Posted on June 29th, 2009
In April, American Community Newspapers filed for bankruptcy, making it the seventh and latest newspaper chain to do so in the recession. Recently, it also became the first to emerge from bankruptcy protection.
On Friday, ACN closed its sale to creditors, allowing the emergence. The company sold for $32 million plus $5 million in post bankruptcy financing to creditors. The company is no longer under its crushing $102 million debt and is able to continue business.
If you are considering bankruptcy, contact the Galveston bankruptcy attorneys of Gipson & Norman at 409-765-6000.
Posted on June 16th, 2009
TXCO Resources filed for Chapter 11 bankruptcy protection in May. Since then, they have had a $32 million financing agreement approved. This will allow the company to continue operating through the restructuring.
The company was having trouble continuing operations because of fund raising difficulties. This ruling from the US Bankruptcy Court for the Western District of Texas will allow them to continue drilling operations and hold on to some assets.
If you are considering bankruptcy, contact the Galveston bankruptcy attorneys of Gipson & Norman at 409-765-6000.
Posted on June 9th, 2009
For the year ending March 31, 2009, bankruptcy filings increased by 33% from the same period of a year before. Those bankruptcies reached 1,202,503 over the course of the year.
The state of Texas accounted for the ninth highest number of filings by state in that period. These rising numbers are still expected to go further as the unemployment rate nears 10%.
If you are considering bankruptcy, contact the Galveston bankruptcy attorneys of Gipson & Norman at 409-765-6000.
Posted on June 2nd, 2009
American Community Newspapers has filed for bankruptcy, making it the seventh newspaper chain to do so in the US since December 2008. The company listed $40 million in debts in its filing.
The company publishes the Stillwater Gazette in Minnesota, and the Plano Star Courier in Texas as well as several weekly publications that span four states. The company is facing the same troubles that others like it have faced in recent months.
If you are considering bankruptcy, contact the Galveston bankruptcy attorneys of Gipson & Norman at 409-765-6000.
