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Bankruptcy Proceedings

Justices Spare Collectors That Pursue Stale Debt In Bankruptcy

By Alex Wolf Law360, New York (May 15, 2017, 10:41 AM EDT) — Debt collectors that knowingly pursue stale debt in bankruptcy proceedings do not run the risk of facing potential consumer protection lawsuits, the US Supreme Court held Monday, overturning an Eleventh Circuit decision that put collectors on the hook for filing bad faith […]

 

UMOM takes over homeless youth services from bankrupt Tumbleweed

Weve accomplished the Number 1 goal in a way that is very gratifying, Kroop said. All of the young people (who receive Tumbleweed services), their lives will notbe any further affected or related atall to what happens in the bankruptcy case. The next step in the bankruptcy proceedings is to sell four pieces of real […]

 

Aerostructures Giant Vought Facing Possible Bankruptcy

Triumph Group is preparing for potential bankruptcy proceedings of its Vought Aircraft unit, an aerostructures giant that provides major components for a number of business jets and airliners. Vought provides the wings for the Global 7000 and Gulfstream G650 and G280, as well as aerostructures for numerous other Gulfstream, Embraer, Cessna Citation, Bell, Boeing and […]

 

Puerto Rico’s bankruptcy is the next step in its slow dance of default

Last Wednesday, the Financial Oversight and Management Board for Puerto Rico, created by Congress last year, formally requested the appointment of a federal judge to oversee bankruptcy proceedings for the indebted US territory. The proceedings are authorized under Title III of the Puerto Rico Oversight, Management and Economic Stability Act of 2016 (PROMESA). The well-choreographed […]

 

Another retailer has filed for bankruptcy

Facebook/Rue21 The teen clothing retailer Rue 21 has filed for Chapter 11 bankruptcy protection. The company on Tuesday said it had entered into agreements with lenders to reduce the companys debt and provide additional capital in support of a restructuring. Rue21, which has 1,179 stores across the US, will continue operating its stores during the […]

 

Panda Temple I plant files for Chapter 11 bankruptcy

“The bankruptcy proceedings are in the beginning stages. We will know more about any impact on the city and our agreements with Panda as those proceedings progress,” Gowan said. “The City has engaged outside counsel to assist with the matter and help protect the citys interests.”

 

Marsh files for bankruptcy

Marsh said that under Chapter 11 bankruptcy proceedings, stores will operate, customer programs will continue and employees will receive pay and benefits. At some stores, like the Hoyt Avenue location in Muncie and others previously announced for closing near the end of the month, store closing sales will continue. The 86-year-old company, under Marsh family […]

 

Leaner, Focused Erickson Emerges from Bankruptcy

Utility-rotorcraft service provider Erickson has emerged from bankruptcy proceedings and appointed Andy Mills as interim CEO. Erickson filed for reorganization in November listing debts of $561 million, largely resulting from its 2013 acquisitions of Evergreen Helicopters and Air Amazonia and government and oil services contracts that either folded or never materialized. As part of the […]

 

Supreme Court Decides Midland Funding, LLC v. Johnson

On May 15, 2017, the Supreme Court decided Midland Funding, LLC v. Johnson, No. 16-348. The Court held that a creditor’s proof of claim that made clear that the statute of limitations to collect the debt had run was not “false, deceptive, or misleading” and did not use any “unfair or unconscionable means” to collect […]

 

Supreme Court Backs Bids to Collect Outdated Debt in Bankruptcy

A divided US Supreme Court ruled that debt collectors can use bankruptcy proceedings to try to collect liabilities that are so old the statute of limitations has expired. Voting 5-3, the court said companies don’t violate the US Fair Debt Collection Practices Act when they file bankruptcy claims on that type of years-old debt. Justice […]

 

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