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	<title>Local Bankruptcy Attorneys &#187; newspaper bankruptcy</title>
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		<title>High-Profile Bankruptcies</title>
		<link>http://localbankruptcyattorneys.org/high-profile-bankruptcies/</link>
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		<pubDate>Mon, 06 Apr 2009 17:32:55 +0000</pubDate>
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		<category><![CDATA[bankruptcy]]></category>
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		<description><![CDATA[Bankruptcy is big business
From retailers to chemical companies to newspapers to casinos to racetracks &#8212; corporate bankruptcies are the order of the day.  According to the Ottawa Citizen, US bankruptcy filings by large companies in the first quarter of 2009 were 78 per cent higher than the same period in 2008 and three times [...]]]></description>
			<content:encoded><![CDATA[<h2><img class="alignright size-full wp-image-871" title="dollarsign1" src="http://localbankruptcyattorneys.org/wp-content/uploads/2009/04/dollarsign1.jpg" alt="dollarsign1" width="311" height="207" />Bankruptcy is <em>big</em> business</h2>
<p>From retailers to chemical companies to newspapers to casinos to racetracks &#8212; corporate bankruptcies are the order of the day.  According to the Ottawa Citizen, US bankruptcy filings by large companies in the first quarter of 2009 were 78 per cent higher than the same period in 2008 and three times higher than in 2007. Here are a few recent and noteworthy bankruptcy filings.</p>
<h2>Cable</h2>
<p>March 27, 2009, Southern District of New York.  St. Louis-based Charter Communications, the nation&#8217;s fourth-largest cable operator.   The company, controlled by Microsoft co-founder Paul Allen hopes to reduce its debt by $8 billion and intends to operate and serve its subscribers as usual.</p>
<h2>Sporting Goods</h2>
<p>March 21, 2009, District of Delaware.  Sportsman’s Warehouse, a Utah-based sporting goods retailer with more than 60 stores.   The company intends to continue to operate 29 stores.</p>
<h2><img class="alignright" title="greenbrier" src="http://farm4.static.flickr.com/3641/3331050408_9192859a07_m.jpg" alt="" width="240" height="180" />Resorts</h2>
<p>March 19, 2009, Eastern District of Virginia.  Greenbrier Hotel Corp, a unit of the transportation company CSX Corp and owner of the posh four-star Greenbrier resort, which has housed numerous presidents and royalty in West Virginia.  The company lost its five-star rating in 2000 and since then has spent millions to expand its offerings and attract younger visitors.</p>
<h2>Aerospace Parts</h2>
<p>March 18, 2009, District of Delaware.  Fairchild Corp, a Virginia-based company whose businesses include aerospace parts distribution, commercial real estate, and apparel for motorcycle enthusiasts.  Fairchild intends to continue to do business while it reorganizes.</p>
<h2>Chemicals</h2>
<p>March 18, 2009, Southern District of New York.   Chemtura, specialty chemical maker in Connecticut. The company and its US operations filed for bankruptcy protection after a recent drop in orders, joining LynondellBasell Industries and Tronox to become the third major chemical firm to file since January.</p>
<h2><img class="alignright" title="newspapers" src="http://farm1.static.flickr.com/67/217395262_07c0005719_m.jpg" alt="" width="240" height="180" />Newpapers</h2>
<p>March 13, 2009, District of Delaware.  Sun-Times Media Group, the Chicago-based parent company of The Chicago-Sun Times and operator of 59 newspapers.  The company has no bank debt but owes $608 million in back taxes and penalties.</p>
<h2>Racetracks</h2>
<p>March 5, 2009, District of Delaware.   Magna Entertainment, one of the largest horse racetrack operators in the US and owner of Laurel Race Tracks, Remington Park, and Pimlico racetrack which hosts the Preakness race, and Santa Anita Park in Southern California.  Magna&#8217;s prepetition debt and negative cash flow require it to sell off assets.  Internet entrepreneur and Thoroughbred owner Halsey Minor is prepared to make an offer to reorganize the company.</p>
<h2><img class="alignright" title="holiday rambler" src="http://farm4.static.flickr.com/3113/2793598529_262dca5d97_m.jpg" alt="" width="240" height="161" />Holiday Ramblers</h2>
<p>March 5, 2009, District of Delaware.  Oregon-based RV maker Monaco Coach, whose products include Monaco, Holiday Rambler, Safari, Beaver, McKenzie, and R-Vision brand names.  Despite a litany of cost-cutting measures, the company&#8211; along with rest the RV industry &#8212; has been decimated by weak consumer confidence, tight credit markets, and a summer season in which gas prices spiked to record highs.</p>
<h2>More Newspapers</h2>
