Insolvency Alerts January 2012

Insolvency Alerts January 2012

 

JANUARY 31st

Recently Reported Insolvency News from the American Bankruptcy Institute and other sources

Inner City Media Parent Sues Lenders in Trademark Dispute

Inner City Media Corp.’s parent company is suing its subsidiary’s lenders, including funds managed by billionaire Ron Burkle’s Yucaipa Cos., seeking to protect 13 trademarks from being counted as collateral for a loan that has ballooned to $250 million.

Hostess Brands Takes Aim at Union Contracts 

Hostess Brands, which filed for chapter 11 two weeks ago, asked a judge to reduce its commitments to union employees, claiming that the costs put the Twinkie-maker at a “profound competitive disadvantage.”

AMR’s Hiring of Bankruptcy Advisers for American Stalls in Face of Unions 

The American Airlines parent AMR Corp.’s effort to hire a group of legal and financial advisers for its bankruptcy was put on hold amid objections from unions and the U.S. government.

Misc Filings

The Education Center, Inc. has filed a Chapter 11 In North Carolina.

The real estate company Rich-Nich Realty LLC filed Chapter 11 in the Eastern District of New York.

Market 52, Inc., a company in the food and beverage industry, has filed Chapter 11 in the Eastern District of California.

In General Economic News

Consumer Spending Stalls in December

Commerce Department figures showed yesterday that Consumer spending stalled in December as Americans took advantage of a 0.5% jump in incomes to restore depleted savings, indicating households remain focused on repairing finances. Purchases were little changed after rising 0.1 percent the prior month.

U.S. Home Prices Fall Again

U.S. home prices fell again in November, according to the Standard & Poor’s Case-Shiller indexes, which reported Tuesday that the majority of metropolitan markets posted declines.

And Now for Something Completely Different

Some Random Insolvency Thoughts

(A brand new feature of this Report)

Follow me on Twitter @JGlucksman for daily summaries of each day’s breaking economic news, especially concerning Europe’s debt problems. 

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JANUARY 27th

 Recently Reported Insolvency News from the American Bankruptcy Institute and other sources

Ener1, Electric-Car Battery Maker, Seeks Chapter 11 Protection 

Ener1 Inc., which received a $118 million U.S. Energy Department grant to make electric-car batteries, filed for chapter 11 protection yesterday after defaulting on bond debt amid heavy competition from Asia, Bloomberg News reported yesterday.  Ener1 has been affected by competing battery developers in China and Korea, “which generally have a lower cost manufacturing base” and lower labor and raw material costs, interim Chief Executive Officer Alex Sorokin said in the petition.

Restructuring Professionals Expect Rise In Smaller Bankruptcies

A recently released survey by AlixPartners showed that bankruptcy experts believe 2012 will be another year marked by small-cap bankruptcies.  A majority of experts expect the number of corporate bankruptcies to increase this year over 2011 lows, but those experts say there will not be an increase in the number of filings among corporations with more than $1 billion in assets.

In General Economic News

U.S. Recovery Slowly Gained Speed in Late ’11, Data Show

The American economy picked up a little steam last quarter, with output growing at an annualized rate of 2.8 percent, the Commerce Department reported Friday.

Credit Card Debt Eases

Despite a slowdown in debt payments at the end of 2011, all 50 states ended the year with less credit card debt than when the year began, according to a recent report issued by CreditKarma.com.  According to the report, credit card debt declined 11 percent to an average of $6,576; student loan debt declined 9 percent to an average of $26,272; home equity debt declined 4 percent to an average of $47,905; home mortgage debt held steady at $173,876, and auto loan debt increased 2 percent to $15,504.

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JANUARY 24th

Recently Reported Insolvency News from the American Bankruptcy Institute and other sources

Lee Enterprises Wins Approval of Bankruptcy Exit Plan

Lee Enterprises Inc., owner of the St. Louis Post-Dispatch and 47 other daily U.S. newspapers, won court approval of a restructuring plan that spares shareholders from being wiped out and sets it on the path to exit bankruptcy by the end of the month.

Evergreen Energy Files for Bankruptcy Liquidation, Cites Lack of Financing

Evergreen Energy Inc., a developer of alternative fuel products, filed for chapter 7 protection, saying that it was impossible to maintain operations with a lack of financing.

