Posted on October 22nd, 2009
NTK Holdings Inc, more commonly known as Nortek, has filedfor Chapter 11 bankruptcy protection after agreeing on a restructuring planwith creditors.
The filing aims to eliminate $1.3 billion in debt. Thecompany, based in Providence, Rhode Island, listed debt of $2.78 billion andassets of $1.65 billion, according to papers filed in the U.S. Bankruptcy Courtin Wilmington, Delaware.
A statement released by Nortek said “The company’s operatingsubsidiearies will remain well supported with cash on hand in excess of $170million as of August 31, 2009.”
Richard L. Bready, Nortek chairman and CEO, released the astatement saying
“We continue to believe that Nortek has fundamentally soundbusinesses operating in established markets that are poised for growth aseconomic conditions improve. The Chapter 11 process will enable Nortek toemerge as an even stronger company with substantially less debt. Going forward,we anticipate no disruption in product availability or delivery of products andremain focused on meeting customer needs worldwide.”
If your company is considering filing for bankruptcy andneeds assistance with any part of the process, please contact the GalvestonBankruptcy Lawyers of Gipson & Norman by calling 409-765-6000.
Posted on October 12th, 2009
The Chicago Cubs have filed forChapter 11 bankruptcy. The team is in the process of being sold to the familyof billionaire Joe Ricketts, founder of TD Ameritrade, and the bankruptcyfiling is expected to speed up the procedure.
Tribune Co., which owns the cubs,is selling the team for $845 million. Tribune Co. filed for bankruptcyprotection in December.
The Chapter 11 filing is expectedto prevent Tribune Co.’s creditors from filing claims against the new owners. Underthe proposed deal, the Ricketts family would buy a 95 percent stake in theteam. The remaining 5 percent would stay with Tribune Co.
Tribune Co. purchased the team in1981 for $20.5 million.
If your company is consideringfilling for bankruptcy and needs assistance with any part of the process,please contact the Galveston Bankruptcy Lawyers of Gipson & Norman at409-765-6000.
Posted on October 8th, 2009
Royal Hawaiian Showroom has filed for bankruptcy in U.S.District Court in Honolulu. According to court documents, Royal HawaiianShowroom had more than 100 creditors and over $10 million in debt.
The company’s largest unsecured claims include a $4.6million debt to Taisei Construction Co. of Honolulu for construction work, $5.6million to Hawaii-based Central Pacific Bank for loan, lease and credit line,and $693,259 to B.P. Bishop Estate for lease payments and utilities.
The company is owned by Roy Tokujo, the producer of theshort-lived theatrical show Waikiki Nei. The company has filed for Chapter 11protection.
If your company is considering filing for bankruptcy andneeds assistance with any part of the process, please contact the Galveston BankruptcyLawyers of Gipson & Norman at 409-765-6000.
