Business Bankruptcy

Scarinci Hollenbeck’s Business Bankruptcy practice group regularly provides content on financially impacted entities, including financial institutions, corporations, insurance companies, leasing and finance companies, and businesses. Our content provides insight on dealing with complex and sophisticated business bankruptcy matters.

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Scarinci Hollenbeck remains committed not only to providing top-tier legal services but also to regularly providing information and resources to our client base and internet following. Client Alerts provided by our attorneys supply businesses, municipalities, and more with the latest and relevant legal updates that may impact them and how they might be able to proceed.

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Four of Nation’s Biggest Banks Pass Federal Reserve Stress Test

According to the Federal Reserve, four of the largest names on Wall Street have passed the Federal Reserve’s “Stress Test”. Goldman Sachs, JP Morgan Chase, and Morgan Stanley were all green lighted to be able to return income to their investors, although they were required to adjust their initial requests to insure that they had […]

Author: Joel R. Glucksman

March 19, 2015

RadioShack Preparing For Bankruptcy Courts

Electronics retailer RadioShack is considering a move that would see it selling assets out of bankruptcy. Radioshack is preparing to file for protection under Chapter 11 of the bankruptcy law as early as next month, according to Bloomberg. It is also in talks with Sprint Corp. to sell the leases on some of its stores. […]

Author: Joel R. Glucksman

February 4, 2015

Caesars Bankruptcy Plan Dented By Federal Judge

A federal judge may have just dealt a fatal blow to Caesars Bankruptcy Plan. Caesars bankruptcy was filed on January 15, 2015. However, in August, Caesars’ allegedly transferred a number of its assets to related business entities out of reach of creditors, according to Bloomberg. The company then canceled certain of its guarantees, so that holders of […]

Author: Joel R. Glucksman

February 2, 2015

Wet Seal Retailer May Soon File For Bankruptcy

Amid the declining profitability of shopping mall chains across the U.S., retailer Wet Seal appears to be poised on the brink. The Foothill Ranch-based company announced Jan. 7 that it will close 338 stores and lay off close to 3,700 employees, according to The Los Angeles Times. This represents approximately two-thirds of the retailer’s locations. The […]

Author: Joel R. Glucksman

January 27, 2015

Marijuana Businesses In Colorado Unable To File For Bankruptcy

Marijuana businesses aren’t allowed to go up in smoke, even when they aren’t making any money in Colorado. So what are they going to do? The burgeoning marijuana industry in Colorado has run into yet another legal snafu, as inconsistencies between state and federal laws are preventing businesses and owners from filing for protection under […]

Author: Joel R. Glucksman

January 20, 2015

Caesars Signs Agreement With Senior Creditors

Caesars Entertainment Corp. reportedly signed an agreement with its most-senior creditors on Dec. 19 to put its largest unit into bankruptcy, according to Bloomberg. The deal is known as a lock-up agreement, and requires the company to put subsidiary Caesars Entertainment Operating Co. into bankruptcy by Jan. 15, the news source explained. The company will […]

Author: Joel R. Glucksman

December 30, 2014

American Laser Skincare Attracts Consumer Iire

American Laser Skincare has gone out of business, leaving many customers who had already paid for or received service in a difficult situation. The Farmington Hills-based company filed for protection under Chapter 7 of the bankruptcy law recently, listing assets of less than $50,000 and debts in excess of $100 million, according to documents filed […]

Author: Joel R. Glucksman

December 23, 2014

Trump Taj Mahal may close Dec. 12, union protesting

Despite the view of some analysts that the Trump Taj Mahal is close to insolvency, there is no shortage of argument over what is to be done about the casino. Trump Entertainment Resorts has announced, in a disclosure statement filed in bankruptcy court, that it expects to close down the Trump Taj Mahal by Dec. 12, according to […]

Author: Joel R. Glucksman

December 4, 2014

Trump Entertainment Loses Anti-Pensioner Bid

Trump Entertainment, the one-time casino enterprise formerly-owned by the millionaire who begrudgingly shares its name, encountered yet another setback in court Oct. 3. According to The Wall Street Journal, the company lost a bid to immediately stop payments into a pension fund for its 1,135 unionized employees at the Trump Taj Mahal. Trump Entertainment sought […]

Author: Joel R. Glucksman

October 9, 2014

Taj Mahal Casino of Atlantic City May File For Bankruptcy

New Jersey’s Atlantic City, once a thriving haven for gamblers and casinos, appears to be continuing its downward trend. The Trump Taj Mahal, a 2,248-room, 24-year-old hotel-casino situated on Atlantic City’s boardwalk, may file for protection under Chapter 11 of the bankruptcy law in the next few days, according to the New York Post. The casino […]

Author: Joel R. Glucksman

September 12, 2014

Big Banks Still 'Too Big To Fail'

U.S. regulators said on Aug. 5 that 11 that big banks in the U.S. still do not have viable plans for filing for protection under the bankruptcy law that would avoid causing widespread economic damage. Both the FDIC and the Federal Reserve have said that the bankruptcy plans submitted by the 11 largest banks rely on “unrealistic or […]

Author: Joel R. Glucksman

August 14, 2014

Scarinci Hollenbeck

Crumbs Cupcakes - Still In The Running

Despite all the negative reports, it appears the popular gourmet cupcakes chain Crumbs Bake Shop may not be permanently closing its doors after all. Several days after shutting down its remaining stores and indicating that it would file for Chapter 7 liquidation, Crumbs instead filed for protection under the reorganization provisions of Chapter 11 of the bankruptcy […]

Author: Joel R. Glucksman

August 12, 2014

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