On Monday, May 6, 2013, Oreck Corporation, a 50 year-old manufacturer of high-quality vacuum cleaners, filed chapter 11 bankruptcy in the Middle District of Tennessee. In its voluntary petition, Oreck disclosed assets between $10 and $50 million and liabilities in the same range (although at closer examination, it appears the debt is between $10 and $20 […]
Read MoreFilings 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 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 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 MoreIt appears that businesses are not filing bankruptcy at a pace that was predicted earlier this year, after Kodak and Hostess filed their bankruptcy cases, and following AMR‘s fourth quarter filing in 2011. See Where Are the Tidal Waves of Chapter 11 Bankruptcies and Where Are the Bankruptcy Filings (Part II). Indeed, in May 2012, the American […]
Read MoreOn July 12, 2012, Valence Technology, Inc., a developer and manufacturer of advanced energy storage solutions that is headquartered in Austin, filed for chapter 11 bankruptcy in the Western District of Texas. It has been assigned Case No. 12-11580. Valence is a global leader in the development of patented lithium iron magnesium phosphate advanced energy storage systems, and […]
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