Many people see bankruptcy as symbolic of failure. In fact, bankruptcy can provide a fresh start for an individual or entity. Small companies to large corporations in Arizona and across the country use business bankruptcy to continue business operations while negotiating with creditors. In the case of an east coast ski resort, mild winter weather [...]
A single-location resort would not appear to be the source of multiple business bankruptcy filings, but when it is operated by five business entities, it requires five separate Chapter 11 filings. That is what occurred in late 2012 when five commercial bankruptcy proceedings were filed in the bankruptcy court in Phoenix related to the operation [...]
Business owners in Phoenix, Arizona, are all too aware of the effect a struggling economy has had on their cash flow and accounts receivable payments. Business owners across the country who made the difficult decision to pursue a business bankruptcy have saved their companies by using the business reorganization process to drastically cut costs. For [...]
Arizona experienced a 22 percent decline in bankruptcy filings in 2012 from a year earlier, and Chapter 11 bankruptcies increased 14.5 percent in 2012. Individuals and not businesses accounted for more than half of the Chapter 11 filings. This is somewhat unusual because most people filing a personal bankruptcy file either a Chapter 7 or [...]
As Eastman Kodak struggles to handle its obligations under a business bankruptcy filing, the third quarter postings indicate that the losses for the company were $312 million. This is almost $100 million more than the $222 million loss posted for the third quarter of 2011. Part of the reason may come from a 19 percent [...]
Electric cars could become common sights on Arizona highways in the near future, but one automaker that set out to break the nation's dependency on fossil fuels might not be around to see it happen. With 75 percent of its workers now unemployed following a mass layoff and a $529 million loan from the U.S. [...]
Arizona-based Rural/Metro. Corp., which is owned by Warburg Pincus LLC, has filed for Chapter 11 bankruptcy protection. The company has negotiated an agreement with certain creditors to help obtain new capital while reducing company debts by approximately 50 percent. The chief financial officer claimed that the proposed plan will allow the company to continue to [...]
Simply Wheelz LLC, which does business as Advantage Rent A Car, filed for Chapter 11 bankruptcy protection on Nov. 5, 2013. The company offers car rentals in 33 states and has a location at Phoenix Sky Harbor Airport in Arizona. Advantage had been sold by Hertz Corp to Franchise Services of North America and Macquarie [...]
Arizona residents might be startled to learn that the Lehman bankruptcy is reportedly the largest one in history. Five years after the date of filing, the attorney fees for the case have reached an astonishing $2.2 billion. Numerous lawyers, consultants, accountants and other professionals have assisted in the bankruptcy since September 2008. According to [...]