Current Bankruptcy Filings

Among the companies currently filing for bankruptcy are Searcy-based Yarnell’s Ice Cream Co, the last locally-owned ice cream producer in Arkansas and Harry & David Holdings Inc., the gift box retailer that has been selling fruit by mail since the 1930’s. Yarnell’s Ice Cream filed for Chapter 7 bankruptcy last week while Harry & David Holdings has just had their Chapter 13 bankruptcy application approved by the bankruptcy court. US Bankruptcy court judge Mary Walrath of Wilmington, Delaware signed the final confirmation of Harry & David Holdings’ reorganization plan paving for the company to exit bankruptcy September 13.

Meanwhile, Yarnell’s Ice Cream Co may yet be revived if a suitable investor is found to buy over the company, subject to the approval of the bankruptcy court. In its bankruptcy papers, Yarnell declared that it had assets worth $8 million and liabilities of $15.7 million. Out of this $15.7 million, about $4 million is money owed to the state comprising $2.1 million to the Arkansas Development Finance Authority and $1.9 million to the Arkansas Economic Development Commission. The Commission is presently working with the bankruptcy trustee to resolve this matter. According to the Commission’s spokesman, Joe Holmes there have been various interested parties who have made offers to buy the company.

In Harry & David Holdings’ case, there was an initial objection from one of its creditors, Pension Benefit Guarantee Corp (PBGC) over the classification of its claim. But with the revised reorganization plan, PBGC will not appeal Judge Walrath’s decision to terminate the pensions of some 2,700 past and present employees. PBGC is set to receive a claim of $36 million. This is the same cash treatment given to unsecured creditors of Harry & David Holdings.

Harry & David Holdings’ unsecured creditors will be paid 10% of their claims in cash, 40% of that paid will be paid in 2012 and the rest in 2013. Senior note holders are to cancel more than $200 million worth of debt and in exchange will get control of the company.

Yarnell’s bankruptcy filing is not without its problems, too. An ex-employee has taken up a lawsuit against the company in connection with $225,000 owed to employees who were not paid their salaries when the company closed down on June 30. Under the Adjustment and Retraining Notification Act, Yarnell is obligated to give its employees 60 days’ notice that it was about to close and give its employees their salaries and benefits.

But Yarnell’s denied the allegations, explaining that when the company shut down, it could not secure financing to keep on operating due to a decline in sales and increases in materials costs. About 200 workers lost their jobs, out of which 150 were from the main Searcy plant.

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    Solar Equipment Industry Consolidates to fight Bankruptcy

    The solar equipment industry is seeing many of its companies merge to face stiff competition as prices of photovoltaic cells plunge. Mergers between smaller companies and acquisitions so far total $3.3 billion up by 33% compared to $2.47 billion in total the whole of last year. All this has largely been sparked by cheaper solar cells coming out of China resulting in a 42% price drop in 2011.

    Evergreen Solar Inc. has already filed for bankruptcy and has set September 20 for a meeting with creditors to whom the company owes $456 million. Hopewell Junction and cell-maker SpectraWatt Inc. have also filed for protection from creditors. Other solar energy companies have fared just slightly better. Q-Cells SE (QCE), the solar panel maker from Germany which has convertible bonds trading at a 64% discount to face value, has declared itself open to takeover bids. Likewise, California’s Sunpower Corporation (SPWRA) and Roth & Rau AG (R8R) of Germany have agreed to takeovers. Another company, Ascent Solar Inc, has just taken a Chinese partner.

    According to Christopher Blansett, analyst for JP Morgan Securities LLC, “Weaker companies who did not get their product costs down to competitive levels are going to disappear. They’ll be bought up. They’ll go away. There is significantly more supply of solar modules than demand.”

    On the other hand, the picture when it comes to acquisitions is not much different. In 2009, the total value of acquisitions hit an all-time high of $6 billion. The biggest deals that year involved GCL- Poly Energy Holdings Ltd., the Chinese maker of polysilicon, the raw material used for solar energy cells. But this year’s acquisitions have been at the fastest pace since 2009.

    Among the many solar equipment companies struggling to stay afloat are Energy Conversion, Daystar Technologies Inc. and Q-Cells. Energy Conversion and Daystar Technologies have both lost more than 80% of their market value this year to-date.

    Q-Cells was once the world’s leading manufacturer of solar cells but this year the company forecasted a ‘three digit million euro loss’ resulting in its shares plummeting to a record low on August 10. But according to Q-Cells spokeswoman Ina von Spies, the company is “well-positioned” to compete. She said Q-Cells is already an established brand in the market, with an innovative portfolio of solar cells and modules, backed up by technological know-how and a strategy to “continuously drive down costs”.

