Published Saturday, January 1, 2011 @ 6:57 am

It is hard to understand why companies that can make billions of dollars find themselves seeking the advantages of the United States bankruptcy system. The last couple of years has seen countless examples of such bankruptcy cases, many of which created new standards for corporate filings.

MGM Studios, a Golden Age of Hollywood production starlet founded in 1924, has started its final steps toward total emergence from its pre-packaged bankruptcy that was approved earlier this month.…

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Published Monday, December 13, 2010 @ 10:19 am

The recession seems to just keep coming. Most recently, the country’s widespread, historic economic struggle has taken as victim The Great Atlantic & Pacific Tea Co.

More commonly known as A&P Grocery, the struggling business filed for Chapter 11 bankruptcy in New York last week. The company also owns Waldbaums and Super Fresh.…

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Published Sunday, December 27, 2009 @ 2:21 pm

Recently one of the largest radio broadcasting companies in the nation, Citadel Broadcasting, entered into bankruptcy proceedings. Now it appears as if there may be other media giants following in Citadel’s footsteps with NextMedia Group and Heartland Publications looking to file for bankruptcy as well.

This has been a bad year for media organizations all around.…

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Published Tuesday, December 8, 2009 @ 2:45 pm

Nicholas Cage isn’t the only movie star filing for bankruptcy. The owners of Tavern on the Green, arguably America’s most famous restaurant, and an esteemed eatery featured in films from Edward Scissorhands, and Ghostbusters to The Out-of-Towners and Wall Street, has recently sought the protection of the U.S. Bankruptcy Court in the Southern District of New York.…

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Published Wednesday, November 18, 2009 @ 10:30 am

In the last year, we’ve been witness to one record breaking bankruptcy petition after the next, from national retailers like Circuit City to automobile manufacturing icons like General Motors. However, in the last few months, fewer companies have failed thanks to the relative loosening of the credit markets and the somewhat more complex process of bond sales and distressed-debt exchanges.…

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Published Wednesday, November 4, 2009 @ 10:31 am

For many Americans, the news of a credit card company declaring bankruptcy would be welcome news. However, before any corks are popped, those celebrating should look a little deeper into what Advanta Corp.’s Chapter 11 filing means for the economy.

Advanta Corp. provides credit cards to small businesses, which they can use to buy general business items and support operations.…

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Published Monday, October 5, 2009 @ 1:54 pm

Hockey season is underway. And in Phoenix, the seemingly endless off-season bankruptcy parade may finally be forgotten, for at least 60 minutes, when the Phoenix Coyotes open at home against the Columbus Blue Jackets on October 10.

For a number of months, a wave of personal vendettas and crumbling finances have plagued one of the NHL’s major market franchises ever since its now previous owner, Jerry Moyes, tried to file bankruptcy without notifying the league.…

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Published Tuesday, August 18, 2009 @ 5:54 pm

Reader’s Digest, the coffee-ringed, literary staple of grandparents’ coffee tables, recliner-side book stacks and flea market “all-you-can-grab” tables, is filing Chapter 11 bankruptcy. Clearly a sign that even the most family-friendly print media stalwarts are not immune from the impact of Internet news and YouTube versions of “drama in real life,” the company’s bankruptcy has been pre-arranged and if approved by a bankruptcy judge, will cut what it owes from $2.2 billion to $550 million.…

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Published Wednesday, July 8, 2009 @ 12:30 am

The bankruptcies of General Motors and Chrysler have created a buzz in bankruptcy law circles because of their rapid movement through the court system. The sale of GM was formally approved on July 5, marking the nation’s birthday by giving court approval to one of its favorite corporate sons.

Both the GM and Chrysler bankruptcies sped through the courts in under 45 days with the help of sell-off strategies largely orchestrated by the US government.…

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Published Monday, June 15, 2009 @ 10:41 pm

One of the most popular amusement park companies in the world, Six Flags, is experiencing a financial rollercoaster of it’s own, having just filed for Chapter 11 bankruptcy. But it looks the company will come out of the economic corkscrew all smiles.

If the company’s plan is approved by the court, it will be owned primarily by its creditors.…

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Published Wednesday, April 29, 2009 @ 7:03 pm

It appears that the June 1 deadline to present a plan to the federal government to avoid bankruptcy might be met, as it has been reported that GM and its debtholders have reached an agreement.

In order to prevent the largest corporate bankruptcy in U.S. history, General Motors was given until June 1 by the federal government to create a viable company restructuring plan.…

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