Mets Owners to Ask Judge to Decide Madoff Trustee’s $386 Million Claims

The owners of the New York Mets will ask a judge to decide remaining claims of $386 million in a suit from Irving Picard, the trustee for Bernard Madoff’s defunct firm.

Potomac Supply Files For Chapter 11 Protection

Potomac Supply Corp., a Kinsale, Va.-based sawmill and lumber supplier, filed for chapter 11 protection on Friday after announcing earlier this month it would be temporarily closing down its manufacturing operations.

In General Economic News

Richmond Federal Reserve Survey Improves

On Tuesday the Richmond Federal Reserve said manufacturing activity in its six-state region increased in January, mirroring improvements seen in similar regional indexes. The bank also said that most companies expected business to improve over the next six months. The new-orders index doubled to 14 from 7 and the hiring index climbed 3 points to 20. In addition, the index measuring expected orders over the next six months rose 11 points to 32. The Richmond Fed’s region stretches from Maryland to South Carolina.

Greek Debt Talks Drag On

European stock markets declined Tuesday as negotiations between Greece and its private creditors over the terms of a hoped-for debt-swap dragged on for a second week.  Greece has yet to conclude debt talks with its private debtholders to write down the country’s debt.  The negotiations have focused on a 50% “haircut” for bondholders and a new interest rate of around 4%.

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JANUARY 23rd

Recently Reported Insolvency News from the American Bankruptcy Institute and other sources

Fountain Powerboats seeks Ch. 11 again

Fountain Powerboats and its affiliates filed for Chapter 11 bankruptcy protection last week for the second time in less than three years.  The company listed more than $53 million in liabilities and less than $50,000 in assets, according to court documents.  Debtors included in the case are: American Marine Holdings, Donzi Marine, AMH Government Services, Baja Marine, Fountain Dealers’ Factory Super Store, Fountain Powerboats Industries Inc., Fountain Powerboats Inc., Fountain Powerboats LLC, Palmetto Park Financial and Pro-Line Boats.

The North Carolina boat builder previously filed Chapter 11 in 2009.  Since coming out of that Chapter 11 2010, the company has struggled financially, been engaged in a lawsuit with former owner and company namesake Reggie Fountain, and seen many officers and employees come and go through its doors.

Pinnacle Airlines CEO Sees Bankruptcy Without Cost Cuts

Pinnacle Airlines Corp., a provider of regional flights for larger carriers, tumbled the most in a month after saying it may be forced to file for bankruptcy protection unless it pares costs, Bloomberg News reported yesterday. Chief Executive Sean Menke warned of a possible chapter 11 filing followed Pinnacle’s hiring of advisers last year to review its business plan and rework debts. The carrier had $81.8 million in cash as of Sept. 30.

Los Angeles Dodgers Plan to Auction Team

The Los Angeles Dodgers filed a plan for the Major League Baseball team to exit bankruptcy by April 30 and pay all debts after concluding an auction of the club, Bloomberg News reported on Saturday. Under the plan filed on Friday, the Dodgers will pay all creditors, owed at least $643 million, in full. Under an agreement with MLB, a sale of the team must be completed by the end of April.

Court to Consider AMR Pension Probe

American Airlines’ parent made only a small fraction of the roughly $100 million payment it was scheduled to contribute to the company’s employee pension plans, according to a federal agency.  A proposed federal investigation is set, according to the Wall Street Journal. The Pension Benefit Guaranty Corp. says that recent remarks by AMR’s bankruptcy attorney raised the possibility that the company might seek to terminate its four plans covering the pensions of about 130,000 pilots, flight attendants, ground workers, agents and other employees. According to the PBGC, the plans are underfunded by about $10 billion.

Corzine Is Sued Under Racketeering Law by MF Global’s Commodity Customers

Jon Corzine, bankrupt MF Global Holdings Ltd.’s former chief executive officer, was sued under U.S. racketeering law by commodity customers alleging that he and other executives “unlawfully” took money from their accounts and failed to segregate their money as the law requires.

And Now for Something Completely Different –

Some Random Insolvency Thoughts

International Shipping Companies May Seek Chapter 11

The Dow Jones Daily Bankruptcy Review reports that distress in the marine shipping industry means, in the opinion of marine restructuring experts, that more shipping companies may consider chapter 11 filing in the U.S.  According to Dow Jones, the attraction of Chapter 11 is that it allows the company time to create a plan to reorganize itself while being able to operate a business as a going concern and not have to worry about how to operate in the face of secured creditors seizing ships.  Though demand for shipping services has actually improved in the past few years, this improved demand is apparently being offset by overly optimistic ship owners who, when they placed orders to build out their fleets, did not count on the global economic downturn that’s seen fewer goods shipped.

