Posted on December 29th, 2009
Following 13 months of restructuring under Chapter 13 bankruptcy, the poultry-processing company Pilgrim's Pride emerged from bankruptcy and common stock began trading on the New York Stock Exchange earlier today. The Texas company was purchased earlier this year by Greeley-based JBS USA Holdings Inc for $800 million dollars in cash.
The company's reorganization plan under Chapter 13 provided a promise to repay all of the company's creditors in full as soon as the company can.
If you are a business owner and are considering filing for Chapter 13 bankruptcy, contact the Galveston & Clear Lake bankruptcy lawyers of Gipson & Norman at 281-332-2800 today.
Posted on December 23rd, 2009
Judge Barbara Houser of the US Bankruptcy Court in Dallas officially gave the OK for the reorganization of bankrupt yellow-pages publisher Idearc. Under the approved reorganization plan, the company's overall debt has been reduced from $9 billion to the still-hefty sum of $2.75 billion. The company hopes to emerge from bankruptcy by the end of the year.
Idearc was spun off from parent company Verizon back in 2006, and filed for protection from creditors in March. Hedge fund Paulson & Co will take possession of nearly half Idearc's stock when it becomes solvent again.
If you or someone you love is facing bankruptcy, contact the Galveston bankruptcy attorneys of Gipson & Norman today by calling 281-332-4800.
Posted on December 18th, 2009
Pilgrim's Pride Corp. has stated that it expects a court to approve its reorganization plan sometime later this month. The Pittsburg, Texas company recently filed for Chapter 11 bankruptcy protection last year. The company faced increased debt because of rising costs of business operations.
A company spokesman stated that the judge has stated he will approve the reorganization plan. Pilgrim's Pride may be bought by a Brazilian beef company JBS. If this offer to purchase Pilgrim's Pride from JPS were to occur, JBS would become the world's largest meat maker.
If you or someone you know is considering filing for bankruptcy in Texas, please contact the Galveston Bankruptcy Lawyers of Gipson& Norman by calling 409-765-6000.
Posted on December 8th, 2009
Leo Robbins & Sons, Inc. a specialty jewelry retailerhas filed for Chapter 11 bankruptcy protection.
The Philadelphia-based jewler, which operates under the nameRobbins Diamonds, filed the petition in response to an involuntary Chapter 7bankruptcy petition filed by five other diamond companies in November. LeoSchachter Diamonds LLC and Sandberg and Sikorski Corp, two New York-areacompanies, as well as Salant Group Ltd., A.D.R. Krovbeld Diamonds Ltd. andYerushalmi Bros. Diamond Ltd., three Israel-based companies, filed the jointpetition on November 16.
According to court documents, Robbins Diamonds was requiredto submit a motion for restructuring or answer to the Chapter 7 petition in 7days. Leo Robbins & Sons’ largest unsecured creditor is the Salant Groupwhich it owes $899,700.
If you or someone you know is considering filing forbankruptcy in Texas, please contact the Galveston Bankruptcy Lawyers of Gipson& Norman by calling 409-765-6000.
Posted on December 2nd, 2009
Legendary Chicago bar and grill chain Boston Blackies hasfiled for Chapter 11 bankruptcy protection.
Boston Blackies Management Co. which has eight locations inthe Chicago area, listed debts of $6.4 million and assets of only $17,000.Blackies filed a petition in U.S. Bankruptcy Court in Chicago about a week ago.Their largest creditor is General Electric Capital Corp. which is owed $5.6million, according to the petition.
The restaurant is expected to remain open despite thefiling.
Owners of the chain say they ran into financial troubleafter an ambitious expansion plan was fried by the recession.
If you are considering filing for bankruptcy, please contactthe Galveston Bankruptcy Lawyers of Gipson & Norman by calling409-765-6000.
