Posted on February 4th, 2010
Movie Gallery has filed for Chapter 11 bankruptcy protection for the second time in three years.The video rental chain is the second-largest in North America. The company now plans on closing at least 760 Movie Gallery, Hollywood Video and GameCrazy stores across the United States alone, representing almost one-third of it’s 2,415 locations worldwide.
The company employs over 19,000 people and has not released a statement on what will happen to those employees. Movie Gallery plans to realign their cost structure under the supervision of the court and intends to emerge from the reorganization process with a new and sustainable business model centered on a smaller base of profitable stores.
If you are a business owner and are struggling to make regular payments on your debts, you may wish to consider filing for bankruptcy to restructure your business. For more information on bankruptcy, please contact the Boston bankruptcy attorneys of Joshua Spirn & Associates by calling 800-975-5346.
Posted on January 28th, 2010
A $45 million dollar incentive program for executives of the now bankrupt Tribune Corporation was approved by a bankruptcy judge on Wednesday, despite the objections of the bankruptcy trustee and a union affiliated with the company.
The incentive program covers 710 managers and 10 of the company’s top executives. The company filed for bankruptcy protection in December of 2008, claiming $7.6 billion in assets and $13 billion dollars in liabilities.
If you are a business owner and are struggling to make regular payments on your debts, you may wish to consider filing for bankruptcy to restructure your business. For more information on commercial bankruptcy, contact the Boston bankruptcy attorneys of Joshua Spirn & Associates at 800-975-5346 today.
Posted on January 20th, 2010
On Monday, the Boston-based Uno Restaurant Holdings Corporation, owners of the Uno Chicago Grill restaurants, filed for bankruptcy after claiming losses of $22 million dollars in the 2009 fiscal year. The company claimed assets of $144.6 million versus liabilities of $171.8 million dollars.
The company released a statement saying that seventeen of it’s restaurants had been shut down prior to the bankruptcy filing, and more restaurants may be closed if favorable lease terms cannot be negotiated.
If you are a business owner and are considering filing for bankruptcy, contact the Boston bankruptcy lawyers of Joshua Spirn & Associates at 800-975-5346 today.
Posted on January 14th, 2010
The Ski Market LTD, a winter sports retailer, has filed for Chapter 11 bankruptcy.
The company, which is based in Wellesly, Mass., said that they have been losing money for a long time now. The last two years has been especially rough. Only seven of the companies 16 stores remain open for business. They plan on keeping their current employees. The company has been around since the 1950s.
If you need assistance with your commercial bankruptcy filings, the Boston bankruptcy attorney of Joshua Spirn & Associates can help you with your bankruptcy case. Please contact us at 800-975-5346 today.
Posted on December 28th, 2009
The Burlington, Massachusetts based medical equipment maker HyperMed, Inc. has filed for Chapter 11 bankruptcy protection in the District Court of Massachusetts. The company, which owns more than 40 patents for equipment used in medical procedures listed $1.1 million dollars in assets, and debts of nearly $2.4 million.
The Boston bankruptcy attorneys of Joshua Spirn & Associates are here to help you with your commercial bankruptcy case. If you need assistance with a commercial bankruptcy filing, contact us at 800-975-5346 today.
Posted on December 22nd, 2009
The Chicago-based Boston Blackies Management Co. has filed for Chapter 11 bankruptcy protection for it’s eight location hamburger-bar chain. In the filing, the company claims it owes more than $6 million in liabilities versus $17, 000 in assets.
Management claims that the bankruptcy filing will not affect the operations of the company and the locations will remain open.
If you are a business owner and are struggling to make timely payments on your debt, you may wish to consider filing for bankruptcy to restructure your business. For assistance with your business bankruptcy claim, contact the Boston bankruptcy attorney Joshua Spirn & Associates at 800-975-5346.
Posted on December 17th, 2009
Many families across the United States face the potential of bankruptcy because of healthcare costs. Many individuals feel that if healthcare reform were to take place, that many families could possibly avoid bankruptcy in the future.
It is a sad fact that many individuals or families go bankrupt because of the cost of medical treatment of a loved one. The bills can add up very quickly. This factor has been one of the driving forces of individuals who hope that healthcare reform can take place. These individuals believe that protections need to be taken in order to guarantee that if someone gets sick, that they will not go broke because of it.
If you are considering filing for bankruptcy, please contact the Boston bankruptcy lawyers of Joshua Spirn & Associates by calling 800-975-5346.
Posted on December 7th, 2009
Commercial and residential installation products manufacturer Nortek has filed for Chapter 11 bankruptcy protection.
The company filed a pre-packaged restructurization plan in U.S. Bankruptcy Court for the District of Delaware. The plan will eliminate almost $1.3 billion of the companies $2.05 billion debt. Nortek has also secured a commitment for a $250 million asset-backed credit facility that will be available for general business operations when the company exits Chapter 11.
Nortek released a statement saying it “expects to emerge from bankruptcy as a reorganized company as expeditiously as possible.”
If you are considering filing for bankruptcy, please contact the Boston bankruptcy lawyers of Joshua Spirn & Associates by calling 800-975-5346.
Posted on December 7th, 2009
Generation Brands, a major manufacturer of lighting-fixtures and ceiling-fans, has filed for Chapter 11 bankruptcy protection.
According to a statement released by the company the pre-packaged reorganization plan should be completed by the end of January, allowing the company to exit Chapter 11. The companies lenders and noteholders reportedly voted strongly in favor of the plan. President and Chief Executive Officer T. Tracy Bilbrough said of the filing “We are obviously very pleased that after reviewing our business and our business plan, our lenders and noteholders approved our restructuring plan. This vote of confidence means a great deal to both the management and employees of our company and we believe it should be viewed by all of our constituents as the positive resolution that it is for our company.”
The company will eliminate more than $150 million in debt as a result of the restructuring plan.
If you are considering filing for bankruptcy, please contact the Boston bankruptcy lawyers of Joshua Spirn & Associates by calling 800-975-5346.
Posted on November 30th, 2009
Atlanta-based renewable energy company, Global Energy Holdings Group, has filed for Chapter 11 bankruptcy protection.
In a filing in U.S. Bankruptcy Court in Delaware, Global estimated assets at close to $28 million, and liabilities or almost $3.7 million.
Global Energy, which was formerly known as Xethanol Corp., stated in a recent securities filing that it needed a substantial amount of additional capital, but the credit crisis has made it difficult to sell assets or obtain financing.
Global had no operating revenue this year. The company said its sole source of revenue last year was an Iowa ethanol plant that ended production because of high corn and natural gas prices. Global sold the Iowa plant last week and is seeking another buyer or partner for a landfill gas project in Georgia.
If you are considering filing for bankruptcy, please contact the Boston Bankruptcy Attorneys of Joshua Spirn & Associates, by calling 800-975-5346.
