Writings by Joel R. Glucksman

Joel Glucksman is an experienced civil and bankruptcy litigator specializing in the representation of secured lenders and other creditors in complex suits and bankruptcies.

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Detroit Emergency Manager Halts Debt Payments, Urges Creditors To Accept Pennies on the Dollar

Detroit’s appointed emergency manager Kevyn Orr painted a grim picture of the city’s finances in his recent meeting with creditors and investors. Orr, who is tasked with implementing a plan that may help the city avoid falling into bankruptcy law protection, asked creditors and union leaders to accept significantly lesser amounts than what they are owed […]

Author: Joel R. Glucksman

June 28, 2013

Detroit Bankruptcy

Coda Affiliates Forced Into Bankruptcy

U.S. electric car maker Coda Automotive sought bankruptcy law protection in early May, and now it appears that its financial condition is impacting its affiliate companies and they will be forced into bankruptcy as well. Delaware-based Lio Energy Systems Holdings has filed for protection along with Hong Kong-based Miles Electric Vehicles Ltd. The companies are petitioning to […]

Author: Joel R. Glucksman

June 27, 2013

Bank of America Says Countrywide Bankruptcy Remains an Option

Bank of America is playing hardball with its Countrywide Financial unit, and recently raised the possibility of putting Countrywide into bankruptcy only two years after reaching a landmark $8.5 billion settlement with mortgage investors. Countrywide, which struggled to stay afloat following a swarm of mortgage-related litigation after the housing market collapse, was purchased by Bank of […]

Author: Joel R. Glucksman

June 25, 2013

Exide Technologies Officially Files for Bankruptcy Law Protection

After weeks of speculation, battery manufacturer Exide Technologies has officially sought bankruptcy law protection under Chapter 11 of the U.S. Bankruptcy Code. Despite its recent attempts to cut costs, the company has been unable to strengthen its finances in light of rising costs for materials and the state’s shutdown of one of its key facilities in Vernon, […]

Author: Joel R. Glucksman

June 21, 2013

Exide Technologies Considering Bankruptcy Amid Regulatory Scrutiny

Car- and battery-maker Exide Technologies is considering bankruptcy protection under Chapter 11 this summer, sources familiar with the company told the Wall Street Journal. The company is due to make a $56 million payment in September, but has faced shrinking profitability as a result of higher-than-expected restructuring expenses, reduced demand in a number of markets, and higher […]

Author: Joel R. Glucksman

June 20, 2013

Chapter 11

Jefferson County, Alabama and Creditors Reach Deal to Exit Municipal Bankruptcy

Jefferson County, Alabama, has announced the details of an agreement it reached with creditors that will enable the distressed county to formally exit municipal bankruptcy. The county has agreed to refinance its existing debts by June 30 in an effort to officially emerge from bankruptcy law protection by November 2013. According to the terms of […]

Author: Joel R. Glucksman

June 18, 2013

Chapter 9

CNET Founder Halsey Minor Seeks Chapter 7 Bankruptcy Protection

Tech industry investor and CNET Networks co-founder Halsey Minor filed for bankruptcy protection in the U.S. Bankruptcy Court in Los Angeles, only a few short years after selling his company for $1.8 billion. The entrepreneur opted for Chapter 7 bankruptcy, which involves the liquidation of his assets and the sale of non-exempt property, the proceeds of […]

Author: Joel R. Glucksman

June 14, 2013

Judge Allows Patriot Coal To Reject Collective Bargaining Agreements

Patriot Coal Corp. will be permitted to reject collective bargaining agreements and reduce employee pensions and benefits for 13,000 union workers and retirees, a court ruled this week. U.S. Bankruptcy Judge Kathy Surratt-States granted a request from the company to stop making pension contributions and convert retiree healthcare to an outside fund, putting an end to an […]

Author: Joel R. Glucksman

June 13, 2013

Comedian Sinbad Files For Chapter 13 Bankruptcy

Long-time comedian and television actor Sinbad has run into financial problems once again, as it was recently announced that he will file for Chapter 13 bankruptcy protection for the second time since 2009. Sinbad, whose legal name is David Adkins, continues to bring in income from performances at casinos and stand-up comedy clubs, but he noted his […]

Author: Joel R. Glucksman

June 11, 2013

New York Bankruptcy Court Faces Budget Constraints

Economic constraints and the federal sequester have impacted several governmental agencies and industries. Now, it appears that one of the nation’s most high-traffic bankruptcy courts is also experiencing financial pressure. Dow Jones reports that budgetary constraints are making it more challenging for the U.S. Bankruptcy Court for the Southern District of New York to manage its costs. […]

Author: Joel R. Glucksman

June 7, 2013

New York Health Company Filed for Bankruptcy

New York-based Sound Shore Health System has filed for bankruptcy law protection under Chapter 11 of the Bankruptcy Code and announced its plans to sell its assets to Montefiore Medical Center. The company, which provides health care services to its medical center in Westchester as well as a hospital and nursing home facility, cited cuts in […]

Author: Joel R. Glucksman

June 6, 2013

Chapter 11

New Jersey's Revel Casino Exits Bankruptcy Protection

Atlantic City, New Jersey casino Revel AC, Inc. has formally emerged from bankruptcy protection after struggling to overcome heavy operating losses incurred during its first year of operations. The company said it has completed its restructuring under the terms set forth by its Chapter 11 plan. The restructuring plan that was approved by both the […]

Author: Joel R. Glucksman

June 4, 2013

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