Chrysler is expected to file for Chapter 11 bankruptcy today. They will receive up to $3.5 billion in operating loans and another $4.5 billion in exit financing when it exits bankruptcy in 1 to 2 months.

There will not be immediate plant closures or job cuts resulting from the filing. Chrysler will be sold to a new government created company and will name a new board of directors as a result of the bankruptcy.

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

As part of their bankruptcy avoidance plan, General Motors is planning a 42% decrease in GM dealerships across the nation that will be in full effect by the end of next year. In addition to reducing dealerships, the Pontiac brand will be eliminated.

However, experts believe that Texas will be largely unaffected by this reduction even though there are 1,384 dealerships in the state. There will likely be some adjustment in the number of dealers, but that may be the dealers' decisions.

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

Corpus Christi bankruptcy judge Richard Schmidt has allowed Asarco LLC to proceed with its plan to sell to Sterlite Industries. The deal involves Sterlite paying $1.7 billion for acquisition of Asarco.

Judge Schmidt entered an order on Wednesday that approved the sale agreement. The order also protects Sterlite's bid from competing offers and incorporates the sale into Asarco's bankruptcy reorganization.

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

Broder Bros Co has warned its noteholders that if they do not allow the company to trade old debt for new debt, the company will file for Chapter 11 bankruptcy. The company has $225 million in senior notes due next year. They need $220.5 million to be traded in order to avoid bankruptcy.

The company distributes Columbia, Hanes and Fruit of the Loom clothing brands and is based out of Pennsylvania. The exchange offer expires on May 14, but the company is offering a larger incentive for noteholders to agree by April 30.

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

Ultra Stores Inc has filed for Chapter 11 bankruptcy. The April 9 filing indicated that the company would continue to operate its stores during restructuring by acting as debtor in possession. This is the company's second bankruptcy.

The company has 124 locations across the country under the names Ultra Diamonds and Premier Fine Jewelry. There are 13 stores in Texas with one in the Round Rock Outlets and one in the San Marcos Outlets. None of them are currently slated for closing.

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

Bankruptcy petitions and filings in San Antonio and the surrounding area have grown drastically since last year. In San Antonio alone, totalled 1,127 for the first quarter of 2009. This is up from the 920 filed in the first quarter of 2008.

In the San Antonio based Western District, there were 3,042 bankruptcy filings in 2009's first quarter. March alone saw 393 filings in San Antonio and 700 in Dallas this year. Some experts believe that these numbers will continue to grow.

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

Crusader Energy Group Inc filed for Chapter 11 bankruptcy in Dallas on March 30. Now, a joint venture partner wants to move the case from Dallas to Oklahoma City, claiming that the company is more Oklahoma based.

The company listed debts of $325.8 million in their filing. The filing to move to Oklahoma City came on April 7th from joint venture partner Alpine Inc, a Houston energy company. Alpine sued Crusader in Oklahoma City shortly before the bankruptcy filing.

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

Mesa, Arizona based hearing device company, Zounds Inc, has filed for Chapter 11 bankruptcy. The company designed and manufactured a hearing aid that can distinguish between human voices from background noise.

 Unfortunately, the failing economy has caused a decrease in mall traffice, and slowed their sales. The company has listed assets between $10 million and $50 million and liabilities close to $9 million.

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

Irving based drug development company, DelSite has filed for Chapter 7 bankruptcy. One of the causes is said to be failure to raise additional money to develop a bird flu vaccine.

The company claimed $1 million to $10 million in assets and $10 million to $50 million in liabilities. They have been closing down facilities and laying off employees over the last year.

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

On Tuesday, Texas based telephone directory publisher Idearc Inc filed for Chapter 11 bankruptcy. The company lists approximately $9 billion in debt which it plans to restructure.

The company projects leaving bankruptcy with $3 billion in debt and a cash balance of $150 million. The company is planning to run as usual throughout the restructuring process.

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