American Safety Razor files for bankruptcy

Posted on July 29th, 2010 No Comments

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.

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2010 bankruptcy filings highest since 2005

Posted on July 22nd, 2010 No Comments

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.

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Nationwide decrease in bankruptcy claims trading

Posted on July 14th, 2010 No Comments

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.

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Foreclosures down in Wisconsin

Posted on July 9th, 2010 No Comments

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.

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Struggling Wisconsin residents continue to explore bankruptcy and other options

Posted on July 6th, 2010 No Comments

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.

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Visteon rejects Milwaukee-based competitor’s generous bid

Posted on June 9th, 2010 No Comments

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.

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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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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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