Bernard “Bernie” Madoff holds the infamous title of leader of the largest Ponzi scheme in US history. Its investors’ losses have accumulated to around $65 billion and have gone unnoticed for decades. In 2008, Madoff was charged with 11 counts of fraud, money laundering, perjury and theft. He was sentencedRead More →

LSC Communications filed a WARNING Notice with the Indiana Department of Workforce Development on September 1 announcing plans to begin closing its Kendallville book manufacturing plant located on Marion Drive effective October 1, impacting the 307 employees there working. The Chicago-based printer’s operation on Lester Drive in the same northeasternRead More →

The Thai Airways International (THAI) union is protesting changes to the struggling flag carrier’s employment contracts, which its employees have been asked to agree to as part of its financial recovery package. The contracts, union representatives said, are unfair to THAI employees because they entitle them to fewer days offRead More →

ROANOKE, Va. (WDBJ) – CBL Properties, the owner of Valley View Mall in Roanoke, has filed for bankruptcy. The Chapter 11 process, being filed in Houston, Texas, will allow the company to implement a recapitalization plan, including restructuring portions of its debt, according to a statement from CBL Properties. TheRead More →

Karnataka Chief Minister BS Yediyurappa presented a deficit budget with higher borrowing on Monday in what appears to be an attempt to alleviate growing distress, resource depletion and rising debt to try to manage expectations of the calamity-prone and pandemic-affected state. Yediyurappa, who seized power in 2019 by staging theRead More →

Diving brief: Following its recent restructuring efforts stemming from a Chapter 11 bankruptcy filing this summer, California Pizza Kitchen on Tuesday named Judd Tirnauer its new chief financial officer. Tirnauer will lead CPK’s financial restructuring strategy, focus on growth opportunities and oversee accounting and finance teams, the company said inRead More →

India’s bankruptcy ecosystem needs to be more efficient to develop a market for distressed assets in a post-covid world, Chief Economic Adviser (CEA) to the government Krishnamurthy Subramanian said Wednesday. The bankruptcy framework can be improved by allowing bankers to make economically efficient decisions, which involves assessing the fair valueRead More →

It will allow his management to restructure the company’s finances as debt has ballooned after half a decade of mergers and acquisitions, while revenues have been sunk by the coronavirus pandemic. Chapter 11 petitions were filed April 23 on behalf of Speedcast International and certain U.S. and international subsidiaries. ThisRead More →

When an oncologist’s practice sought to collect all debts from patients when he retired, he chose to forgive them instead, clearing $650,000 in bills for his former patients. Dr. Omar Atiq had practiced as a medical oncologist for 40 years when he closed his cancer clinic in Pine Bluff, Arkansas,Read More →

Paul Singerman, Shepherd Singerman. Courtesy picture The sale of an iconic steakhouse brand was made against the backdrop of a long-running family feud, bankruptcy filings and the looming threat of an economic shutdown due to the coronavirus. Attorney Paul Singerman led Berger Singerman’s legal team as they navigated the challengesRead More →

The fake animal heads mounted on the walls of the recently opened Table #10 are more than an interior designer’s whim. They’re testament to the carnivore heaven that awaits on the menu at this two-story restaurant/bar that opened last July on 10th Avenue and J Street in San Diego’s EastRead More →

RAVENSWOOD – Band of Bohemia have been officially kicked out of their former Ravenswood home, months after the first Michelin-starred brewery closed due to bankruptcy proceedings and allegations of sexual misconduct. The owners of the building at 4710 N. Ravenswood Ave. requested the eviction, which was approved in a TuesdayRead More →

After a difficult 2020 and a slow post-pandemic recovery, the Argentinian hydrocarbon sector has come back to life. A combination of significantly higher oil prices, government subsidies, favorable legislation, and growing demand for light sweet crude oil and natural gas has caused Vaca Muerta (dead cow) activity to skyrocket. inRead More →

California Pizza Kitchen is the latest fast-food chain to file for bankruptcy as the pandemic and its debt burden hamper its operations. The 35-year-old pizza chain filed for Chapter 11 on Thursday, saying the process will help it “reduce long-term debt and quickly emerge from bankruptcy as a much strongerRead More →

Grupo Aeromexico will renegotiate the lease terms and debts of its aircraft, including the restructuring of its obligations with Boeingas part of the company’s financial restructuring, business newspaper El Financiero reported. the Aeromexico (A M, Mexico City Int’l) the parent company has applied to the U.S. Bankruptcy Court for theRead More →

The 61-year-old company – the largest musical instrument retailer in the United States – had tried to stay afloat during the coronavirus pandemic by offering virtual music lessons. But Guitar Center was forced to close several of its stores in March during nationwide shutdowns, and it struggled to get customersRead More →

As discussed in previous posts, the Consolidated Appropriations Act of 2021 (the “Act”) was signed into law on December 27, 2020, largely to address the severe economic impact of the COVID-19 pandemic. For bankruptcy litigants — or any business that has been frustrated by receiving a demand letter after oneRead More →

Owner of a men’s clothing store Tailor-made brands could be the next major retail company in the United States to file for bankruptcy as the COVID-19 crisis unfolds. Tailored – also owns K&G and Jos. A. Bank – included the potential for bankruptcy, or even closure of operations, in aRead More →

This is an archived article and the information in the article may be out of date. Please look at the timestamp on the story to see when it was last updated. (CNN) – Hertz filed for bankruptcy Friday night, the latest victim of the sudden economic downturn caused by theRead More →

the Hertz car rental company filed for bankruptcy on Friday. The 102-year-old company, heavily in debt, could not resist the coronavirus pandemicwhich crippled global travel and demand for rental vehicles. The Estero, Fla.-based company’s lenders were unwilling to grant it another extension to pay its auto lease debt after Friday’sRead More →

In In re Ellingsworth Residential Community Association, the United States Bankruptcy Court for the Intermediate District of Florida has determined that a nonprofit community association was engaged in the requisite “business or trade activities” sufficient to qualify it as a “small business debtor” for purposes of filing a petition. aRead More →

Who brought down Toys R Us? The 69-year-old toy giant listed a host of reasons for its slide into bankruptcy in a Chapter 11 regulatory filing, including ‘expensive debt servicing’, ‘relentless competition from e-commerce and big box retailers’. surface” and a news story that turned his bankruptcy protection review intoRead More →

Rapper 50 Cent is currently going through the unpleasant experience of personal bankruptcy. That’s right, the man named after the money, the man who sang “Have a baby by me, baby, be a millionaire,” is now in bankruptcy court. Like many before him in the entertainment industry, overspending and lifestyleRead More →

With processing operations unaffected, AAFC will continue to provideing High quality Patient care Company Recapitalizes with Iinitial $62.5M in Iincremental FInancing & Reduced cost of debt to better position the company and its processing facilities for long-term growth AAC & Its processing facilities positioned for long-term growth BRENTWOOD, Tennessee, JuneRead More →