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Bankrupt AMR Corp. loses $82 million in August

Posted on October 2nd, 2012 No Comments

Expensive bankruptcy fees have caused American Airlines’ parent company AMR Corp. to post a net loss of $82 million for the month of August. The company filed for Chapter 11 bankruptcy protection in November and paid $86 million in reorganization fees for August alone.

According to BusinessWeek, the Fort Worth-based airline saw its operating revenue drop six percent from July, along with its operating income. Had AMR not been forced to pay bankruptcy fees, it would have posted a net profit of $4 million.

August broke its two-month trend of making monthly profits. When AMR filed for bankruptcy last year, it reported $29.6 billion in liabilities and $24.7 billion in assets.

If you are wondering if Chapter 11 is right for your business, contact bankruptcy lawyer Adam G. Young, PLC today by calling 337-261-8800.

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Contec Holdings seeks bankruptcy protection

Posted on September 4th, 2012 No Comments

Last week, Bain Capital’s Contec Holdings filed for Chapter 11 bankruptcy in Delaware. Contec, a cable-box repair company, listed in its court documents approximately $500 million in debt with $100 million in assets.

The Schenectady, New York-based company will continue to operations during the bankruptcy process and no jobs will be lost. According to the Huffington Post, Contec plans on reducing its debts and emerging from Chapter 11 in 60 days.

Bain Capital purchased Contec in 2008. Republican presidential candidate Mitt Romney co-founded Bain Capital in 1984 and left the company in 1999 to oversee the Salt Lake City Olympics.

If you have questions concerning business bankruptcy, contact the business bankruptcy attorney Adam G. Young, PLC at 337-261-8800.

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Jose Canseco files for Chapter 7 bankruptcy

Posted on August 1st, 2012 No Comments

According to the Las Vegas Sun, former Oakland Athletics outfielder Jose Canseco has filed for Chapter 7 bankruptcy protection. Canseco was involved in a major steroid scandal in 2005 after publishing a tell-all book, which later became a bestseller.

His bankruptcy petition lists his assets at less than $21,000 and his liabilities at nearly $1.7 million. About $500,000 of his debt is owed to the IRS for back taxes. Canseco will liquidate assets under Chapter 7.

The 48 year-old, Cuban-American is currently ranked 34th for most all-time home runs. He was signed to the Canadian minor league team the Worchestor Tornadoes earlier this year.

If you are not sure if you qualify for Chapter 7 bankruptcy, consider taking the “means test.” For help with your Chapter 7 bankruptcy questions, contact Adam G. Young, PLC by calling 337-261-8800.

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Dynegy Inc. seeks Chapter 11 bankruptcy protection

Posted on July 9th, 2012 No Comments

Power company Dynegy Inc. has filed for Chapter 11 bankruptcy protection after years of struggling with falling electricity prices. Dynegy will merge with its subsidiary Dynegy Holdings, which filed for bankruptcy last November, as part of its reorganization plan.

According to the Wall Street Journal, the company surpassed $5 billion in debt last year. Dynegy’s shares have plummeted 91 percent in the past 12 months and, it lost $58 million in the first quarter.

Its reorganization plan also calls for the company to pay its creditors 59 to 89 cents on the dollar in cash or equity. Dynegy’s merger is aimed at keeping all its assets under one holding company and cutting out a layer of the corporate structure.

If you are looking for legal guidance during your bankruptcy process, contact the bankruptcy attorney Adam G. Young, PLC at 337-261-8800.

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Former Mets player Dykstra pleads guilty to bankruptcy fraud

Posted on July 2nd, 2012 No Comments

Lenny Dykstra, former center fielder for the New York Mets and later the Philadelphia Phillies, pleaded guilty to charges of bankruptcy fraud after prosecutors accused him of not disclosing all of his assets.

The 49 year-old filed for bankruptcy three years ago, claiming he had only $50,000 in assets and owed $31 million. However, Dykstra is accused of destroying, hiding, or selling $400,000 of his property without the authorization of a bankruptcy trustee.

He could face up to 20 years in prison for money laundering, bankruptcy fraud, and concealment of assets. He is also accused of lying under oath about what he did with his assets. According to the Sacramento Bee, Dykstra’s next court date has yet to be scheduled.

