South Korea’s STX Offshore & Shipbuilding Co. Files for US Bankruptcy Protection

South Korean STX Offshore and Shipbuilding Company filed for Chapter 15 bankruptcy protection on October 19, 2016 in Texas. The filing comes as “a bid to stop creditors from trying to seize its assets in the U.S. as the troubled shipyard looks to sell its business overseas.” Chapter 15 bankruptcies deal with cross-border/international insolvencies. “Under Chapter… Continue reading South Korea’s STX Offshore & Shipbuilding Co. Files for US Bankruptcy Protection

U.S. Watchdog Raises Concern over Caesars Creditor Deal

On January 15, 2015, Caesars Entertainment Operating Company (CEOC), a subsidiary of Caesars Entertainment, filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the Northern District of Illinois in Chicago (Case No. 15-01145). On Wednesday, October 19, 2016, a “lawyer for the U.S. government’s bankruptcy watchdog raised concerns in court on Wednesday over… Continue reading U.S. Watchdog Raises Concern over Caesars Creditor Deal

Parent Company of Luminant and TXU Energy Out of Bankruptcy

TCEH Corp., which owns Luminant and TXU Energy, has finally emerged from bankruptcy proceedings. TCEH Corp. is the new company that is basically what’s left of Energy Future Holdings (the energy company that filed for bankruptcy protection about two years ago and owned Luminant, TXU Energy, and Oncor). The announcement came from Delaware Bankruptcy Court on Monday… Continue reading Parent Company of Luminant and TXU Energy Out of Bankruptcy

Two-Year Delay in Confirmation Requires Holding Another Valuation Hearing (Rochelle’s Daily Wire)

Rochelle’s Daily Wire posted an interesting article about District Judge Robin L. Rosenberg’s opinion that “two-year delay in confirmation obliged the bankruptcy court as a matter of law to hold another hearing to value a secured creditor’s collateral.” Here is a snippet of the article: “A chapter 11 debtor filed a motion to value collateral under Section… Continue reading Two-Year Delay in Confirmation Requires Holding Another Valuation Hearing (Rochelle’s Daily Wire)

Nine Hospital Bankruptcies in 2016

Becker’s Hospital Review has pointed out that there have been nine hospitals across the country that have filed for bankruptcy so far this year. You can read their article if you click here. The following is a list of the 9 bankruptcies with links if you would like more information: Pushmataha Hospital in Antlers, Oklahoma filed for bankruptcy… Continue reading Nine Hospital Bankruptcies in 2016

Black-Eyed Pea Closes Texas Restaurants

Twelve Texas Black-Eyed Peas have been closed due to their parent company’s (Restaurants Acquisition I LLC) Chapter 11 bankruptcy filing. Their Arlington location is the only Texas location still open. “Restaurants Acquisition filed for Chapter 11 bankruptcy reorganization in December, citing revenue shortfalls and an inability to attract new capital. At the time, it owned 13 Black-eyed… Continue reading Black-Eyed Pea Closes Texas Restaurants

Delaware Judge Says Trustee Not Obligated to Obtain Best Price at Auction

Rochelle’s Daily Wire posted an interesting article the other day about a Chapter 7 Bankruptcy matter out of the Virgin Islands. Here is a snippet: “Bankruptcy Judge Mary F. Walrath penned an opinion that reads like a treatise laying out the limited circumstances when a trustee can become personally liable for selling property at a… Continue reading Delaware Judge Says Trustee Not Obligated to Obtain Best Price at Auction