<p>February 22, 2009, Eastern District of Pennsylvania.  Philadelphia Newspapers, parent company of two major newspapers, the Philadelphia Inquirer and Philadelphia Daily News.   The same conditions that have devastated the broadcast industry &#8212; advertising downturn, rising newsprint costs, and the migration of readers to the Internet &#8212; caused the company to default on loans last year.   The company intends to continue operations while seeking concession from lenders, although negotiations have been markedly combative.</p>
<h2>Casinos</h2>
<p><img class="alignright" title="Trump Plaza" src="http://farm4.static.flickr.com/3279/2402460600_35e0a28ae7.jpg" alt="" width="300" height="200" />February 17, 2009, District of New Jersey.   Donald Trump&#8217;s casino group Trump Entertainment Resorts, owner and operator of several Atlantic City casino hotels, including the Trump Taj Mahal, Trump Plaza and Trump Marina.  The company filed just days after founder Donald Trump quit the board, saying he disagreed with bondholder’s decisions, including their rejection of his buyout offer.  The bankruptcy was filed before bond holders could present an involuntary petition. This is the company’s third bankruptcy filing.</p>
<h2>Video Games</h2>
<p>February 12, 2009, District of Delaware.  Midway Games (and nine of its affiliates), the Chicago-based developer and manufacturer of home video game entertainment products.  Best known for the &#8220;Mortal Kombat&#8221; games, Midway&#8217;s legacy also includes landmark titles such as Ms. Pac-Man, Spy Hunter, Tron, the Rush series, and NBA Jam.</p>
<h2>Batteries, Shavers, Pet Care</h2>
<p>February 3, 2009, Western District of Texas.  Atlanta-based Spectrum Brands, the maker of Rayovac batteries, Remington shavers, Spectracide lawn-care products, Cutter insect repellent, and Nature’s Miracle pet care products.  The company was delisted from the New York Stock Exchange in January and its stock currently trades for just over a penny per share.</p>
<h2><img class="alignright" title="president obama" src="http://farm4.static.flickr.com/3125/3212007816_99e3c51504_m.jpg" alt="" width="192" height="240" />The President&#8217;s Clothes</h2>
<p>January 23, 2009, Northern District of Illinois.  Chicago-based clothier Hartmarx, the largest maker of men’s tailored clothing in the U.S.   The company’s clients include President Obama, who wore Hartmarx creations at the Democratic National Convention in Denver, on election night in Chicago, and at his inauguration.</p>
<h2>Newspapers (one more time)</h2>
<p>January 15, 2009, Southern District of New York.  Minnesota&#8217;s largest newspaper, the Star Tribune, which was purchased by a private equity group just two years ago.  The Star Tribune is the 10th-largest Sunday newspaper in the U.S. and the 15th-largest based on daily circulation.</p>
<h2>Restaurants</h2>
<p>January 15, 2009, District of Delaware.  ARG Enterprises, owner of the Black Angus Steakhouse  restaurants.  The company is just one in a long string of bankruptcy filings by sit-down restaurants hard hit by the deepening recession.</p>
<h2><img class="alignright" title="gottschalks" src="http://farm4.static.flickr.com/3337/3448772895_01c662e36c_m.jpg" alt="" width="240" height="180" />Department Stores</h2>
<p>January 14, 2009, District of Delaware.  Gottschalks, a Fresno-based retailer with department and specialty clothing stores in California, Washington, Alaska, Oregon, Nevada, and Idaho.  The 58-store chain is in the process of liquidating and closing its doors.</p>
<h2>Technology</h2>
<p>January 14, 2009, District of Delaware.  Technology giant Nortel Networks, one of Canada’s largest companies.  The company is under contract to supply the 2012 London Olympics site with equipment for internet access, call centers, and fixed phones.  Nortel is the first major technology company to file bankruptcy in the current global economic crisis.</p>
<h2>Fuels</h2>
<p>January 6, 2009, Southern District of New York.  US operations of Netherlands-based chemical giant LyondellBasell Industries.  The Company has nine manufacturing facilities located in the Houston area and its products range from fuels to chemicals and plastics.</p>
<h2><img class="alignright" title="waterford" src="http://farm4.static.flickr.com/3260/3172606754_2b9626f04e_m.jpg" alt="" width="240" height="180" />Crystal</h2>
<p>January 5, 2009, London.  British luxury crystal and ceramic maker Waterford Wedgwood.  In late March the company was bought out of receivership by KPS Capital, a New York-based private equity firm. KPS plans to move some manufacturing jobs from the United Kingdom to Indonesia. As a result of the bankruptcy, Waterford will leave behind debts of $1 billion.</p>
<h2>Electronics</h2>
<p>November 10, 2008, Eastern District of Virginia.  Circuit City, the country&#8217;s second largest retailer of consumer electronics.  After failing to find a buyer to liquidate its holdings, the company closed all of its 700-odd stores in early March.</p>
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