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Selling assets in Chapter 11 bankruptcy

Section 363 of the U.S. Bankruptcy Code allows debtors to sell assets and use funds from the sales to settle their debts. The bankruptcy court must approve all sales after hearing from any creditors with objections. How does the sales process work? The sales process...

Understanding Chapter 11 as a small business owner

Chapter 11 bankruptcy is often thought of as a filing that is meant only for corporations and big companies. However, Chapter 11 is also a possibility for smaller businesses, and indeed Chapter 11 filings are largely made up of smaller businesses. In this context, a...

Coal mining company may see Chapter 11 in its future

This week we continue our discussion on struggling businesses in the energy business. The mining business seems to be having a dark moment of its own. Recently, U.S. coal producer Peabody Energy Corp failed to meet an interest payment deadline. The payment was...

Oil producer may have to file Chapter 11

Throughout the years we have seen certain industries being hit hard at one time or another. It seems that quite a few companies in the energy industry are feeling the heat currently, as quite a few have announced efforts to restructure their debt. The latest company...

Large fabric company files for Chapter 11, seeks buyer

A fluctuating market and strong competitors can really take a toll on a company, no matter its size. Hancock Fabrics Inc., one of the biggest fabric sellers in the country knows a thing or two about that. It recently filed for Chapter 11 bankruptcy for the second time...