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Chapter 11

Verity Health Systems Files California Bankruptcy

Verity Health Systems, a nonprofit healthcare system which operates four San Francisco Bay Area hospitals, filed for bankruptcy protection last week, as it explores strategic options to eliminate burdensome debt. The organization has been weighing the possibility of selling its Santa Clara County hospitals to relieve the financial pressure of $500 million in long-term debt, […]

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Chapter 11

Global Brokerage's Chapter 11 Bankruptcy Plan Challenged

The US Trustee assigned to the Chapter 11 Bankruptcy protection case for Global Brokerage Inc. raised concerns this week about the exchange broker’s bankruptcy reorganization plan. Global Brokerage Inc., is a holding company with indirect effective ownership of Forex Capital Markets (FXCM), which is a retail foreign exchange broker. The company filed a voluntary petition […]

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Chapter 11

Gymboree to Exit Chapter 11 Bankruptcy

The San Francisco, California based children’s apparel store, Gymboree, was approved to exit Chapter 11 bankruptcy on September 7th, 2017. The company plans to cut $1 billion worth of debt and joins the list of retailers such as Payless Shoes that have been able to successfully reorganize company debt using Chapter 11 bankruptcy protection. In […]

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Chapter 11

Business Mistakes Can be Forgiven with Reorganization or Liquidation

One of the great things about the Sacramento area is that there are rich opportunities for small businesses to thrive and flourish from Carmichael to El Dorado Hills. There are restaurants owned locally on every street. There are offices for every type of professional service, from dentists to certified public accountants. While these small businesses […]

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Chapter 11

How Much Does Bankruptcy Cost: A Look At Attorney Fees

In most bankruptcy cases, the fees an attorney charges are disclosed. In fact, the Court also provides guidelines covering the range of legal fees applicable to work on consumer bankruptcy cases. In chapter 11, an attorney is paid after filing a motion for compensation which lays out exactly how much the attorney is charging and […]

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Chapter 11

Automatic Stay Prevents Lawsuits Against Detroit

Last Wednesday, the bankruptcy judge overseeing the Detroit bankruptcy case put a hold on all lawsuits that were challenging Detroit’s bankruptcy filing, as well as most other litigation against Detroit. However, this does not mean an end to Detroit’s legal troubles. The bankruptcy judge pointed out that his ruling did not decide whether Detroit could […]

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Chapter 11

ResCap files Its Chapter 11 Plan

Running a business can be great. However, it is always possible for a business to fall into hard times, and when it does, it can be difficult to recover. One option for businesses that are in financial trouble is chapter 11 bankruptcy. Residential Capital LLC (ResCap) filed for bankruptcy protection on May 14, 2012. ResCap […]

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Chapter 11

California Electric Car Company Files for Chapter 11 Bankruptcy

Trying to run a business is never an easy task. But the recent economic times have made this task remarkably more difficult. It does not take many missed or late payments before creditors begin harassing a business for money owed to them. In many cases, the best way to get a business turned around and […]

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Chapter 11

Bankruptcy Leaves Sacramento Kings One Step Closer to Leaving Town

A previous post discussed that Bob Cook, a minority owner of the Sacramento Kings, had filed for chapter 11 bankruptcy. At the time, the trustee in the bankruptcy case was pushing for a sale of Mr. Cook’s minority share in the Sacramento Kings to Chris Hansen, who apparently wants to move the team to Seattle. […]

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Chapter 11

Retailer Cites Sandy in Chapter 11 Bankruptcy Filing

Many businesses, especially smaller businesses, can feel the effects of any change in their local economy. For example, if a tourist area in California known for skiing has a long and snowy winter, the businesses in the area will thrive. It also works the opposite way. For example, if a business in a tourist area […]