Bankruptcy News 2013/06/28

Cengage Learning may file for bankruptcy protection soon: WSJ
Reuters
(Reuters) – Textbook publisher Cengage Learning Acquisitions Inc may file for bankruptcy protection in the coming days, the Wall Street Journal said, citing people familiar with the matter. The publisher, which is owned by British investment firm Apax …
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Atlus Owner Files For Bankruptcy Protection
411mania.com
For those that don’t know, that’s a type of bankruptcy protection under Japanese law. As of May, Index had about $249 million in liabilities. Now, the company will have a supervisor draw up a rehabilitation process for the company before meeting with …
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Mercantile Bancorp Files for Bankruptcy to Sell Assets (1)
Businessweek
Mercantile Bancorp Inc. (MBCR), an Illinois bank holding company, sought bankruptcy protection with an agreement to sell virtually all its assets to United Community Bancorp Inc. for about $22.3 million. The company, based in Quincy, Illinois, listed …
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Marinas cite weak economy, dispute in bankruptcy case
Trade Only Today
International Marina Group I LP, which does business as Marinas International, has described the businesses that sought protection June 10 in U.S. Bankruptcy Court in Delaware as tenants at 11 marinas. The marinas are in New Jersey, Ohio, Michigan, …
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Apax-backed Cengage Learning nears bankruptcy filing
Financial News
Cengage Learning, the US textbook publisher jointly acquired by Apax Partners and Omers Capital Partners in a $7.75bn leveraged buyout in 2007, is preparing to file for bankruptcy protection in the coming days, sources have told The Wall Street Journal.
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Mercantile Bank declares bankruptcy; sells assets
ConnectTriStates.com powered by KHQA
According to this paperwork filed with the U.S. Bankruptcy Court Thursday, Mercantile Bancorp Incorporated is forced to seek bankruptcy protection from creditors as a result of a decline in the financial markets during 2007 and 2008, foreclosure rates, …
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Jonathan T. Mitchell Bankruptcy Law Blog on Lawyers.com
Lawyers.com Blog (blog)
Debtors who fall behind on making spousal or child support payments may be under the impression they cannot file for bankruptcy. In fact, if you meet qualifications and requirements to file, you can seek bankruptcy protection when you fall behind. Yet …
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Cengage Learning Edges Toward Chapter 11
Wall Street Journal
Cengage Learning Inc., the struggling textbook publisher owned by private-equity firm Apax Partners, is preparing to file for bankruptcy protection in the coming days, said several people familiar with the plans. Cengage, which employs about 5,400 …
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Mountain State Carbon still without contract
The Daily Times
Mountain State Carbon had operated as a joint venture between the companies, but that arrangement was thrown into turmoil when RG Steel sought bankruptcy protection 13 months ago. RG Steel had purchased Mountain State Carbon, along with Wheeling …
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Spotted Owl Listing Pushes Oregon County Near Insolvency
Businessweek
In California’s Stockton and San Bernardino, the lingering effects of the property bust and the longest recession since the 1930s led both to file for Chapter 9 bankruptcy protection last year. Detroit is on the brink. In Oregon, bankruptcy isn’t an …
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Bankrupt, Bought-Out EV Maker Coda Tries Energy Storage
Greentech Media
The Los Angeles-based startup with manufacturing in China raised $344 million from investors including former U.S. Treasury Secretary Henry Paulson, but sold fewer than 100 of its electric-powered sedans before filing for bankruptcy protection in May.
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GA Keen Realty Advisors Markets Five Industrial Properties of Vertis …
MarketWatch
The properties are among the last remaining assets of Vertis Communications, a provider of targeted advertising and marketing solutions to leading retail and consumer services companies, which filed for bankruptcy court protection in October 2012.
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Bankruptcy: One year later in Stockton
Stockton Record
June 28, 2013 12:00 AM. STOCKTON – Filing bankruptcy one year ago today came with its share of lumps. Stockton earned the notoriety for becoming the nation’s largest city to seek Chapter 9 protection. And it wasn’t cheap. The endeavor designed to right …
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Auction of Spitzer Building postponed
Toledo Blade
A second auction for downtown Toledo’s Spitzer Building was postponed this morning after the building’s former owner filed for bankruptcy protection in a California court. The 107-year-old Spitzer Building, at 520 Madison Ave., has been in foreclosure …
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Spitzer auction placed on hold
Toledo Blade
The final auction for downtown Toledo’s Spitzer Building — in foreclosure since last year — was put on hold Thursday because the building’s owner filed for bankruptcy protection. Officials say the building will continue operating as it has been, but …
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Friendly’s Ice Cream is using Pennsylvania locations as test cases for …
Central Penn Business Journal
Friendly’s announced it emerged from Chapter 11 bankruptcy protection in early 2012 when the business of Friendly Ice Cream Corp. and its subsidiaries was sold to Friendly’s Ice Cream LLC and its subsidiaries, according to a previous statement.
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Bankrupt Alabama county makes another deal ahead of final plan
Chicago Tribune
The court filing will be the latest chapter in a saga of corruption and mismanagement of public finances that brought the most populous county in the southern U.S. state to ask for creditors’ protection in November 2011. The county commissioners on …
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Cordillera shoots for comeback
Vail Daily News
A year ago this week, the Club at Cordillera filed for bankruptcy protection. Pretty much the entire erstwhile membership had signed onto to a lawsuit against the owner. No name in the Vail Valley was more reviled than David Wilhelm, which he earned by …
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MF Global settles with CFTC; Corzine and O’Brien face civil penalties, trading ban
Pensions & Investments
The settlement is subject to U.S. District and Bankruptcy court approval, according to the release. MF Global filed for Securities Investor Protection Act bankruptcy protection on Oct. 31, 2011. Mr. Corzine was charged “as a control person” with …
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