MW Sewall & Co of Bath, ME filed for Chapter 11 bankruptcy protection on Friday. The company has listed assets between $10 million and $50 million with liabilities in the same range.

MW Sewall's largest unsecured creditor is Citgo Petroleum of Houston with a claim of approximately $1.2 million. The company is not planning any closings, layoffs or major changes during the restructuring.

If you are considering bankruptcy, contact the Galveston bankruptcy attorneys of Gipson, Norman & Root at 409-765-6000.

LyondellBassell Industries filed for Chapter 11 bankruptcy in January of this year to allow them to restructure their debt. While this allows them to continue operating through the restructuring, a viability assessment shows that it would be more beneficial to cease this particular operation.

Because of this, the Chocolate Bayou olefins complex outside of Alvin, TX will be shut down by early August. A transition plan is currently being drawn up for the workforce affected by the closing.

If you are considering filing for bankruptcy, contact the Galveston bankruptcy attorneys of Gipson, Norman & Root at 409-765-6000.

Morton Industrial Group Inc has filed for Chapter 11 bankruptcy recently. The metal fabrication company cited a drop in market demand for their product along with the failing economy as reasons for the bankruptcy.

The company plans to continue operating throughout the restructuring process, and to sell afterward. Prior to filing, the company implemented cost saving techniques such as layoffs.

If you are considering filing for bankruptcy, contact the Galveston bankruptcy attorneys of Gipson, Norman & Root at 409-765-6000.

T-he famous Greenbriar Resort in West Virginia is filing for bankruptcy after surviving the Great Depre–ssion and the Cold War. The 231 year old resort has been visited by 26 presidents over the year and has not had to go through bankruptcy before.

On Thursday, the resort filed for Chapter 11 bankruptcy and they are in talks with Marriott for purchase. The resort has lost about $90 million over the last few years because of renovations that they took on in 2006 and 2007.

If you are considering bankruptcy, contact the Galveston bankruptcy attorneys of Gipson, Norman & Root at 409-765-6000.

Fleetwood Enterprises Inc has filed for Chapter 11 bankruptcy after losing 98% of its market value last year. The company has listed assets of $558.3 million and debt of $518 million. The company manufactures and sells motor homes and camping vans.

The company plans to use the Chapter 11 filing to restructure their overhead and look for potential buyers. The ultimate goal is to take care of all of their debts definitively.

If you are considering bankruptcy, contact the Galveston bankruptcy attorneys of Gipson, Norman & Root at 409-765-6000.

In 1899, the American Smelting & Refining Co was founded. Over a century later, Asarco filed for Chapter 11 bankruptcy in August, 2005. Last June, Sterlite agreed to purchase Asarco for $2.6 billion.

With the recent decline in the economy, however, Sterlite sought to lower the buying price. The two companies are now in a new agreement to purchase for $1.1 billion in cash and $600 million in a non interest bearing note, payable over 9 years.

If you are considering bankruptcy, contact the Galveston bankruptcy attorneys of Gipson, Norman & Root at 409-765-6000.

A new bill passed in the U.S. House of Representatives that is aimed at helping homeowners who are having a difficult time to repay their mortgages.  The bill passed mainly with Democrats in support and Republicans against it.

The bill will allow for a bankruptcy judge to restructure payment terms and interest rates on homes in court.  

Critics of this argue that it could destailize the housing market even further, and that it will prompt a rush of bankruptcy filings in order to seek protection. 

The bill will be discussed and voted in the U.S. Senate in the next few weeks.  It is difficult to determine if it will pass in the Senate,  because even some moderate Democrats are against the bill.

If you are considering filing for bankruptcy, contact the Galveston bankruptcy attorneys of Gipson, Norman & Root at 409-765-6000.
 

Halwood Energy, LP has filed for Chapter 11 bankruptcy protection. The company explores and developes natural gas and oil in Arkansas and Texas, but has had to file because of falling energy prices.

In their filing, Halwood Energy and 5 associates listed $50 to $100 million in assets and over $100 million in debt. The company has about $115 million in secured debt and about $30 million in unsecured debt.

If you are considering filing for bankruptcy, contact the Galveston bankruptcy attorneys of Gipson, Norman & Root at 409-765-6000.