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Posts tagged "Business & Commercial Bankruptcy"

Supermarket chain files for Chapter 11 bankruptcy

Tops Markets, LLC, one of the most recognizable names among grocery chains in New York and nearby states, has just filed a petition for bankruptcy under Chapter 11. Tops, based in Williamsville, New York, operates 169 stores in upstate New York, Pennsylvania and Vermont. The company's management expects to keep all of its stores open while it restructures its finances under the shelter of the Chapter 11 bankruptcy process.

What is the court's 'cram down' power in a Chapter 11 bankruptcy?

Chapter 11 bankruptcies in Rockland County and elsewhere have many components: secured creditors, unsecured creditors, unperformed contracts, partially performed contracts and assets that are difficult to value, just to name a few. Moreover, the Bankruptcy Code specifies a number of requirements that must be met before a reorganization plan can be approved by the court. What happens if, after all of the debts and assets are property valued, one secured creditor objects to its treatment under the proposed plan of reorganization? Can one objecting creditor tip over the entire bankruptcy process just to protect its claim?

Envelope maker and printer seeks Chapter 11 protection

It's common knowledge in Rockland County that the Internet has had a devastating effect on a number of industries. Less commonly known is the effect of the Internet on products that most people take for granted -- stationery and envelopes. As more companies send invoices and other correspondence via email, the need for envelopes has significantly declined. Thus, one of the nation's largest manufacturers of envelopes and mailing supplies, Cenveo, Inc., has filed for Chapter 11 bankruptcy.

What happens to collateral in a business bankruptcy?

One of the most complex issues faced by both bankruptcy debtors and their creditors in New York and elsewhere is the fate of collateral that provides security for one or more of the debtor's liabilities. The automatic stay under Section 362 stops all efforts to levy on the asset that provides collateral for a debt, but the disposition of the claim and the collateral must await further developments in the bankruptcy proceeding.

Toys 'R' Us is closing 182 stores as part of business bankruptcy

When toy retailer Toys 'R' Us filed its bankruptcy petition in September 2017, its executives said that the chain hoped to prosper during the holiday shopping season and that it would be able to reclaim its financial health in the New Year. The New Year has arrived, and the company has just revealed in a business bankruptcy court filing that it intends to close 182 stores, including a handful in and around Rockland County and New York City.

Business bankruptcy venue reform bill stirs controversy

Due to its status as the country's financial center, New York is home to many corporate headquarters. The tiny state of Delaware likewise boasts an outsize number of corporate residents because its laws favor businesses that use the corporate form of organization. Both states also attract a disproportionate number of business bankruptcy filings -- and the lawyers who must appear in court to represent their clients. Thus, a bill recently introduced into the United States Senate by New York Senator Elizabeth Warren and Texas Senator John Cornyn is stirring intense controversy.

Business bankruptcy: what is Chapter 15 of the Bankruptcy Code?

Most people in New York can identify three chapters of the United States Bankruptcy Code: Chapter 7 for the discharge of business and personal debts; Chapter 11 for business reorganization and Chapter 13 for personal debt reorganization. Very few can identify the purpose of Chapter 15. This post will provide a brief overview.

Who are likely retail and apparel bankruptcy filers in 2018

Making predictions is a popular pastime as the year draws to a close. Financial analysts who follow the retail and apparel industry are no exceptions. Moody's put together a list for USAToday of the retail and apparel companies most likely to file bankruptcy petitions in 2018. Many of the companies are headquartered in New York City, and virtually all have stores in the city or its suburbs.

Toys 'R' Us caught between online and brick-and-mortar shoppers

A recent article published by Reuters told the story of a New York family that drove to a Toys 'R' Us store in Wallkill, New York, so that their children could enjoy the store's "play lab." Play labs are but one tactic the giant toy retailer is using in an effort to restructure its debt and emerge from its Chapter 11 bankruptcy proceeding. Unfortunately, the company's creditors may attempt to throw a wrench into these plans.

NYC-based solar company seeks Chapter 11 bankruptcy protection

A Manhattan based provider of rooftop solar power is seeking the protection of the bankruptcy court two months after closing its operations. The company, Level Solar, had its headquarters in Manhattan and two installations on Long Island. It also had offices in Massachusetts and Rhode Island. The company filed its Chapter 11 petition on December 4.

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