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Home > Bankruptcy News

Bankruptcy News Aug 2006

Bankruptcy Back On The Rise
Pricewaterhouse Coopers predicted that corporate bankruptcy will rise year-over-year for the first time since 2001. (Mon, 21 Aug 2006 23:34:53 GMT)

Tower Records files for bankruptcy again
Tower Records filed for Chapter 11 bankruptcy protection for the second time in two years Monday, weeks after word surfaced that the iconic music retailer had been cut off by major suppliers for failing to pay its bills. (Tue, 22 Aug 2006 09:23:42 GMT)

iPodObserver - Tower Records Files for Bankruptcy
The brick-and-mortar music chain Tower Records filed for Chapter 11 bankruptcy protection on Sunday for the second time in three years (Tue, 22 Aug 2006 12:57:08 GMT)

Tower Records files again for Chapter 11 bankruptcy
Tower Records has filed for Chapter 11 bankruptcy protection from its creditors, its second such filing in less than three years. The Sacramento company, which operates 89 stores in 20 states, sought bankruptcy protection Sunday to sell its assets through a court-supervised auction. (Tue, 22 Aug 2006 15:46:17 GMT)

Radnor Holdings files for bankruptcy, lines up sale
Radnor Holdings Corp., a manufacturer of foam cups and containers, has filed for Chapter 11 bankruptcy protection and has already lined up a pending sale of most of its assets. (Tue, 22 Aug 2006 16:19:03 GMT)

Tower Records Files for Bankruptcy
The embattled Tower Records, which has 89 stores in 20 states, filed for Chapter 11 bankruptcy protection on August 20, reports the Chicago Tribune. (Tue, 22 Aug 2006 16:29:33 GMT)

Tower Records Files For Bankruptcy Again
WASHINGTON -- Tower Records has filed for Chapter 11 bankruptcy protection from its creditors, its second such filing in less than three years. The company, which operates 89 stores in 20 states, sought bankruptcy protection Sunday to sell its assets through a court-supervised auction. (Tue, 22 Aug 2006 17:49:03 GMT)

Tower Records Bosses File For Bankruptcy Again
Bosses at music store chain Tower Records have filed for Chapter 11 bankruptcy for the second time in two years. The news confirms recent fears that (Tue, 22 Aug 2006 19:38:05 GMT)

Tower Records Files For Bankruptcy (Again)
Iconic music chain Tower Records has filed for bankruptcy protection on Monday for the 2nd time in just two years. The troubled chain, which has 89 stores in 20 states across America, was rumoured to have been cut off by major suppliers after they failed to pay their bills. (Wed, 23 Aug 2006 04:42:27 GMT)

Tower Records files for bankruptcy
Online Music services like iTunes (and peer-to-peer file sharing sites) are driving High Street retailers out of the market. Tower Records has filed for Chapter 11 bankruptcy protection for the second time in two years. (Wed, 23 Aug 2006 09:36:24 GMT)

Business: Bankruptcy topples Tower again
Tower Records, the iconic chain where generations of music lovers have gone to lose themselves in record-store reveries, is up for sale in bankruptcy court, forsaken by consumers who favor digital music and discounts at big-box superstores. ... - By YUKI NOGUCHI The Washington Post (Wed, 23 Aug 2006 13:03:30 GMT)

Floor Maker Congoleum in Bankruptcy Battle with Insurers
Floor covering maker Congoleum Corp. is facing a contest for control of the outcome of its bankruptcy case with insurers and bondholders who have filed a rival Chapter 11 plan. Continental Casualty (Wed, 23 Aug 2006 13:11:24 GMT)

Bankruptcy fraud charge admitted
Aug. 23 (UNION-TRIBUNE): A former Point Loma couple who authorities said stashed more than $1 million in an offshore bank account, filed for bankruptcy and sailed off to Mexico pleaded guilty to bankruptcy fraud in San Diego federal court yesterday. (Wed, 23 Aug 2006 14:02:08 GMT)

Tower Records for sale after bankruptcy confirmed
Music chain Tower Records is up for sale having filed for bankruptcy for the second time in two years. It's reported that the company's debts have mounted due to the rise in digital music sales, sparked by the popularity of Apple's iTunes music store and its iPod player. (Wed, 23 Aug 2006 14:38:45 GMT)

