Posted on August 25th, 2010
Chemtura Coporation, The U.S. Environmental Protection Agency, and the U.S. Justice Department settled yesterday on $26 million to pay off Chemtura’s environmental liabilities and violations. Chemtura filed for Chapter 11 bankruptcy protection, along with 26 affiliates, in March 2009. Chapter 11 bankruptcy allows a business to reorganize the company under a court’s supervision and come up with a plan to pay off its creditors.
Chemtura is a global chemical producer that operates in over forty countries. It also is the larges supplier of pool chemicals in the United States.
The $26 million settlement will cover the clean up of 17 properties with environmental violations committed by Chemtura. Twelve of the properties are considered be of most serious hazardous waste sites by the EPA.
If you or someone you know is considering filing for Chapter 11 bankruptcy protection, contact the Galveston Chapter 11 bankruptcy lawyers of Gipson & Norman at 281-332-4800 to learn more about your rights.
Posted on August 18th, 2010
Data released yesterday by the Administrative Office of the U.S. Courts shows that bankruptcy filings between April and June were up by 9 percent from the first quarter, and 11 percent from a year before. By June 30th this year there were 1.57 million bankruptcies, compared to 1.31 million last year. This is a twenty percent increase over the past year.
Quarterly filings reached over 400,000 for the first time since they reached a shocking 667,431 bankruptcies in the fourth quarter of 2005. Congress then altered federal bankruptcy laws, making it more difficult for individuals and businesses to file. In the second quarter of 2010 there were 422,061 bankruptcies filed.
A professor of sociology at Ohio University stated, “We know the causes of bankruptcy are primarily job losses and health care, with the overlay of the foreclosure crisis”.
If you or someone you know is considering filing for bankruptcy protection, contact the Galveston bankruptcy lawyers of Gipson & Norman at 281-332-4800 to learn more about your rights.
Posted on August 11th, 2010
Last Thursday, the Texas Rangers officially exited Chapter 11 bankruptcy after a winning bid from former Ranger Nolan Ryan. The winning bid was $590 million.
The auction of the team lasted for eight hours between the Hall of Fame pitcher Ryan and Dallas Mavericks owner Mark Cuban. The sale was approved by U.S. Bankruptcy Judge Stacey Jernigan later Thursday. Major League Baseball officials later approved Ryan and sports attorney Chuck Greenberg as owners.
Former Rangers owner Tom Hicks stated in reference to the new owners, “You have to admire their endurance, dedication and commitment over the last 15 months to get this transaction complete”.
If you or someone you know is considering filing for Chapter 11 bankruptcy protection, contact the Galveston Chapter 11 bankruptcy lawyers of Gipson & Norman at 281-332-4800 to learn more about your rights.
Posted on August 4th, 2010
Mexicana Airlines announced on Tuesday that they have filed for bankruptcy protection in both the United States and Mexico.
Mexicana Airlines travels to 65 destinations all over the world, has almost 70 planes, and last year carried 1.1 million passengers. They are also the largest foreign carrier airline at Los Angeles International Airport.
The company has cited several reasons for their financial troubles, including the global economic crisis and the H1N1 epidemic. However, the main issue they are addressing is their high employee salaries. Mexicana claims that their employees, particularly flight attendants and pilots, are paid 185 percent more than that of their Mexican competitors. Financial officials at Mexicana are discussing cutting employees salaries by approximately 40 percent in order to “bring its cost structure…into line with market conditions” and restructure its liabilities.
If you or someone you know is considering filing for bankruptcy protection, contact the Galveston bankruptcy lawyers of Gipson & Norman at 281-332-4800 to learn more about your rights.
Posted on July 28th, 2010
Earlier this month, Denton-based Titus Transportation filed for Chapter 11 bankruptcy protection. Chapter 11 bankruptcy allows a business to continue operating while they make plans to reorganize the company and pay off debts.
