Blog Category: Chapter 11

The first week of December 2018 saw the governing body for Gymnastics in the US filing a voluntary petition for Chapter 11 bankruptcy. The abrupt bankruptcy filing is, in the words of its new Board of Directors, to help deal with the litigation aimed at the organization due to the actions of former team doctor  … Read more

On November 5th David’s Bridal filed Chapter 11 bankruptcy. The nation’s largest wedding retailer entered into a pre-packaged agreement with the majority of the lenders, note holders and equity holders. The company hopes to finish the bankruptcy restructuring by early January. Business will continue as usual during the court-supervised process. Customers Can Continue Shopping Scott  … Read more

Colorado-based Westmoreland Coal Company has filed for Chapter 11 in a bankruptcy court in Houston. The company operates mines in Texas, Wyoming, Montana, New Mexico, North Dakota, Ohio, and a coal-fired power plant in North Carolina. Westmoreland is over $1.4 billion in debt and $770.46 million in assets according to the filing on October 9.  … Read more

  A Houston-based construction company has filed for Chapter 11 bankruptcy protection in Houston in late August. The company, Urban Oaks Builders, which is an affiliate of Houston-based real estate developer Hine’s filed the Chapter 11 bankruptcy protection case in US Bankruptcy Court for the Southern District of Texas after a Florida real estate investment  … Read more

Businesses that wish to continue operations while also struggling with company debt have the option of filing for Chapter 11 bankruptcy in Texas and every other state in the Union. A Chapter 11 business bankruptcy works quite different from a personal bankruptcy (Chapter 7 or Chapter 13), with the biggest difference being who is in  … Read more

While the energy company bankruptcy onslaught has slowed dramatically, some upstream companies are still struggling to fund ongoing operations. This week, the Houston-based upstream oil and gas company, Cobalt International Energy Inc., filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of Texas. Cobalt International Energy Inc. is an  … Read more

While the Cornbread Ventures LP partnership is based in Houston, Texas their chain of South-Western inspired restaurants called Z’Tejas filed for chapter 11 bankruptcy in Phoenix Arizona this week. The owners hoped to turn the failing chain of nine restaurants around to profitability when they acquired them two years ago. Z’Tejas will be closing four  … Read more

The privately held, US based manufacturer of polyester resins, synthetic resins, plastics materials, and non-vulcanized elastomers, M&G Polymers USA, filed for Chapter 11 bankruptcy this week, listing between $100 million and $500 million in liabilities, 200-999 creditors, and $500 million to $1 billion in assets. The company is owned by M&G Chemicals Group, which is  … Read more

As retail companies across the US continue to be financially battered by a paradigm shift in consumer shopping habits, Toys R Us is seeking $400 million in new financing in order to cover its 2018 debt maturities. The move to raise the funding could be structured in a way to finance a Toys R Us  … Read more

In unfortunate business news, Alevo USA, the Charlotte North Carolina makers of GridBank, fell short on funding this month, forcing the battery manufacturer to file Chapter 11 bankruptcy. The Chapter 11 bankruptcy protection filing forced the cash strapped battery maker to lay off 290 employees in its Concord manufacturing facility, a previously used factory of  … Read more