Trustee to lead A&B bankruptcy case
An independent party will oversee the Chapter 11 bankruptcy case of Baltimore's A&B Check Cashing, which faces allegations of a multimillion-dollar check-kiting scheme. (Wed, 23 Aug 2006 18:41:04 GMT)

(AFX UK Focus) 2006-08-23 19:51 GMT: Yukos bankruptcy appeal rejected; executive Aleksanian's detention extended
MOSCOW (AFX) - Moscow's arbitration court has rejected an appeal by Yukos against the bankruptcy ruling, Interfax news agency reported. (Wed, 23 Aug 2006 19:15:39 GMT)

Motion: Toss Peterson's bankruptcy petition
Michael Peterson's stepdaughter has asked that the convicted killer's recent bankruptcy petition be thrown out of federal court on grounds that it is frivolous and "sinister," and because it allegedly was filed in bad faith. (Thu, 24 Aug 2006 04:54:02 GMT)

CandA has plan to emerge from bankruptcy
Collins and Aikman Corp. has agreed with its secured lenders to emerge from Chapter 11 bankruptcy protection by swapping debt for equity in a reorganized company. (Thu, 24 Aug 2006 07:09:03 GMT)

Tower Records files for bankruptcy protection
Tower Records filed for bankruptcy for the second time in three years, fueling speculation that it might have to liquidate its stock and close the chain, including its legendary Sunset Strip store. (Thu, 24 Aug 2006 10:08:07 GMT)

LexisNexis Launches Total Practice Advantage for Bankruptcy
LexisNexis, a provider of information and services solutions, has launched LexisNexis Total Practice Advantage for Bankruptcy, a new version of the company?s Total Practice Advantage solutions offering. (Fri, 25 Aug 2006 04:21:28 GMT)

United States Organizations for Bankruptcy Alternatives (USOBA), Inc. Denver Summer Conference a Success
The United States Organizations for Bankruptcy Alternatives (USOBA), Inc. summer conference, held in Denver, Colorado, provided information regarding state and federal law and regulation pertinent to the bankruptcy alternative and debt settlement industries. (PRWEB Aug 25, 2006) (Fri, 25 Aug 2006 07:06:54 GMT)

Judge says A&S may settle with customers: Decorating items are available Aug. 30 in bankruptcy case
A federal bankruptcy judge Thursday cleared the way for customers of A&S Decorators beginning next week to claim merchandise that has been in limbo since the company closed its doors suddenly in June. (Fri, 25 Aug 2006 07:08:01 GMT)

Bankruptcy possible
Scranton could be forced to file for bankruptcy if the city loses its appeal of the police and firefighter arbitration awards, a lawyer for the state Department of Community and Economic Development said Thursday. (Fri, 25 Aug 2006 08:12:06 GMT)

No bankruptcy or tax hikes, mayor says
Aug. 25 (UNION-TRIBUNE): What about bankruptcy? What about a tax increase? And can the city get a partial refund on the $20.3 million report on allegations of financial chicanery at City Hall? (Fri, 25 Aug 2006 12:13:47 GMT)

Bankruptcy rates decline
Fewer Ottawa consumers and businesses are declaring bankruptcy. Figures from Industry Canada show a significant decline in the number of personal and business bankruptcies during the first six months of this year compared to 2005. (Fri, 25 Aug 2006 17:38:57 GMT)

Tower Records files for bankruptcy
Tower Records, the iconic chain where generations of music lovers have gone to lose themselves in record-store reveries, is up for sale in bankruptcy court, forsaken by consumers who favor digital music and discounts at big-box superstores. (Fri, 25 Aug 2006 19:55:53 GMT)

Los Osos CSD: Chapter 9 Bankruptcy
After months of speculation, the Los Osos Community Services District files for bankruptcy. On Friday afternoon, the district filed for Chapter 9 with the Federal Bankruptcy Court in Santa Barbara. (Sat, 26 Aug 2006 01:41:05 GMT)

