The Texas Rangers may be forced into bankruptcy, according to a report by Bloomberg News.

Team owner Tom Hicks has found buyers for the franchise, however a team of creditors might force the Rangers into bankruptcy. According to Bloomberg's two unnamed sources, the creditors are seeking at least $30 million more for the team. The financial accord reached between parties has not yet been confirmed, but is reportedly between $520 million and $570 million. 

Hicks Sports Group defaulted on $525 million of debt in 2009. Hicks contended that the team intentionally missed a payment in an effort to garner better terms from its banks. A spokeswoman for Hicks, Lisa LeMaster, said the situation is between Major League Baseball, Hicks' lenders, and a group led by attorneys Nolan Ryan and Chuck Greenberg.

Falling into debt and filing for bankruptcy can be a very public, ugly affair, even for prominent institutions. If you are facing financial difficulties and need legal counsel when it comes to filing for bankruptcy, contact the Galveston bankruptcy lawyers of Gipson, Norman & Root at 281-332-4800.

Personal bankruptcy filings in South Florida increased dramatically over the last month, according to statistics released by the United States Bankruptcy Court in Miami, causing some to speculate about the true state of the economy.

Court documents show that Broward County's personal bankruptcy filings rose 37 percent last month. Filings increased from 741 in February to 1,013 in March. The total is also 49 percent higher than March's total a year ago.

Overall, personal bankruptcy filings in Sout Florida rose 25 percent, from 2,376 in February to 2,969 in March; up 48 percent from March 2009's total of 2,009. 

Personal bankruptcy filings in Miami-Dade County increased as well. Filings rose 19 percent from February to March and are up 47 percent compared to a year ago.

An economist with PNC Financial Services Group, Craig Thomas, spoke recently about the "alarming trend in bankruptcies" when Florida's unemployment reached 12.2 percent in February, the highest rate since 1970, when unemployment records began. 

The court documents also show a slight decrease in business bankruptcies in South Florida. Filings fell from 123 in February to 117 in March.

If you, or someone you know, are considering filing for bankruptcy, please contact the an experienced Galveston bankruptcy lawyer of Gipson, Norman & Root. Call 281-332-4800.

High-end denim designer and fashion brand Rock & Republic announced Thursday that it has filed for Chapter 11 bankruptcy protection.

According to the bankruptcy petition filed in United States Bankruptcy Court in New York Thursday, the company has obtained a commitment for a line of credit from CIT Group/Commercial Services Inc. upon it's exit from Chapter 11. Rock & Republic, based in Culver City, said the Chapter 11 filing would ease pressure on its balance sheet. Chief Executive Michael Ball said the company expects to continue day-to-day operations. 

Geoffrey D. Lurie, the newly appointed chief restructuring officer for the privately held fashion company commented on the bankruptcy petition, saying "the Chapter 11 filing is a strategic action that will alleviate balance sheet burdens and enable us to adopt the financial and operational initiatives needed to support the brand's growth needs…We are confident that this is the right move for Rock & Republic."

Lurie went on to say that the company was exploring possible "financial relationships" that would sharpen its focus to emphasize its core apparel and footwear businesses.

One of the largest advantages of chapter 11 is that it allows business to retain their assets and continue to operate the business under the supervision of the court. In chapter 11, you will be required to have your repayment plan approved by a majority of your creditors in order to agree upon the repayment terms. 

If you, or someone you know, are considering filing for bankruptcy, please contact the an experienced Galveston bankruptcy lawyer of Gipson, Norman & Root. Call 281-332-4800.