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.
Posted on Tuesday, May 8th, 2012 at 4:16 pm
Tribune Co. was authorized by a Delaware bankruptcy judge last Friday to pay its top 425 managers $45 million in bonuses. Tribune Co., which owns the Chicago Tribune, the Los Angeles Times, and several other newspapers and broadcast stations, has been under Chapter 11 protection for four years.
Tribune Co. claims the bonuses are appropriate and reasonable, and no creditors have objected. The company has gotten approval for past million-dollar bonuses for the past four years. However, its plans to emerge from bankruptcy protection have not passed in bankruptcy court.
The newspaper company filed for Chapter 11 bankruptcy in 2008 after a leverage buyout left it in debt.
If you are considering filing for Chapter 11 bankruptcy protection, contact the Chapter 11 bankruptcy lawyers from the Law Office of Russell Van Beustring P.C., at 713-973-6650.
Posted on Friday, April 13th, 2012 at 7:29 pm
The Dallas-based packaged ice maker, Reddy Ice Holdings Inc., filed for Chapter 11 bankruptcy protection on Thursday. Reddy Ice says its business has been hurt by increased commodity costs, softer economic conditions, and heavy debt levels.
Reddy Ice plans to continue operations and will pay all unsecured trade vendors in full. The ice company is hoping for a quick restructuring process that will get them out of bankruptcy in 45 days or less.
Macquarie Bank Ltd. has loaned Reddy Ice $70 million in debtor-in-possession financing and will make an additional $50 million available once it exits bankruptcy protection. Last year, the company lost a total of $69.5 million.
If you are struggling financially and want to know if Chapter 11 bankruptcy is right for you, contact the Chapter 11 bankruptcy protection lawyers of the Law Office of Russell Van Beustring, P.C. at 713-973-6650.
Posted on Tuesday, April 3rd, 2012 at 5:55 pm
AFA Foods, one of the country’s largest ground beef processing companies, filed for Chapter 11 bankruptcy Monday. The company blames the current uproar over the “pink slime” meat filler for its financial woes.
The pink slime controversy has caused some large U.S. supermarkets to stop buying meat containing the ammonia-treated filler, leading other meat processing companies like Beef Products, Inc. to halt production. Beef prices are expected to rise, as beef makes up the majority of the overall meat market.
According to the bankruptcy filing, AFA Foods has $219 million in assets and $197 million in liabilities. The company, which has plants in five states, plans to halt production in California to conserve money.
If you or someone you love is considering filing for Chapter 11 bankruptcy, contact the Chapter 11 bankruptcy lawyers of the Law Office of Russell Van Beustring, P.C. at 713-973-6650 today.
Posted on Tuesday, March 6th, 2012 at 7:09 pm
Lehman Brothers, the bank with the title of the largest bankruptcy in history, has ranked up a bill of $1.6 billion in fees and expenses as of January 31, 2012. In comparison, Enron, which is the second largest bankruptcy in history, had a bankruptcy bill of $793 million.
Lehman Brothers is expected to exit Chapter 11 bankruptcy protection this week after three years. Bondholders are expected to receive a total of $65 billion by recent estimates, with the first $10 billion to come in the next month and a half.
Its consulting firm Alvarez & Marsal has already collected $512 million in fees, the primary law firm representing Lehman will collect $383 million, and the law firm that represented its creditors has billed the company $133 million for their work.
If you or someone you know is struggling with Chapter 11 bankruptcy, contact the Chapter 11 bankruptcy lawyers of the Russell Van Beustring P.C. at 713-973-6650.
Posted on Friday, February 24th, 2012 at 8:33 pm
Five months after filing for Chapter 11 bankruptcy, the U.S. National Slavery Museum has submitted its bankruptcy exit plan to the U.S. Bankruptcy Court in Richmond.
The U.S. National Slavery Museum, created by former Virgina Governor L. Douglas Wilder, filed for Chapter 11 protection to prevent the city of Richmond from selling its 38 acres of land to satisfy the museum’s real-estate debts.
