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ATP unsecured creditors demand either trustee or liquidation with the company’s bankruptcy

Posted on Monday, February 25th, 2013 at 2:58 pm    

Houston-based ATP Oil and Gas Corp.’s unsecured creditors petitioned a bankruptcy court in Houston to either delegate a trustee to manage the Chapter 11 bankruptcy proceedings of the company or to have the case changed to a Chapter 7 liquidation.

The motion, which is set to be heard on Feb. 21, states that ATP “now finds itself in a death spiral from which it cannot escape” and that “…rather than preserving value for the benefit of the creditors, management’s (in)actions have diminished the value from which creditors may ultimately seek recovery on their claims.”

ATP filed for Chapter 11 bankruptcy with the Southern District of Texas in July 2012. The company is also facing a lawsuit filed by the U.S. Department of Justice on February 11 for allegedly violating the Clean Water Act on account of discharging oil and chemical dispersant into the Gulf of Mexico.

Not only can filing for bankruptcy be complicated, especially as a business, but it can also be difficult to choose what type of bankruptcy is best for your business’s situation. Speak with a knowledgeable Chapter 11 bankruptcy lawyer from the Russell Van Beustring P.C., today about your options when facing financial difficulties by calling 713-973-6650.

Kodak to borrow nearly $800 million to help it emerge from bankruptcy

Posted on Thursday, November 15th, 2012 at 10:32 pm    

Iconic photography company Eastman Kodak Co., is taking strides in its efforts to emerge from Chapter 11 bankruptcy protection it enacted early this year.

Chapter 11 bankruptcyPart of Kodak’s deal will allow it to borrow $793 million. However, the company will have to sell off its patents for at least $500 million. It has been struggling to find a buyer for the past year, but it is confident that it will be able to sell off these valuable assets in time.

This extra money will greatly help the company move forward in its plans to exit Chapter 11 bankruptcy protection and reorganize its corporate objectives. The once-mighty producer of camera and film equipment held a 90 percent market share in the early 90s, but became complacent and did not switch to digital mediums quickly enough. Its failure to keep up with the technology of the age cost it dearly.

Kodak’s goal is to exit bankruptcy protection in the first part of next year.

Filing for bankruptcy protection is a difficult, but sometimes necessary decision for a company to make. If your small business is facing unmanageable debts, you do not have to face your creditors alone. Enlisting the services of a bankruptcy lawyer can help you determine which kind of bankruptcy is most appropriate for you.

A123 Systems bankruptcy affects luxury carmaker

Posted on Monday, November 5th, 2012 at 8:24 pm    

The bankruptcy of electric car battery maker A123 Systems could potentially have severe consequences for luxury carmaker Fisker Automotive. Fisker relied on A123 Systems as its sole supplier of batteries for its sports sedan called Karma, which means the battery manufacturer’s bankruptcy would disrupt its production of the vehicle.

The failure of Fisker would have negative impacts not only on its investors and lenders, but also on taxpayers since the Energy Department recently loaned the company$200 million in federal grants. A123 Systems filed for Chapter 11 bankruptcy protection last month, citing $376 million in liabilities. A123 also received a federal loan worth nearly $250 million.

A123 Systems has recently asked a Delaware bankruptcy judge to dissolve its contract with Fisker, claiming that the contract was below market value and had caused them to work at a net loss. Fisker has requested that the judge postpone A123’s auction for at least a month, according to the Washington Times.

If your company is struggling to remain afloat, you may have options under business bankruptcy. To learn more about the bankruptcy process, contact the experienced attorneys at the Law Office of Russell Van Beustring, P.C. by calling 713-973-6650.

Contec Holdings Ltd. files for Chapter 11 bankruptcy

Posted on Tuesday, September 4th, 2012 at 7:57 pm    

Last week, Contec Holdings Ltd. filed for Chapter 11 bankruptcy protection after listing nearly $500 million in debt with only $100 million in assets. Contec, a cable-box repair company, is owned by Bain Capital.

The New York-based company has stated that it plans on emerging from bankruptcy within 60 days and will continue to operate as normal during the process, the Huffington Post reports. Contec lists more than 2,300 employees, most of who work in Mexico.

Contec was founded in 1978 and was acquired by Bain Capital in 2008. Republican presidential nominee Mitt Romney co-founded Bain in 1984 and worked for the company until 1999.

If you are wondering whether or not bankruptcy is right for your business, contact the business bankruptcy attorneys at the Law Office of Russell Van Beustring, P.C., at 713-973-6650.

Judge considers Tribune’s restructuring plan

Posted on Monday, June 11th, 2012 at 9:34 pm    

A bankruptcy judge told Tribune Co. officials on Friday that he plans on having his formal opinion on the failing newspaper company’s restructuring plan by early July. He told officials he will either approve the plan or provide them with details on how to fix it.

Tribune, which owns the Los Angeles Times, the Chicago Tribune, and numerous television and radio stations, filed for bankruptcy protection three and a half years ago. This is its second restructuring plan it has submitted for approval.

According to the LA Times, the judge’s main concern with their first exit plan was about how the company planned on paying its attorneys’ fees.

If you would like to learn more about the different types of business bankruptcy, contact the business bankruptcy attorneys of the Law Office of Russell Van Beustring, P.C. today at 713-973-6650.

Dewey & LeBoeuf LLP files for bankruptcy

Posted on Tuesday, May 29th, 2012 at 5:14 pm    

Dewey & LeBoeuf LLP, one of the largest law firms in the country, has filed for Chapter 11 bankruptcy protection after it was unable to find a buyer. The New York-based law firm listed $245 million in liabilities and $193 million in assets.

After Dewey Ballantine LLP and LeBoeuf, Lamb, Greene & McRae LLP merged in 2007, the firm had more than 1300 hundred attorneys worldwide. Now only 150 employees remain in the United States.

All of Dewey & LeBoeuf locations in the United States are closed or will be closing. Its offices in Paris, London, Beijing, Hong Kong, Frankfurt, Johannesburg, Madrid, and Sao Paulo are also shutting down, according to the San Francisco Gate.

If your business is struggling and you are considering bankruptcy protection, contact the business bankruptcy attorneys from the Law Office of Russell Van Beustring, P.C. at 713-973-6650.


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