The Dothan, Ala.- based parent company of Hollywood Video stores has filed for Chapter 11 bankruptcy. The event marks the second time Movie Gallery has filed for bankruptcy protection in three years.
Movie Gallery plans to shutter 760 of its 2,415 nationwide stores which include Hollywood Video, Movie Gallery and Game Crazy, but has not announced [...] [...]
Company reports more than $1 billion in debt
Freedom Communications Inc., owner of more than 30 daily newspapers including The Gazette, filed for Chapter 11 bankruptcy protection in U. S. Bankruptcy Court in Wilmington, Del., this morning.
According to Bloomberg News, the company said that it has assets of between $500 million and $1 billion, eclipsed by more [...] [...]
The Wall Street Journal reported yesterday that Freedom Communications, parent company of the Colorado Springs Gazette and more than 100 other media properties, will file for bankruptcy this week.
The WSJ said that the chain would be taken over by the banks that hold the company's debt and that present equity holders would be wiped out.
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by Staff Writer Published: August 26,2009
Tags: bankruptcy
The American Bankruptcy Institute says the number of U.S. businesses filing for bankruptcy in the first half of 2009 was up 64 percent compared to the same period last year.
The total number of bankruptcies filed through June 30 was up by 36 percent over the first half of 2008.
“The increase in filings through the first [...] [...]
When homeowners are confronted with impending foreclosure, they often will file for bankruptcy.
The act of filing for bankruptcy causes an “automatic stay,” which stops creditors from taking action, thus preventing a foreclosure, said Michael Sousa, assistant professor at Denver University’s Sturm College of Law.
Sousa said that if homeowners have unsuccessfully tried other means to ameliorate [...] [...]
In an interview with the Orange County Register published earlier this week, Burl Osborne, the interim CEO of Freedom Communications, said that the company is in discussions with its bankers about "restructuring."
Freedom, which owns dozens of media properties, including the Register and the Colorado Springs Gazette, is more than $700 million in debt.
[...]
DETROIT (AP) - General Motors Corp.’s new chief executive said Tuesday that more of the automaker’s plants could close and bankruptcy is “more probable” as GM works to meet new, tougher requirements for government aid.In his first news conference as CEO, Fritz Henderson said he expects the company would “need to take further measures” beyond [...] [...]
Apparently caught in the crosshairs of the global economic recession, Sportsman’s Warehouse filed for Chapter 11 bankruptcy protection Saturday.
A statement on the company’s Web site says owners will either sell the business or reorganize as a smaller, viable chain of Sportsman’s Warehouse stores.
On March 10, the Utah-based Sportsman’s Warehouse announced plans to close 23 locations [...] [...]
