Filings plummet but US firms reap big bankruptcy profits – The Global Legal Post. As reported: “US law firms continue to rack up significant fees in bankruptcy work despite a 14 per cent drop in business filings, recently published research has revealed. A report on the AmLaw Daily web site maintains that although corporate bankruptcy filings have […]
Read MoreTotal bankruptcy filings nationwide for July 2012, decreased 12 percent compared to the previous year, according to data provided by Epiq Systems, Inc. July bankruptcy filings totaled 97,073, down from the 110,173 filings registered in July 2011. Total commercial filings for July 2012 were 4,513, representing a 22 percent decrease from the 5,800 filings during the […]
Read MoreOn August 1, 2012, San Bernardino, California filed for bankruptcy protection. This California City, consisting of 210,000 residents, is the third in the State to recently file, following Stockton and Mammoth Lakes. More details regarding Stockton’s filing as well as municipal bankruptcies in general can be seen in earlier submissions to this site. See California City Declares Bankruptcy; Would Filing Bankruptcy Help Detroit; Chapter 9 – […]
Read MoreAs reported in the American Bankruptcy Institute Journal in April 2012 (Vol. XXXI, No.3), the American Bankruptcy Institute (“ABI”) has appointed a Commission, composed of experienced insolvency professionals and public officials, that will collect and analyze data, case-law and commentary on the following 13 areas: financing in chapter 11 cases; governance and supervision of chapter […]
Read MorePatriot Coal is seeking bankruptcy court permission to proceed with breach-of-contract suits the company has filed against two customers who allegedly declined to take recent coal shipments. The suits are not subject to the automatic stay initiated by the bankruptcy proceedings, Patriot argues, but objections to the motion can be filed until Aug. 2. A hearing […]
Read MoreBuffets, Inc., a steak-buffet restaurant company, announced that it has completed its restructuring and that it has emerged from chapter 11 reorganization, six months after its pre-negotiated filing on January 18, 2012. Buffets currently operates 357 restaurants in 35 states. As part of the reorganization, the Company eliminated all of its outstanding pre-petition term debt, totaling […]
Read More
