Bashas Supermarkets Negotiate Bankruptcy
Bashas’ Supermarkets Inc., the owner of the local chain of grocery stores is in the process of negotiating with its lenders an amicable agreement to ‘avoid costly litigation, shorten the (bankruptcy) confirmation process and create a plan that would ensure a successful reorganization’. This negotiation has been ongoing since the company filed for Chapter 11 bankruptcy in July last year. Since that time also, the grocery store chain has closed about 30 of its stores. The bankruptcy court judge has given all parties another 30 days to come to an agreement.
The 3 parties to the negotiation are Bashas’ Supermarkets Inc., their secured lenders like Wells Fargo Bank, Bank of America, BBVA Compass and a group of insurance companies and the unsecured lenders that mainly comprise of suppliers and distributors like Shamrock Farms. Bashas’ Supermarkets total debt according to bankruptcy records come up to about $300 million. Secured creditors are owed about $210 of that amount whereas unsecured debts amount to about $68 million.
Bahas’ original proposal was to bundle its debts and Chapter 11 reorganization together with that of associated companies, Leaseco Inc. and Sportsman’s LLC. This was opposed by the secured creditors.
On the other hand, the unsecured creditors are concerned if bankruptcy proceedings go against them especially if the company ends up being sold. As a matter of fact, in February Bashas’ rejected an offer to buy them out worth between $260 and $290 million made by Albertsons LLC.
Ex-NBA Player files for Bankruptcy
Derrick Coleman, an ex-basketball player with NBA outfit Detroit Pistons, has filed for Chapter 7 bankruptcy last March 2. He has listed debts amounting to $4.7 million and assets worth just over $1 million. Among his unsecured, non-priority debts was a personal loan he had received from Detroit Mayor, Dave Bing, himself an ex-Piston player.
After a 15-year NBA career that ended in 2005, Coleman went into various businesses. His interests range from real estate to food. He owned stakes in Detroit’s Sweet Georgia Brown Restaurant (that closed in February), franchises in Hungry Howie’s Pizza and Tom Horton’s Doughnuts.
Among his assets, Coleman listed a 1997 Bentley convertible worth $50,000, two chinchilla and three mink fur coats worth $15,000 and jewelry worth $3,000. Among his main secured creditors is TMST Home Loans Inc., to whom he owes just over $1 million and JP Morgan Chase, a creditor for about $400,000.
In his bankruptcy filing, Coleman stated that he intended to keep his and his mother’s Beverly Hills home worth $168,000 and $191,000 respectively. Not too long ago, the Detroit Economic Growth Corp. sued Coleman for allegedly defaulting on a $200,000 loan.
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Filed under Chapter 7 (Tampa) by on Jul 8th, 2010. Comment. 
A recent report entitled, ‘The Fiscal Condition of the City of Detroit’ by the Citizens Research Council of Michigan concluded that unless drastic measures are taken to address the burgeoning budget deficit, the city of Detroit could end up bankrupt or under state receivership.
The city’s overheads in government spending at its present rate looks set to overshoot its $1.6 billion budget by between $446 and $466 million. The report recommends that the city restructure its government in the face of twin realities of the day, firstly reduced tax revenue collection and secondly the state government’s inability to provide shared revenues. The report, compiled at the behest of the city’s business community through a coalition called Business Leaders of Michigan, details the challenges faced by the city, among which are a dwindling population and a high rate of unemployment.
The 60-page report goes on to put forth its argument that the city council must respond to these challenges by downsizing and making draconian budget cuts. This point has been acknowledged by Detroit Mayor Dave Bing who knows he faces a herculean task of revamping the city’s operational and financial structure.
The report goes on to describe how bad decisions when drawing up the city’s budget had had a detrimental effect on the city leaving it with having to make tough choices as a consequence. For example, last year the city planned to sell the Detroit-Windsor Tunnel and the Detroit Public Lighting Department. These sales were expected to contribute towards a sum of $275 million in revenue that were added into the city’s budget for last year. But within the entire fiscal year, the sales did not materialize thus resulting in a drastic revenue shortfall. It does not take a genius to figure out that eventually, the city will have to pay for this indiscretion in their budget decision.