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JANUARY 19th

Recently Reported Insolvency News from the American Bankruptcy Institute and other sources

Kodak Files for Bankruptcy Protection

Eastman Kodak Co. filed for chapter 11 protection today after the struggling photography icon ran short on cash needed to fund a financial turnaround.  The company said that it had secured $950 million in financing from Citigroup Inc. to help keep it afloat during bankruptcy proceedings. Kodak said that it will continue to operate its businesses and hopes to emerge from chapter 11 next year after using bankruptcy court to cut costs and sell off some of its patent portfolio.

Buffets Restaurants Returns to Bankruptcy Court

Buffets Restaurants Holdings Inc. returned to bankruptcy court yesterday, four years after its last filing.  It plans to shut 81 restaurants and hand control of the company to senior lenders, the Wall Street Journal reported today. Buffets said investors holding 83 percent of its senior debt have agreed to a restructuring that will eliminate “virtually all” of the company’s $245 million in debt in exchange for all the equity in the reorganized company.

  In General Economic News

Default Rates Rise in December

S&P Indices and Experian report that most loan types saw an increase in default rates during the December. Bank card default rates were the only ones to decline, from 4.91% in November to 4.60% in December.  Second mortgage default rates increased to 1.33% from 1.26%, auto loans default rates increased to 1.27% from 1.17% and first mortgage default rates increased to 2.19% from 2.17%.

Loan Balances Set to Grow

Loan balances for six of the country’s largest credit-card issuers are set to grow this year for the first time in four years, as consumer confidence rises and credit quality continues improving, according to Moody’s Investors Service. Average combined balances at the six largest card issuers will grow about 6% in 2012, to $517 billion, after falling more than 5% to $488 billion last year. The last time balances rose year over year was in 2008.

And Now for Something Completely Different

Some Random Insolvency Thoughts

(A brand new feature of this Report)

 On Wednesday January 14th, New Media thrashed Old Media, as the power of Wikipedia, Google, and their compatriots beat Tin Pan Alley and Hollywood.  To be more precise, Congress agreed to table the proposed internet anti-piracy bills.  Today, Kodak filed for bankruptcy.  Anyone still taking pictures with film anymore?  Anyone doubt that the world has fundamentally changed?

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JANUARY 18th

Recently Reported Insolvency News from the American Bankruptcy Institute and other sources

Cellfor, Privately Held Seedling Company Files for Insolvency

Cellfor, a privately held company billing itself as the world’s largest commercial supplier of conifer seedlings to the forest industry, has obtained a Canadian court order granting it protection under the Companies’ Creditors Arrangement Act.  The company has also been granted a temporary restraining order under Chapter 15 of the U.S. Bankruptcy Code, pending recognition of the Canadian proceedings.  Cellfor is the sole owner of Cellfor Corp., a U.S. with headquarters in Georgia. Cellfor’s business is the research, development and sale of technologies relating to cloning conifer seedlings for the forest industry. Its production process is completed through subcontracts with industry partners in Canada and the United States.

Coach Am Group Files Bankruptcy

Coach Am Group Holdings Corp., along with affiliates, has filed petitions for bankruptcy in the Delaware Bankruptcy Court.  Coach also operates under the brand names CUSA, American Coach Lines, and Gray Line.  Coach enters bankruptcy with approximately 6,000 employees and a fleet of over 3,000 vehicles.

Solyndra Fails to Garner Bids for Sale

BankruptSolyndra LLC failed to attract any bids yesterday from buyers who could have restarted production, brought back some laid off staff and kept the bankrupt solar panel maker operating.  Solyndra, which owes more than $500 million to the U.S. government, has said a turnkey buyer is the best hope for getting the most money for the government and other creditors. However, no turnkey bids were submitted by yesterday’s deadline, and it appears that Solyndra will liquidate its assets piecemeal.

Canada’s Catalyst Paper Files for Chapter 15

Canada’s Catalyst Paper Corp filed for chapter 15 protection yesterday in the U.S. as the specialty paper and newsprint producer grappled with rising costs of raw materials and lower demand, Reuters reported today. Last week, Catalyst had said it had entered into a restructuring agreement, which will see its bondholders taking control of the company and includes an exchange of debt for equity. The company listed both assets and liabilities of more than $1 billion in the court filing.

