Posted on June 24th, 2010
The Austin-based company Magic Brands, LLC and Fuddruckers Inc. received court approval of the sale of their assets to Texas-based Luby’s, Inc. yesterday. Luby’s will pay $63.45 million for nearly all of the bankrupt company’s assets.
Luby’s operates 96 restaurants primarily across Texas, and will now own Magic Brands’ 62 restaurants spanning 11 states.
Magic Brands and Fuddruckers filed for Chapter 11 bankruptcy protection in April. Chapter 11 bankruptcy allows for a business to continue operating under the supervision of a court, while plans are made to restructure the company. Magic Brands and Fuddruckers were up for auction for nine hours, coming down between Luby’s and Tavistock Ventures, who only bid $40 million.
Transactions are expected to be finalized by July 26th, 2010.
If you or someone you know are considering filing for Chapter 11 bankruptcy, contact the Galveston Chapter 11 bankruptcy attorneys of Gipson & Norman at 281-332-4800 to learn more about your rights.
Posted on June 15th, 2010
The Woodlands based oilfield services provider, Trico Marine, is considering filing for Chapter 11 bankruptcy.
Chapter 11 bankruptcy allows businesses to continue operations under the supervision and authority of a court while they reorganize their company.
Officials believe that Trico Marine will not be able to meet its interest payment on convertible notes due this Thursday. The company recently expanded its credit agreements with lenders to $25 million, but expects it will nonetheless need more waivers from lenders in order to stay in business.
Trico officials stated, “Without any additional liquidity we expect to have little or no liquidity to operate our business”.
If you or someone you know is considering filing for bankruptcy, contact the Galveston Chapter 11 bankruptcy attorneys of Gipson & Norman at 281-332-4800 to learn more about your rights.
Posted on June 9th, 2010
The Texas based liquor company, Majestic Liquors, filed for Chapter 11 bankruptcy over the weekend in Fort Worth.
Chapter 11 bankruptcy allows a business to continue operating while restructuring the company under the supervision of a court.
Court filings state, “Following the expansion of alcohol sales in Lubbock County, Majestic’s sales dramatically decreased at its locations on The Strip. This decrease in overall sales in Lubbock County caused Majestic to close its retail operations on the strip in the last year.”
Other Majestic locations were hurt by the nation’s overall economic woes.
The business, which has over 40 stores across the state, estimated assets and liabilities between $10 million and $50 million. The company will continue to function and pay employees while they try to repay creditors.
If you or someone you know is considering filing for bankruptcy, contact the Galveston bankruptcy lawyers of Gipson & Norman at 409-765-6000 to learn more about your rights.
Posted on June 3rd, 2010
The recent economic troubles and volatility in energy prices have forced the Texas based oil and gas giant TXCO Resources Inc. and its subsidaries to file for bankruptcy. The company stated that they were unable to meet their short term payments to vendors.
TXCO filed for Chapter 11 bankruptcy, meaning the company can continue to operate their business under court supervision. They also asked for debtor-in-possession, or DIP, financing of up to $32 million.
TXCO’s shares closed on Friday, May 21st on Nasdaq.
If you or someone you know is in danger of bankruptcy contact the Galveston Chapter 11 bankruptcy lawyers of Gipson & Norman at 281-332-4800 to learn more about your rights.
