Ciprico Inc., a 30-year veteran of the storage software industry, filed a voluntary petition for Chapter 11 bankruptcy protection Monday, citing approximately $7.8 million in debts.
The acting U.S. trustee overseeing Syntax-Brillian Corp.'s Chapter 11 case has urged a bankruptcy court to appoint an examiner to investigate the rapid decline in the TV maker's assets, the evaporation of shareholder equity and the bona fides of its planned asset sale.
A representative of a proposed putative class of Sharper Image Corp. gift card holders has asked the bankruptcy court to shift the home gadgetry store from Chapter 11 to a Chapter 7 proceeding, saying that such a move would maximize the recoveries available for the priority creditors.
Mervyn's LLC filed for Chapter 11 Tuesday, a week after speculation arose that the troubled department store chain would be forced to file.
Bennigan's Grill and Tavern and Steak & Ale, two major national restaurant chains, filed for Chapter 7 Tuesday, immediately shutting down more than 300 locations and laying off thousands of workers.
Federal regulators closed the doors to two units of First National Bank Holding Co. on Friday, bringing the number of bank failures this year to seven.
Federal and state regulators have opened up investigations into a public unit of SemGroup LP, which ran for cover under bankruptcy protection last week after suffering billions of dollars in losses from bad bets on energy contracts.
A federal bankruptcy judge ruled Monday that auto parts maker Delphi Corp. could sue hedge fund Appaloosa Management LP, Goldman Sachs Group and others that last month pulled out of a $2.55 billion investment deal with Delphi, derailing its emergence from Chapter 11.
Boscov's may soon file for Chapter 11 and become the latest casualty of the credit crunch — but it is unlikely to be the last. Experts predict that the wave of retail bankruptcies has yet to crest.
Frontier Airlines Holdings Inc. said it has secured a commitment from private investment firm Perseus LLC for $75 million in debtor-in-possession financing, an agreement that may help the struggling airline emerge from bankruptcy sooner rather than later.
Bank of New York is objecting to Wellman Inc.'s request for an extension of its Chapter 11 exclusivity period, arguing that the bankrupt polyester manufacturer "seeks to excessively restrict the rights" of interested parties including BoNY, the company's first-lien lender.
Though mid-range and low-end retailers have been hit hardest by the downturn in the economy, luxury goods makers, once thought to be recession-proof, are feeling the economic strain as well.
A judge has rejected Citigroup Inc.’s bid for an early decision in Parmalat SpA’s $2.2 billion case after the Italian dairy giant told a jury that the bank, as its underwriter, aided and abetted the fraud that eventually felled the company in 2003.
In an effort to better monitor credit rating agencies, the European Commission will propose a series of amendments to its Capital Markets Directive in October aimed at enhancing risk management and internal governance.
Bankrupt furniture retailer Wickes Furniture Co. Inc. has asked the bankruptcy court overseeing its case to approve a $1.25 million settlement with Deloitte Consulting LLP, putting to rest a lawsuit Wickes brought against the financial consulting firm before it entered into Chapter 11.
A bankruptcy judge will rule Monday on whether auto parts maker Delphi Corp. can sue hedge fund Appaloosa Management LP, Goldman Sachs Group and others that last month pulled out of a $2.55 billion investment deal with Delphi, derailing its emergence from Chapter 11.
About two months after it filed for Chapter 11 protection, bankrupt retailer Goody's Family Clothing Inc. has filed a reorganization plan and disclosure statement that it says would allow the company to continue operating and settle disputes with its lenders.
Shortly after a federal judge refused to drop charges of tax evasion and conspiracy against the founder of bankrupt cable company Adelphia Communications Corp. and his son, the U.S. government has hit John and Timothy Rigas with a new indictment, tacking on two counts of tax evasion for the year 2001.
Lake at Las Vegas Joint Venture LLC, the developer of a residential and vacation complex that filed for Chapter 11 protection last week, has gotten a judge's approval to use its cash collateral to maintain its golf courses.
JHT Holdings Inc. is continuing on its rapid path in and out of bankruptcy. The judge overseeing the truck transporter's case has approved a $35 million exit financing deal with three funds poised to become major stakeholders in the reorganized company.