Chapter 15 of the U.S. Bankruptcy Code provides mechanisms for assisting debtors in foreign insolvency proceedings when they have U.S. assets to protect.

In General Economic News

Consumers Slash Credit Card Debt

Consumers slashed credit card debt 11% last year, and average debt loads dropped in every state. The average credit card balance for 2011 was $6,576, down from $7,404 the previous year, according to a report from credit tracking and financial education website CreditKarma.com.  This was based on data from more than 300,000 of its users. The decline came as weak consumer confidence kept spending in check and banks continued to tighten their lending and slash credit limits for many existing customers.

FDIC Proposes Stress Tests for U.S. Banks

U.S. banks with at least $10 billion in assets would have to perform their own tests of whether they have enough cushion to withstand losses under a proposal published today by the Federal Deposit Insurance Corp., the Wall Street Journal reported Tuesday. The FDIC proposal, complying with the Dodd-Frank Act, would require institutions to conduct their own tests based on three economic scenarios developed by the FDIC, using data as of Sept. 30 of any year. The banks would be required to use the scenarios to calculate potential losses, loss reserves and capital positions, and file a report with the FDIC before Jan. 5 of every year.

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JANUARY 17th

Recently Reported Insolvency News from the American Bankruptcy Institute and other sources

 

Sports Agent Leigh Steinberg Files For Bankruptcy

The Wall Street Journal reports that sports agent Leigh Steinberg couldn’t show anyone the money last week when he filed for bankruptcy. Steinberg inspired the 1996 movie “Jerry Maguire” and filed after a court authorized but did not issue a warrant for him when he didn’t appear in court over a $1.4 million debt on office space he leased in Newport Beach, Calif.

Sports Agent Darrell Eugene In Bankruptcy

The Wall Street Journal also notes that another sports agent Darrell Eugene Wills filed for bankruptcy last February with more than $1 million in debts.   Baltimore Ravens wide receiver Anquan Boldin won a lawsuit he filed against his former agent, the Baltimore Sun reported, after Boldin loaned him $270,000.  Boldin sued Wills last April, saying Wills defaulted on the loan.

Bankrupt LA Dodgers Attracting Interested Buyers

According to the Los Angeles Times, the late Roy Disney’s family is trying to restore local ownership to the team, but joins a star-studded roster of possible Dodgers bidders including Magic Johnson, Larry King and Joe Torre. Not to be outdone, News Corp., which owns The Wall Street Journal, is also seeking to walk off with the team.

Miscellaneous Filings

 John D. Oil and Gas Company has filed a Ch. 11 in the Western District of Pennsylvania.

The Home Loan Service Corporation has filed for Ch. 11 in the Northern District of California.

 

And Now for Something Completely Different

Some Random Insolvency Thoughts

(A brand new feature of this Report)

JDSupra reports that the Rev. Billy Graham, in a recent article, says you should you seek out God’s guidance before filing for bankruptcy.

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JANUARY 12th

Recently Reported Insolvency News from the American Bankruptcy Institute and other sources

Hostess Brands Files for Chapter 11

U.S. wholesale baker Hostess Brands Inc., which emerged from bankruptcy last September, filed again for chapter 11 protection on January 11th after failing to reach an agreement with workers on pension and health benefits.

Sears Suffers Setback as Large Lender Balks 

Struggling Sears Holdings Corp. suffered another setback when a large lender said that it would no longer finance loans to suppliers awaiting payment from the company.

California Broadcaster Peak Enters Chapter 11 Protection 

Peak Broadcasting LLC, the owner of 11 radio stations in Fresno, Calif., and Boise, Idaho, filed for chapter 11 protection on Tuesday blaming the need to restructure its debt on weakened advertising spending since 2008, which resulted in lowered revenues and a smaller cash flow.

William Lyon Homes Files Prepackaged Chapter 11 Bankruptcy

William Lyon Homes, a middle market developer of new homes in California, Nevada and Arizona, filed a prepackaged Chapter 11 bankruptcy after receiving approval of its plan to reduce its debt by $182 million from its senior lender and 93% of its senior noteholders.

