According to an article in the NYPost, feuding creditors are threatening to force movie studio Metro-Goldwyn-Myer (MGM) into bankruptcy if their demands are not met. The article said:"Both sides staked out their positions during two conference calls Wednesday afternoon that lasted a combined six hours, according to a half-dozen sources on the call. They described [...]
According to an article in the Dallas Mornings News, Simmons Co., the maker of Beautyrest mattresses plans to file for Chapter 11 bankruptcy protection in a move to place new owners in charge of the bedding unit and significantly lower the company's debt load. The article said: "The plan, which will not affect the company's [...]
According to an article in the Star-Telegram, Pilgrim's Pride Corp. submitted a Chapter 11 bankruptcy reorganization plan to the bankruptcy judge as the first step in obtaining court approval for a sale of the company to Brazilian beef producer JBS SA. The article said:"The Pittsburg, Texas-based chicken producer filed its plan and a plain-English explanation [...]
According to an article in the Bloomberg, Six Flags Inc. noteholders presented a competing bankruptcy plan to reorganize the bankrupt Six Flags theme park, accusing the Six Flags' management team of creating a plan that only looks out for their interests. The article said: "Noteholders, who are collectively owed $1.3 billion, would split the company [...]
According to an article in the Dallas Business Journal, movie and video game retailer Blockbuster Inc. as announced that it plans to close as many as 960 stores by the end of 2010, prompting some analysts to suspect a future Chapter 11 bankruptcy filing by the retailer. The article said: "Earlier in the year, Blockbuster [...]
According to an article in Reuters, many U.S. companies in the airline, automobile, television and publishing industries are about four times more likely to file for Chapter 11 bankruptcy in the next year than companies in other industries, according to a study by Audit Integrity. The article said: "Among companies with more than $1 billion [...]
According to an article in the LATimes, Downey Regional Medical Center filed for Chapter 11 bankruptcy, stating that it would use bankruptcy to get out of "money-losing" HMO contracts. They article said: "The private, not-for-profit, 199-bed hospital said that it expected to emerge from bankruptcy within a year and that all services would remain open...It [...]
The Dallas Morning News (via the Associated Press) recently ran a story on the super quick exit General Motors took from bankruptcy protection on Friday. The beleaguered car company is now full of hope and ambitions to make money and build cars people will line up to buy. Of course, whether that dream will become [...]
According to the Business Journal, Frontier Airlines won approval for their Chapter 11 bankruptcy reorganization plan. The airline filed for Chapter 11 bankruptcy in April 2008 after its primary credit card processor First Data Corp failed to release money earned from the sales of tickets to customers, which threatened Frontier's liquidity. The article said: "This [...]
According to an article in the Star-Telegram, mortgage giants Fannie Mae and Freddie Mac , would topple over into bankruptcy without the lifeline of government funding that has poured into these behemoths since September 2008.The article said: "The companies, created by the government to ensure the availability of home loans, have tapped about $96 billion [...]