Category: Bankruptcy

Hawaiian Hospitals Find Life After Bankruptcy

Bankruptcy Court Judge, Robert Faris, recently approved Hawaii Medical Center’s Chapter 11 reorganization plan, which will enable them to see life after bankruptcy by the end of the year. Consequently, Hawaii’s only for-profit hospitals will pay millions in debt starting July 1st—including roughly $43 million to their largest lenders, St. Francis Healthcare System of Hawaii […]

Bankruptcy Numbers Soar Despite Recent Economic Boost

Contrary to the country’s improving economy, there were 133,459 bankruptcy petitions file just last month. This number represents a 10% increase from last year, according to data collected from Automated Access to Court Electronic Records (AACER). Average daily filings jumped from 6,673 from 6,646; as well, filings dropped 9% from 146,209 in April. May’s numbers […]

Visteon Reorganization Plan Faces Opposition

Recently, in Delaware, bankruptcy judge, Christopher Sontchi postponed arguments on whether to approve Visteon’s, an auto parts supplier based in Michigan, suggested reorganization plan; due, in large part, to two creditor groups who announced they had “a better plan.” Visteon has had to deny business opportunities because of their bankruptcy. Attorneys for both secured term […]

The Trend Continues: Mining Business Latest Company to File Bankruptcy

The Copper King Mining Corporation, based in Utah and only in business for one year, has recently let go their employees and field for Chapter 11 bankruptcy. Only a year ago, the mining company introduced a $60+ million mill, but quickly ran out of funds. At the company’s filing it was openly admitted Copper King […]

MLB’s Texas Rangers File For Bankruptcy Protection

In effort to complete its $575 million sale of the team to a group of investors, baseball’s Texas Rangers have recently filed for Chapter 11 bankruptcy protection. With this plan, the team is required to pay $75 million of its debt, which would exclude the Rangers from any additional claims by creditors, which have slowed […]

Midway Liquidation OK’d by Bankruptcy Judge

US Bankruptcy Judge, Kevin Gross has recently approved Midway Games’ liquidation plan. The former game publisher organized a plan which will reimburse creditors from their sale back in 2009, to Time Warner. Midway Games filed for bankruptcy in February of ’09 after suffering years of losses. Last July, Time Warner made a move to purchase […]