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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.

Workers strike at bankrupt Hostess plants

Posted on Monday, November 12th, 2012 at 10:08 pm    

Members of the Bakery, Confectionery, Tobacco Workers and Grain Millers International Union that work for Hostess Brands Inc. have gone on strike to protest the proposed labor contract presented to them in September as part of Hostess’ restructuring plan under Chapter 11 bankruptcy. The contract would cut wages by eight percent, abolish the eight-hour workday, and change employee pension plans.

According to Bloomberg, the labor contract was rejected by 92 percent of union members. The strike began last Friday at 23 of the Twinkie maker’s 36 plants. However, the company says enough workers are not striking to keep about half of the plants on strike operating. A spokesperson for the company is urging workers to go back to work in order for the plants to stay open.

Hostess warns that if the striking plants do not return to work then it may be forced to shut down those plants and lay off thousands of workers. The president of the union said in a statement that they are striking not just for Hostess employees but for all unionized workers who are protected by collective bargaining agreements. Hostess filed for bankruptcy for the second time in January and listed its liabilities at $1.43 billion.

If your business is forced to cut back due to financial problems, an experienced business bankruptcy attorney can help explain your options and tell you if bankruptcy is right for you.

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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