlines in 1993 when seven employees at one of its stores were murdered has filed for Chapter 11 bankruptcy protection. The bankruptcy filing came two months after a judge ordered the restaurant chain to pay more than $800,000 to a former vice [...]
Pilgrim's Pride, which emerged from bankruptcy this week has scolded American banks who received bailouts, saying that not one bank offered the poultry company credit after its bankruptcy. A fact, says Pilgrim's Pride, that forced it into the arms of foreign lenders. A bankruptcy judge approved a deal in which JBS of Brazil invested $800 [...]
Eye-care services company is seeking bankruptcy protection. Tiger Woods has been all over the headlines recently for his controversial life off the course, and he is making headlines again this week. Even though he's in the headlines again, this news probably won't make the tabloids. One of his sponsors, TLC Vision Corp., is filing for [...]