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.

U.S. Concrete Inc., filed for bankruptcy protection today as a part of their plan to restructure and cut debts by $272 million.

The Chapter 11 filing is the beginning of a plan that involves holders of the Houston-based concrete manufacturer’s 8.325 percent senior subordinated notes due in 2014 being able to exchange them for equity.

Already existing shareholders will be given the opportunity to buy 15 percent of the equity of the reorganized company.

To continue operation under bankruptcy protection, the company requested court approval of an $80 million debtor-in-possession credit facility led by JPMorgan.

The company was in danger of being delisted from the NASDAQ exchange this March, but received a waiver allowing it to defer an April 1 interest payment until April 30. This plan comes after hiring Lazard Freres & Co. and AlixPartners as financial advisers.

Let us help you figure out how you should best approach financial problems. If you are facing bankruptcy,  consider your options and contact the Milwaukee bankruptcy attorneys of the DeLadurantey Law Office, LLC, at 414-377-0518.

General Growth Properties Inc., a nationwide mall operating company, filed a motion with a federal bankruptcy court in New York last week requesting permission to emerge from Chapter 11 bankruptcy.

The Chicago-based mall operator only owns one mall in Wisconsin: Mayfair Mall in Wauwatosa.

A $6.55 billion investment from Brookfield Asset Management, Fairholme Capital Management, and Pershing Square Capital Management has allowed for General Growth Properties to recover from bankruptcy.

This investment along with a $1.5 billion debt issuance will allow GGP to form a new company, called General Growth Opportunities, which will oversee a portfolio of real estate assets.

If you are facing financial problems, get on the right track to recovery by contacting the Milwaukee bankruptcy attorneys of the DeLadurantey Law Office, LLC, at 414-377-0518.

Creditors voted last week to accept the bankruptcy plan proposed by Smurfit-Stone Container Corp. management. The company owns several Milwaukee-area plants.

Court confirmation hearings are scheduled to being this Thursday to go over the reorganization plan.

Smurfit-Stone is dually based in Chicago and Creve Couer, Mo. The company operates 30 recycling plants in the United States as well as recovered paper and recycling services, folding carton, and corrugated container facilities.

If you are looking for information regarding bankruptcy law, contact the Milwaukee bankruptcy attorneys of the DeLadurantey Law Office, LLC, at 414-377-0518.