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.
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.
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.