According to recent court filings, Blockbuster is trying to break 187 leases of stores that are located in 30 states.

The states include, California, North Carolina, Texas, Minnesota, Georgia, and Illinois. The movie-rental chain, Blockbuster Inc., is based in Dallas, Texas and filed for bankruptcy in September and announced a few months later that 187 stores would be closed.

Under the reorganization process of bankruptcy, unless a written objection is to filed, the leases will be rejected. An auction held by Blockbuster is set for April 4.

If you or your business is struggling from debt, you need representation on your side that will be able to discuss all of your options in order to find the best solution for yourself. Contact the Galveston chapter 11 bankruptcy lawyers of Gipson, Norman & Root, by calling 281-332-4800.

Earlier this month, Seahawk Drilling Inc. filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court in Corpus Christi.  The drilling service company plans to sell its assets to an offshore drilling company, Hercules Offshore Inc.

“It is imperative to commence the process approving the sale to Hercules, which the debtors’ believe will result in the highest value for the debtors’ assets.  Because of the lack of capital, continued operation of the debtors’ business without a sale of the purchased assets is not an option,” stated Seahawk Drilling CEO Randall Stilley.

In the bankruptcy filing, Seahawk listed between $500 million and $1 billion in both assets and liabilities.

Contact the Galveston chapter 11 bankruptcy lawyers of Gipson, Norman & Root at 281-332-4800 today, if you or someone you know is a business owner considering filing for bankruptcy and looking for experienced representation to help you through the process.

Today, Borders Group Inc. filed for Chapter 11 bankruptcy and announced that they will be closing at least 200 bookstores across the country, or about 30 percent of the company’s stores.  Borders Group owns both Borders and Waldenbooks stores.

Chapter 11 bankruptcy will allow the bookseller to reorganize the business and pay off any creditors while still keeping some stores open and operating.  Borders noted that they will keep all of their customer programs the same including gift cards and the Borders rewards program.

Borders Group Inc. President Mike Edwards stated, “It has become increasingly clear that in the light of the environment of curtailed customer spending…and the company’s lack of liquidity, Borders Group does not have the capital resources it needs to be a viable competitor.”

If you are a business owner considering filing for commercial bankruptcy in Galveston, contact the Galveston chapter 11 bankruptcy attorneys of Gipson, Norman & Root at 281-332-4800 today.

Early today, discount retailer Loehmann’s filed for Chapter 11 bankruptcy protection.  The bankruptcy filing listed both their assets and debts ranging between $100 and $500 million.

According to sources, Loehmann’s executives decided to file for Chapter 11 bankruptcy after debt negotiations with a major lender fell through.  Chapter 11 bankruptcy will allow Loehmann’s stores to continue operating while the business is reorganized and lenders are repaid.

The filing stated that the company hopes to exit bankruptcy within the first quarter of 2011.  In addition, reorganization plans include placing 51 percent of ownership in the hands of its secured lenders and 49 percent with its current owner, Istithmar World.

The Galveston Chapter 11 bankruptcy attorneys of Gipson, Norman & Root are here to help you in the process of filing for Chapter 11 bankruptcy protection.  Contact us today at 281-332-4800 to set up an appointment to discuss the details of Chapter 11 bankruptcy.

On October 20, San Antonio-based Emivest Aerospace Corp. filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court in Delaware.  Emivest manufactures corporate jets in Texas and West Virginia.  A spokesperson for Emivest, Mark Fairchild, reported that Emivest will continue operations both in San Antonio and at their site at Eastern West Virginia Regional Airport.  Chapter 11 bankruptcy allows businesses to continue operating while they work to pay off their debts and restructure the company.

The bankruptcy filing states an estimated number of creditors between 200 and 999.  In addition, both assets and liabilities were listed as being between $50 million and $100 million.

If you or someone you know is considering filing for Chapter 11 bankruptcy protection, contact the Galveston Chapter 11 bankruptcy attorneys of Gipson, Norman & Root at 281-332-4800 to learn more about your rights.