Xerium technologies emerges from Ch. 11

Posted on May 27th, 2010 No Comments

Xerium Technologies announced their emergence from Chapter 11 bankruptcy protection this Tuesday, with a smaller debt load and a cache of new financing options.

The Raleigh-based company announced that debtholders exchanged approximately $620 million of debt for $410 million in new loans, $10 million in cash, and approximately 82.6 percent of common stock in the reorganized company.

The company also reported the acquisition of revolving loans of up to $20 million and a term loan of $60 million.

Shareholders from before the bankruptcy have been promised 17.4 percent of the newly issued shares, around a 20-to-1 reverse split. They will also receive warrants to purchase up to 10 percent of outstanding shares.

There are now seven board of directors members, five of whom were nominated by lenders. The company expects to retain its stock listing on the New York Stock Exchange.

Contact the Milwaukee personal bankruptcy attorneys of the DeLadurantey Law Office, LLC, at 414-377-0518 to discuss your financial future.

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Credit card delinquencies down nationwide

Posted on May 26th, 2010 No Comments

According to a recent TransUnion report, fewer people were late making their credit card payments in the first quarter this year compared to last year.

Credit card delinquency is highest in Nevada, at 1.79%, followed by Florida at 1.59%. The lowest delinquencies are in North and South Dakota and Alaska.

Nationwide average credit card debt also fell for the fourth consecutive quarter, decreasing a total of 4.95% or around $300, from $5,434 to $5,165.

In a news release, Ezra Baker, the director of consulting and strategy in TransUnion’s financial services business unit, said “The last four quarters of consecutive decreases in credit card balances shows that consumers continue to focus on paying down their credit cards in response to economic uncertainty and the continued somewhat anemic employment outlook, wanting to keep a credit cushion available for hard times.”

If you are in need of legal advice in bankruptcy law, contact the Milwaukee personal bankruptcy attorneys of the DeLadurantey Law Office, LLC, at 414-377-0518.

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Six Flags posts $183.5M quarterly loss

Posted on May 20th, 2010 No Comments

Six Flags Entertainment Corp., following the implementation of the bankrutpcy reorganization plan outlined in a previous blog post, has reported a $183.5 million net loss for the first quarter.

This loss comes from interested owed on more than $400 million in senior notes as well as higher operating expenses, expenses in connection with the reorganization plan, and expenses related to income tax.

The net loss over this period amounts to $183.5 million, or $1.87 per share, on revenue of $57.3 million. Last year, the company posted a comparatively better net loss of $140.8 million, losing $1.50 per share, on revenue of $51.1 million.

The business has appointed Al Weber Jr. as president and interim chief executive officer, while retaining an executive search firm to locate a permanent CEO.

If you are facing bankruptcy, contact the Milwaukee bankruptcy attorneys of the DeLadurantey Law Office, LLC, at 414-377-0518 to discuss your financial future.

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Hollywood video to close remaining stores

Posted on May 18th, 2010 No Comments

Movie Gallery Inc., the Wilsonville, Ore.-based operator of the Hollywood Video rental chain, has announced plans to close its remaining 1,900 stores and liquidate its operations.

The company filed the notice Friday last week in the U.S. Bankruptcy Court for the Eastern Dictrict of Virginia in Richmond. This decision follows the company’s defaulting on one of its loans.

Movie Gallery Inc. filed for Chapter 11 bankruptcy in February, for the second time in three years.

Revenue for the company fell last year to $1.4 billion from $2 billion. Analysts suggest that the proliferation of DVD kiosks, over-the-Internet services, and companies offering movies-by-mail is responsible for the company’s decline.

Are you facing bankruptcy? Contact the Milwaukee Chapter 7 bankruptcy attorneys of the DeLadurantey Law Office, LLC, at 414-377-0518.

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Seattle number one in nation for consumer credit debt

Posted on May 14th, 2010 No Comments

Seattle and Dallas have overtaken competitors as the two cities with the greatest average credit card debt per consumer, at around $26,500.

Both Dallas and Seattle exceed the national average consumer credit debt, which is $24,775. This is true for 65 percent of metropolitan areas in the nation.

The report cautions that this should not be taken at face value, and that it is important to remember that debt levels are not always the most important factor in maintaining positive credit scores.

“It’s important to look at the whole picture when evaluating how consumers are actually managing their credit,” said Maxine Sweet, vice president of public education for Experian.

