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Chapter 11 Archives

Recovering after filing for Chapter 11 bankruptcy in Illinois

Filing for Chapter 11 bankruptcy may not be an easy step, but it is sometimes a necessary one. As the Illinois Attorney General points out, through filing for Chapter 11, a business can still maintain control of its assets and reorganize. Moving forward, a business owner can remain operational and start the recovery process. Businesses may also be able to file for Chapter 7, which will discharge all debts. For many companies, however, this will mean halting operation and closing the business.

Navigating bankruptcy as a small business

It is never easy to discuss the option of filing for bankruptcy. At Ledford, Wu & Borges, we regularly work with small business owners in Illinois who are looking to alleviate financial distress. If you have found yourself in such a position, it is important to know how the different types of bankruptcy could work for you.

Sports Bar 'Fox & Hound,' With Four Locations In Illinois, Files Bankruptcy

Reuters reports that Fox & Hound, the sports bar chain with locations in Arlington Heights, Aurora, Bloomingdale and Schaumburg, has filed for bankruptcy. The company filed under Chapter 11, citing a cash-poor situation and "weakening" profits.

Atari, Maker Of Asteroids And Pong, Exits Bankruptcy

Remember Atari? If you play video games, chances are good that you are at least vaguely aware of the old video game company, originally founded in the 1970s, the company that brought us the seminal classics Asteroids and Pong.

Air charter company opts for a second Chapter 11 filing

Illinois business owners may be interested to know that the U.S. Military's largest provider of commercial charter air transportation, Global Aviation, has filed for bankruptcy again on Tuesday, Nov. 12. It just emerged from Chapter 11 bankruptcy in February after filing last year. This was to achieve competitiveness in the industry by reducing costs and debt.

Chapter 11 aimed to reduce Gatheouse Media debt

Gatheouse Media, Inc. is an east coast publishing company that publishes 78 daily newspapers it distributes nationwide, including in Illinois. Recently, the media company filed for Chapter 11 bankruptcy protection. A company spokesperson has indicated that the company is taking this opportunity to reorganize, restructure debt that is coming due within the next year, recapitalize and put itself in a position to grow in the coming years.

YTB International files for Chapter 11 in Illinois

YTB International Inc. has seen a significant loss in revenue recently. This fact, coupled with the resignation of several key employees and board members, has prompted the company to file for Chapter 11 bankruptcy protection in the Southern District of Illinois. The company has listed its assets as $1.31 million and its liabilities as $7.18 million.

Illinois Chapter 11: Hostess given permission to wind down

Many in Illinois may already be aware that a U.S. Bankruptcy Court judge has given Hostess permission to wind down its business and begin selling the company's assets. However, the baker's union would like the court to appoint a Chapter 11 trustee to oversee the selling of the company's assets and the wind down process. The union, which has been on strike, does not trust Hostess management to properly conduct the liquidation.

One of the oldest clothier's in Illinois files Chapter 11 again

One of the first things to go in a recession is luxury items. People just aren't as willing to part with their money for items they consider wants and not needs. The evidence of that can be seen in the recent filing for Chapter 11 bankruptcy protection by an Illinois treasure and one of its oldest clothing stores.

Illinois plant may initiate Chapter 11 bankruptcy

Many individuals are facing difficult financial times; however, they aren't the only ones. Companies all over the country are seeking Chapter 11 bankruptcy protection for a variety of reasons. One Illinois coal plant has found itself considering bankruptcy due to a combination of low power prices and expensive upgrades.

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