Titus is a dry and refrigerated van carrier that has contracted with Dillon Stores since 2008. Some of Titus’ customers include Coors, Kroger, Wal-Mart, Food Lion, and Sysco. Titus owes almost $2.2 million to over 200 businesses. Six of Titus’ creditors are owed over $1 million.
The Hutchinson News reported that Titus owes around $557, 300 in accrued wages and salaries. Titus asked the court to allow them to pay for employee benefits like health and life insurance.
If you or someone you know is 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 July 20th, 2010
Mark Cuban, who previously attempted to purchase the Cubs and recently said he was not interested in getting involved with the auction of the Texas Rangers, is expressing a newfound interest in becoming a partial owner of the franchise.
“I want to see the Rangers run … I think Chuck and Ryan deserve a lot of credit and what they’re doing is a good thing, but with the way the deal has been structured, there is some risk there. And so I offered to help on a bunch of different levels so let’s see what happens,” stated Cuban.
While Cuban has had enormous success in turning around the NBA Mavericks’ franchise, some sports enthusiasts worry that getting involved in another franchise will bring both teams down.
The Rangers are set to go up for auction on August 4th.
If you or someone you know is considering filing for Chapter 11 bankruptcy protection, contact the Galveston Chapter 11 bankruptcy attorneys of Gipson & Norman at 281-332-4800 to learn more about your rights.
Posted on July 14th, 2010
Reports for the month of June show that total bankruptcy claims trading are on the decline for the second month in a row nationwide.
This June, 816 claims were traded, while 917 were traded in May. In addition, bankruptcy claims trading totaled $2.1 billion in June. This is a significant decrease from the record high of $3.65 billion reached in April.
Bankruptcy cases with the largest number of claims trading included Flying J Inc., Chemtura Corp., Tribune Co., Smurfit-Stone, and Lehman Brothers Holdings Inc.. Lehman Brothers had the highest number at 224 and almost $2 billion.
If you or someone you know are considering filing for bankruptcy protection, contact the Galveston Chapter 11 bankruptcy attorneys of Gipson & Norman at 281-332-4800 to learn more about your rights.
Posted on July 7th, 2010
The developer of the Falcon Club neighborhood in Amarillo filed for Chapter 13 bankruptcy protection yesterday in U.S. Bankruptcy court. This is the third time Paul Gillette has filed for bankruptcy protection since 1992.
Chapter 13 bankruptcy allows for presently employed individuals to structure a plan to pay off creditors.
The filing came just hours before an auction of Falcon Club property was to begin. The total assets and liabilities have yet to be released.
Gillette’s other business, Falcon Club Utility Co., is also facing serious troubles. The private water provider for the neighborhood has experienced leaks, equipment malfunctions, water pressure fluctuations, and outages in the past few weeks. Gillette had to suggest that residents of Falcon Club boil their water before drinking it as it could possibly be unsafe.
If you or someone you know is considering filing for Chapter 13 bankruptcy, contact the La Porte Chapter 13 bankruptcy lawyers of Gipson & Norman at 281-332-4800 to learn more about your rights.
Posted on July 1st, 2010
Crescent Resources LLC, a real estate developer in Texas and seven other states, has emerged from bankruptcy after filing for Chapter 11 bankruptcy a year ago with the U.S. Bankruptcy Court in Austin, Texas. Chapter 11 bankruptcy allows a business to continue operations under the supervision of a court while they reorganize and pay off debts.
At the time the company filed for bankruptcy protection they had debts of at least $3 billion. So far, Crescent Resources has payed off $1 billion to lenders. Chief Executive Andrew Hede stated, “With the restructuring behind us, we emerge a much stronger entity, well positioned for future growth and able to deliver the high level of service our customers have come to expect”.
Crescent received $150 million in bankruptcy-exit financing from lenders UBS AG and Aladin Capital. The money will fund exit costs, provide capital, and refinance their debtor-in-possession loan.
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 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.
