Posted on April 29th, 2010
U.S. Concrete Inc., filed for bankruptcy protection today as a part of their plan to restructure and cut debts by $272 million.
The Chapter 11 filing is the beginning of a plan that involves holders of the Houston-based concrete manufacturer’s 8.325 percent senior subordinated notes due in 2014 being able to exchange them for equity.
Already existing shareholders will be given the opportunity to buy 15 percent of the equity of the reorganized company.
To continue operation under bankruptcy protection, the company requested court approval of an $80 million debtor-in-possession credit facility led by JPMorgan.
The company was in danger of being delisted from the NASDAQ exchange this March, but received a waiver allowing it to defer an April 1 interest payment until April 30. This plan comes after hiring Lazard Freres & Co. and AlixPartners as financial advisers.
Let us help you figure out how you should best approach financial problems. If you are facing bankruptcy, consider your options and contact the Milwaukee bankruptcy attorneys of the DeLadurantey Law Office, LLC, at 414-377-0518.
Posted on April 27th, 2010
General Growth Properties Inc., a nationwide mall operating company, filed a motion with a federal bankruptcy court in New York last week requesting permission to emerge from Chapter 11 bankruptcy.
The Chicago-based mall operator only owns one mall in Wisconsin: Mayfair Mall in Wauwatosa.
A $6.55 billion investment from Brookfield Asset Management, Fairholme Capital Management, and Pershing Square Capital Management has allowed for General Growth Properties to recover from bankruptcy.
This investment along with a $1.5 billion debt issuance will allow GGP to form a new company, called General Growth Opportunities, which will oversee a portfolio of real estate assets.
If you are facing financial problems, get on the right track to recovery by contacting the Milwaukee bankruptcy attorneys of the DeLadurantey Law Office, LLC, at 414-377-0518.
Posted on April 21st, 2010
Creditors voted last week to accept the bankruptcy plan proposed by Smurfit-Stone Container Corp. management. The company owns several Milwaukee-area plants.
Court confirmation hearings are scheduled to being this Thursday to go over the reorganization plan.
Smurfit-Stone is dually based in Chicago and Creve Couer, Mo. The company operates 30 recycling plants in the United States as well as recovered paper and recycling services, folding carton, and corrugated container facilities.
If you are looking for information regarding bankruptcy law, contact the Milwaukee bankruptcy attorneys of the DeLadurantey Law Office, LLC, at 414-377-0518.
Posted on April 19th, 2010
According to a RealtyTrac Inc. report, one in 465 homes in the Houston, TX, area received a foreclosing filing in March. This number is 53 percent higher than it was in March of 2009, and 29 percent higher than it was in February of 2010.
This trend is mirrored at every level, with one in 617 homes receiving a foreclosure filing in Texas and one in 352 receiving a foreclosure filing nationwide.
The 367,056 properties reported to have been foreclosed on in March represent a 20 percent increase from February’s numbers and an 8 percent increase from this time last year. According to RealtyTrac’s U.S. Foreclosure Market Report, this is the highest number of home foreclosures since January 2005.
“Foreclosure activity in the first quarter of 2010 followed a very similar pattern to what we saw in the first quarter of 2009: A shallow trough in January and February followed by a substantial spike in March,” said James Saccacio, chief executive officer of RealtyTrac.
The difference between this year’s foreclosures and the general trend is that previous increases were tilted towards the final stages of foreclosures, whereas today bank repossessions have increased 9 percent on a quarterly basis as opposed to decreasing 13 percent on a quarterly basis in 2009.
Contact the Milwaukee foreclosure defense attorneys of the DeLadurantey Law Office, LLC, at 414-377-0518 if you have questions regarding your legal options when it comes to bankruptcy law.
Posted on April 15th, 2010
In a long anticipated move, St. Vincent’s Hospital in Manhattan filed for bankruptcy Wednesday, revealing that its largest unpaid creditor was a federal pension insurance agency.
The Chapter 11 bankruptcy petition, which was filed in Federal District Court in Manhattan, reveals liabilities of at least $1 billion. This is likely less than what the hospital really owes, as the maximum amount a debtor may check on the form is for that sum.
A medical malpractice trust monitor was second on the list of creditors, with the hospital owing them $113 million.