    With the many mergers, acquisitions and bankruptcy filings, the companies that are likely to survive are those with innovative and efficient designs and products. Companies that rely merely on low-cost production of parts will have difficulty attracting investors.

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      Hurricane Irene-sparked Municipal Bankruptcies on the Rise?

      The buzzword on everyone’s lips is Hurricane Irene, especially if you live on the East Coast of the United States. Lots of news, alerts and warnings are being issued on the hurricane and its movements across the eastern seaboard. As individuals and families we have to brace ourselves and take whatever precautions practically possible to face the onslaught of Hurricane Irene. But for counties and municipalities, the total cost in wreckage could pose insurmountable financial problems.

      Many counties and municipalities across the US are heading towards bankruptcy because of the prolonged economic crisis. First there was the subprime mortgage crisis and now there’s the trillion-dollar budget deficit crisis, not to mention the economic woes of our European trading partners. All these spell potential financial ruin for many countries, let alone smaller regions like counties or municipalities. Despite market predictions and bond-selling strategies to raise funds, many counties and municipalities are not adequately prepared for large-scale natural disasters like Hurricane Irene.

      At best, the municipalities are able to deal with the minor meteorological blips like the occasional heavy snow storm or forest fire, but generally, America’s municipalities are currently living on razor thin surpluses, if any. All it takes is one strike from a very capricious and hardly predictable mother nature to tilt the balance between financial status quo and financial bankruptcy.

      For example, look at New York City situation. Not too long ago, a snowstorm last year severely drained a major portion of the city’s “reserve” budget. Now barely 9 months later, comes Hurricane Irene. It is rather obvious with New York City preparing itself to face such a potentially catastrophic disaster, it has scant financial resources to offset the damage that is coming with the city already straining to sustain present budget obligations.

      This doesn’t mean that the entire eastern United States will go bankrupt, but it merely points to the fact that all counties and municipalities should take whatever financial precautions necessary to deal with natural disasters that can cost millions of dollars. For however important pension, bond and voter obligations may seem to be in the immediate present, local governments must realize their duty is not only to appease bondholders and pensioners. They are to govern their entire jurisdiction with financial prudence.

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        News About Bankruptcy

        Small Business Bankruptcies Down

        According to credit rating agency Equifax, the number of bankruptcies among small businesses has fallen by 15% in the first quarter of this year although the numbers are still higher than before the recession. These numbers comprise of the bankruptcies in the metro areas. Compared to the first quarter of 2008 (just before the recession), the number this year is higher by 30%. ‘Small business’ according to Equifax’s definition is a company with less than 100 employees.

        Reza Barazesh, who is the senior vice president of Equifax Commercial Information Solutions cautioned, “Our latest analysis shows that while business failures may be on the decline, conflicting trends are still making us question if the worst is behind us.”

        The highest state in number of small businesses filing for reorganizations or bankruptcy filings is California. Four of the top five metro areas in terms of number of bankruptcies are found in California. Los Angeles metro area topped the entire nation with 1,048 Chapter 7 and Chapter 11 small business bankruptcy filings the first 3 months of this year. In second place was Riverside-St Bernardino-Ontario with 629 bankruptcies followed by Sacramento with 434 bankruptcy filings and San Diego with 400 bankruptcy filings. The fifth place went to Houston with 363 bankruptcies among small businesses.

        On the other hand, the region that showed the biggest percentage of improvement in number of bankruptcies is Denver where bankruptcies fell by 26%. “Only time will tell if these patterns are just a market aberration resulting from current economic turbulence or a sign of change to come,” Barazesh said.

        Nebraska Book Co Bankruptcy Plan Approved

        Nebraska Book Co, one of the largest college bookstores in the country, has filed for bankruptcy in which it applied for approval to give control of the 96-year-old company to bondholders.

        Under the bookstore chain’s bankruptcy proposal, holders of its 8.625% subordinated notes will receive a 78% share of the company, $110 million of new unsecured notes and $30.6 million in cash. This would mean the bondholders stand to recover about 87 cents for every dollar they invested. Furthermore, Holders of Nebraska Book’s 11% senior discount notes would get the remaining equity in the company, and recover about 7 cents on every dollar invested. All secured creditors will be repaid in full.

        US Bankruptcy Judge Peter Walsh approved Nebraska’s disclosure statement that described its Chapter 11 reorganization plan as above. This clears the way for a vote among the shareholders for going ahead with the bankruptcy proposal.

