Unions Warns of Saab Bankruptcy If Wages Remain Unpaid

(RTTNews) - Swedish automaker Saab Automobile AB (SAAB-B,0GWL.L: News ) could be forced into bankruptcy if fails to pay wages by the end of this week, the Wall Street Journal reported Monday, citing one of the company's labor unions, IF Metall. Saab Automobile is owned by Dutch automaker Swedish Automobile N.V. According to the WSJ report, a lawyer at IF Metall said that on August 26, Friday, Saab Automobile received requests for payment of 1,486 union members' wages for August. The cash-starved company has seven days to pay its staff once it receives the requests, failing which, IF Metall could file for a Saab Automobile bankruptcy at the...

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Posted in automobile bankruptcy , Saab bankruptcy

Number of Small Business Bankruptcies Declined in 2011

A recent study by Equifax finds that the number of small businesses that have filed for protection under bankruptcy law has dropped by 15.32 percent from the first quarter of 2010 to the first quarter of 2011. While the drop in bankruptcy filings over the past year is good news for small business owners, the study also found that the total number of small business bankruptcies in the first quarter of this year are 30.03 percent higher than the number of filings in the first quarter of 2008, prior to the recession. "In light of today's shifting economic conditions, bankruptcy trends serve as a valuable prism through which to evaluate...

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Posted in bankruptcy filings , bankruptcy law , chapter 7 , small business bankruptcies

US Bankruptcy Claims Trading Hits 12-Month High

Aug 23 (Reuters) - The value of U.S. bankruptcy claims traded in July was the highest since the same month a year earlier, according to a report released on Tuesday. The face value of traded claims rose to $3.55 billion, the highest since $12.78 billion in July 2010, according to SecondMarket, which runs a claims trading platform. The number of claims traded slipped to 1,340 in July from 1,809 in June but the number of underlying bankruptcy cases that had claims changing hands rose to 59. Lehman Brothers Holding Inc, the largest bankruptcy in U.S. history, led both the number of claims and the value of traded claims, as it does every...

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Posted in bankruptcy , bonds , claims , US Bankruptcy

Bankruptcy Filings Down 8 Percent in 2011

ATLANTA - An 8 percent decline this year in bankruptcy petitions nationwide might appear to be a positive economic sign, especially for a country rocked by stock market volatility, a credit downgrade, and continued labor and housing woes.  Some industry experts, however, warn that optimism is not in order. The number of bankruptcies may be down, they say, because people cannot afford to file and because there is little pressure from creditors to do so. The result may be a mass of looming bankruptcy cases, not unlike the shadow foreclosures feared in the real estate business. If the economy does not take a sharp turn...

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Posted in bankruptcy filings , bankruptcy law firm , bankruptcy petitions

Bankruptcy Minute - Making Headlines

Court rules Mexico's Vitro can vote on inter-co debt MEXICO CITY, Aug 15 (Reuters) - Mexican glassmaker Vitro on Monday said a court in Monterrey ruled it can vote on its own inter-company debt, a sticking point that has mired the company's bankruptcy plans in court battles with creditors.  UPDATE 3-U.S. solar company Evergreen files for bankruptcy * Company struggled with falling prices on solar products Extended Stay creditors file amended complaint against lenders Aug 15 (Reuters) - A trust representing creditors of the bankrupt hotel chain Extended Stay America Inc has filed a complaint against Lightstone Holdings and other...

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Posted in china debt , evergreen bankruptcy , extended stay america creditors , local govt risks , Mexico Vitro bankruptcy

National Enquirer, Not For Sale

span class="articleLocation">Aug 15 (Reuters) - American Media Inc, publisher of the National Enquirer and Star supermarket tabloids, is no longer up for sale, after the company's owners rejected an offer from Apollo Global Management, the Wall Street Journal reported. The company, which also publishes body-toning magazines such as Men's Fitness had informally explored a sale earlier this year, the Journal reported citing people familiar with the matter. WSJ cited people close the matter as valuing the company at between $500 million and $720 million. The Journal also said the company's owners are happy with the job Chief Executive...

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Posted in National Enquirer bankruptcy , WSJ

Bankruptcy for Bank of America's Nationwide Unlikely

NEW YORK: Bank of America Corp. has considered putting its Countrywide mortgage assets into bankruptcy to staunch the bleeding from the loans, but such a move would face so many obstacles that it is unlikely to happen. Brian Moynihan, the bank's chief executive, is looking for ways to stabilize Bank of America's falling stock price as worries grow that Countrywide has become a bottomless money pit — especially after Monday's $10 billion lawsuit filed by American International Group Inc. In a call with investors on Wednesday, Bruce Berkowitz, a major Bank of America investor, asked Moynihan about the possibility of its Countrywide unit filing...

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Posted in AIG , bank of america , mortgage bankruptcy

How to Recover From Bankruptcy

According to a recent report by US and World Reports, "If you have recently filed for bankruptcy, perhaps you can find some comfort in the fact that you are not alone. According to the American Bankruptcy Institute, the total number of bankruptcy filings in the United States increased 8 percent in 2010, to a total of 1.6 million, and the numbers for 2011 are expected to rise even higher. But just because bankruptcy is increasingly common doesn't make it any less stressful. People who file for bankruptcy often feeling ashamed, overwhelmed, and hopeless. Here are eight tips on how to recover: Address what caused the bankruptcy. Perhaps...

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Posted in bankruptcy , bankruptcy filings , credit score , recovering from bankruptcy

Crystal Cathedral Seeks Donations to Emerge From Bankruptcy

According to an August 2nd article published in the LA Times - At Monday's bankruptcy hearing, lawyers said the board no longer wants to sell the Crystal Cathedral campus and will instead seek to raise $50 million in donations. The bankrupt Crystal Cathedral will...

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Posted in Chapter 11 Bankruptcy , Crystal Cathedral Bankruptcy

Hooters Casino Hotel in Vegas Files Chapter 11 Bankruptcy

Aug. 2 (Bloomberg) -- The Hooters Casino Hotel filed for Chapter 11 protection late yesterday to stop a scheduled Aug. 8 foreclosure of the second-lien debt. The 696-room hotel and casino adjacent to MGM Grand on the Las Vegas Strip is owned by 155 East Tropicana LLC. The two secured credit facilities were accelerated early this year. Canpartners Realty Holding Co. IV LLC acquired 98.4 percent of the $130 million in 8.75 percent second-lien senior secured notes. Canpartners bought the debt at a “substantial discount,” the casino said in a statement. An additional $32.2 million of interest is owing on the second-lien debt....

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Posted in Hooters Casino Bankruptcy , Las Vegas Hooters Hotel Bankruptcy