RG Steel Files for Bankruptcy Protection

ASSOCIATED PRESS --

DOVER, Del. (AP) — Struggling Maryland-based steelmaker RG Steel has filed for Chapter 11 bankruptcy protection in Delaware. In its filing Thursday, the company listed more than $1 billion in both assets and liabilities. RG Steel, based in Sparrows Point, Md., said last week that it planned to idle operations in Maryland, Ohio and West Virginia and warned employees that they faced layoffs. Maryland officials said nearly 2,000 workers would be laid off in the state. RG Steel was formed in March of last year as a wholly owned subsidiary of The Renco Group, a family-owned, private holding company founded in 1975. Renco says its businesses employ 18,000 people in eight different companies operating in North and South America, eastern and western Europe, Asia and Africa. Print

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Posted in Chapter 11 Bankruptcy , maryland bankruptcy , RG Bankruptcy , steelmaker bamkruptcy

Remember the "cantaloupe scare" last year ?? If not, let me refresh your memory... a Colorado farm was traced to a listeria outbreak in cantaloupe, one that was blamed for 32 deaths. In fact, the outbreak infected 146 people in over 28 states. According to Federal investigators old equipment and dirty, still pools of water were most likely to blame. Well, the Colorado Farm - Jensen Farms has filed for Chapter 11 Bankruptcy protection according to a report released by the Associated Press. Their article states, "Jensen Farms declined to comment on its filing Friday. Its attorney Jim Markus told The Denver Post ( http://bit.ly/KTUDbK ) the filing should free up millions of dollars in insurance and other funds that could be distributed to victims." Furthermore, "Court documents show the farm had $4.8 million in revenue in the past 12 months. It lists $2.1 million in assets, $2.5 million in liabilities, and $1.6 million in payments outstanding from food distributor Frontera Produce" according to AP Reports. Looking to learn more about Chapter 11 Bankruptcy, visit Foster Law Offices online.

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Posted in Chapter 11 Bankruptcy , Jensen Farms bankruptcy

Blair Witch Producer Files Bankruptcy

Kevin J. Foxe, producer of The Blair Witch Project filed bankruptcy last month, stating he only has $900 to his name. This filing came as a shocker to many as The Blair Witch Project went on to make $248 million dollars and only cost $25,000 to produce. What went wrong?? That is a question you would have to ask Foxe himself, and when TMZ contacted Foxe for comment, he declined. What we do know is Foxe filed for Chapter 7 bankruptcy protection in a California court citing a laundry list of creditors which add up to more than $130,000 with the IRS being the largest debt - as Foxe owes more than $62,000 in unpaid taxes. Blair Witch and Octomom - back to back, quite a spring for celebrity bankruptcy...

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Posted in Blair witch project bankruptcy , Chapter 7 Bankruptcy , foxe bankruptcy , kevin foxe bankruptcy

Octomom Files Bankruptcy

Octomom files bankruptcy! So, some of you may have seen this one coming... but what most of you didn't see coming was the amount of debt she racked up... how much, you ask?

Nadya Suleman also known as the "Octomom" has filed for bankruptcy, stating $962,000 in debt!

Thats right - almost a million bucks!


In an interview with the Orange County Register - the Octomom said "I have had to make some very difficult decisions this year, and filing Chapter 7 was one of them."

Suleman hopes that bankruptcy will give her family a much needed fresh start - currently she owed more than 20 times her net worth!


Suleman is filing Chapter 7 bankruptcy, which means a court-appointed trustee would liquidate her assets to pay off creditors before she is discharged from most of her debts.

Who does Suleman owe money to ? The list includes her father, the water department, a private school and DirecTV..... aSuleman also owes more than $30,000 in rent payments on her four-bedroom house.
While her debt continues to accrue, the single mother of 14 supports her children with the aid of food stamps and Social Security disability payments, she is unemployed.

Suleman's children were conceived through in vitro fertility treatments and her octuplets are the world's longest-surviving set.

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Posted in Celebrity Bankruptcy , chapter 7 , Chapter 7 Bankruptcy , octomom bankruptcy

Saint Catherine Medical Center Files for Bankruptcy

A Pennsylvania medical center filed an emergency petition for Chapter 11 bankruptcy protection on Monday according to national reports.

Saint Catherine Medical Center in Ashland, Pennsylvania filed for emergency protection following some serious issues facing the medical facility regarding serious deficiencies and safety violations putting patient health according to the Department of Health.

After the PA Department of Health uncovered these issues following an "un-announced" visit to the facilities an immediate ban on new admissions and a possible termination of their medicare agreement was placed on the facility.

The medical facility hired a local pennsylvania law firm to file the Chapter 11 bankruptcy protection petition and since the filing was of an emergency nature the list of creditors was not immediately available.

For more information on this story... visit Media Health Leaders.

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Posted in Chapter 11 Bankruptcy , chapter 11 bankruptcy protection , emergency bankruptcy protection , medical bankruptcy , PA department of health , saint catherine medical center

Is The Media to Blame for "Pink Slime" Bankruptcy?

You may be asking yourself, "what?!?"... There seems to be alot of crazy bankruptcy news making headines these days and an April 4th blog entry published by Lilly Broadcasting  talking the topic of one company who filed bankrupcty citing the media coverage of "pink slime" is no exception.

"Pink Slime" is a slang term wideley by the media to define "lean, finely textured ground beef". Two words that, let's face it don't make the thought of biting into a burger a picturesque one for most...  The ongoing media attention surrounding "pink slime" and the wholesomeness of the lean, ground beef we are consuming these days has "dramatically decreased the demand for all ground beef products" - according to AFA's interim CEO, Ron Allan.

AFA was the first company to express publicly the damage that the controversial media coverage of "pink slime" has had on their business. The King of Prussia, PA based ground beef processor filed for bankruptcy protection citing the media coverage of pink slime as the cause.

What effect will this "pink slime" controversy have on us,  the consumer? Expect the price of ground beef to raise and the price of hot dogs to decrease as there is ovewhelming supply of "pink slime" available to service the hot dog industry - while experts predict that schools, grocery stores and consumers alike are going to be checking the labels of ground beef to make sure that "pink slime" isn't on the menu and for ground beef processor's there is nothing pretty about that.

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Posted in afa bankruptcy , bankruptcy , ground beef bankruptcy , pink slime , pink slime bankruptcy

What!?! Saving Money Means Setting Prisoners Free...

This is my what?!? blog entry of the week, ok maybe the month... I could barely believe the headlines myself.

"Bankruptcy Jailbreak in California"...

California Governor Jerry Brown is being faced to make some tough decisions amidst a budget crunch and pressure from the courts... his most recent decision has some people left shaking their heads, and asking what?!?  The governor is "re-aligning" the prisoner population, in other words - he is shifting inmates classified as low level offenders to serve their time at the county jail instead of the state prison. The re-alignment  has reduced the state prison population by 15 percent since last October!

So, you are thinking ok... facing debt means making tough decisions...

The problem is, many of California's county jails are already filled to capacity, and are having to release inmates well before their sentences have been served. This hot topic has passionate supporters and opponents on both side of the issue and no matter what side of the issue you are on... this sure is an "outside of the box" approach to tacking a debt-ridden budget in a State that has been in financial crisis for some time.

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Posted in bankruptcy , California Bankruptcy