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          Lakeland Bankruptcy Lawyers

          Bankruptcy is the term replied when individuals or businesses get rid of all their debt with the help of the federal court system. Those who file this type of bankruptcy give up any property that they own and it is sold in order to pay off their debts. This is called a liquidation of assets. However, in Florida there are some exemptions in the bankruptcy process which prevent debtors from being able to seize certain items. These laws are very important for anyone who is thinking about filing bankruptcy. There are federal and state laws that provide bankruptcy candidates with helpful exemptions.

          These exemptions clearly spell out those things that are protected from bankruptcy by the law. One of the first questions that people ask is what is going to happen to my family and me and my home is taken. The Florida Homestead Exemption makes sure that your home is protected from creditors.   You should be aware of the stipulations that exist for this exemption.

          All property that is located in the city and it exempted cannot be larger than 1/2 acre. Property owners that live in the country or a rural area cannot have property larger than 160 acres. Once the conditions are met you can automatically claim your home under the Homestead Exemption and make sure it is protected during bankruptcy. This is how even people who file bankruptcy are able to save their homes. Regardless of the amount of equity in your home or the amount you owe, you get to keep your home. You should also know that when you file bankruptcy in Florida your pension is protected.

          For those people who receive a disability check or contribute to a retirement account their funds are protected from seizure. Creditors cannot liquidate your pensions because they are exempt from your bankruptcy. Payments such as child support, workers compensation and alimony are also exempted from bankruptcy and cannot be used as payment to creditors. Parents should know that if they have any Prepaid College Funds for their kids that these are exempt from bankruptcy. Special funds such as this that have been set aside for your children’s college cannot be seized by your creditors. Florida exemption laws make sure that your Medical Savings Accounts are safe from your creditors. It is also important to note that when filing bankruptcy, any Medical Savings Account that you have are safe from your creditors. Anyone who is filing bankruptcy in Florida should understand their options.

          For those who are trying to get started they may want to seek help from a lawyer or research an online bankruptcy website. Each of the exemptions were created to try and help Florida citizens and every eligible citizen needs to take advantage of them. Tampa Bankruptcy Attorney, Darrin T. Mish has been helping debtors with debt problems for over a decade. At the Tampa Bay Bankruptcy Center we really care! To get more information on your bankruptcy options visit his website at: http://tampabankruptcy.pro.


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            Where to Find Information on Bankruptcy

            The federal court system assists those who are filling bankruptcy by helping them to get rid of their debt. A business or an individual can file bankruptcy and attempt to get rid of all their debt by going through the federal court system. In order to file this type of bankruptcy you must give up all of your property and sell it to pay off your debt. During a bankruptcy process an individual’s assets is liquidated The state of Florida has certain bankruptcy exemptions that keep creditors from being able to take certain types of property. If you are thinking about starting a bankruptcy procedure it is important to know about these laws. Filing bankruptcy is not an easy decision but both federal and Florida state laws provide helpful exemptions.

            By studying each exemption bankruptcy candidates can understand exactly what is protected by law. Most people generally wonder where they will take their family after their home is seized. The Florida Homestead Exemption makes sure your home is protected from creditors. Creditors cannot seize your home during bankruptcy procedures because it is protected by Florida state law. However, there are a few stipulations that go along with this exemption.

            All property that is located in the city and it exempted cannot be larger than 1/2 acre.   If these conditions are met, you, your spouse or even your child can claim the property as a debt during a bankruptcy and it is protected under the Homestead Exemption. This is how people who file bankruptcy are still able to keep their million dollar homes. Regardless of the amount of money you owe or the value of your home you are allowed to keep possession. Your pension or retirement is protected from bankruptcy proceedings in Florida.

            According to bankruptcy laws creditors cannot seize your retirement, disability or any other government assistance income that you receive. Most people feel a little more comfortable after they realize that their pensions they have worked so hard for cannot be liquidated by creditors. If you receive workers compensation, alimony, child support or unemployment and have to file bankruptcy these funds will not be included in the proceedings. Creditors cannot touch these types of accounts where you have put aside money for your children’s college. Accounts where you have put aside money for your child are not involved in bankruptcy proceedings. Money that you input into a Medical Savings Account is secure during bankruptcy. Anyone who is filing bankruptcy in Florida should understand their options.

            A bankruptcy lawyer or even an online website can provide you with vital information before you get started. The exemptions are designed to help Florida residents so each and every resident of the state is eligible to take full advantage of them. Tampa Bankruptcy Attorney, Darrin T. Mish has been helping debtors with debt problems for over a decade. At the Tampa Bay Bankruptcy Center we really care! To get more information on your bankruptcy options visit his website at: http://tampabankruptcy.pro.


