Ritz Camera Files Second Bankruptcy

Ritz Camera & Image, the Washington, D.C. based photography retail chain, filed for chapter 11 bankruptcy protection last month for the second time in just 3 years.  Founded in 1936, Ritz built a profitable business by selling cameras and then processing film for its consumers.  As discussed  an earlier submission to this blog, Kodak similarly filed the […]

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Patriot Coal Files for Bankruptcy As Demand for Natural Gas Rises

Patriot Coal Corp. filed for bankruptcy on Monday, and was the first U.S. coal producer to seek court protection since prices began to plummet as electricity producers turned to cheaper natural gas. The Company and nearly 100 affiliates were part of the chapter 11 filing in the U.S. bankruptcy court in Manhattan. Patriot said it had $3.57 […]

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Third Circuit Clarifies How to Value Collateral

In In re Heritage Highgate, Inc., No. 11-1889 (3d Cir. March 20, 2012), the Third Circuit Court of Appeals recently determined how bankruptcy courts should value collateral retained by a chapter 11 debtor in order to establish the amount of the creditor’s secured claim pursuant to section 506(a) of the Bankruptcy Code.  In doing so, the […]

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Dynegy Inc. Files For Chapter 11 Bankruptcy Protection

Dynegy Inc. (DYN: News ) said it filed a voluntary petition to reorganize under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York, Poughkeepsie Division. The Chapter 11 case of Dynegy’s wholly-owned subsidiary, Dynegy Holdings, LLC is pending in the same court. Among other things, the […]

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American Airlines Seeks to Cut Retiree Benefits

AMR Corporation, the parent of American Airlines, has sought court permission to reduce retiree health benefits and impose out-of-pocket costs for access to certain other health coverage.  The Airline announced that it would discontinue retiree life insurance and would end medical coverage for those over the age of 65.  The over-65 group would, instead, have […]

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California City Declares Bankruptcy

Stockton, California has filed for Chapter 9 protection, making it the largest American city ever to declare bankruptcy. The filing comes after officials were unable to reach a deal with the city’s creditors to restructure hundreds of millions of dollars of debt under a new state law designed to help municipalities avoid bankruptcy. A detailed […]

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