Tower unions OK new labor contracts; pacts could help supplier emerge from bankruptcy
Novi-based Tower Automotive Inc. has agreed to withdraw its bankruptcy-court petition to void labor contracts after concessions announced Friday by the United Auto Workers and United Steelworkers of America. (Sat, 26 Aug 2006 07:09:51 GMT)

Tower starting to crumble / Retailer files for bankruptcy protection again
Alexander Bingham ducked into Tower Records on Jones Street in San Francisco Friday morning, browsed through the CD bins and walked out empty-handed. "I don't buy a lot in stores -- I order it online," said Bingham, 37, of San Francisco. He paused, and... (Sat, 26 Aug 2006 11:04:28 GMT)

In Delaware, Privacy for Big Paychecks
Bankruptcy court is supposed to be a place where facts remain out in the open. That seems to be changing in one of the largest homes for corporate bankruptcy cases. (Sat, 26 Aug 2006 21:44:05 GMT)

China's legislature adopts corporate bankruptcy law
China's top legislature, the Standing Committee of the National People's Congress, on Sunday adopted a corporate bankruptcy law, aiming to protect both creditors of bankrupt enterprises and the people who work in them. (Sun, 27 Aug 2006 10:42:58 GMT)

Northwest shows gall giving flippant financial advice to employees
Northwest Airlines recently made a blunder that easily could be viewed as a sequel to Snakes on a Plane. The Eagan, Minn.-based company, which is in the midst of bankruptcy reorganization, did something that was as biting to some of its employees as the plane full of poisonous snakes in the movie. (Sun, 27 Aug 2006 10:47:45 GMT)

Briefly: China bankruptcy law includes private firms
China bankruptcy law includes private firms (Sun, 27 Aug 2006 14:02:39 GMT)

China Enacts Bankruptcy Law
China's parliament on Sunday enacted an updated bankruptcy law that explicitly covers private businesses for the first time, a state news agency reported. (Sun, 27 Aug 2006 15:06:01 GMT)

Comair Working to Leave Bankruptcy
The fatal crash of a Comair regional jet Sunday morning dealt an emotional blow to a commuter airline trying to emerge from bankruptcy. (Sun, 27 Aug 2006 19:49:35 GMT)

Bankruptcy law sees light of day after 12 years
China has removed another obstacle in the way of becoming a market economy by introducing a bankruptcy law. (Sun, 27 Aug 2006 23:26:00 GMT)

China Enacts Bankruptcy Law for Business
China has enacted an updated bankruptcy law that explicitly covers private businesses for the first time. (Mon, 28 Aug 2006 04:49:29 GMT)

China adopts new law on bankruptcy
BEIJING: China’s legislature adopted a new bankruptcy law yesterday which for the first time includes private companies, not only state-owned firms, and is aimed at boosting investor confidence. (Mon, 28 Aug 2006 06:45:46 GMT)

Bankruptcy filings
This bankruptcy was filed Aug. 18 in U.S. District Court, Indianapolis, for the Southern District of Indiana. D-debt; A-assets. (Mon, 28 Aug 2006 06:49:50 GMT)

China enacts new bankruptcy law
China passes a new bankruptcy law that will target private companies for the first time. (Mon, 28 Aug 2006 07:11:03 GMT)

China enacts bankruptcy law for private business
China has enacted an updated bankruptcy law that explicitly covers private businesses for the first time. The law takes effect June 1, 2007. (Mon, 28 Aug 2006 08:08:44 GMT)

China prioritizes private creditors in new bankruptcy law
HONG KONG (MarketWatch) -- China passed on Sunday an updated bankruptcy law that elevates private creditors to the front of the line in the event of insolvency, displacing workers who had previously held priority. (Mon, 28 Aug 2006 08:53:56 GMT)

Bankruptcy filings hit lowest level in 5 years
Bankruptcy filings fell more than 9 percent in the last year and reached the lowest level in about five years, according to data released by the Administrative Office of the U.S. Courts. (Mon, 28 Aug 2006 18:09:40 GMT)

Bankruptcy filings drop in third quarter
Bankruptcy filings fell about 67 percent in the third quarter and more than 9 percent in the last year, according to data released Monday by the Administrative Office of the U.S. Courts. (Mon, 28 Aug 2006 19:44:57 GMT)