Plum TV Files Bankruptcy, Plans Asset Sale

Plum TV Inc., owner of the Plum Network of eight cable television channels in upscale and resort markets, filed for Chapter 11 bankruptcy and plans to sell its assets to PMG Media Group.

Power Companies at Risk

The distressed Debt Alert forecasts that power generating companies that rely on coal-fired power plants will seek more restructuring and bankruptcies this year as rising coal prices, lower energy prices, and higher costs from new regulations put pressure on their ability to service their debt.

In General Economic News

 

Home Foreclosures Decline

About 1.9 million homes entered the foreclosure process in 2011, the lowest level since 2007 when the recession began, according to a report Thursday by the foreclosure listing firm RealtyTrac Inc. The firm cautioned that the decline does not necessarily indicate that the housing market is getting better, as many foreclosures have been delayed due to confusion over documentation and legal issues involved in the process.

 And Now for Something Completely Different 

Some Random Insolvency Thoughts

(A brand new feature of this Report)

Whither the Economy? 

The U.S. Labor Department said Thursday that Americans filing for jobless benefits rose 24,000 last week to a seasonally adjusted 399,000.  Moreover, claims from two weeks ago were revised up to 375,000 from 372,000.  MarketWatch’s economists  had projected claims would rise to 380,000, so this was bad news.

Also, the Commerce Department estimated Thursday that sales at U.S. retailers increased only 0.1% in December, although the rise for November was revised up to 0.4%. Economists surveyed by MarketWatch had expected total December sales to rise 0.3%. Excluding motor vehicles, retail sales actually fell 0.2%.  Excluding autos, gasoline, and building materials, the core rate fell 0.2% in December after a 0.3% gain in November. This is the first drop in core sales since last December.

Takeaway Point:  I guess we’ll see whether the recent economic gains were only holiday related.

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JANUARY 10th

Recently Reported Insolvency News from the American Bankruptcy Institute and other sources

Mets Hire Financial Firm With Bankruptcy Savvy

The New York Mets said late last week that they had hired CRG Partners, a firm known as a turnaround specialist and bankruptcy consultant, to provide “services in connection with financial reporting and budgeting processes.”

Hostess Brands Preparing for Chapter 11 Filing

Hostess Brands Inc. is preparing to file for chapter 11 protection as soon as this week, the second significant court restructuring for the Twinkie and Wonder Bread baker in the past several years, the Wall Street Journal reported today.  Hostess last filed for bankruptcy under the name Interstate Bakeries in 2004.

ShoreBank Corp. Files for Chapter 11

ShoreBank Corp., holding company for a Chicago lender that served low- and moderate-income communities before being closed by regulators in August, filed for chapter 11 protection yesterday, Bloomberg News reported today.

Friendly’s Emerges from Chapter 11

Friendly Ice Cream Corp. said yesterday that it completed its restructuring, three months after the burger and ice cream chain filed for bankruptcy, hurt by weak consumer spending and higher costs, Reuters reported yesterday. The company said that it will close 37 restaurants where it was unable to negotiate favorable leases, in addition to the 64 underperforming stores included in its restructuring plan.

International Media Group Files for Bankruptcy in Delaware

International Media Group Inc., a multilingual television broadcaster, filed for bankruptcy in Delaware, Bloomberg News reported yesterday. The company listed both assets and debt of $100 million to $500 million in chapter 11 documents filed yesterday. Asian Media Group LLC and five other affiliates also sought protection.

  In General Economic News

Consumer Credit Surges in November

Consumer credit surged 10 percent in November, its biggest jump in a decade in a positive signal for the economy as consumers tapped their credit cards and the government doled out more student loans. Outstanding consumer credit increased to $20.37 billion during the month, the Federal Reserve said on Monday. That was the biggest gain since November 2001 and nearly three times the median forecast in a Reuters poll. Revolving credit, which mostly measures credit-card use, rose $5.60 billion, a third straight monthly increase.

Consumer Loan Delinquencies Fall

U.S. consumer-loan delinquencies fell in the third quarter for the first time in 2011 as consumers benefited from improving job and housing markets, the American Bankers Association said.

Business Bankruptcies Fall

The number of publicly traded companies filing for bankruptcy declined in 2011 for the third straight year to levels last seen before the 2008 global financial crisis, according to BankruptcyData.com.

