Chapter 11 Archives

INDIVIDUAL CHAPTER 11 BANKRUPTCY

An individual Chapter 11 bankruptcy is typically filed when an individual is not eligible to file a Chapter 13 bankruptcy because they exceed certain debt limits. You cannot file a Chapter 13 bankruptcy if you have more than $394,725.00 in unsecured debt or more than $1,184,200.00 in secured debt. Individuals trying to save their home may be prevented from filing Chapter 13 because, for example, they had a business that closed and now have significant debt beyond the debt limit. The good news is they can still save their home by filing a Chapter 11. While it is more expensive and there are more obstacles to overcome, such as voting, it is a good alternative when Chapter 13 is not possible.

Taj Mahal Casino Chapter 11 Bankruptcy Receives Favorable Supreme Court Ruling

Taj Mahal Casino Chapter 11 Bankruptcy Receives Favorable Supreme Court Ruling. The US Supreme Court rejected the Union's Benefits Appeal in the Taj Mahal Casino Bankruptcy Case. In a Reuters article, http://www.reuters.com/article/us-usa-court-casino-idUSKCN0YM1OC, it is noted that Local 54's appeal to preserve pensions and health benefits at the Taj Mahal was unsuccessful. Trump Entertainment Resorts Inc filed for bankruptcy in 2014. In 2009, the company was granted permission to impose new lower-cost contracts on unionized workers as a condition of a rescue deal purchase of the casino company by billionaire investor Carl Icahn.

Cherry Hill New Jersey Sports Authority Closed in Chapter 11

Sports Authority has filed for Chapter 11 bankruptcy. According to NPR.org, http://www.npr.org/sections/thetwo-way/2016/03/02/468869118/sports-authority-files-for-chapter-11-bankruptcy-protection  the sporting goods retailer was carrying a heavy debt load and needed to restructure. In its restructuring, Sports Authority plans to access nearly $600 million in debtor-in-possession financing and close or sell approximately 140 stores and two distribution centers. This includes stores in Cherry Hill, New Jersey, East Brunswick NJ and Piscataway NJ as well as Easton Pennsylvania and Whitehall PA. The company operates more than 460 locations. Chapter 11 is often used as a way for companies to get out of bad leases while retaining the good ones.

Chapter 11 filed by Sun Energy

Despite an industry such as the Solar industry being  strong and growing, companies can still wind up in Chapter 11 bankruptcy.  USA Today, at http://www.usatoday.com/story/money/2016/04/21/sunedison-chapter-11-bankruptcy/83329928/  reports that SunEdison, a renewable energy firm, filed for Chapter 11 bankruptcy reorganization on April 21, 2016. The company recently failed to acquire Vivint Solar and had no additional sources of liquidity to pay off $300 million in debt financing. The filing does not include SunEdison's two subsidiaries, TerraForm Power and TerraForm Global. Apparently the plan now is  to shed debt by selling "non-core" assets. Andrew de Pass, CEO of rival solar installer Conergy said, in regards to SunEdison's bankruptcy, "It has nothing to do with the state of the solar industry in the U.S. or globally. The solar industry is extremely strong." As reported in the USA Today article, according to the U.S. Energy Information Administration, solar power generation in the U.S. was 23.2 million megawatt-hours, up 52% from 2014 and up 186% from 2013. Whether the economy is strong or weak, whether an industry is strong or weak, companies may still need to file bankruptcy to address debts.

Taxi Company Filing Chapter 11 Bankruptcy Because of Uber

According to Forbes.com, San Francisco's largest taxi company is filing Chapter 11 bankruptcy and Uber and Lyft are to blame. According to the article, the growth of Uber and Lyft have impacted the success of the taxi company in several ways. First, the number of riders for the taxi drivers have dropped. In addition, a number of the good taxi drivers are switching to Uber or Lyft.

Caesars intends to file for Chapter 11 bankruptcy

It has been a tough year for the gambling industry. Many of the largest casinos in New Jersey,and others across the country, have been struggling to keep their doors open. With many people having less discretionary income, it has been increasingly difficult for many casinos to stay in operation due to the lack of revenue. It was recently announced that Caesars Entertainment Corp. is planning to file for Chapter 11 bankruptcy protection in order to stay in business.

Another teen clothing retailer may file for Chapter 11 bankruptcy

During the holidays, most New Jersey businesses are having their highest revenue months of the year. While most businesses are prospering, others, especially those focused on teen fashion, are failing to see increased sales. Changes in teen shopping habits have resulted in several retailers filing for Chapter 11 bankruptcy, and the trend seems to be continuing. 

Teen and women's clothier Deb files for Chapter 11 bankruptcy

Teen retailers that do not keep up with fashion trends are very likely to have a hard time generating the revenue necessary to stay in business. Many teen clothiers are noticing a steady decline in sales due to new competitors in the market. Many shops in New Jersey, and across the United States, are feeling the impact and are being forced to take action to avoid shutting their doors. These businesses may make the important decision to file for Chapter 11 bankruptcy in an effort to save their companies.

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