The Texas Rangers filed for bankruptcy earlier this week. According to court reports, the Major League Baseball club filed for bankruptcy in order to facilitate a sale of the team.
The prepackaged bankruptcy plan is meant to repay most creditors of the team’s current owner. The plan, however, must be voted on and approved by the creditors.
If you have questions about your commercial bankruptcy filing, contact the Boston bankruptcy attorneys of Joshua Spirn & Associates at 800-975-5346.
Six Flags announced on Wednesday that CEO Mark Shapiro would be leaving the company after four years with the theme park operator.
Shapiro was picked for the job by Washington Redskin’s owner Daniel Snyder after he obtained control of the company in 2005. Snyder also took over the $2.4 billion of debt that came with the theme parks. Intending to centralize his entertainment ventures around Six Flags, Snyder was unable to achieve his ambitions, and Six Flags filed for bankruptcy.
News of Shapiro’s departure comes after less than two weeks of Chapter 11 reorganization. In the reorganization process, Shapiro exited from a position as a director on the company’s board, and Snyder declined reappointment to the board. With this, Snyder lost his equity investment with the company, which, at one time, was about 5 percent of the company.
Alexander Weber Jr. took over as interim CEO on Wednesday, although the company announced that they will be looking for a permanent candidate to hold the position. Six Flags operates at least 20 parks in North America, and was joined to Dick Clark Productions through Snyder’s holdings.
If your business is facing severe financial problems, your best option may be to file bankruptcy. Contact the Boston Chapter 11 bankruptcy lawyers at Joshua Spirn & Associates by calling 800-975-5346, and discuss your legal options today.
NorthernStar Natrual Gas has filed for liquidation bankruptcy.
According to documents obtained in Houston Circuit Court, the company has filed for Chapter 7 bankruptcy. NorthernStar recently made headlines when it halted plans to build a controversial $650 million liquefied natural gas terminal on the Columbus River.
“It’s truly dead at this point,” said Dan Serres, an activist with the environmental group Columbia Riverkeeper, which opposed the construction of the facility. Serres called the bankruptcy filing an end to a “five year fiasco… a shot across the bow of the LNG industry.” But while activist may be rejoicing, others are not.
Clatskanie Mayor Diane Pohl said the company’s collapse was “a shame” and “a huge loss.” Pohl said the facility would have brought family wage jobs to the area, and boosted the town’s economy.
NorthernStar listed more than $21 million in liabilities, with more than $4 million owed to creditors. Court documents show the company’s assets are worth only $267,589.
If you or someone you know is considering bankruptcy, please contact a Boston Chapter 7 bankruptcy lawyer of Joshua Spirn & Associates by calling 800-975-5346.
