Posted on March 26th, 2010
U.S. electricity generator Bosque Power, with five affiliates, filed for Chapter 11 protection Wednesday in a Texas court, according to court documents. The Laguna Park, Texas-based company listed assets and debt in the $100-$500 million range. The company had borrowed more than $400 million in early 2008. This money was used for converting its combustion turbines.
The company's senior debt rating was lowed from "1" to "3" earlier this month by Standard & Poor's Ratings Services. That rating indicates, in a default scenario, expectations of 50 percent to 70 percent recovery of principal, according to the rating agency.
If you are considering filing for bankruptcy, it is important to understand all the legal options that are available to you. To speak with an experienced Galveston bankruptcy lawyer of Gipson & Norman, please call 281-332-4800.
Posted on March 18th, 2010
Movie-rental giant Blockbuster Inc. announced in a regulatory filing that it will likely file for bankruptcy; the company's stock plunged after the warning was made public.
Shares of Blockbuster Inc. (BBI) fell 29 percent, a drop of 12 cents, into penny-stock territory. The company's stock is now worth 28 cents a share.
In the filing, the rental chain cited "increasingly competitive industry conditions," as a cause for its reported operating loss of $394 million last quarter. The filing went on to say that Blockbuster sees "substantial doubt about our ability to continue as a going concern." If the company is not able to improve operating results or does not reorganize it's debt, the filing said Blockbuster "could require us to pursue a restructuring of our indebtedness or file for protection under the U.S. Bankruptcy Code."
As of January 1, 2010 Blockbuster's debt, indcluding capital lease obligations, totaled $964 million. It will have to make $112.5 million in principal payments on debt this year.
f you are considering filing for bankruptcy, it is important to understand all the legal options that are available to you. To speak with an experienced Galveston bankruptcy lawyer of Gipson & Norman, please call 409-765-6000.
Posted on March 10th, 2010
Another in a series of lawsuits has been filed by the National Hockey League against former Coyotes owner Jerry Moyes.
The NHL filed a breach of contract lawsuit against Moyes in New York City District Court Friday. The newest lawsuit claims Moyes violated a 2006 contract stating he would not explore any sale that would move the Coyotes out of Phoenix.
The NHL has been locked in litigation against Moyes since he put the team in bankruptcy last year and attempted to sell the franchise to Canadian businessman Jim Balsillie. The legal battle sparked by the bankruptcy filing was thought to be over in November when Balsillie was rejected as an owner and the league gained control of the team.
Moyes lawyer says the most recent lawsuit has "no basis in law."
If you are considering filing for bankruptcy, it is important to understand all the legal options that are available to you. To speak with an experienced Galveston bankruptcy lawyer of Gipson & Norman, please call 409-765-6000.
Posted on March 5th, 2010
Penton Business Media Holdings Inc. has announced that it's bankruptcy reorganization plan won court approval.
The company expects to emerge from bankruptcy in a few days after Judge Arthur Gonzalez approved the publishing company's Chapter 11 plan in Manhattan bankruptcy court Monday. The plan will eliminate over $270 million of debt and Penton could receive as much as $51.2 million of new equity from its owners.
Penton, the publisher of trade magazines like National Hog Farmer and AutoWorld, filed the pre-packaged reorganization plan on February 10. The company was struggling with cash flow in the face of decreased advertising sales. The company listed assets of $841 million and $1.13 billion of liabilities.
If you are considering filing for bankruptcy, it is important to understand all the legal options that are available to you. To speak with an experienced Galveston bankruptcy lawyer of Gipson & Norman, please call 409-765-6000.
