Posted on September 8th, 2010
Blockbuster recently told movie studios and their senior creditors that they are looking at filing for bankruptcy in mid-September. The movie rental company, which has suffered since the growing popularity of Netflix and Redbox, owes almost $1 billion in debt. Blockbuster stock was closed last month at 11 cents a share after being delisted from the New York Stock Exchange.
Blockbuster executives plan to restructure the company in order to pay off its debts and hopefully exit bankruptcy within five months. One part of their plan is to exit leases on between 500 and 800 of its stores across the country. Last year, 1,000 Blockbuster stores were forced to close down due to slowing business. If their restructuring is successful, the company hopes to expand into digital and kiosk distribution.
“Our discussions continue to be productive and we have every reason to believe we will come out of the recapitalization process financially stronger and more competitively positioned,” stated a Blockbuster spokesperson.
If you or someone you know needs help with debt negotiations, contact the Milwaukee debt negotiation lawyers of DeLadurantey Law Office, LLC at 414-377-0518 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 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.
