THE BANKRUPTCY SITE » chapter 11 bankruptcy

Colonial BancGroup File Bankruptcy Chapter 11

Bankruptcy-Site.com — Wed, 26 Aug 2009 10:29:13 +0000

The Alabama-based bank holding company, Colonial BancGroup, voluntarily filed bankruptcy chapter 11 based on reports. The move was done 11 days after the company was seized by the government and was taken over by BB&T Corp., a Northern Carolina lender.

Colonial BancGroup has a reported $380 million of debts and only $45 million in assets based on its filing. It is one of the largest banks that have sought the protection of chapter 11 bankruptcy in the US. Funding of the Taylor and Whitaker Mortgage Corp. should have saved Colonial BancGroup but the former has filed bankruptcy as well.

The company’s collapse was believed to have been led by its ventures which were affected by foreclosures and others from loses from default construction loans to Florida developers.

The case is In re Colonial BancGroup Inc, 09-32303, U.S. Bankruptcy Court, Middle District of Alabama.

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Producers of Terminator File for Bankruptcy

Bankruptcy-Site.com — Fri, 21 Aug 2009 06:11:33 +0000

Three companies of Terminator Salvation film producers Derek Anderson and Victor Kubicek, who are also owners of the Terminator franchise rights have filed for bankruptcy Chapter 11. The filing was said to be done a day after both producers have filed a case suing their investors for allegedly pushed them to make bad business decisions.

Anderson and Kubicek were unable to pay Santa Barbara Hedge Fund Pacificor, based in Santa Barbara California, which financed their $30-million purchase of Terminator rights and loaned $9 million for other operating expenses according to LA Times reports.

Terminator Salvation was a huge success in the global arena making a hefty $300 million worth of tickers based on reports. This success is apparently not enough to keep Anderson and Kubicek from settling their financial problems with their creditors.

Terminator fans will wait for sure for more news and information about this and how this may affect long term plans for the Terminator franchise.

Reader's Digest Plans to File for Chapter 11 Bankruptcy in US

Bankruptcy-Site.com — Wed, 19 Aug 2009 05:04:23 +0000

The Reader’s Digest has been known all over America as a monthly magazine full of condensed copies of articles or novels formerly published in other places. For many years since its inception in 1922, it remained consistent with its growing number of followers who enjoy reading different feature stories, trivia, joke pages and how-to articles. According to Wikipedia, it has a readership of 38 million as measured by Mediamark Research (MRI).

Just recently, Reader’s Digest has announced its plan of filing for chapter 11 bankruptcy in order to reorganize the company’s debts and enable it to continue on with its operations. This plan, however, does not include the company’s international operations outside of the US. The move to file for bankruptcy was reported to be due to the decline in circulation and the company’s growing debts. In times like these, people are also stricter on how they spend their money which may have also added to Reader’s Digest’s decline in end user sales.

In line with this, middle of this year, the company has already expressed its move to cut circulation from 8 million to 5.5 million and for a 10 times publication instead of its normal 12, according to Wikipedia. Amid the recent financial situation of the company, it still has a strong follower of consumers in the US. Reader’s Digest is also still among the top selling magazines in its international counterparts.

Frontier Airline Announces Winner of Auction

Bankruptcy-Site.com — Sun, 16 Aug 2009 04:01:55 +0000

The Republic Airways Holdings Inc. has just be announced as the winner in the auction to acquire Frontier Airlines, as part of the procedures under Frontier’s Chapter 11 bankruptcy cases. The selection process was said to be made in consultation the Creditor’s Committee assigned in the carrier’s bankruptcy case.

A press release by the Frontier Airlines Holdings last August 13, 2009 mentioned Republic Airways Holdings Inc. had provided the highest and best bid including a significant improvement from its original investment proposal. Amidst the bankruptcy situation of Frontier Airlines, the company gained a fresh hope with the recently concluded auction. This new chapter for both Frontier Airlines and Republic Airways is expected to retain jobs for the hardworking employees of Frontier at the same time, a more financially stable Frontier is projected to emerge from the auction. The Frontier is set to continue to serve its costumers while undergoing the reorganization process.

Frontier Airlines Holdings Inc. has filed voluntary petitions for reorganization under Chapter 11 of the US Bankruptcy Code last April 10, 2008. Southwest Airlines also participated and submitted a bid for the auction.