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JANUARY 5th

Recently Reported Insolvency News from the American Bankruptcy Institute and other sources

Kodak Teeters on the Brink of Bankruptcy

Eastman Kodak is preparing for a chapter 11 filing in the coming weeks if efforts to sell digital patents fall through, the Wall Street Journal reported today. The company has started talking to banks about financing to keep it afloat during bankruptcy. While under bankruptcy, the company’s focus would be the sale of some 1,100 patents through a court-supervised auction.

Penn Camera Files for Bankruptcy

Penn Camera Exchange, a Washington, DC-area photographic supplies chain, announced on its Web site Wednesday that it has filed for Chapter 11 bankruptcy protection and will close a majority of its stores.

Trident Files for Chapter 11 Bankruptcy

Trident Microsystems Inc. has asked the bankruptcy court to approve the sale of its set-top-box operations to Entropic Communications, a chip maker.  Trident said it plans to continue to operate its businesses while it goes through the bankruptcy approval process regarding this sale and will look for “strategic alternatives” for its other business units.

In General Economic News

Total bankruptcy Filings Decrease in 2011 

Total bankruptcy filings in the United States decreased 12 percent in 2011 over calendar year 2010, according to data provided by Epiq Systems, Inc. Bankruptcy filings totaled 1,379,113 for the 12-month period ending Dec. 31, 2011, compared to the previous year’s total of 1,561,008. The consumer filing total for calendar year 2011 was 1,304,971, representing an 11 percent decrease from the 1,468,938 total consumer filings during the same period in 2010. The total commercial filings for calendar year 2011 also decreased to 74,142, representing a 19 percent decline from the 92,070 business filings recorded in 2010.

The Daily Bankruptcy News reports that 2011 bankruptcy filings have fallen in the Albany, NY and Phoenix areas, as well as in Hawaii (for the first time there in five years).

And Now for Something Completely Different

(Some Random Insolvency Thoughts)

The world is a muddled place Thursday January 5th.  Epiq Systems reports that total US bankruptcy filings decreased 12% last year, and ADP today announced that private employers added 325,000 new jobs in December.  Moreover CNBC reported today that average December same-store sales rose 3.4 percent, a touch higher than the 3.3 percent estimate from Thomson Reuters, and an amount that outpaced last December’s 3.1 percent same-store sales gain.

On the other, as CNBC also reported today, several major retailers missed earnings targets due to excessive price cutting during the Christmas season.  The chains included Target, Kohl’s, J.C. Penney, and Children’s Place Retail.

This and worries about Europe were driving the markets lower in early Thursday trading.

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JANUARY 4, 2012

Recently Reported Insolvency News from the American Bankruptcy Institute and Other Sources

Money Tree Bankruptcy Filing
The Board of Directors of The Money Tree Inc., of Bainbridge, have announced that the company and some of its subsidiaries have filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Middle District of Alabama, according to company president Bradley D. Belville. The company will continue to operate its business as a debtor-in-possession.

Timminco Files Bankruptcy in Canada
Silicon metal producer Timminco Limited TIM-T is filing for bankruptcy protection from creditors while it restructures under the federal Companies’ Creditors Arrangement Act.

And in General Economic News

Home Foreclosures Increase
Newly initiated home foreclosures by the large national banks increased 21.1% in the three months ending Sept. 30 as mortgage servicers lifted voluntary holds on such activity because of paperwork problems, the Office of the Comptroller of the Currency reported 12/21/11. The jump from the second quarter of the year came as the number of homeowners who were delinquent on their mortgages remained stable, although still high, the OCC said in its quarterly Mortgage Metrics Report. The report has data from eight large national banks, including Bank of America, JPMorgan Chase

Business Bankruptcies Fall
The number of business and consumer bankruptcies filed nationally, fell this year, according to the latest data. That does not mean the nation’s economy has turned around, experts said on 12/21/11. Business bankruptcies across the country fell 18 percent in the nine months ended Sept. 30 to 36,385 from 43,016 a year earlier, according to the American Bankruptcy Institute. Consumer, or individual, bankruptcies decreased 11 percent during that period to 1.06 million from 1.18 million the year before.

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Joel Glucksman is an experienced civil and bankruptcy litigator specializing in the representation of secured lenders and other creditors in complex suits and bankruptcies. His court appearances take him throughout the State and Federal courts in the metropolitan area, focusing in particular on the Bankruptcy Courts for the District of New Jersey and the Southern and Eastern Districts of New York. For more information, please visit Joel Glucksman's full biography at Scarinci Hollenbeck

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