From Crain’s Chicago Business | Brown’s Chicken and Pasta has agreed to be sold at auction as a going concern to speed its contentious bankruptcy proceedings.
Inside these posts: Chapter 11
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Schutt Sports files for Chapter 11
Litchfield-based Schutt Sports Inc., a maker of football helmets, face guards and other protective sports gear, said today that it has filed for Chapter 11 bankruptcy protection.
“This process will allow us to continue operating our business as usual and to continue servicing our customers without disruption,” Schutt Chief Executive Robert Erb said. ” We have the support of our bank, a great brand and look forward to strengthening our balance sheet and serving our customers for years to come.” Get the full story »
Court OKs Visteon’s bankruptcy plan
Visteon Corp. received court approval Tuesday to exit bankruptcy, ending a 15-month fight among hedge funds, lenders and an industry giant for a piece of the revived auto-parts maker.
Visteon’s reorganization caps a two-year stretch in which dozens of U.S. automotive companies collapsed into bankruptcy. Chrysler, General Motors, Delphi Corp. and Lear Corp. used Chapter 11 to remove crushing debt, shed obligations and close underutilized factories. Get the full story »
Aug. 24, 2010 at 12:45 p.m.
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Filed under: Bankruptcy, Commercial real estate, Real estate Brookfield to run General Growth spinoff
General Growth Properties Inc. has struck a deal for Brookfield Advisors LP to manage the new real-estate company it plans to spin off when it exits Chapter 11 protection.
The mall owner is tapping Brookfield Advisors to prepare the company to separate from the nation’s second-largest mall owner and become publicly traded, according to papers filed Monday with the U.S. Bankruptcy Court in Manhattan. Get the full story »
Aug. 18, 2010 at 2:12 p.m.
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Filed under: Bankruptcy, Commercial real estate, Real estate General Growth confirms $500M from Blackstone
General Growth Properties Inc. says asset manager Blackstone Group has agreed to invest about $500 million for shares in the shopping mall operator once it emerges from Chapter 11 bankruptcy protection.
General Growth disclosed the agreement in a regulatory filing on Wednesday detailing the company’s latest plan to exit bankruptcy. Get the full story »
Tribune judge extends hearings, unseals report
Tribune Co.’s attempts to exit bankruptcy court will be delayed at least until October, but could extend even beyond that as the company and its creditors dive into a new round of negotiations aimed at finally settling the 20-month-old Chapter 11 case.
The delay is an acknowledgment that an examiner’s report about the propriety of the company’s 2007 leveraged buyout has upset a previous settlement in the case and forced the company to redouble efforts to win the approval from a range of dissident creditors. Get the full story »
Uno Restaurant emerges from Chapter 11
A deep dish pizza at Pizzeria Uno in Chicago, Jan. 26, 2009. (Nancy Stone/Chicago Tribune)
Uno Restaurant Holdings Corp. said it emerged from Chapter 11 bankruptcy Monday, completing a six-month restructuring process.
The Boston-based pizzeria chain received approval from the federal bankruptcy court of the Southern District of New York for its reorganization plan on July 6. Uno Restaurant filed for Chapter 11 bankruptcy in January, citing a downturn in consumer spending and higher costs.
“Today’s successful emergence from Chapter 11 completes the restructuring process in just six months, and allows us to turn our full attention to the growth and development of the Uno brands,” said Frank Guidara, CEO and president of the company. Get the full story »
Lucien Lagrange firm files for Chapter 11
From Crain’s Chicago Business | The firm headed by Lucien Lagrange has filed for bankruptcy protection to keep the renown condo architect from having to shoulder the company’s debt as he retires.
Smurfit-Stone Container out of Chapter 11
Paper packaging company Smurfit-Stone Container Corp. said Wednesday that it had emerged from bankruptcy after 17 months, having wiped around $3 billion of debt from its balance sheet.
The company issued new stock to investors who held about $3 billion of unsecured debt. That stock will begin trading on the New York Stock Exchange Thursday under the symbol “SSCC,” the company said in a statement.
Nearly a billion dollars of loans were paid in cash, in part with funds from a new $1.2 billion term loan.
Corus fights to keep $257M in tax refunds
The parent of Chicago’s Corus Bank has moved to head off a grab by federal regulators at more than $257 million in tax refunds stemming from the bank’s collapse. Get the full story »
