Yesterday, Houghton Mifflin Harcourt Publishing Company and its affiliates (HMH), the leading provider of educational material to the elementary and secondary school market in the United States, filed bankruptcy in the Southern District of New York. The consolidated cases are docketed under Case No. 12-12171. The Company, which has published authors such as Mark Twain and J.R.R. Tolkien, sought […]
Read MoreIn Mark S. Kirschner v. John D. Goglia, et al., Case No. 11 Civ. 08250-JSR (S.D.N.Y. May 9, 2012), the United States District Court for the Southern District of New York granted a motion to withdraw the reference by defendants in an adversary proceeding commenced by the trustee in the Refco bankruptcy case, asserting fraudulent conveyance […]
Read MoreConnexion Technologies, a real estate and telecommunications company out of North Carolina, filed for chapter 11 bankruptcy April 26, 2012, with the intention to sell itself after DirecTV Group Inc. (DTV) terminated its contracts with the Company, pushing the already cash-depleted Company over the edge. Connexion filed for bankruptcy along with 11 subsidiaries, including […]
Read MoreOn April 23, 2012, the United States Supreme Court heard oral argument on the issue of whether secured creditors have the absolute right to credit bid their secured claims in sales of encumbered assets pursuant to a chapter 11 plan. There is currently a split amongst the Circuit Courts of Appeal on this issue. In […]
Read MoreOn April 12, 2012, Reddy Ice filed for chapter 11 bankruptcy in the Northern District of Texas, revealing that it has secured $70 million in debtor-in-posssion financing, which will allow the Company to pay for operating and restructuring costs during its bankruptcy case. Reddy Ice is the largest manufacturer and distributor of packaged ice in the United States. […]
Read MoreValuation Generally The valuation of assets plays a central role in most business bankruptcies. Among other things, a proponent of a chapter 11 plan must establish an accurate value of the debtor’s business, as such valuation is often tied to distributions to creditors, who are voting to approve the plan. Valuation is also important in determining the amount of a secured […]
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