In its reorganization plan, the museum claims it will use donations to continue operating. It expects to raise $900,000 in a year, with more expected in the years to come. The museum fell into debt due to the construction of the museum, real-estate taxes, and other tax bills.
If you would like to learn more about Chapter 11 bankruptcy protection, contact the Chapter 11 bankruptcy lawyers of the Russell Van Beustring P.C. at 713-973-6650 today.
Posted on Tuesday, February 7th, 2012 at 7:01 pm
The Kodak Theater has been home to the Academy Awards since 2001, and in its effort to recover from bankruptcy, Eastman Kodak Co. wants to end its 20-year contract with awards show.
According to the company’s financial advisers, having Kodak’s name on the theater is not worth the contract costs. Kodak pays a significant annual fee to have its name on the theater.
Kodak must submit a reorganization plan by February 15, 2013 under its bankruptcy financing terms. The company has also been given permission to borrow an initial $650 million from Citigroup Inc. Some of Kodak’s creditors, which are owed tens of millions of dollars, include Sony, Warner Brothers, NBC Universal, Amazon, and Paramount Pictures.
If you or your business has been struggling financially, contact the Houston Chapter 11 bankruptcy lawyers of Russell Van Beustring, P.C. today at 713-973-6650.
Posted on Friday, February 3rd, 2012 at 10:02 pm
United Retail Group has filed for bankruptcy protection under Chapter 11 earlier this week, citing that high leasing rates for it stores has caused it to struggle.
United Retail owns Avenue, a women’s clothing chain that has over 400 stores nationwide. Versa Capital Management is expected to make a bid on United Retail at a court-supervised auction. Versa Capital has agreed to buy its assets for an undisclosed price and plans on keeping the Avenue stores open.
United Retail plans to keep operations running during the bankruptcy process by arranging a $40 million debtor-in-process financing. It expects the sale to be finished quickly.
If you have been considering filing for Chapter 11 bankruptcy protection, contact the Houston Chapter 11 bankruptcy lawyers of Russell Van Beustring , P.C., at 713-973-6650.
Posted on Wednesday, January 11th, 2012 at 7:48 pm
Hostess Brands, Inc. filed for Chapter 11 bankruptcy protection this Wednesday, claiming that increased competition, poor economic conditions, and its pension and medical benefits obligations are to blame for its financial woes.
The Irving, Texas-based company says it owe s$944.2 million to its largest creditor and $11.8 million to its second largest creditor. Hostess, the maker of Twinkies, Ding Dongs, Ho-Hos, and Wonder Bread, says it will remain in operation throughout the bankruptcy proceedings.
Hostess Brands, Inc. operates in 49 states and employs about 19,000 people. The president and CEO of the company says it attempting to revise its collective bargaining agreements with its unions.
If you are considering filing for Chapter 11 bankruptcy protection, contact a Houston Chapter 11 bankruptcy lawyer from the Russell Van Beustring P.C., at 713-973-6650.
Posted on Tuesday, January 3rd, 2012 at 4:18 pm
American Airlines parent company, AMR, has been dropped from the New York Stock Exchange after shares closed below a dollar for 30 consecutive days.
AMR Corp. filed for Chapter 11 bankruptcy at the end of November. Its share, closing at $1.62 the day before the filing, dropped to 26 cents the next day. The company does not plan on protesting the delisting.
Before filing for Chapter 11, AMR stock had dropped 79% this year, with an estimated $11 billion in losses since 2001. American Airlines plans to continue operating as normal while in bankruptcy, and it expects to bounce back after reducing its debt. A bankruptcy judge approved the airline to continue to pay for fuel, new planes, and labor while under Chapter 11 protection.
If you are interested in learning more about Chapter 11 bankruptcy options or want to review your business’ needs, contact a Houston Chapter 11 bankruptcy lawyer from the Russell Van Beustring P.C., at 713-973-6650.