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Bankruptcy is possible for U.S. Postal Service

Posted on September 6th, 2011 No Comments

The United States Postal Service may have to file for bankruptcy if it goes into default this month.

According to the agency, it is believed that the Post Office’s deficit will be valued at over $9 billion this year, and it must make a $5.5 billion payment in September to avoid going bankrupt. In order to save more money, USPS is considering closing thousands of post office locations and laying off 120,000 employees. The company may even call for an end to Saturday mail delivery.

The USPS has seen much less revenue in recent years due to a rise in Internet use, causing a decrease in the amount of physical mail being sent. Unless congress decides to help, the Post Office could be shut down as early as this winter.

A hearing is being held today by the Senate’s governmental affairs committee to discuss the issue.

If your business is facing possible bankruptcy, contact the Boston business bankruptcy lawyers of Joshua Spirn & Associates by calling 1-800-975-5346 to discuss your case today.

Toni Braxton’s debts discharged under Chapter 7 bankruptcy

Posted on September 1st, 2011 No Comments

An order from the U.S. Bankruptcy Court in Los Angeles discharges most of Grammy award-winning singer Toni Braxton’s debts. The order was issued last Friday.

According to court documents, most of the singer’s debts that existed at the time of her Chapter 7 bankruptcy filing were discharged. However, reports do not indicate the specific debts.

Braxton filed for bankruptcy last September. Her filing listed $18.3 million in debts and $1.6 million in assets.

Debts that are not eligible for discharge under Chapter 7 bankruptcy include criminal fines, some taxes, student loans, domestic-support payments, and debts from previous bankruptcies.

If you or someone you know has questions about what kinds of debt are eligible to be discharged under Chapter 7 bankruptcy, contact the Boston Chapter 7 bankruptcy attorneys of Joshua Spirn & Associates at 800-975-5346 to learn more today.

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Vallejo, CA Emerges from Bankruptcy

Posted on August 9th, 2011 No Comments

A federal judge has confirmed the city of Vallejo, Ca., exit from Chapter 9 bankruptcy.

According to court documents, U.S. Bankruptcy Judge Michael McManus posted a judgment Friday, leaving open a brief window of time for those with certain unfulfilled contract obligations to object to not being considered affected by the city’s exit strategy.

“The short answer is that the city is out [of bankruptcy],” McManus said, adding that “there are loose ends to tie.”

McManus’ ruling came as little surprise to those involved in the city’s bankruptcy proceedings. The judge said at a Sacramento court hearing last week that he saw no impediment to Vallejo’s departure from Chapter 9 bankruptcy protection.

Vallejo City Councilwoman Marti Brown said she will proceed with cautious optimism.

“It is really exciting news,” Brown said. “At the same time, I think it is a fragile new beginning for the city. We need to be proactive and enthusiastic about exiting from bankruptcy and continuing on the right course that we started down.”

Councilman Michael Wilson said the judge’s approval is just one part of rebuilding Vallejo. He believes the passage of a 1-cent sales tax will stabilize the city’s revenue.

If you are facing bankruptcy, please contact the Boston Bankruptcy Attorneys of Joshua Spirn & Associates by calling 1-800-975-5346.

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Central Falls, RI Files for Bankruptcy

Posted on August 2nd, 2011 No Comments

The city of Central Falls, Rhode Island filed for Chapter 9 bankruptcy protection Monday.

According to court documents, state-appointed receiver Robert G. Flanders Jr. filed for Chapter 9 bankruptcy protection in federal court after announcing his decision in City Council chambers. Central Falls is the smallest city in the smallest state in the nation. The filing marks the first time a Rhode Island municipality has ever been declared insolvent.

“Services have been cut to the bone,” Flanders said in his announcement. “Taxes have been raised to the maximum level allowable. From the ashes of bankruptcy, Central Falls will rise again – a slimmer, sleeker city ready to stand on its own two legs as an independent municipality or to merge, marry or consolidate services with one or more of its neighbors.”

Flanders, who is a retired state Supreme Court justice, said that he’s optimistic that the state’s poorest city can right itself and emerge from bankruptcy within six months.

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Possible Record Bankruptcy for Alabama County

Posted on July 26th, 2011 No Comments

Alabama’s largest county is considering filing what would be the largest municipal bankruptcy in United States history.

Resolutions were approved Tuesday by the Jefferson County Commission to hire prominent bankruptcy lawyers and to sell bonds later in case money is needed to emerge from bankruptcy. Jefferson is Alabama’s most populous county. The county has been trying for three years to avoid filing bankruptcy over debt payments it can no longer afford.

Two of the five Jefferson County commissioners say there is an 80 percent chance the municipality will file bankruptcy. A vote on the bankruptcy filing is scheduled Thursday at a meeting in Birmingham, which is located in Jefferson County. The commission president, David Carrington, says other possibilities include extending talks with creditors or accepting a settlement offer.

If you need assistance with a bankruptcy filing, please contact a Boston commercial bankruptcy attorney of Joshua Spirn & Associates by calling 1-800-975-5346.