Hospital spokemans Michael Fagan said that the bankruptcy filing would allow the hospital to continue caring for patients as it closes.
While the hospital owes the Pension Benefit Guaranty Corporation $180 million, Fagan says that the pensions of nurses at the hospital were not at risk.
Falling into debt and filing for bankruptcy can be very ugly, even for prominent institutions like St. Vincent’s. If you are experiencing financial difficulties and need help filing for bankruptcy, contact the Milwaukee bankruptcy attorneys of the DeLadurantey Law Office, LLC, at 414-377-0518 to discuss your legal options.
Posted on April 12th, 2010
General contractor Brian M. Marshall has asked the courts to dismiss his bankruptcies or convert them to liquidation cases under Chapter 7, following a $691,000 loss in equity by Initech, one of his many companies. Marshall filed for Chapter 11 bankruptcy for his now defunct Fireline Restoration Inc., Initech Restoration, Marshall Investments LLC, Marshall Aviation LLC, and numerous others.
The North Carolina-based Branch Banking & Trust Co. has filed lawsuits to foreclose on much of Marshall’s real estate. BB&T is also attempting to repossess a Ferrari, Porsche, Bentley, and Land Rover, according to court records. This follows the repossession of Marshall’s 45-foot SeaRay by BB&T, as well as his Gulfstream jet last year by another lender. BB&T is seeking to collect $21 million in loans.
Marshall’s actions follow the discovery that his companies had executed a “fantasy land of fraud” to increase stock prices for his various company’s shares, according to the Securities and Exchange Commission.
If you are suffering financial difficulties and want to discuss your options when it comes to repossession, or in regards to filing for Chapter 13 or Chapter 7 bankruptcy, contact the Milwaukee bankruptcy attorneys of the DeLadurantey Law Office, LLC, at 414-377-0518 to discuss your options.
Posted on April 8th, 2010
Consumer bankruptcy filings have not been curbed despite the recent economic upturn. Chapter 7 bankruptcy filings were up 14% in February of 2010 compared to February of 2009. This number was also an increase of 9% from the number of filings in January, indicating an uncomfortable trend.
According to Samuel Gerdano, American Bankruptcy Institute executive director, this is the result of years of overspending and increased debt-stress catching up with individual customers.
Stricter bankruptcy laws implemented in 2005 were meant to decrease the number of Chapter 7 bankruptcy filings by requiring those with a regular income to repay their debt in full or in part over a period of several years under Chapter 13 bankruptcy. Instead, Chapter 13 bankruptcy filings have decreased by 3% from the number of filings this time last year.
If you are suffering financial difficulties and need consultation in regards to filing for Chapter 13 or Chapter 7 bankruptcy, contact contact the Milwaukee bankruptcy attorneys of the DeLadurantey Law Office, LLC, at 414-377-0518 to discuss your options.
Posted on April 6th, 2010
CIB Marine Bancshares Inc., the holding company that operates Marine Bank, reported the first positive financial results for the company since the beginnings of a downward spiral beginning in 2002 that eventually led to their declaration of bankrupcty in late 2009. The rapid turn around is a result of a pre-packaged plan of bankruptcy reorganization.
According to John Hickey Jr., CEO and chairman of CIB Marine Bancshares, the company will continue to post positive financial results and will only be stronger in the future.
Careful spending and adherence to a financial plan can allow for the recuperation of bankrupt assets and recovery from bankruptcy. If you are experiencing bankruptcy issues, contact the Milwaukee bankruptcy attorneys of the DeLadurantey Law Office, LLC, at 414-377-0518 to discuss your options.
Posted on April 1st, 2010
Individuals who file for Chapter 13 usually are able to switch to a Chapter 7 bankruptcy filing. In order to make the switch, individuals should consult their attorney and notify the court.
However, some individuals are not qualified to make the switch if they have filed for Chapter 7 in the last 8 years. If they are not qualified, they still have the option of canceling their Chapter 13 by notifying the court.
If you or anyone you know is considering switching from Chapter 7 to Chapter 13, contact the Milwaukee Chapter 13 bankruptcy lawyers of the DeLadurantey Law Office, LLC, at 414-377-0518.
