Bankruptcy lite: when a consumer proposal is a better option
history. Attorneys for the unions and retirees are arguing the bankruptcy was preplanned as a way of slashing employee pensions protected by the state constitution and that the city did not conduct good-faith negotiations. Snyder and other state officials deny that. The governor and I believe it is important to take part in this process and to respond to questions related to Detroit's Chapter 9 bankruptcy filing, Dillon said in a statement issued following his Thursday morning deposition in Lansing. Related story: Gov. Snyder explains path to Detroit bankruptcy filing in deposition This will help ensure resolution of the issue as quickly and efficiently as possible, which the residents of Detroit need, expect and deserve.
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Jodi Arias tweets intent to file for bankruptcy
Gordian Group, a New York-based investment bank Keach has secured to handle the sale of MMAs assets, is speaking with the suitors this week, according to Keach. He hopes to begin the auction by the end of November. Without the loan, the railway most likely would run out of sufficient cash before the end of October 2012 and be forced to wind-down or abandon its operations, Keach wrote. In addition, uncertainty over the state of the [railways] liquidity and financing is resulting in a substantial loss of business, as shippers need to know that their cargo will reach its destination rather than being stranded by a suspension of operation. Keach also said that the Canadian Transportation Agencys certificate of fitness, which expires Oct. 18, was dependent upon obtaining operating capital. The Hermon-based railway has been using a $6 million line of credit, provided by Ohio-based Wheeling & Lake Erie Railway Co., to continue operating since it filed for Chapter 11 bankruptcy in U.S. Bankruptcy Court in Bangor and Canada on Aug. 7.
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Bankruptcy at Marathon Grill; owners promise to stay open
The discussions that are underway right now are not about valuation and mostly about how the losses will be allocated, James Hempstead, a credit analyst at Moodys Investors Service, said in a telephone interview. We think a filing will be organized and amenable as opposed to disorganized and contentious. Bond Prices Texas Competitives $1.83 billion of 10.25 percent senior unsecured bonds due 2015, which pay interest on Nov. 1, traded at 3.13 cents on the dollar today, up from an all-time low of 1.87 cents on Sept. 25, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority. Adam McGill, a spokesman for Dallas-based Energy Future, declined to comment, while Evercore Partners Inc. (EVR) , the companys restructuring adviser, didnt reply to a request for comment. Representatives at Morgan Stanley, Citigroup, JPMorgan, and Bank of America declined to comment. Some Energy Future creditors continued to negotiate in New York this week, seeking consensus on a restructuring plan ahead of filing for Chapter 11, said one of the people. Key creditors have signed non-disclosure agreements for the talks, which expire Oct.
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By Victoria Taylor / NEW YORK DAILY NEWS Saturday, October 12, 2013, 6:03 PM Comment POOL/REUTERS Jodi Arias reacts as a guilty verdict is read in her first-degree murder trial in Phoenix on May 8. The same jury failed to agree whether Arias should receive the death penalty or life in prison. Convicted killer Jodi Arias has taken to Twitter to announce her future plans and set something straight. "That rumor that somehow my family profited from my trial? Absurd," she tweeted to her 78,000-plus followers on Thursday. "I'm filing for bankruptcy (if I can ever afford to do so)." Even though Arias, 33, is selling her art on her website, she isn't likely to make a profit anytime soon.
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Energy Future Said Near Bankruptcy Loan Exceeding $3 Billion
. for your kid? Theres no legal requirement to provide orthodonture, Craig said. Are you going to . .
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Bankruptcy judge approves $3 million loan for railway
In the 2008 recession, Marathon, "like many businesses and restaurants, fell behind on its rent," according to papers filed in U.S. Bankruptcy Court in the Eastern District of Pennsylvania. Initially, the landlord "cooperated with us" and the restaurant "paid a stipulated rent each month." In September 2012, the landlord waived 53 percent of the back rent and provided a schedule for payment, court papers said. But, soon after, the ownership changed, and a promised written agreement outlining rent terms was never received, according to the bankruptcy filing. "Last week the company learned that its landlord was not honoring the agreement it reached in fall 2012, but instead declared a default," the partnership that owns 1818 Market said in a statement. "This put the company in a precarious position." The landlord's "threat to enter judgment and take possession of the lease premises" led the partners to reorganize under bankruptcy protection. The company estimated it had "secured obligations" of about $2 million, and about $450,000 in "unsecured" debts. The Borishes, who began 30 years ago with a 10-seat restaurant in Northeast Philadelphia, are majority shareholders with a 92 percent ownership interest.
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Bankruptcy trustee targets Catholic schools
Not so with bankruptcy. If your income rises during the bankruptcy term -- say, you work some overtime or get a new job -- your payments will also go up, and you may be forced to make those payments for a much longer duration before your debt is discharged. There's also your credit record to consider. With a bankruptcy, you'll receive an R9 rating -- the worst possible -- and it will stay on your credit report for six years. Filing a consumer proposal will earn you an R7 rating, which is slightly better, and it will only stay on your credit report for three years following the completion of the proposal. All of those benefits have to be weighed against the amount you'll be paying. A consumer proposal typically costs more than a bankruptcy, says Hoyes. "The trick in a proposal is to estimate what a bankruptcy would cost and then offer the creditors a little bit more so that they have incentive to accept it." As a rule of thumb, most creditors want to be getting somewhere between 20 and 40 cents on the dollar based on what they're owed. So if you've got $100,000 worth of debt, they would likely offer $20,000 or $30,000.
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