Brown Media Holdings, a 90-year-old family-owned company with 18 daily and 27 weekly newspapers in 10 states, filed for Chapter 11 bankruptcy with over $95 million in debt. The company, which is hoping to sell their business during bankruptcy, is seeking $2.5 million in financing to fund the operations of their publications while they find [...]
Six Flags Inc. has emerged from Chapter 11 bankruptcy after a yearlong bankruptcy process that faced numerous obstacles. The company's Chapter 11 bankruptcy has allowed it to reduce its debt load by $1.7 billion and it has acquired $725 million in equity committed by new shareholders. In the initial phases of Chapter 11 bankruptcy Six [...]
The Texas Rangers, the Major League Baseball team controlled by billionaire Thomas Hicks, filed for Chapter 11 bankruptcy in an effort to expedite the sale of the baseball team to a group of investors which include the team's president Nolan Ryan and his partner Chuck Greenberg. The Texas Rangers baseball team is the second Major [...]
With the unemployment rate still above 9 percent, many debtors have found themselves unemployed for one or two years. Unfortunately for the unemployed debtor, daily expenses remain and can eventually exhaust the debtor's savings, retirement accounts and even cause them to max out their credit cards. Facing long-term unemployment, depleted savings and mounting credit card [...]
It can happen to the best of us-we lose a job, fall on hard times and our bills go unpaid. But many of us opt to simply ignore our debts instead of coming up with a plan to either repay them or make them go away legally. Many of us mistakenly believe that debts will [...]
U.S. Concrete, a concrete supplier for the construction industry, filed Chapter 11 bankruptcy with assets of $389.2 million and debt of $399.4 million as of Dec. 31, 2009. They hope that the pre-bankruptcy plan's approval will allow them to reduce their debt by approximately $272 million. The company said it has reached an agreement with [...]
Unless you're independently wealthy, acting as the family bank and personal lender could do serious damage to your financial health, even leading you to bankruptcy. Reasons why becoming the personal lender could lead to bankruptcy: Personal loans are often not repaid and if they are particularly large or numerous the lack of repayment could lead [...]
Six Flags Inc. has finally resolved a many weeks long dispute between two groups of creditors and expects to exit Chapter 11 bankruptcy as early as the first week of May. Bankruptcy Judge Christopher Sontchi has indicated that he will accept the settlement offer and approve the company's bankruptcy reorganization plan rather quickly. Under the [...]
The "Private Student Loan Bankruptcy Fairness Act of 2010" was introduced in the House on April 15th and if passed into law, it could make it easier for debtors who have private student loan debt to discharge that debt in bankruptcy. Currently, it is nearly impossible for debtors to discharge their student loans in bankruptcy; [...]
Sallie Mae announced that a new law cutting out private lenders in the federal student business and stricter underwriting rules for private student loans will cost the company 2500 jobs. The law strips the middleman role in student lending away from banks. It's expected to save at least $60 billion in fees that went to [...]