Chapters in Bankruptcy: A Short Primer

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RE: CHAPTER 7, 11, & 13 BANKRUPTCIES This article is intended to provide background information on, and will discuss three chapters of the United States Bankruptcy Code – Chapter 7 (“liquidation” or “discharge” bankruptcy); Chapter 11 (“reorganization” bankruptcy); and, Chapter 13 (“wage-earner” bankruptcy). Chapter 7 Bankruptcy: Chapter 7 of the United States Bankruptcy Code provides for the sale of a debtor’s nonexempt property with the proceeds of sale being distributed among the debtor’s creditors. The process is called, “liquidation”. Chapter 7 bankruptcy is also known Read More +

Rookie Bankruptcy Paralegal Anthony Rodriguez

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Episode 1: The Journey My name is Anthony Rodriguez. At age 33 I found myself barely making it in the San Fernando Valley located in the county of Los Angeles, California. Even making a decent income every year, I was still living paycheck to paycheck and struggling to make ends meet. Single, no kids and still struggling! I have nothing but love for California but I do not miss the struggle. In my opinion, there is no longer a middle class in Los Angeles. You Read More +

Winn-dixie to Close 94 Stores – Parent Company to File for Chapter 11 Bankruptcy

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Florida-based Southeastern Grocers – the parent company of the Winn-Dixie grocery chain – announced yesterday that it will file for Chapter 11 bankruptcy by the end of March. Southeastern said it is “…implementing a court-supervised, pre-packaged” debt restructuring agreement after “conducting a thorough review of options for reducing our current debt”. The company expects to reduce current outstanding debt by approximately $500 million. In addition to Winn-Dixie, Southeastern Grocers also operates stores under the brand identities of BI-LO, Fresca y Mas and Harvey Supermarket with Read More +

Puerto Rico & Bankruptcy

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The island of Puerto Rico is officially a Commonwealth of the United States. Puerto Ricans are citizens of the United States who share many of the same rights and benefits of their fellow citizens living on the mainland. Until February, 1898, Puerto Rico had been under the colonial rule of Spain for centuries. In that year and month, Spain granted them a quasi-independent status. The welcome status under the rule of the Spanish Kingdom came with a constitution, voting rights, and a theretofore unknown sense Read More +

the Weinstein Company Files for Chapter 11 Bankruptcy After 5-month Delay

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****** MARCH 20218 UPDATE ****** BREAKING NEWS THE WEINSTEIN COMPANY FILES FOR CHAPTER 11 BANKRUPTCY AFTER 5-MONTH DELAY The Weinstein Company – founded by embattled movie mogul Harvey Weinstein and his brother Bob Weinstein in 2005 – has officially filed for Chapter 11 bankruptcy in a Delaware bankruptcy court. Media reports indicate that the filing occurred late in the day on Monday, March 19th. Former company Chairman Harvey Weinstein has been under fire for serial assault, sexual harassment and rape that allegedly occurred over the Read More +

Harvey Weinstein / the Weinstein Company – Chapter 11 Bankruptcy in the Offing As Sale Talks Fail

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“Born under a bad sign, been down since I began to crawl if it wasn’t for bad luck, I wouldn’t have no luck at all…” (“Born Under a Bad Sign” -Original Version, Albert King, 1967; covered by Cream, 1968) Today, Albert King’s song might seem like the “anthem” of (former) movie mogul Harvey Weinstein, and, by extension, his former corporation The Weinstein Company LLC (more universally referred to, and known more simply as TWC). According to online news / gossip source TMZ.com, The Weinstein Company Read More +

Hcr Manorcare, Inc. – $7 Billion in Debt – Files for Chapter 11 Bankruptcy

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HCR Manorcare, Inc., the second largest nursing home operator in the United States, has filed a voluntary petition for Chapter 11 Bankruptcy. The Toledo, Ohio-based company has $7 billion in debt.. Informed sources say the Chapter 11 petition is part of a pre-arranged debt-for-equity swap deal whereby ownership of the HCR will be transferred to its landlord, Quality Care Properties, Inc. (“QCP”). According to the QCP website, the company is “…a self-managed and self-administered real estate investment trust (REIT)… focused on post-acute/skilled nursing and memory Read More +

Remington Outdoor, Co. (remington Arms) Set to File Chapter 11 Bankruptcy

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Iconic arms manufacturer Remington Outdoor Company (operated for nearly two hundred years as the Remington Arms Company) is on the brink of filing a voluntary petition for Chapter 11 bankruptcy. Remington Outdoor is headquartered in Madison, NC. The company’s original intent was to begin solicitation for the plan on March 5, 2018, with the bankruptcy filing to follow on March 7th. Those dates were set back one week (March 12th for start of solicitation and March 14th for filing for Chapter 11 protection) after Bank Read More +

Bon-ton Stores, Inc. – Demise or New Lease on Life After Chapter 11 Bankruptcy Filing?

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Earlier this week, The Bon-Ton Stores, Inc. took its multi-chain brand of department stores into Chapter 11 bankruptcy. The action makes the regional chain of department stores the largest retailer to seek such protection this year. CNBC reported, in the immediate aftermath of the Chapter 11 filing,that the chain “…has been burdened with massive debt as it has struggled to grow sales and move operations online in the face of Amazon”. In 2017, approximately twenty major retail chains, including The Limited, Radio Shack, Hhgregg, Gordman’s, Read More +

Gibson Guitar & Bankruptcy: Something to ‘fret’ About?

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Numerous reports circulating in the past several days point to ominous signs for the future of iconic guitar maker The Gibson Guitar Company(known since 2013 by its current corporate name, Gibson Brands, Inc.). Many of the recent reports center on the company’s bond and loan debt that carry significant payments that are imminently due in 2018. The Nashville, TN companywas founded by Orville Gibson toward the end of the 19th century. Initially, Orville Gibson built and sold single-piece mandolins – on which he held a Read More +