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Hostess restructures company in midst of bankruptcy

In the beginning of 2012, Hostess Brands Inc. filed for Chapter 11 bankruptcy. The company needed assistance with its finances and sought the bankruptcy protection.

Now, months after filing, the company is considering laying off thousands of workers in order to become a successful business once again. Throughout the country, there are approximately 18,500 individuals who are employed through Hostess.

This week, those employees will be receiving official notices of a possible layoff in the company. These alerts are intended to inform the employees of a potential layoff and to give them enough time to prepare in case they do lose their jobs. The future of the company that is famous for the dessert food Twinkies is still uncertain as it goes through the reorganization process that is associated with Chapter 11 bankruptcy.

 

Lehman bankruptcy fees reach $1 billion

According to recently release figures, the Lehman Brothers bankruptcy has produced over $1 billion in fees. These fees have been paid out to advisers, lawyers, and bankers over the past two years.

On average, the financial firm has paid over $40 million a month since their September, 2008 collapse.

At the time of the firm’s collapse, it was running $639 billion in assets. Experts claim that the fees are coming at the expense of creditors seeking to be repaid, while rising daily.

“If you are a creditor, every dollar that is going to (debtor) counsel is a dollar not going to a creditor,” said Stephen French, a managing partner at Legalbill, a Tennessee company that advises companies on managing their legal bills.

Alvarez & Marsal, the advisory firm running Lehman in the United States, has said that his firm’s work has improved recovery for creditors by more than $5 billion and that these increases justify the fees of hiring a huge number of advisers and accountants not only in the United States, but to close up shops throughout Asia and Europe.

Lehman expects to emerge from bankruptcy during the first quarter of 2011. Then, it can start paying back creditors.

If you or a loved one is considering filing for bankruptcy, you need experienced legal representation on your side. Contact the Birmingham bankruptcy lawyers of Greenway Bankruptcy Law, LLC by calling (205) 324-4000 today.

Blockbuster files for Chapter 11

Blockbuster, the movie-rental company giant, has filed for Chapter 11 bankruptcy. The move allows the company to secure $125 million in debtor-in-possession financing to help keep operations stable while the reorganization takes place.

In the Thursday announcement company spokesmen also claimed that the company’s financial advisors has devised a recapitalization plan that will allow the company to reduce its debt from $1 billion to $100 million or less.

Management has stated that customers will not feel the impact of the reorganization and that stores will remain open.

“We determined that (bankruptcy) provides the optimal path for recapitalizing our balance sheet and positioning Blockbuster for the future as we continue to transform our business model to meet the evolving preferences of our customers.” Jim Keyes, chairman and CEO of Blockbuster, said in a statement Thursday.

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

Bankruptcy judge requires Texas Rangers to change bankruptcy plan

The Texas Rangers’ reorganization plan was challenged in bankruptcy court earlier this week. According to court reports, a bankruptcy judge said that while the lenders cannot veto a sale they do have a say in the sale process.

As a result of the ruling, the current owner and secured creditors will need to renegotiate the bankruptcy plan. The result of the ruling could also reopen the bidding process for the team.

If your company has questions about filing for bankruptcy, contact the Birmingham bankruptcy attorneys of Paula Greenway at (205) 324-4000.

Corus Bankshares Inc. files for Chapter 11 bankruptcy

Corus Bankshares Inc. filed for Chapter 11 bankruptcy earlier this week. According to court reports, the case was filed in the Northern District of Illinois Bankruptcy Court.

Corus Bankshares Inc. was a holding company that had its bank transferred to MB Financial Inc. in September. The transfer was part of a takeover by regulators. The bank had 80 branches and more then $7 billion in deposits.

If you or anyone you know has considered filing for bankruptcy, contact the Birmingham bankruptcy attorneys of Greenway Bankruptcy Law, LLC, at (205) 324-4000.

Pacific Ethanol subsidiaries releases reorganization plan

Pacific Ethanol subsidiaries will emerge from bankruptcy. According to court reports, the subsidiaries of Pacific Ethanol, Inc. will reorganize as Pacific Ethanol Holding Co., LLC.

The reorganization plan was approved by the firms’ secured lenders. The plan will eliminate about $290 million of liabilities from the subsidiaries balance sheets. The plan also gives Pacific Ethanol the option to purchase a 25% interest in the the newly formed company.

If your company has considered filing for bankruptcy, contact the Birmingham bankruptcy attorney Paula Greenway at (205) 324-4000.

Midway Games reaches agreement with creditors' committee in Chapter 11

Midway Games continued its liquidating Chapter 11 plan this past week. According to court reports, the company’s creditors’ committee agreed to settle claims against the company’s owner Summer Redstone.

The settlement will likely allow unsecured creditors to recover 25 percent of their loans. It will be reviewed for approval June 23. Midway Games developed a number of video games, including “Mortal Kombat.”

If your company is considering a Chapter 11 bankruptcy filing, contact the Birmingham Chapter 11 attorney Paula Greenway at (205) 324-4000.

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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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