Taylor-Wharton International LLC, the oldest metal workingcompany in the United States, has filed for Chapter 11 bankruptcy.

The company listed assets between $10 million and $50million and liabilities in the range of $100 million to $500 million.

The company stated that it has secured $20 million indebtor-in-possession financings, reducing its debt obligations by more than 50percent under the agreed terms.

None of Taylor-Wharton’s operations outside of the UnitedStates were included in the filing.

Upon it’s exit from Chapter 11, Taylor-Wharton will receive improvedterms from its lenders and access to new financing, including a $25 millioncredit facility.

If you are considering filing for bankruptcy, please contactthe Galveston Bankruptcy Lawyers of Gipson, Norman & Root by calling409-765-6000.

One of the oldest retailers in the United States, Patrick Hackett Hardware Co., announced Tuesday, that it would file for Chapter 11 bankruptcy protection.

Hackett’s Chief Executive Officer Thomas W. Scozzafava said “We’ve been reorganizing by dealing with our creditors on an individual basis… It’sbeen a constant whack-a-mole situation, if you will, which makes us unable torun the company. Bankruptcy protection will allow us to do it in a more organized fashion, albeit more expensive.”

Hackett’s Chief Operating Officer Herbet Becker said that the primary reasons for the decision to file for Chapter 11 bankruptcy protection were huge payables and excessive expansion undertaken by the previous management.

If you are considering filing for bankruptcy, please contactthe Galveston Bankruptcy Lawyers of Gipson, Norman & Root by calling 409-765-6000.

The Honolulu Symphony may file for bankruptcy protectionthis week.

The oldest American orchestra west of the Rocky Mountains,the Honolulu Symphony has struggled to pay it’s musicians in recent years. Twomonths ago it received a $1.8 million cash infusion to cover operating expensesfor the upcoming season.

A chapter 11 bankruptcy reorganization filing would come ata time when performing arts organizations nationwide have been hit by theglobal economic downturn. The symphony’s board of directors held a specialmeeting on Friday to discuss the potential bankruptcy filing.

The symphony’s recent decision to postpone two concertsscheduled for the Blaisdell Concert hall was also reportedly prompted bymounting financial problems.

If your company is considering filing for bankruptcy andneeds assistance with any part of the process, please contact the GalvestonBankruptcy Lawyers of Gipson, Norman & Root by calling 409-765-6000.