Bankruptcy Law News from FreeAdvice.com

Tribune Co. to Exit Bankruptcy Protection after 4 Years

Monday, 31 December, 2012

Tribune Co., which owns Chicago Tribune, the Los Angeles Times and several other media outlets, is set to emerge from Chapter 11 bankruptcy that was filed over four years ago. The media giant went through an extensive debt restructuring and reports new ownership under a slew of high-capital shareholders. Among the … continue reading

Video Game Developer THQ Files Bankruptcy

Friday, 21 December, 2012

Video game publishing company THQ, may be filing for Chapter 11 bankruptcy but they don’t see it as a bad thing. The developer responsible for games like Homefront, Saints Row and the upcoming South Park: The Stick of Truth, is viewing their filing as a fresh financial start, according to … continue reading

Edison Mission Energy Files for Bankruptcy

Tuesday, 18 December, 2012

Facing nearly $5 billion in debt, power company Edison Mission Energy of Edison International has reportedly filed for Chapter 11 bankruptcy protection in order to avoid default. The power generating company is based in Santa Ana, California, but operates plants in several states. Unregulated, the company runs numerous coal, natural gas … continue reading

Could this be the end of Twinkies?

Tuesday, 27 November, 2012

Who doesn’t remember the excitement we felt when we opened our little school lunch boxes and found a Twinkie or Ding Dong inside? I remember growing up, my brother and I were so obsessed with Ding Dongs, our mom had to hide the Ding Dong box from us. Twinkies are … continue reading

Twinkie Maker Hostess Plans to Liquidate in Bankruptcy

Monday, 19 November, 2012

One of America's favorite snack foods is in jeopardy of being taken off the shelves. The maker of the cream-filled Twinkie, Hostess Brands Inc., announced last week that it is liquidating and going out of business after a failed bankruptcy. Hostess also made such household names as the Ho Ho, … continue reading

Kodak Could Emerge From Bankruptcy with New Financing Deal

Thursday, 15 November, 2012

Eastman Kodak Co. filed for Chapter 11 bankruptcy in January, 2012. The filing was reportedly the result of a storm of intellectual property litigation over digital photo technology with various electronic device companies. The bankruptcy involved debt restructering, some company downsizing and a plan to refocus business strategies on printers as … continue reading

Singer Toni Braxton Accused of Bankruptcy Fraud

Friday, 2 November, 2012

It may seem that celebrities have more than enough money to get by, but even movie stars and famous singers file for consumer bankruptcy; and sometimes they even get in trouble with the law in the process. Grammy Award-winning singer Toni Braxton is facing accusations of defrauding the bankruptcy court … continue reading

Central Falls, RI Emerges From Bankruptcy with Higher Rating

Thursday, 1 November, 2012

Last year, the tiny town of Central Falls, Rhode Island filed for Chapter 9 municipal bankruptcy. Watched by many, the city and state then began to take measures to recover from unfunded pensions and unpaid taxes. Now, as the first Rhode Island city to ever file emerges from bankruptcy, Moody’s … continue reading

A123 Battery Systems Files Bankruptcy, Sells Assets to Johnson Controls for $125M

Wednesday, 17 October, 2012

After filing for Chapter 11 bankruptcy Tuesday, A123 Battery Systems Inc. has agreed to sell its automotive business assets to Johnson Controls.The Massachusetts-based battery maker was previously set to sell a majority stake to Chinese auto parts manufacturer, Wanxiang Group, in an effort to save the failing company, but the … continue reading

Boston's Upper Crust Pizzeria Files for Bankruptcy

Tuesday, 9 October, 2012

It comes to the surprise of few that one of Boston's most popular pizza chains, Upper Crust, is filing for Chapter 11 bankruptcy protection. With accusations of misused funds, widespread complaints from unpaid employees, and even some federal investigations, the once-very successful company now finds itself facing a mountain of … continue reading

Atwater, California: A Fourth Calif. City on the Verge of Bankruptcy

Monday, 1 October, 2012

The Central Valley town of 28,000, Atwater, California will be the fourth municipal bankruptcy filed in the state this year. Stockton, San Bernardino and Mammoth Lakes have all filed Chapter 9 bankruptcies to restructure bond debt, address issues paying pensions, and recover from legal judgments, among other respective financial woes. … continue reading

Capital One Charged with Illegal Debt Collections in Class Action Lawsuit

Saturday, 29 September, 2012

A rising trend of consumer lawsuits against credit card companies has been underway for a few years. With many Americans tightening their wallets, unpaid bills can give way to aggressive collectors. The most recent credit card company under fire is Capital One, who may be taking measures too far to … continue reading

City College of San Francisco Close to Bankruptcy

Friday, 21 September, 2012

The largest community college in the country, City College of San Francisco, may be on the verge of bankruptcy, with overpaid employees partially to blame. The junior college recently underwent an audit by the Accrediting Commission for Community and Junior Colleges to determine whether accreditation would be reaffirmed. In the … continue reading

When Towns Go Bankrupt - Chapter 9 Filings Increase From California to Rhode Island

Saturday, 15 September, 2012

We hear a lot about individuals and businesses filing for bankruptcy, but did you know that cities and towns can file for protection as well? Under the U.S. Bankruptcy Code, a municipality can undergo a Chapter 9 bankruptcy to restructure debts and work out a plan to pay their creditors. Municipalities … continue reading

James Cameron's Digital Domain Seeks Bankruptcy Protection

Tuesday, 11 September, 2012

One of the film industry’s premiere visual effects firms, Digital Domain Media Group, announced that it has voluntarily filed for Chapter 11 bankruptcy protection. Most famous for providing the stunning visuals of 1997‘s award-winning film, Titanic, the company co-founded by James Cameron is now struggling financially, listing a total of … continue reading

Months After Eastman Kodak's Bankruptcy - More Layoffs

Monday, 10 September, 2012

Back in January, 2012, photography giant Eastman Kodak filed a voluntary Chapter 11 bankruptcy. Now, eight months later, the company is undergoing more layoffs and is once again restructuring its finances. Over the past several years, Kodak has been engaged in a mess of legal intellectual property lawsuits, suing several … continue reading

Journal Register Company Files for Bankruptcy

Thursday, 6 September, 2012

Journal Register Company, a local news and information enterprise run by Digital First Media, has filed for Chapter 11 business bankruptcy in a New York US Bankruptcy Court. The company will seek a bankruptcy sale at auction, but will continue to operate in the meantime. “We expect the auction and sale … continue reading

Production Company Behind Brad Pitt Movie Files for Chapter 11 Bankruptcy

Wednesday, 29 August, 2012

The latest news in Hollywood bankruptcies is that Inferno International LLC, a production company responsible for Brad Pitt’s most recent film Killing Them Softly, has filed for Chapter 11 bankruptcy. The goal of a Chapter 11 business bankruptcy is to restructure outstanding debts while continuing to operate. This means the company … continue reading

Debtor's Prison: Go to Jail for Unpaid Debt

Monday, 27 August, 2012

Debt collectors and creditors have a number of tools at their disposal to collect unpaid amounts from debtors. However, those who become so indebted that they lose control of their financial situation completely rarely concern themselves with being put in jail or prison for debt. After all, debtor’s prisons, as … continue reading

2012 Bankruptcy Law Legal News Archives

December 2012