Bankruptcy Filings Drop in Third Quarter
Bankruptcy Filings Fall About 67 Percent in Third Quarter, More Than 9 Percent in Last Year (Mon, 28 Aug 2006 19:59:19 GMT)

Bankruptcy Filings Fall 9 Percent Over Last Year
The 12-month period that ended June 30 saw the smallest number of bankruptcy filings since the 12-month period ended September 2001, according to the federal court data. (Mon, 28 Aug 2006 21:17:29 GMT)

China Adopts New Bankruptcy Law
Aug. 29, 2006 -- China's legislature adopted a new bankruptcy law on Aug. 27 which for the first time includes private companies, not only state-owned firms, and is aimed at boosting investor confidence. (Tue, 29 Aug 2006 04:14:39 GMT)

Bankruptcy filings fall after tough new law
U.S. bankruptcy filings have fallen to the lowest level in five years after a federal law made it harder for individuals to seek protection from creditors. About 1.5 million personal and business bankruptcies were filed in the year that ended June 30, a 9.3 percent drop from the previous year, according to data released Monday by the Administrative Office of the U.S. Courts. (Tue, 29 Aug 2006 05:49:43 GMT)

New law cited for drop in bankruptcy filings
WASHINGTON - Bankruptcy filings fell about 67 percent in the third quarter and have dropped more than 9 percent in the last year, according to data released Monday by the Administrative Office of the U.S. Courts. (Tue, 29 Aug 2006 07:28:05 GMT)

Bankruptcy filings fall as law changes
Bankruptcy filings fell about 67 percent in the third quarter and 9 percent in the last year after a new law made it more difficult and expensive to file for debt protection, according to data released by the Administrative Office of the U.S. Courts (Tue, 29 Aug 2006 07:43:45 GMT)

With new law, bankruptcy filings at lowest in 5 years
Bankruptcy filings in the U.S. in the 12 months ended June 30 fell to the lowest level in five years after a federal law made it harder for individuals to seek protection. (Tue, 29 Aug 2006 10:30:22 GMT)

Bankruptcy filings decline as new law comes into effect
Bankruptcy filings in the United States reached a five-year low following introduction of a stricter federal law that made it tougher for individuals to seek protection from creditors. (Tue, 29 Aug 2006 11:43:30 GMT)

Bankruptcy filings fall to lowest level in 5 years
An Oklahoma City attorney says his firm has seen a large dropoff in Chapter 7 bankruptcy filings in recent months, and federal court data released supports that claim. (Tue, 29 Aug 2006 17:04:32 GMT)

U.S. Chapter 11 bankruptcy protection filings hit 11-year low in second quarter
The number of U.S. companies filing for Chapter 11 bankruptcy protection dwindled to its lowest point in more than a decade during the second quarter, The Wall Street Journal reported on Tuesday. (Wed, 30 Aug 2006 00:46:14 GMT)

Sports Gambling Contributes to Nation’s Growing Bankruptcy Rate
(PRWEB) August 30, 2006 -- Although it can start out as innocently as joining the office football pool or an afternoon at the race track, sports-related gambling has risen to record heights in recent years, leading to an unprecedented number of bankruptcy filings for thousands of Americans. (Wed, 30 Aug 2006 12:00:00 GMT)

US bankruptcy filings fall to lowest in five years
NEW YORK, August 30 (newratings.com) - US bankruptcy filings plunged to the lowest level in five years, according to data released Monday by the Administrative Office of the US Courts. (Wed, 30 Aug 2006 12:17:27 GMT)

Bankruptcy filings drop greatly
About one-fourth as many bankruptcies were filed in Colorado during the first half of this year as during the same period last year, according to data from the American Bankruptcy Institute. (Wed, 30 Aug 2006 20:08:05 GMT)

Delta posts 1st profit since bankruptcy filing
Delta Air Lines said it made a $69 million profit in July, its first time in the black since it went into bankruptcy last year. That compared to a $41 million loss during the same month in 2005. Delta, which filed Chapter 11 last September, reported its financial results Wednesday in a monthly filing to the bankruptcy court. (Wed, 30 Aug 2006 21:18:38 GMT)

