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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Creditors Set To Vote On Patriot Coal Bankruptcy Exit Plan

Patriot Coal Corp. announced that it is currently on pace to emerge from protection under Chapter 11 of the bankruptcy law by the end of the year. The announcement follows a U.S. Bankruptcy Court’s ruling approving the company’s disclosure statement and allowing the company to solicit votes from its various classes on creditors on the […]

Author: Joel R. Glucksman

November 19, 2013

Bitcoin Company Files For Bankruptcy Protection

Only three months after its inception, Alydian Inc., a provider of Bitcoin mining solutions, has filed for protection under Chapter 11 of the bankruptcy law. The company – which is a unit of Bitcoin start-up and promoter CoinLab, Inc. – filed bankruptcy proceedings in the U.S. Bankruptcy Court in Seattle. It listed less than $50,000 in assets. Alydian owes […]

Author: Joel R. Glucksman

November 15, 2013

Comcast SportsNet, Astros Square Off in Bankruptcy Court

On Oct. 28th, a bankruptcy court presided over a cable channel dispute between Comcast SportsNet and local sports teams involving the fate of Comcast SportsNet Houston. The regional sports network, which broadcasts games from the Houston Astros, Houston Rockets and Houston Dynamos, has failed to generate sufficient revenue and instead, has been dependent upon the […]

Author: Joel R. Glucksman

November 8, 2013

Bankruptcy Court

Can a Rent-Stabilized Lease be Treated as a Bankruptcy Asset?

For the first time in history, a United States Court of Appeals has been given the task of determining whether elusive rent-stabilized leases can be treated as assets under bankruptcy law. The outcome could affect thousands of Chapter 7 bankruptcy cases in New York City and, perhaps, in other urban areas with similar rent protection programs. […]

Author: Joel R. Glucksman

November 1, 2013

chapter 7 Bankruptcy

CalPERS to Appeal San Bernardino's Bankruptcy Eligibility

The California Public Employees’ Retirement System (“CalPERS”) announced its plans to appeal a decision handed down by the U.S. Bankruptcy Court, which affirmed San Bernardino’s eligibility to seek Chapter 9 municipal bankruptcy. CalPERS, California’s largest pension fund, argues that the city did not seek out other alternatives to alleviate its financial struggles before seeking relief […]

Author: Joel R. Glucksman

October 31, 2013

chapter 9 Municipal Bankruptcy

New Jersey-Based Savient Pharmaceuticals Seeks Chapter 11 Bankruptcy

Biotech firm Savient Pharmaceuticals has sought protection under Chapter 11 of the bankruptcy law, due to years of disappointing sales for its primary product Krystexxa. Biotech firm Savient Pharmaceuticals has sought protection under Chapter 11 of the bankruptcy law, due to years of disappointing sales for its primary product Krystexxa. The Bridgewater, New Jersey-based company filed for […]

Author: Joel R. Glucksman

October 25, 2013

G.W. Carver Memorial Gardens Cemetery Files for Bankruptcy

George Washington Carver Memorial Gardens Inc., which closed its doors in September, has sought bankruptcy protection under Chapter 7 of the bankruptcy law. Although the company, which owns a cemetery in the gardens, has been struggling financially for several years, residents with loved ones buried in the gardens and those who have purchased plots are concerned […]

Author: Joel R. Glucksman

October 24, 2013

Analysts Liken Potential U.S. Default to Lehman Brothers' Fall

The federal government shutdown has captured the attention of many analysts, especially with the approach of the Oct. 17 deadline to raise the debt ceiling and avoid a default on U.S. debt obligations. Given the potential global financial disaster that could follow such a default, some financial and capital market analysts are likening the situation […]

Author: Joel R. Glucksman

October 22, 2013

New York City Opera Files for Bankruptcy

The iconic New York City Opera, a top cultural and historic attraction in the city for more than 70 years, has announced it will be closing its doors and has filed for bankruptcy protection. After its attempt to raise $7 million through aggressive fund-raising efforts failed, the company said its only option to overcome its […]

Author: Joel R. Glucksman

October 17, 2013

Texas Attorney General Drops Out Of American Airlines Merger Lawsuit

The U.S. Department of Justice saw its lawsuit against the American Airlines-US Airways merger weakened this week after Texas Attorney General Greg Abbott announced that his state was dropping out of the case. The loss of the state’s support comes as a blow to the federal agency, because American Airlines is based in Dallas-Fort Worth and […]

Author: Joel R. Glucksman

October 15, 2013

What Does the Government Shutdown Mean for Bankruptcy Courts?

Several high-profile bankruptcy law cases are currently being deliberated across the country, ranging from Detroit’s historic Chapter 9 municipal bankruptcy to any number of large corporate filings. In light of the Oct. 1 government shutdown however – the first since 1996 – consumers, businesses, and third parties alike are wondering how the court system will […]

Author: Joel R. Glucksman

October 11, 2013

Is Chapter 11 Bankruptcy an Option for Blackberry?

Blackberry Ltd. has fallen on difficult times, and if its ongoing bid to find a buyer to take the company private fails, some analysts speculate that the company may be forced to reorganize under Chapter 11 of the bankruptcy law. Currently, the smartphone maker is negotiating a potential deal with Canadian insurance and investment company […]

Author: Joel R. Glucksman

October 10, 2013

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