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              Oldsmar Bankruptcy Attorneys

              Bankruptcy is the term replied when individuals or businesses get rid of all their debt with the help of the federal court system. During this process individuals give up all of their property and it is sold in order to pay off all of their debts. This is referred to as a liquidation of assets. Certain Florida exemptions keep creditors from being able to seize property during the bankruptcy process. Anyone who is contemplating filing for bankruptcy should be aware of these exemption laws. Bankruptcy is never an easy process but there are both federal and state laws that provide helpful exemptions.

              Each exemption explains in great detail what is not included in bankruptcy. One of the first questions that people ask is what is going to happen to my family and me and my home is taken. The Florida Homestead Exemption makes sure your home is protected from creditors. According to Florida law during a bankruptcy procedure your home is protected and creditors cannot take it. You should be aware of the stipulations that exist for this exemption.

              Any property that is located in the city must not be larger than 1/2 acre.   If these conditions are met, you, your spouse or even your child can claim the property as a debt during a bankruptcy and it is protected under the Homestead Exemption. Even after filing bankruptcy individuals can hold on to their expensive real estate. Regardless of how much money your home is worth you get a chance to keep it. When individuals go through bankruptcy proceedings in Florida their pension is protected.

              For those people who receive a disability check or contribute to a retirement account their funds are protected from seizure. Your pension or retirement account cannot be taken by your bankruptcy creditors to pay your debts. If you receive workers compensation, alimony, child support or unemployment and have to file bankruptcy these funds will not be included in the proceedings. Parents should know that if they have any Prepaid College Funds for their kids that these are exempt from bankruptcy. Accounts where you have put aside money for your child are not involved in bankruptcy proceedings. In addition any money that you have put into a Medical Savings Account is safe and secure under the Florida exemption laws. If you are filing bankruptcy in Florida you should be aware of your options.

              A trained bankruptcy lawyer or even an informational website can provide you with helpful information to get you started. The exemptions are designed to help Florida residents so each and every resident of the state is eligible to take full advantage of them. Tampa Bankruptcy Attorney, Darrin T. Mish has been helping debtors with debt problems for over a decade. At the Tampa Bay Bankruptcy Center we really care! To get more information on your bankruptcy options visit his website at: http://tampabankruptcy.pro.


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                Palma Ceia Bankruptcy Court

                Bankruptcy is the term replied when individuals or businesses get rid of all their debt with the help of the federal court system. Your property is sold in order to pay off your debts. This is called a liquidation of assets. The state of Florida has certain bankruptcy exemptions that keep creditors from being able to take certain types of property. Anyone who is contemplating filing for bankruptcy should be aware of these exemption laws. Individuals can benefit from helpful federal and Florida state bankruptcy exemptions.

                Each exemption has specific rules and clearly tells you what is protected from bankruptcy. One of the biggest concerns for anyone who files bankruptcy is what happens to my family and me after they seize my home. The Florida Homestead Exemption makes sure your home is protected from creditors. According to Florida law, your home is protected during bankruptcy procedures and therefore cannot be seized. This law does have a few stipulations.

                The size of any property located in the city cannot be more than 1/2 acre.   Once the conditions are met you can automatically claim your home under the Homestead Exemption and make sure it is protected during bankruptcy. This is the reason why people still get a chance to keep their million dollar homes even after filing bankruptcy. It does not matter how much money you owe or how much your home is worth it is safe. When individuals go through bankruptcy proceedings in Florida their pension is protected.

                Company retirement accounts, disability checks and any other government income are all protected from creditors. Individuals can rest a little easier knowing that their hard earned pension is not in danger. Payments such as child support, workers compensation and alimony are also exempted from bankruptcy and cannot be used as payment to creditors. Parents should keep in mind that if they have a Prepaid College Fund it will not be affected when they file bankruptcy. Special funds such as this that have been set aside for your children’s college cannot be seized by your creditors. In addition any money that you have put into a Medical Savings Account is safe and secure under the Florida exemption laws. If you are filing bankruptcy in Florida you should be aware of your options.

                For those who are trying to get started they may want to seek help from a lawyer or research an online bankruptcy website. If you are a resident of Florida, the exemption laws are designed to help you so it is important that you take advantage of those that you are eligible for. Tampa Bankruptcy Attorney, Darrin T. Mish has been helping debtors with debt problems for over a decade. At the Tampa Bay Bankruptcy Center we really care! To get more information on your bankruptcy options visit his website at: http://tampabankruptcy.pro.