This report can be read online at www.crcmich.org and was released just as the Mayor was about to give his budget speech to the city council. Mayor Bing’s director of communications, Karen Dumas said that the CRC’s recommendations do warrant due consideration by the city authorities. She also said the city council was fully aware of the city’s shrunken tax base and the need for operational restructuring in the city government. However she stated that the implementation of such restructuring and its fruition in terms of results would take time.
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Filed under Chapter 7 (Tampa) by on Jul 7th, 2010. Comment.
Bashas Supermarkets Negotiate Bankruptcy
Bashas’ Supermarkets Inc., the owner of the local chain of grocery stores is in the process of negotiating with its lenders an amicable agreement to ‘avoid costly litigation, shorten the (bankruptcy) confirmation process and create a plan that would ensure a successful reorganization’. This negotiation has been ongoing since the company filed for Chapter 11 bankruptcy in July last year. Since that time also, the grocery store chain has closed about 30 of its stores. The bankruptcy court judge has given all parties another 30 days to come to an agreement.
The 3 parties to the negotiation are Bashas’ Supermarkets Inc., their secured lenders like Wells Fargo Bank, Bank of America, BBVA Compass and a group of insurance companies and the unsecured lenders that mainly comprise of suppliers and distributors like Shamrock Farms. Bashas’ Supermarkets total debt according to bankruptcy records come up to about $300 million. Secured creditors are owed about $210 of that amount whereas unsecured debts amount to about $68 million.
Bahas’ original proposal was to bundle its debts and Chapter 11 reorganization together with that of associated companies, Leaseco Inc. and Sportsman’s LLC. This was opposed by the secured creditors.
On the other hand, the unsecured creditors are concerned if bankruptcy proceedings go against them especially if the company ends up being sold. As a matter of fact, in February Bashas’ rejected an offer to buy them out worth between $260 and $290 million made by Albertsons LLC.
Ex-NBA Player files for Bankruptcy
Derrick Coleman, an ex-basketball player with NBA outfit Detroit Pistons, has filed for Chapter 7 bankruptcy last March 2. He has listed debts amounting to $4.7 million and assets worth just over $1 million. Among his unsecured, non-priority debts was a personal loan he had received from Detroit Mayor, Dave Bing, himself an ex-Piston player.
After a 15-year NBA career that ended in 2005, Coleman went into various businesses. His interests range from real estate to food. He owned stakes in Detroit’s Sweet Georgia Brown Restaurant (that closed in February), franchises in Hungry Howie’s Pizza and Tom Horton’s Doughnuts.
Among his assets, Coleman listed a 1997 Bentley convertible worth $50,000, two chinchilla and three mink fur coats worth $15,000 and jewelry worth $3,000. Among his main secured creditors is TMST Home Loans Inc., to whom he owes just over $1 million and JP Morgan Chase, a creditor for about $400,000.
In his bankruptcy filing, Coleman stated that he intended to keep his and his mother’s Beverly Hills home worth $168,000 and $191,000 respectively. Not too long ago, the Detroit Economic Growth Corp. sued Coleman for allegedly defaulting on a $200,000 loan.
Filed under Chapter 7 (Tampa) by on Jun 27th, 2010. Comment.
A recent report entitled, ‘The Fiscal Condition of the City of Detroit’ by the Citizens Research Council of Michigan concluded that unless drastic measures are taken to address the burgeoning budget deficit, the city of Detroit could end up bankrupt or under state receivership.
The city’s overheads in government spending at its present rate looks set to overshoot its $1.6 billion budget by between $446 and $466 million. The report recommends that the city restructure its government in the face of twin realities of the day, firstly reduced tax revenue collection and secondly the state government’s inability to provide shared revenues. The report, compiled at the behest of the city’s business community through a coalition called Business Leaders of Michigan, details the challenges faced by the city, among which are a dwindling population and a high rate of unemployment.
