Posted on June 5th, 2012
The New York-based law firm, Dewey & LeBeouf LLP, has now announced that they will be filing for Chapter 11 bankruptcy.
The firm is currently in the bankruptcy court in order to attempt to settle the $315 million in debt that they owe to a various creditors.
According to the Wall Street Journal online, the bankruptcy docket names the firm’s former executive director as many people blame him and his former business partner for the financial issues that the firm is facing.
Claims have been made that the reason for the management issues is because large payments to star lawyers as well as “lateral hires.”
Posted on May 22nd, 2012
The textbook publisher, Houghton Mifflin Harcourt Publishers Inc., has now filed for Chapter 11 bankruptcy protection.
According to officials, the bankruptcy plan was agreed upon in order to settle nearly $3.1 million in debt that the publisher is currently facing. Creditors and shareholders agreed on the bankruptcy plan when it was made before the filing took place.
The company has been struggling with debt for quite some time and are hoping to reorganize in this bankruptcy plan. The privately-owned company purchased Harcourt Education in 2007 for $4 million.