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business & commercial bankruptcy Archives

Chapter 11 for Takata: laying groundwork for longer-term success?

As New York attorneys who work routinely with diverse commercial clientele on some of the most intricate and complex debt-related and restructuring matters possible, we flatly know that a Chapter 11 bankruptcy filing is far from being a boilerplate strategy and solution to seemingly insuperable financial challenges.

On financial restructuring and legal help

Financial hardship can befall any company. Maybe not necessarily at any time, but the concept still holds water. When a business starts to suffer financial, it is rare for the solution to be one-dimensional. These problems are often far more complex than they seem, and the solutions often require a tactical approach from many different angles to properly implement.

3 things to know about closing your business

You worked hard to build up your business, but things haven't been going well for a while. You are thinking about closing your business. You can't just close the doors and walk away. You must follow specific laws to dissolve the business properly.

Commercial bankruptcies skyrocketed in 2016

A new report is out detailing the number of commercial bankruptcy filings there were in the 2016 calendar year, as well as the total number of bankruptcies in the US. The total number of bankruptcies were down by 6 percent -- but within that number, commercial bankruptcies increased a staggering 26 percent in 2016. In 2015, there were 29,920 commercial Chapter 11 bankruptcies. In 2016, that number surged to 37,771.

Avaya on the brink of Chapter 11 bankruptcy

Avaya's consideration of a Chapter 11 bankruptcy filing exemplifies a growing trend in the tech sector right now: if you acquire a new company and that company suddenly becomes a massive financial weight without the competitiveness to relieve that debt, the asset may not be worth it.

The three chapters of business bankruptcy

When a business is facing a mountain of debt, it may file for bankruptcy. But what type of bankruptcy it files for depends greatly on the business type, the particular situation and what the business plans to do in the future. Having said that, there are three main bankruptcy forms for businesses.

Another sporting goods company files for bankruptcy

A few weeks ago, we wrote about a sports equipment company, Golfsmith, going bankrupt. In that post, we talked about the declining popularity of golf, and how that has played a role in Golfsmith's bankruptcy.

Golfsmith bankruptcy brings in numerous bidders

Tiger Woods' career has fallen off a cliff in recent years, and there is a lot of doubt about his ability to even return to semi-competitive form, let alone is hyper-competitive and dominant form he once managed. With Woods waning, golf as a sport has struggled to capture the eyes and hearts of younger people. As a result, the popularity of the sport is down, and companies connected to golf and manufacturing golf equipment have been struggling.

When conflict arises, consult with an attorney as soon as possible

Whenever a business is in the midst of a major legal move, tensions will be running high. The people involved are going to strategize and contemplate the best moves for them, and other parties involved in (or with) the company are going to be very interested in what ultimately happens.