The 60-page report goes on to put forth its argument that the city council must respond to these challenges by downsizing and making draconian budget cuts. This point has been acknowledged by Detroit Mayor Dave Bing who knows he faces a herculean task of revamping the city’s operational and financial structure.
The report goes on to describe how bad decisions when drawing up the city’s budget had had a detrimental effect on the city leaving it with having to make tough choices as a consequence. For example, last year the city planned to sell the Detroit-Windsor Tunnel and the Detroit Public Lighting Department. These sales were expected to contribute towards a sum of $275 million in revenue that were added into the city’s budget for last year. But within the entire fiscal year, the sales did not materialize thus resulting in a drastic revenue shortfall. It does not take a genius to figure out that eventually, the city will have to pay for this indiscretion in their budget decision.
This report can be read online at www.crcmich.org and was released just as the Mayor was about to give his budget speech to the city council. Mayor Bing’s director of communications, Karen Dumas said that the CRC’s recommendations do warrant due consideration by the city authorities. She also said the city council was fully aware of the city’s shrunken tax base and the need for operational restructuring in the city government. However she stated that the implementation of such restructuring and its fruition in terms of results would take time.
Filed under Chapter 7 (Tampa) by on Jun 25th, 2010. Comment.
Bashas Supermarkets Negotiate Bankruptcy
Bashas’ Supermarkets Inc., the owner of the local chain of grocery stores is in the process of negotiating with its lenders an amicable agreement to ‘avoid costly litigation, shorten the (bankruptcy) confirmation process and create a plan that would ensure a successful reorganization’. This negotiation has been ongoing since the company filed for Chapter 11 bankruptcy in July last year. Since that time also, the grocery store chain has closed about 30 of its stores. The bankruptcy court judge has given all parties another 30 days to come to an agreement.
The 3 parties to the negotiation are Bashas’ Supermarkets Inc., their secured lenders like Wells Fargo Bank, Bank of America, BBVA Compass and a group of insurance companies and the unsecured lenders that mainly comprise of suppliers and distributors like Shamrock Farms. Bashas’ Supermarkets total debt according to bankruptcy records come up to about $300 million. Secured creditors are owed about $210 of that amount whereas unsecured debts amount to about $68 million.
Bahas’ original proposal was to bundle its debts and Chapter 11 reorganization together with that of associated companies, Leaseco Inc. and Sportsman’s LLC. This was opposed by the secured creditors.
On the other hand, the unsecured creditors are concerned if bankruptcy proceedings go against them especially if the company ends up being sold. As a matter of fact, in February Bashas’ rejected an offer to buy them out worth between $260 and $290 million made by Albertsons LLC.
Ex-NBA Player files for Bankruptcy
Derrick Coleman, an ex-basketball player with NBA outfit Detroit Pistons, has filed for Chapter 7 bankruptcy last March 2. He has listed debts amounting to $4.7 million and assets worth just over $1 million. Among his unsecured, non-priority debts was a personal loan he had received from Detroit Mayor, Dave Bing, himself an ex-Piston player.
After a 15-year NBA career that ended in 2005, Coleman went into various businesses. His interests range from real estate to food. He owned stakes in Detroit’s Sweet Georgia Brown Restaurant (that closed in February), franchises in Hungry Howie’s Pizza and Tom Horton’s Doughnuts.
Among his assets, Coleman listed a 1997 Bentley convertible worth $50,000, two chinchilla and three mink fur coats worth $15,000 and jewelry worth $3,000. Among his main secured creditors is TMST Home Loans Inc., to whom he owes just over $1 million and JP Morgan Chase, a creditor for about $400,000.
In his bankruptcy filing, Coleman stated that he intended to keep his and his mother’s Beverly Hills home worth $168,000 and $191,000 respectively. Not too long ago, the Detroit Economic Growth Corp. sued Coleman for allegedly defaulting on a $200,000 loan.
Filed under Chapter 7 (Tampa) by on Apr 18th, 2010. Comment.