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                  Oldsmar Bankruptcy Laws

                  The federal court system assists those who are filling bankruptcy by helping them to get rid of their debt. A business or an individual can file bankruptcy and attempt to get rid of all their debt by going through the federal court system. In order to file this type of bankruptcy you must give up all of your property and sell it to pay off your debt. This process is called a liquidation of assets. However, in Florida there are some exemptions in the bankruptcy process which prevent debtors from being able to seize certain items. Anyone who is contemplating filing for bankruptcy should be aware of these exemption laws. Individuals can benefit from helpful federal and Florida state bankruptcy exemptions.

                  Each exemption has specific rules and clearly tells you what is protected from bankruptcy. One of the main concerns when people file bankruptcy is what happens to my family and me after creditors take my home. The Florida Homestead Exemption makes sure your home is protected from creditors. Creditors cannot seize your home during bankruptcy procedures because it is protected by Florida state law. However, there are a few stipulations that go along with this exemption.

                  All property that is located in the city and it exempted cannot be larger than 1/2 acre.   Once the conditions are met you can automatically claim your home under the Homestead Exemption and make sure it is protected during bankruptcy. Even after filing bankruptcy individuals can hold on to their expensive real estate. It does not matter how much money you owe or how much your home is worth it is safe. It is very refreshing to know that when you file bankruptcy in Florida your pension is protected.

                  For those people who receive a disability check or contribute to a retirement account their funds are protected from seizure. Individuals can rest a little easier knowing that their hard earned pension is not in danger. Creditors do not have access to your workers compensation, alimony or child support during bankruptcy proceedings. Parents can also rest easy knowing that if they have any Prepaid College Funds they are also except from bankruptcy. Accounts where you have put aside money for your child are not involved in bankruptcy proceedings. Money that you input into a Medical Savings Account is secure during bankruptcy. Anyone who is filing bankruptcy in Florida should understand their options.

                  A bankruptcy lawyer or even an online website are great places to get started when trying to find out more about bankruptcy. If you are a resident of Florida, the exemption laws are designed to help you so it is important that you take advantage of those that you are eligible for. Tampa Bankruptcy Attorney, Darrin T. Mish has been helping debtors with debt problems for over a decade. At the Tampa Bay Bankruptcy Center we really care! To get more information on your bankruptcy options visit his website at: http://tampabankruptcy.pro.


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                    Hyde Park Bankruptcy Attorney

                    Bankruptcy is the term replied when individuals or businesses get rid of all their debt with the help of the federal court system. Those who file this type of bankruptcy give up any property that they own and it is sold in order to pay off their debts. This is called a liquidation of assets. However, in Florida there are some exemptions in the bankruptcy process which prevent debtors from being able to seize certain items. Any individual who is thinking about filing for bankruptcy needs to know about these exemption laws. There are federal and state laws that provide bankruptcy candidates with helpful exemptions.

                    By studying each exemption bankruptcy candidates can understand exactly what is protected by law. One of the main concerns when people file bankruptcy is what happens to my family and me after creditors take my home. The Florida Homestead Exemption makes sure your home is protected from creditors.   There are a few additional conditions that go along with the exemption.

                    The size of any property located in the city cannot be more than 1/2 acre. If you reside in the country or in a rural area your property cannot be larger than 160 acres. You or your spouse can use the Homestead Exemption when filling bankruptcy. When you file bankruptcy you, your spouse or your child can claim your home as a legitimate debt and it is protected according to the Homestead Exemption. This is the reason why people still get a chance to keep their million dollar homes even after filing bankruptcy. It does not matter how much money you owe or how much your home is worth it is safe. Your pension or retirement is protected from bankruptcy proceedings in Florida.

                    According to bankruptcy laws creditors cannot seize your retirement, disability or any other government assistance income that you receive. Individuals can rest a little easier knowing that their hard earned pension is not in danger. If you receive workers compensation, alimony, child support or unemployment and have to file bankruptcy these funds will not be included in the proceedings. Parents should keep in mind that if they have a Prepaid College Fund it will not be affected when they file bankruptcy. Any type of trust or special fund that is accumulating for your child’s college is safe during bankruptcy. In addition any money that you have put into a Medical Savings Account is safe and secure under the Florida exemption laws. Anyone who is filing bankruptcy in Florida should understand their options.

                    A trained bankruptcy lawyer or even an informational website can provide you with helpful information to get you started. The list of exemptions are a great way of helping Florida bankruptcy victims and it is vital that every eligible resident take advantage of them. Tampa Bankruptcy Attorney, Darrin T. Mish has been helping debtors with debt problems for over a decade. At the Tampa Bay Bankruptcy Center we really care! To get more information on your bankruptcy options visit his website at: http://tampabankruptcy.pro.


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