Lefkovitz & Lefkovitz
Nashville Office 615-686-2279 Cookeville Office 931-400-2218
Serving all of Middle Tennessee's Bankruptcy Needs

Posts tagged "Chapter 11"

Remington announces bankruptcy plans

Tennessee residents have used firearms manufactured by Remington to hunt or protect their property for two centuries, but declining sales have placed the future of the North Carolina-based company in jeopardy. The Remington Outdoor Company announced on Feb. 12 that it would be seeking bankruptcy protection to keep its doors open while it struggles to come to grip with its debts, and many experts say that the victory of a president who staunchly supports firearms is largely to blame.

About Chapter 11 bankruptcy

A business owner in Tennessee may use Chapter 11 bankruptcy to reorganize a company if it's saddled with substantial debt. While this type of bankruptcy is usually associated with corporations, small businesses are also eligible to file.

Bankruptcy isn't shutting down Toys 'R' Us

Toys 'R' Us stores in Tennessee and across the country will remain open even though the company is filing for bankruptcy. The struggling company has filed under Chapter 11, a type of bankruptcy designed to help a business handle and improve its financial situation without liquidating assets or shutting down.

How to tell when its time for bankruptcy

Some Tennessee businesses that are failing may benefit from filing for bankruptcy. It is possible that Chapter 11 bankruptcy offers an orderly method for restructuring debt and repaying creditors without having to shutter the company. There are many signs that a company may be headed to bankruptcy such as surviving on a line of credit, an inability to pay bills and a negative net worth.

Ruling in Chapter 11 case

Tennessee companies considering undergoing a Chapter 11 bankruptcy may be interested to learn about a March 2017 U.S. Supreme Court decision. The court ruled 6-2 that bankruptcy courts do not have the authority to allow select creditors to bypass others in the order of repayment.

Many celebrities have used bankruptcy to get out of trouble. You can, too.

Countless celebrities have filed for bankruptcy over the years. According to Time, this long list includes talk show titan Larry King, former heavyweight champ Mike Tyson, rappers 50 Cent and MC Hammer, actors Gary Busey and Burt Reynolds, and rock stars Tom Petty and Mick Fleetwood. Abraham Lincoln, Henry Ford and Donald Trump are often cited as other examples.

Trump's Chapter 11 bankruptcies: Good news for your small business

In a previous blog, we glanced at the reported six Chapter 11 bankruptcies filed by President Trump's businesses in the past. According to the Washington Post, these bankruptcies date back to Trump's Atlantic City Taj Mahal in 1991 and end with the 2009 filing by Trump Entertainment Resorts, which sought protection from creditors.

Caesars ready to restructure debt in 2017

Tennessee residents may be interested to learn that Caesars Entertainment Corporation and Caesars Entertainment Operating Company, Inc. are filing for Chapter 11 bankruptcy. The U.S. Bankruptcy Court for the Northern District of Illinois confirmed the bankruptcy reorganization plan, and CEOC is now ready to begin a restructuring process that will be overseen by the bankruptcy court.

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Phone: 615-686-2279
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