Another in a series of lawsuits has been filed by the National Hockey League against former Coyotes owner Jerry Moyes.

The NHL filed a breach of contract lawsuit against Moyes in New York City District Court Friday. The newest lawsuit claims Moyes violated a 2006 contract stating he would not explore any sale that would move the Coyotes out of Phoenix.

The NHL has been locked in litigation against Moyes since he put the team in bankruptcy last year and attempted to sell the franchise to Canadian businessman Jim Balsillie. The legal battle sparked by the bankruptcy filing was thought to be over in November when Balsillie was rejected as an owner and the league gained control of the team.

Moyes lawyer says the most recent lawsuit has "no basis in law."

If you are considering filing for bankruptcy, it is important to understand all the legal options that are available to you. To speak with an experienced Galveston bankruptcy lawyer of Gipson & Norman, please call 409-765-6000.

Penton Business Media Holdings Inc. has announced that it's bankruptcy reorganization plan won court approval.

The company expects to emerge from bankruptcy in a few days after Judge Arthur Gonzalez approved the publishing company's Chapter 11 plan in Manhattan bankruptcy court Monday. The plan will eliminate over $270 million of debt and Penton could receive as much as $51.2 million of new equity from its owners. 

Penton, the publisher of trade magazines like National Hog Farmer and AutoWorld, filed the pre-packaged reorganization plan on February 10. The company was struggling with cash flow in the face of decreased advertising sales. The company listed assets of $841 million and $1.13 billion of liabilities.

If you are considering filing for bankruptcy, it is important to understand all the legal options that are available to you. To speak with an experienced Galveston bankruptcy lawyer of Gipson & Norman, please call 409-765-6000.

White Birch Paper Co. filed for bankruptcy protection Tuesday in Virginia.

The Greenwich-based White Birch Paper is the second largest newsprint manufacturer in North America. The company is seeking debtor-in-possession financing of $140 million. The company released a statement that it will continue business as usual.

The company is working to restructure a $653 million syndicated credit facility available through Credit Suisse.

White Birch reportedly paid a $22 million dividend to equity holders four months before it missed an $18 million interest payment.

If you are considering filing for bankruptcy,you deserve to speak with an experienced attorney you can trust. Please contact a Galveston bankruptcy lawyer of Gipson & Norman by calling 409-765-6000.

Reader's Digest Association Inc. will likely emerge from Chapter 11 bankruptcy protection in coming days.

Reader's Digest plans to sell bonds to finance its emergence, instead of taking out a loan. If successful the publisher of almost 100 media titles will become the first company since 2005 to exit Chapter 11 using high-yield bonds.

Thomas A. Williams, Reader's Digest Chief Financial Officer, said the decision to use junk bonds over a loan was "purely a financial one... I sat with the capital markets desks at J.P. Morgan, Bank of America, Goldman Sachs and Credit Suisse, and in all situations the high-yield bond offering was presented as having this extraordinary flexibility."

The company expects to save around $30 million a year on it's $525 million floating-rate notes.

If you are considering filing for bankruptcy, please contact a Galveston bankruptcy lawyer of Gipson & Norman by calling 409-765-6000.

Air America Media has filed for bankruptcy to liquidate after a drop in advertising sales.

The liberal-leaning radio station filed the Chapter 7 petition in United States Bankruptcy Court in Manhattan earlier this month. Listing assets of $1.5 million and debt of $17.2 million, the company said it was forced to cease operations in January after an industrywide drop in advertising sales.

Citadel Broadcasting Corp., the stations owner, filed for bankruptcy protection in December.

Air America launched in 2004 but could not overcome the industry's recent drop in ad revenue. The company showed losses over the past ten quarters and fell twenty-nine percent in 2009.

If you are considering bankruptcy, please contact the Galveston bankruptcy lawyers of Gipson & Norman to learn more about your legal options. Please call 409-765-6000.

A recent study of 60 different Texas counties shows that rates of bankruptcy have risen as more and more homeowners look to avoid foreclosure on their homes. The statistics show that in 2009 alone, $2.28 billion dollars worth of real estate was affected by bankruptcy. Unfortunately, for many homeowners who are struggling to make ends meet, bankruptcy filing may not completely protect them from foreclosure, especially if they fail to make the payments required by their bankruptcy filing.

If you or someone you love is struggling to make regular payments on their debts, contact the Galveston bankruptcy lawyers of Gipson & Norman at 409-765-6000.