Vitro S.A.B. de C.V., a leading manufacturer of glass in Mexico, recently received approval of its restructuring plan under Mexican Insolvency Law (Ley de Concursos Mercantiles), in large part because a federal bankruptcy court in the U.S. halted the efforts of certain bondholders to prosecute a New York lawsuit against Vitro that contravened chapter 15 of the Bankruptcy Code. In July 2011, Vitro […]
Read MoreAMR Corp., which filed bankruptcy in December 2011, recently announced the deep cuts that most consultants had long predicted. AMR said it is eliminating 13,000 jobs, terminating its four pension plans, grounding older planes and restructuring supplier contracts, in hopes of saving $2 billion in operational expenses. The job cuts are not news in airline […]
Read MorePlus-size women’s apparel retailer United Retail Group, which owns the Avenue brand, today announced that it filed for Chapter 11 in the U.S. Bankruptcy Court for the Southern District of New York and plans to sell the company. United Retail Group has entered into an asset purchase agreement with private equity firm Versa Capital Management. […]
Read MoreThe 4th quarter of 2011 was the quarter of massive bankruptcies. A variety of economic pressures, such as decreased demand, the impact of rising commodity prices, and concern over the Euro zone contagion, became too much for even some of the biggest American companies to survive. On October 31st, MF Global led the onslaught of […]
Read MoreThree years after the collapse of Lehman Brothers started a tidal wave of bankruptcies, corporate filings have been down. But, there is reason to believe that corporate bankruptcies may pick up again, with some big name companies struggling or having recently filed. We have recently heard rumblings from some big names. What we have heard is that […]
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