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Vertis Holdings files for second bankruptcy

U.S. marketing services provider Vertis Holdings Inc (VRTH.PK) filed for bankruptcy last week for the second time in two years, with the goal of eliminating about $700 million of debt from its balance sheet.

The Baltimore, MD-based company filed for Chapter 11 bankruptcy in mid-2008 and then emerged from it later that year, which coincided with the peak of the financial crisis.

The court papers filed for this second bankruptcy state that the company’s debt exchange offer launched in April had faield.

The papers also state that Vertis wants to convert all its second-lien and senior payment-in-kind (PIK) notes into equity in the reorganized company, reducing debt by a predicted sixty percent. Note-holders and lenders have agreed to the plan.

If you are facing bankruptcy, contact the Birmingham bankruptcy lawyers of Greenway Bankruptcy Law, LLC by calling (205) 324-4000 today.

Orleans Homebuilders seeks $155 million loan

Orleans Homebuilders, the Bensalem, Pennsylvania-based company, filed for bankruptcy protection last March after defaulting on a credit facility. This week, the company sought court approval for a $155 million loan that would help it emerge from bankruptcy.

The loan would be composed of a $125 million term loan and a revolving credit of $30 million.

JPMorgan Securities LLC is the sole lead arranger and bookrunner for the financing.

If you are facing bankruptcy, contact the Birmingham bankruptcy lawyers of Greenway Bankruptcy Law, LLC by calling (205) 324-4000 today.

Chrysler posts lowest losses in 18 months

Chrysler Group LLC, the automaker controlled by Fiat SpA, is set to post its smallest quarterly loss since emerging from bankruptcy 18 months ago.

A net-loss of $129 million is expected for the third-quarter of 2010. The numbers will be posted on November 8.

This would signify a significant drop from the second-quarter posting of $172 million in losses.

“Chrysler may prove to be one of 2011’s most surprising success stories,” said Stuart Pearson, an industry analyst with Morgan Stanley. He continued that he expects a “solid if not spectacular quarter.”

Bankruptcy is not the end. If you are facing bankruptcy, contact the Birmingham bankruptcy lawyers of Greenway Bankruptcy Law, LLC by calling (205) 324-4000 today.

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Greenway Bankruptcy Law, LLC All rights reserved. We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code. The following language is required pursuant to Rule 7.2, Alabama Rules of Professional Conduct. No representation is made that the quality of legal services to be performed is greater than the quality of legal services performed by other lawyers. This web site is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship.

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