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.

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.

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.

A financial crisis caused by 2008’s Hurricane Ike left Galveston with nearly $1 billion in damages.  Citing this deficit, the University of Texas Medical Branch at Galveston was ordered to lay off 3,800 employees.  The final number laid off was closer to 2,400.

Due to the monumental cutbacks, notices of termination were sent to 127 faculty members, including 40 with tenure and the then-president of the faculty senate.  A 22-page report by the 45,000-member American Association of University Professors, founded in 1915 to protect academic freedom, accuses the UT system of using an unfair process to lay off their employees.  The American Association of University Professors claimed that UTMB failed to meet standards that ensure  professors are not fired based on internal politics or political viewpoints.  The report also said that the UT system governing faculty dismissals restrict faculty rights.

UT has admitted to shortcomings and has stated that a panel assigned to revise the ruling has made suggestions.

Filing for bankruptcy can be a very embarrassing and public affair.  If your business is in severe financial trouble, contact the Galveston Chapter 7 bankruptcy lawyers of Gipson & Norman by calling 281-332-4800.