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Borders to Close Remaining 399 Stores

Posted on July 20th, 2011 No Comments

Borders, the country’s second-largest bookstore chain, announced it was going into liquidation Monday.

According to court documents, Borders will be closing it’s remaining 399 stores. The decision came Sunday night when a bidding deadline closed with no offers beside one bid from a group of liquidators led by Hilco Merchant Resources and Gordon Brothers Retail Partners. Earlier that day, Najafi Companies, a Phoenix investment firm, declared it was pulling out of the deal, having failed to gain support from Borders’ creditors.

Rumors of a last-minute deal with a smaller bookstore chain, Books-A-Million, for a few dozen Borders stores also appeared too good to be true Monday afternoon.

According to the bankruptcy filing, “liquidation is expected to commence for some stores and facilities as soon as Friday . . . with a phased rollout of the program which is expected to conclude by the end of September.”

Borders Group President Mike Edwards said he was “working hard toward a different outcome,” but “the headwinds we have been facing for quite some time, including the rapidly changing book industry, eReader revolution, and turbulent economy, have brought us to where we are now.”

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Elephant & Castle Files Chapter 11

Posted on July 12th, 2011 No Comments

The Boston-based restaurant chain Elephant & Castle has filed for Chapter 11 bankruptcy protection.

According to court documents, the chain of 21 British-style pubs has been seeking a possible sale since April to keep the franchise alive. Davide Dobbin, the company’s chairman, said in a U.S. Bankruptcy Court filing: “Those efforts have resulted in the identification of interested parties. Due diligence is ongoing with several potential purchasers and expressions of interested parties.”

Elephant & Castle was founded in 1977 and employs 866 people in 19 company-owned and two franchised locations in major cities in the U.S. and Canada, including a pub in Boston’s Financial District. In the bankruptcy filing, the company said it owes more than $16 million to its lender, GE Canada Equipment Financing.

Dobbin said the company was hurt by a downturn in sales during the recession, which resulted in cost-cutting at the corporate level and at its restaurants.

If your business is considering Chapter 11 bankruptcy protection, please contact a Boston Business Bankruptcy Attorney of Joshua Spirn & Associates by calling 1-800-975-5346.

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Quincy Medical Center Files for Bankruptcy

Posted on July 5th, 2011 No Comments

Quincy Medical Center filed for bankruptcy protection yesterday, just four days after trustees approved a deal for it to be acquired by Steward Health Care System.

According to court documents, the 196-bed hospital failed last month to make a monthly payment to bondholders on about $56 million it borrowed four years ago to finance renovations and a new power plant. Quincy trustee Richard P. Barry said the bankruptcy filing is necessary because neither Steward nor other potential buyers were willing to invest enough money to pay off the hospital’s debts.

The hospital, which lists 350 staff physicians and 1,100 employees, has been losing patients in recent years to larger teaching hospitals in nearby Boston.

The hospital’s bankruptcy filing estimated it has more than 5,000 creditors ranging from health insurers to utilities to state government. The largest unsecured creditor was Health Plans Inc. of Westborough, which is owed $1.3 million, followed by ProMutual of Boston which is owed $559,000.

If your business is facing bankruptcy, please contact a Boston Business Bankruptcy Lawyer of Joshua Spirn & Associates by calling 1-800-975-5346.

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Tribune Co. Seeks Approval of Bankruptcy Plan

Posted on June 28th, 2011 No Comments

Tribune Co. and some of its creditors are seeking a judge’s approval of a plan that would allow the company to emerge from bankruptcy protection.

According to court documents, a separate group of creditors who oppose the plan say that it would hamper attempts to sue former Tribune Co. shareholders who benefited from a buyout that left the company saddled with debt. Tribune’s committee of unsecured creditors backs the company’s plan.

An attorney for the committee argued in Delaware on Monday that the opponents would get at least $432 million under Tribune’s plan. He called their desire to win a larger award through lawsuits a “longshot.”

Tribune Co. owns the Chicago Tribune, the Los Angeles Times and other newspapers, as well as several television stations. The company filed for bankruptcy protection in December 2008.

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Hawaii Medical Center Files Chapter 11

Posted on June 22nd, 2011 No Comments

The world famous Hawaii Medical Center filed for Chapter 11 bankruptcy Tuesday.

According to U.S. Bankruptcy Court – District of Hawaii documents, the Honolulu-based hospital system submitted a reorganization plan at the same time as its bankruptcy filing. Chairman of the Hawaii Medical Center board of directors, Collin Dang, said in the statement that a hospital system still does not have enough capital for continued operations.

The Chapter 11 bankruptcy filing was to “ensure the sustainability” of the system’s two hospitals, according to Dang.

The reorganization plan includes an agreement between Hawaii Medical Center, St. Francis Healthcare System, and MidCap Financial LLC. As part of the agreement, Hawaii Medical Center will transfer ownership of the hospitals to the St. Francis Healthcare System in exchange for eliminating its $50 million debt.

If your business is considering bankruptcy, please contact the Boston Consumer Bankruptcy Lawyers of Joshua Spirn & Associates by calling 1-800-975-5346.

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