Bankruptcy can be a scary and confusing process. To make sure that a mistake doesn’t lead to accidentally committing fraud, contact the bankruptcy lawyer Adam G. Young, PLC at 337-261-8800 today.

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Ritz enters bankruptcy for the second time

Posted on June 25th, 2012 No Comments

Last week Ritz Camera filed for Chapter 11 bankruptcy protection, just three years since it emerged from its first filing in 2009. The struggling camera and film company has been hurt by the increasing prevalence of camera phones.

According to the Washington Post, Ritz owes more than $50 million to its unsecured creditors, among them are Fuji and Sony. The company plans on closing nearly half of its 265 retail locations across the country, as well as laying off half of its staff.

Despite a 20 percent sales increase last month and an $8 million investment by Transcom Capital, officials at Ritz say it was not enough to keep operations running.

If you need legal assistance for your business’ bankruptcy litigation, contact the business bankruptcy attorney Adam G. Young, PLC by calling 337-261-8800.

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Examiner appointed to Residential Capital’s bankruptcy case

Posted on June 18th, 2012 No Comments

An examiner has been appointed to Residential Capital LLC’s bankruptcy case after allegations concerning its pre-bankruptcy financial transactions have been called into question, specifically by Warren Buffet’s Berkshire Hathaway Inc.

Berkshire owns most of ResCap’s debt and plans on purchasing parts of the company. The examiner, usually a bankruptcy attorney, is called in when people believe dishonesty, mismanagement, fraud, or incompetence has occurred during the bankruptcy process.

ResCap’s lawyers and unsecured creditors are against the investigation, saying there is already one underway by the creditors committee. They fear another investigation will delay its reorganization plan, Reuters reports.

If you would like to learn more about the different forms of bankruptcy protection, contact the legal expert Adam G. Young, PLC at 337-261-8800.

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Tribune submits second restructuring plan for approval

Posted on June 11th, 2012 No Comments

On Friday, Tribune Co. submitted its second restructuring plan to bankruptcy court. The judge said he planned on having his written opinions on the plan by early July, saying he will either approve it or describe how to fix it.

Tribune Co., which filed for bankruptcy three and half years ago, is in its final two stages of court protection. Once the judge approves its restructuring plan, the company will need to get federal approval to transfer its licenses to its new owners.

According to the Los Angeles Times, the judge did not approve the Tribune’s first plan because it was unclear how it planned on paying its attorneys’ fees.

If you want to learn more about restructuring under Chapter 11 bankruptcy, contact the Chapter 11 bankruptcy lawyer Adam G. Young, PLC today at 337-261-8800.

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Former NFL running back turns to Chapter 7 bankruptcy

Posted on June 6th, 2012 No Comments

32-year-old Jamal Lewis has requested an Atlanta bankruptcy court to switch his Chapter 11 bankruptcy filing to Chapter 7 in order to pay off his debts by selling his assets.

In Lewis’ April bankruptcy filing, he listed $14.5 million in assets and $10.6 million in liabilities. The ex-Baltimore Ravens running back failed to show up for an interview with court officials this week after he did not file the necessary financial paperwork. His bankruptcy hearing is delayed until July.

Lewis is one of hundreds of former NFL players who have filed lawsuits against the league in federal court for concussion-related injuries, Reuters reports.

If you have questions about your eligibility for Chapter 7 bankruptcy, contact the Chapter 7 bankruptcy attorney Adam G. Young, PLC, by calling 337-261-8800.

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Dewey & LeBoeuf LLP files for Chapter 11

Posted on May 29th, 2012 No Comments

New York-based law firm Dewey & LeBoeuf LLP announced this week that it has filed for Chapter 11 bankruptcy protection. The filing comes after the struggling firm expelled its chairman, lost most of its partners, and was slammed with lawsuits by creditors, according to the San Francisco Gate.

Dewey & LeBoeuf, one of the largest law firms in the United States, has listed $245 in liabilities and $193 million in assets. It will be closing all of its domestic offices and eight of its international locations.

The firm, which advised the Los Angeles Dodgers during its restructuring process, had more than 1300 attorneys in 2007. Only 150 employees remain in the United States as the company closes operations.

If your business is seeking bankruptcy protection but you are not sure if it’s eligible for Chapter 11 bankruptcy, contact the experienced bankruptcy lawyer Adam G. Young, PLC, at 337-261-8800 today.

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