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The American Bankruptcy Institute reports that the total number of US bankruptcies filed during the first six months of 2009 increased 36% over the same six-month period in 2008, according to data compiled by the Administrative Office of the US Courts. Business filings for the six-month period ending Jun 30, 2009, totaled 30,333, representing a 64% increase over the first-half 2008 total of 18,456. Chapter 11 business reorganizations increased 113% to 7,396 during the first half of 2009 from 3,470 in the same period of 2008. The 907,603 total chapter 7 filings for the 12-month period ending Jun 30, 2009, represent a 47% increase from the 615,748 filings from the same period in 2008.
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Originally published August 31, 2009
Keywords: New York, bankruptcy court, special purpose subsidiaries, SPE Chapter 11 Filings, SPEs, General Growt...
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Originally published August 31, 2009
Keywords: New York, bankruptcy court, special
purpose subsidiaries, SPE Chapter 11 Filings, SPEs, General Grow...
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The distinction between recourse to chapter 11 protection as a legitimate means to maximize the value of a company's assets and/or to restructure its ...
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Company Expects to Continue Operations As It Seeks to Maximize Value of its Assets for Stakeholders
FREMONT, Calif. -- Asyst Technologies, Inc. (Nas...
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Today, people are experiencing a prolonged period of credit stability. Often sarcastically referred to as "extend and pretend," this state is the most sluggish period for the insolvency industry, because there is minimal motivation for lenders to proactively address distressed loans. According to the Administrative Office of the United States Courts, business Chapter 11 filings have been down 17% during the first six months of 2010, and large company Chapter 11 filings have been virtually nonexistent. Of the Chapter 11 cases that were filed in 2010, the majority were pre-arranged, pre-packaged, a quick sale or a straight liquidation meaning that insolvency work for that case was short-lived. The author thinks it will be at least the second quarter of 2011 before people see a real reboun...
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With the rapid increase in Chapter 11 filings, creditors are likely to receive invitations to organizational meetings for creditors' committees. This article will discuss the pros and cons to consider prior to accepting the invitation from the Office of the US Trustee (UST). It will also describe some of the common issues that committees are facing in today's economic climate. The UST generally attempts to appoint creditors representing diverse interests, including union members, trade vendors, bondholders, national creditors, those with more local interests and the Pension Benefit Guaranty Corp. When deciding whether to offer to serve on a creditors' committee, a credit professional must consider the issues of time and cost, which are paramount. Serving on a committee provides the oppo...
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BOSTON -- February 2008 witnessed four prepackaged Chapter 11 bankruptcy filings by publicly-traded companies. Those four Debtors alone hold total pre...
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INWOOD, N.Y. -- Reorganization Efforts Could Have Positive Impact on Operations Going Forward
Cargo Connection Logistics Holding, Inc. (OTCBB:CRGO),...
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The Garden City Group has reached an agreement with Tallahassee- based Settlement Services, Inc. to acquire the Florida firm.
David Isaac, CEO of Lake Success-based Garden City Group, said the acquisition will aid the firm's expansion into the niche area of class action settlement administration. The company also currently handles legal services related to Chapter 11 bankruptcy filings and legal notice programs.