Despite the fact that Seattle consumers have the highest average debt, they also rank very low comparatively in terms of late payments. This means that, in general, they are able to maintain higher credit scores.

If you are facing overwhelming credit card debt and are in need of legal advice in bankruptcy law, contact the Milwaukee bankruptcy attorneys of the DeLadurantey Law Office, LLC, at 414-377-0518.

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Foreclosure rates finally go down

Posted on May 13th, 2010 No Comments

Foreclosure filings have finally begun to level off, according to RealtyTrac Inc.

New York witnessed a 21.5 percent drop in foreclosure filings on properties, significantly over the nationwide 2 percent drop.

This marks the first month of the year that the number of foreclosure filings has decreased rather than increased.

“There were two important milestones in the April numbers that show foreclosure activity has begun to plateau — but at a very high level that will not drop off in the near future,” said James J. Saccacio, chief executive officer of RealtyTrac. “April was the first month in the history of our report with an annual decrease in U.S. foreclosure activity. Secondly, bank repossessions, or REOs, hit a record monthly high for the report even while default notices dropped substantially on a monthly and annual basis.”

“We expect a similar pattern to continue for most of this year,” Saccacio said, “with the overall numbers staying at a high level and ripples of activity hitting the various stages of the foreclosure process as lenders systematically work through the backlog of distressed properties.”

Nevada led the other states in foreclosure rates, with one of every 69 housing units being foreclosed on. California, Florida, Michigan, Illinois, and Nevada foreclosures account for more than 50 percent of the nation’s total filings.

If you are facing a foreclosure filing or bankruptcy, contact the Milwaukee bankruptcy attorneys of the DeLadurantey Law Office, LLC, at 414-377-0518.

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More smaller businesses filing for bankruptcy

Posted on May 6th, 2010 No Comments

More and more smaller businesses are filing for bankrupcty this quarter as compared to last year, according to reports. This is in comparison to the falling number of larger firms ($100 million or greater in assets) filing bankruptcy petitions.

In Boston, Chapter 11 bankrupcties were up about 50% compared to last year. “What you’re seeing is smaller businesses filing (for bankruptcy),” said a local bankruptcy attorney. “Commercial real estate is going to be an area of serious concern in 2010 and 2011. There are quite a number of commercial real estate loans maturing this year and next year, and the general sense is there will be insufficient credit available to refinance many of these properties.”

According to a recent report in American Lawyer, no firm with more than $1 billion in assets filed for Chapter 11 bankrupcty protection this quarter.

Contrastingly, the number of firms with more than $100 million in assets that filed for bankrupcty was down by over 50% from last year.

Another local Boston bankruptcy lawyer said that while last year saw many more large businesses filing for bankruptcy, many smaller companies that were barely holding on in 2009 have finally succumbed to pressure.

“The word fatigue comes to mind — they’ve run out of credit,” he said.

Bankruptcy is something that many people have to face, everyday. If you are looking for information on how best to approach a bankruptcy, do not hesitate to contact the Milwaukee bankruptcy attorneys of the DeLadurantey Law Office, LLC, at 414-377-0518.

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Six Flags emerges from Ch. 11

Posted on May 4th, 2010 No Comments

New York City-based Six Flags Inc., the owner of the amusement parks of the same name, filed for Chapter 11 bankruptcy in June 2009 in Delaware citing its inability to refinance its heavy debt burden. At the time, the company’s debt was listed at $2.4 billion.

The company this week emerged from that Chapter 11 bankruptcy backed by $725 million in equity from a new shareholders group headed by Stark Investments of St. Francis.

Six Flags Inc., now called Six Flags Entertainment Corp., will list its new common stock on the New York Stock Exchange.

“This reorganization constitutes the final step in the repositioning of Six Flags globally,” Six Flags St. Louis Park president David Roemer said in a statement. “While the day-to-day operations of our park were never impacted, it’s very exciting to envision a future that will allow us to rapidly grow and expand the array of services and entertainment for every single guest.”

“Investing in the infrastructure of our park will also remain a top priority,” he said. “For Six Flags St. Louis, that means continuing to improve and upgrade all elements of the park and planning for new rides, attractions and special events over the next several years, including of course our highly anticipated 50th anniversary season in 2011.”

These large businesses are only able to emerge from bankruptcy due to the skilled handling of their financial and legal needs. If you are facing financial difficulty or looking for information on filing for bankruptcy, contact the Milwaukee bankruptcy attorneys of the DeLadurantey Law Office, LLC, at 414-377-0518.

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