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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Judge Allows Detroit to Keep Casino Tax Revenue

Detroit will be allowed to continue accessing casino tax revenue during its bankruptcy proceedings while negotiations with creditors relating to these revenues take place, a bankruptcy court has ruled. U.S. Bankruptcy Judge Steven Rhodes authorized the struggling city to take in the casino tax revenue – which amounts to roughly $11 million each month – […]

Author: Joel R. Glucksman

October 8, 2013

Detroit Bankruptcy

Atari Files Reorganization Plan to Exit Bankruptcy

Video-game maker Atari, Inc. has filed a reorganization plan in the U.S. Bankruptcy Court in Manhattan with the support of its French parent company Atari SA. In its filing, the bankrupt game-maker said it intends to give unsecured creditors a recovery of as much as 25 percent, Bloomberg reports. The company had intended to break away […]

Author: Joel R. Glucksman

October 4, 2013

Reorganization Plan

Ecotality Files for Chapter 11 Bankruptcy

Ecotality, a green-energy company backed by the U.S. government, has followed in the footsteps of many other electric car battery producers and filed for protection under Chapter 11 of the bankruptcy law. The company filed its bankruptcy case in the United States Bankruptcy Court in Arizona, and plans to sell its assets in a bankruptcy auction […]

Author: Joel R. Glucksman

October 3, 2013

New York Tops List of Cities with Optimal Business Health

Some municipalities are faring better than others in the health and vitality of their businesses and consumer spending. A telling sign for the overall business health of improving cities is often the viability of the local economy. Along these lines, a new report reveals which U.S. cities are on their way to full recovery and which […]

Author: Joel R. Glucksman

October 1, 2013

Bankruptcy Judge Approves ResCap Deal With FGIC

A bankruptcy judge has approved a $596.5 million deal between Financial Guaranty Insurance Co and bankrupt Residential Capital LLC, putting an end to billions of dollars of claims associated with mortgage-backed securities. The settlement also resolved another $1.3 billion in claims related to trusts insured by FGIC, the former bond insurance unit of FGIC Corp. […]

Author: Joel R. Glucksman

September 27, 2013

American Airlines Wins Court Approval to Exit Bankruptcy

A federal bankruptcy judge has approved American Airlines’ reorganization plan, as well as its merger with US Airways, the latter contingent upon the outcome of the U.S. Department of Justice’s antitrust lawsuit. U.S. Bankruptcy Judge Sean Lane said that American Airlines’ arguments were persuasive and that the broad support the plan had garnered from AMR Corp, […]

Author: Joel R. Glucksman

September 26, 2013

Moody's: Energy Future Holdings in Danger of Bankruptcy

Energy Future Holdings Corp. is facing a “high probability” of being forced to seek protection due to the danger of bankruptcy, according to a recent report from credit ratings agency Moody’s Investors Service. The ratings agency said that the energy giant will likely seek bankruptcy protection and establish a reorganization plan by the end of […]

Author: Joel R. Glucksman

September 24, 2013

Bankruptcy Protection

Gov. Snyder Puts Positive Spin on Detroit Bankruptcy to Chinese Investors

Local and state governments, as well as the federal government, are not the only ones closely watching Detroit’s municipal bankruptcy proceedings. It appears that Detroit, which recently filed the largest municipal bankruptcy in U.S. history, has also garnered the attention of global investors who are making determinations about future investments into the struggling city. China, […]

Author: Joel R. Glucksman

September 20, 2013

GateHouse Media Seeks Bankruptcy Protection

GateHouse Media, Inc., a company that owns more than 400 community newspapers and websites, announced its plans to seek bankruptcy protection under Chapter 11 of the U.S. Bankruptcy Code. The publisher maintains operations in 20 U.S. states and brought in annual revenue of $489 million in 2012. However, declining sales and large printing expenditures since the […]

Author: Joel R. Glucksman

September 19, 2013

DIA Urges Detroit to Stay Away from Art Collection

Several creditors and pension groups have teamed up to challenge the constitutionality of the Detroit bankruptcy filing. Although the Detroit Institute of Art has opted out of the objections, it released a statement discouraging the city from including its multimillion-dollar art collection in the bankruptcy proceedings. Prior to its petition for protection under Chapter 9 […]

Author: Joel R. Glucksman

September 6, 2013

Kodak Receives Final Approval to Make Bankruptcy Emergence

Photography pioneer Eastman Kodak Co. has experienced a rough 19 months after seeking Chapter 11 bankruptcy protection of the U.S. Bankruptcy Code. However, it appears that the company is well on its way to emerging from bankruptcy protection and entering the commercial and packaging printing market, as a bankruptcy court recently approved its reorganization plan. U.S. […]

Author: Joel R. Glucksman

September 5, 2013

Trustee in Maine Railroad Company Case Deals with Complex Issues

A bankruptcy trustee has been appointed by the Office of the U.S. Trustee to manage the debtor Montreal, Maine, and Atlantic Railway in its bankruptcy case, as the railroad company becomes embroiled in a number of legal issues. The company filed for Chapter 11 bankruptcy protection, only a month after a runaway train owned by […]

Author: Joel R. Glucksman

September 3, 2013

Bankruptcy Protection

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