Posted on July 29th, 2010
Yesterday, the American Safety Razor Co. filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court in Wilmington, Delaware. The New Jersey-based company is the fourth largest manufacturer of shaving razors and blades.
The company has set a deal to sell to first-lier lenders for $244 million. Junior lenders are owed $178 million. Razor Co. plans to hold an auction that will allow second-lier lenders and any others seven weeks to bid higher.
Razor Co. has acquired $25 million in bankruptcy finances to continue operating while they restructure and pay off debts. Razor Co. officials believe the restructuring will allow the company to reduce its debt while still investing in new razor technology.
If you or someone you know is considering filing for bankruptcy protection, contact the Milwaukee Chapter 7 and Chapter 13 bankruptcy lawyers of DeLadurantey Law Office, LLC at 414-377-0518 to learn more about your rights.
Posted on July 22nd, 2010
Bankruptcy statistics from the first six months of 2010 reveal that bankruptcy filings are the highest they have been since 2005. Filings increased to 770,117 nationwide- an increase of 14 percent from the first six months of 2009. The number of filings in June 2010 was 8 percent higher than the number in June 2009. This is the largest number of bankruptcy filings since the Bankruptcy Abuse Prevention and Consumer Protection Act were created in 2005.
However, over the past six months, bankruptcy filing have fallen month-to-month. Bankruptcy filings in June were down 7 percent from May, showing a decrease in filings for the third consecutive month in a row.
Experts estimate 1.6 million bankruptcy filings by the end of the year.
If you or someone you know is considering filing for bankruptcy protection, contact the Milwaukee personal bankruptcy lawyers of DeLadurantey Law Office, LLC at 414-377-0518 to learn more about your rights.
Posted on July 14th, 2010
This past June’s report of bankruptcy claims trading shows numbers on the decline for the second month in a row. In April, bankruptcy claims trading reached a record high at $3.65 billion. In June, claims trading fell to $2.1 billion. Furthermore, the number of trades fell to 816 in June, compared to the 917 in May.
Bankruptcy cases with the highest number of claims trading included Chemtura Corp., Tribune Co., Flying J Inc., Smurfit-Stone, and Lehman Brothers Holdings Inc.. Lehman Brothers had the highest number of trading claims at 224 and almost $2 billion.
Chris Moon, director of the bankruptcy claims market at SecondMarket, cited the “summer slowdown”, a decrease in the number of big cases filed, and many businesses coming out of chapter 11 bankruptcy as reasons for the decline.
If you or someone you know are considering filing for bankruptcy protection, contact the Milwaukee bankruptcy attorneys of DeLadurantey Law Office, LLC at 414-377-0518 to learn more about your rights.
Posted on July 9th, 2010
Statistics show that foreclosures are on the decline in Wisconsin. This past June, the number of foreclosures in Wisconsin was down by 13.4 percent compared to June 2009. The 2,150 foreclosure cases last month are the lowest number of cases in a month so far this year. Furthermore, the total foreclosures in the first half of this year is down 1.1 percent from the first six months of last year.
Still, many believe the decrease in foreclosure filings is not very telling considering how high the number of foreclosures had gotten in recent years. An economics professor at the University of Wisconsin Whitewater stated, “With foreclosures, we will continue bouncing across the bottom until we see unemployment go below 8 percent”. In May, Wisconsin’s unemployment rate was 8.2 percent.
If you or someone you know is facing foreclosure, contact the Milwaukee foreclosure defense lawyers of DeLadurantey Law Office, LLC at 414-337-0518 to learn more about your rights.
Posted on July 6th, 2010
According to the Milwaukee Journal-Sentinel, nearly 1,400 struggling residents filed for a little-used debt-amortization option known as Chapter 128, which allows debtors to consolidate unsecured debts and spread them out over an extended period of time. The individuals may be able to consolidate utility bills and credit card debts and will typically pay attorneys fees on top of the reworked payments. This debt-relief option may be a helpful option for some individuals, but some experts believe that bankruptcy may be a better option for some people, because it provides more protection for the debtor than filing for Chapter 128 would.
If you are struggling to make ends meet, it is important to consider all of the options available to you. Contact an experienced Milwaukee bankruptcy attorney of DeLadurantey Law Office at 414-377-0518 today.
Posted on June 17th, 2010
An older Milwaukee office building, The Underwriters Exchange Building, is for sale after it was foreclosed upon last week. The eight-story, thirty-seven thousand square-foot building was built in 1924. Located on 828 North Broadway, it is on sale for over $1.6 million by Wangard Partners. The building has an occupancy rate of only 37 percent.
The Underwriters Exchange Building has been targeted by banks before for foreclosure. Associated Bank filed a foreclosure lawsuit against the building in 2008. A Milwaukee investment group who guaranteed a loan to the bank gave them $1.5 million. The bank has used some of that money to hire the company that is selling the property.
If you or someone you know is facing foreclosure, contact the Milwaukee foreclosure defense lawyers of the DeLadurantey Law Office, L.L.C. by calling 414-377-0518.
Posted on June 10th, 2010
When Carver Yachts, makers of world class yachts, filed for bankruptcy last year, yacht production stopped for months. However, early this year, they started production again under new management and a new name. Marquis Yachts, located in Pulaski, Wisconsin, was awarded a $1.5 million loan from the Community Development Block Grant program to get their feet back on the ground.
Marquis Yachts say they plan to hire back 315 new workers.
If you or someone you know is considering filing for bankruptcy, contact the Milwaukee bankruptcy lawyers of the DeLadurantey Law Office, L.L.C. by calling (414) 377-0518.
Posted on June 9th, 2010
Interiors and electronics company, Visteon, has filed for bankruptcy and is refusing a competitor’s attempts to buy out parts of its business for $1.25 billion. Milwaukee-based company, Johnson Controls, has publicly expressed a high interest in purchasing two of Visteon’s three business units. Visteon refuses Johnson Controls’ offer on the grounds that the business venture would have a negative impact on their creditors. Visteon also notes that if they sold the two business units to Johnson Controls, Visteon’s equity holders would be unable to recover. However, Johnson Controls claims that their stake in the company would prove valuable for Visteon equity holders.
Visteon shareholders have argued for Johnson Controls, saying that the generous $1.25 billion offer could leave the company’s shareholders with a recovery. As a result of this, Visteon has asked Johnson Controls to cease communication with their customers, claiming that it could damage their relationship with important clients.
If you are considering filing your business for bankruptcy, contact the Milwaukee Chapter 7 bankruptcy lawyers of the DeLadurantey Law Office, L.L.C. by calling 414-377-0518.
Posted on May 27th, 2010
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.
Posted on May 26th, 2010
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.
