Articles from The Bankruptcy Blog

Primary tabs

RadioShack Files for Chapter 11 Bankruptcy

Submitted by Anonymous (not verified) on Fri, 02/06/2015 - 21:51

As many predicted, RadioShack Corp. has filed for bankruptcy protection.
The electronics retailor filed a Chapter 11 bankruptcy petition on Thursday after reaching a deal to sell existing stores to hedge fund Standard General.
In its petition, RadioShack listed $1.2 billion in assets and $1.39 billion in debts. The filing occurred in the U.S. Bankruptcy Court in Delaware.

Teen Clothing Retailer Wet Seal to File for Bankruptcy

Submitted by Anonymous (not verified) on Mon, 01/19/2015 - 23:46

The Wet Seal Inc. has filed for Chapter 11 bankruptcy protection in an attempt to save its remaining retail stores, according to an announcement made Friday.
The statement came just over a week after the teen clothing retailer stated it would be closing 338 locations and laying off 3,700 employees, roughly two-thirds its total chain. The bankruptcy filing listed assets of $10 million to $50 million and liabilities between $100 million and $500 million.

RadioShack Reportedly Near Bankruptcy

Submitted by Anonymous (not verified) on Thu, 01/15/2015 - 19:30

RadioShack Corp. is reportedly preparing to file for bankruptcy as early as February, according to a recent Wall Street Journal article.
Sources familiar with the situation spoke with the Wall Street Journal regarding the electronics chain’s recent financial situation. They confirmed a filing could come in the first week of next month.

Caesars Entertainment to File for Bankruptcy

Submitted by Anonymous (not verified) on Mon, 12/22/2014 - 21:46

Casino and entertainment company Caesars Entertainment Corp will be filing for bankruptcy next month in an attempt to cut its growing debt.
Caesars signed what is known as a lock-up agreement with its bondholders on Friday, consenting to place its greatest unit, Caesars Entertainment Operating Co (CEOC), into Chapter 11 bankruptcy in mid-January—by January 15 at the latest.

Coach Lawsuit Leads to FL Flea Market Bankruptcy

Submitted by Anonymous (not verified) on Tue, 12/16/2014 - 00:50

A Florida based flea market has filed for Chapter 11 bankruptcy due to a three-year lawsuit with Coach over alleged sales of counterfeit items.
Visitors Flea Market filed for bankruptcy protection in part to protect an awaiting sale of the entire business for $5.1 million to Treasure Island Real Estate Partners. After the death of founder and owner Delroy Josephs in November 2013, family members have disagreed over the sale of the business.

Clothing Retailer Delia’s Files for Bankruptcy

Submitted by Anonymous (not verified) on Tue, 12/09/2014 - 00:41

Teen clothing retailer Delia’s Inc has filed for bankruptcy and plans to liquidate its assets.
In its Sunday Chapter 11 filing with the U.S. Bankruptcy court, the company recorded total assets of $74 million and liabilities of $32.2 million. Additionally, Delia’s Chief Executive Tracy Gardner and Chief Operating Officer Brian Lex Austin-Gemas have resigned on Friday.

The Financial Institutional Bankruptcy Act of 2014 Passed

Submitted by Anonymous (not verified) on Tue, 12/02/2014 - 23:36

The House of Representatives have passed a bill that will permit banks to file for bankruptcy.
The bill, passed on Monday, is known as The Financial Institutional Bankruptcy Act of 2014. It will allow financial institutions to willingly begin the process of bankruptcy, or in some instances, allow the Federal Reserve to start the process.

NHL Player Jack Johnson Files for Chapter 11 Bankruptcy

Submitted by Anonymous (not verified) on Tue, 11/25/2014 - 00:16

Columbus Blue Jackets defenseman Jack Johnson has filed for bankruptcy, according to the Columbus Dispatch.
Johnson, 27, is in his ninth NHL season. He is slated to earn $5 million this season. However, due to his parents' mismanagement, he won’t see a dime.

Supreme Court to Rule on Second Mortgage Liens

Submitted by Anonymous (not verified) on Wed, 11/19/2014 - 00:04

The U.S. Supreme Court will decide whether homeowners can terminate “underwater” second mortgages during bankruptcy.
On Monday, the country’s top court agreed to review two appeals from Bank of America against bankrupt homeowners who are attempting to eliminate bank liens on their properties.

Cancer Vaccine Maker Dendreon Files for Bankruptcy

Submitted by Anonymous (not verified) on Wed, 11/12/2014 - 00:29

Dendreon Corp, the maker of the world’s first cancer vaccine, filed for bankruptcy protection this Monday.
The Chapter 11 bankruptcy has been filed as Dendreon faces an outstanding $620 million in convertible debt that is due in 2016. The Seattle-based company listed over $664 million in total debts and $364.6 million in assets.

Pages