China's New Mantra: Creditors First
Bankruptcy in the People's Republic? And legal guarantees providing creditors with better protection than workers? In a sure sign of how China keeps on changing as it becomes a world economic player and steps beyond its workers' paradise past, Beijing passed a new corporate bankruptcy law on Aug. 27. It ensures better security for capital -- and puts China's workers solidly in second place. (Thu, 31 Aug 2006 07:08:41 GMT)

Delta lists $69 million profit in bankruptcy court filing
Delta Air Lines Inc., the nation's third-largest carrier, said yesterday it made a profit of $69 million in July. The Atlanta-based company said in a bankruptcy court filing that excluding reorganization items, it had net income of $99 million in July. Revenue for the 31-day period was $1.71 billion. (Thu, 31 Aug 2006 07:14:12 GMT)

Collins & Aikman files bankruptcy reorganization plan
SOUTHFIELD -- Auto parts supplier Collins & Aikman Corp. on Thursday announced that it has filed a reorganization plan that would allow it to emerge from bankruptcy protection early next year. (Thu, 31 Aug 2006 12:05:55 GMT)

Judge OKs plan for Oneida Ltd. to emerge from bankruptcy
Oneida Ltd. has received the approval of a federal Bankruptcy Court judge for a planned reorganization that would allow it to come out of bankruptcy within two weeks. (Thu, 31 Aug 2006 12:52:47 GMT)

Breaking! Collins & Aikman Submits Chapter 11 Bankruptcy Reorganization Plan
The once-beleaguered auto supplier and current stunner of automotive supplier industry critics, Collins & Aikman, released a gameplan for bankruptcy reorganization that should allow them a way out of... (Thu, 31 Aug 2006 13:10:09 GMT)

Delta Air Lines posts 1st profit in bankruptcy
Delta Air Lines Inc., the nation's third-largest carrier, said Wednesday it made a net profit of $69 million in July. The net profit was the first since Delta entered bankruptcy in September 2005, spokeswoman Betsy Talton said. Excluding reorganization items, earnings were $99 million. Revenue for the 31-day period was $1.71 billion. A year ago, Delta said it had a net loss of $41 million in (Thu, 31 Aug 2006 13:16:18 GMT)

360 Vision Ltd. Offers Help to iPIX Customers following iPIX Inc. Bankruptcy
360 Vision Ltd. ( www.360vision.co.uk ), a leading virtual tour developer, announced today it will offer free help and advice to anyone using iPIX virtual tour software, whether developers or end-users. Paul Baderman, Marketing Director at 360 Vision Ltd. said: “The bankruptcy of iPIX Inc. has caused... (Thu, 31 Aug 2006 14:28:32 GMT)

Collins & aikman Files Bankruptcy Plan
Auto parts supplier Collins & Aikman Corp. on Thursday announced it has filed a reorganization plan that would allow it to emerge from bankruptcy protection early next year. (Thu, 31 Aug 2006 17:43:41 GMT)

Collins & aikman Files Bankruptcy Plan
(AP) SOUTHFIELD, Mich. Auto parts supplier Collins & Aikman Corp. on Thursday announced it has filed a reorganization plan that would allow it to emerge from bankruptcy protection early next year. (Thu, 31 Aug 2006 17:49:35 GMT)

Portrait Corp of America files for bankruptcy
WASHINGTON (Dow Jones)--Portrait-photography company Portrait Corp. of America Inc. filed Thursday for Chapter 11 protection in the U.S Bankruptcy Court in White Plains, N.Y. (Thu, 31 Aug 2006 17:49:56 GMT)

Rooms for Less files bankruptcy
ASHEVILLE - Rooms for Less Furniture Outlet in Candler owes dozens of creditors about $694,000, according to the company's Chapter 7 bankruptcy protection filed in Western North Carolina federal courts last week. (Thu, 31 Aug 2006 19:02:03 GMT)

Collins & Aikman Files Bankruptcy Reorganization Plan
(AP) Collins and Aikman has filed a reorganization plan that would allow it to emerge from bankruptcy protection early next year. (Thu, 31 Aug 2006 23:30:24 GMT)


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