The Blog for Business Bankruptcy, Insolvency and Restructuring

A bankruptcy blog from the attorneys at Harned Bachert & McGehee PSC

On January 11, 2010, Haights Cross Communications, Inc. and four affiliates filed for chapter 11 protection in the United States Bankruptcy Court for the District of Delaware.  The case was filed as a pre-packaged bankruptcy.  A link to a press release announcing Haights' pre-petition solicitation results is here.
According to a declaration filed in support of the petition, the debtors are leading developers and publishers of products for the Kindergarten through Grade 12 education and public library markets.

The number of businesses filing for bankruptcy in 2009 increased 38% over the prior year, providing a measuring stick of the widespread economic crisis that likely will continue to put pressure on companies in 2010. Read the Daily Bankruptcy Review story here.

On January 5, 2010, Delaware Bankruptcy Judge Mary F.

On January 4, 2010, International Aluminum Corporation (IAC) and 11 affiliates filed for protection under Chapter 11 of the Bankruptcy Code in Delaware. According to the supporting declaration filed by Jeffrey B. Park, CFO of certain of the debtors, IAC is an integrated manufacturer of quality aluminum and vinyl products for use in commercial and residential applications.
The Park declaration notes that the bankruptcy cases were commenced primarily because of the decline in the commercial and residential construction activity in the U.S.

This was a banner decade for big bankruptcy.
Of the 20 largest corporate bankruptcy filings in history, all but three of them occurred in the last decade.
The 2000s featured three businesses with more than $100 billion in assets filing for bankruptcy. All the companies in the list here held more than $30 billion in assets.

Sadly, a longtime Jacksonville Beaches developer took his own life on December 22nd at least partly because of his deteriorating financial condition.  As a bankruptcy lawyer, I am always particularly disturbed by stories like this because I believe I may have given some hope in a seemingly hopeless situation.
According to a St. Johns County Sheriff’s [...]