On October 15, after more than 130 years in business, former retail giant Sears filed for Chapter 11 bankruptcy protection in the face of mounting debt and shrinking profits. In a post earlier this month, we discussed now-former CEO Eddie Lampert’s plan of...
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Chapter 11 Bankruptcy
Westmoreland Coal Co. files for bankruptcy
On Behalf of Giddens & Gatton Law, P.C. | Oct 17, 2018 | Chapter 11 Bankruptcy
Westmoreland Coal Co., one of the oldest coal companies in America, filed for Chapter 11 bankruptcy this week to deal with mounting debt payments and a worldwide drop in demand. Westmoreland reportedly has $1.4 billion in debt (compared to $770 million in registered...
Toys R Us bankruptcy continues to unfold with severance package
On Behalf of Giddens & Gatton Law, P.C. | Oct 4, 2018 | Chapter 11 Bankruptcy
Thousands of workers laid off when toy retailer Toys R Us filed for Chapter 11 bankruptcy might soon be receiving severance payments. The multimillion-dollar severance package, funded by two of the three equity firms that purchased the company in a 2005 leveraged...
Sears CEO suggests plan to avoid bankruptcy
On Behalf of Giddens & Gatton Law, P.C. | Oct 4, 2018 | Chapter 11 Bankruptcy
The CEO of Sears, a well-known department store chain with a long history in New Mexico and across the country, recently revealed a plan to hopefully help the company avoid a bankruptcy filing. The plan involves leveraging assets including real estate and inventory,...
U.S. Trustee’s office objects to Toys R Us bankruptcy plan
On Behalf of Giddens & Gatton Law, P.C. | Sep 4, 2018 | Chapter 11 Bankruptcy
The U.S. Trustee's office announced this week that they have major concerns about the viability of the Chapter 11 bankruptcy plan for Toys R Us (and subsidiary Geoffrey Holdings LLC) due to the fact that the current arrangement fails to adequately compensate vendors...
Company files for Chapter 11 bankruptcy, a second time
On Behalf of Giddens & Gatton Law, P.C. | Aug 2, 2018 | Chapter 11 Bankruptcy
New Mexico business owners may relate to a high-end furniture company's current financial situation, especially those who have known their shares of ups and downs where costs and profits are concerned. It's the mother company for several well-known furniture...
Retail bankruptcy on the rise
On Behalf of Giddens & Gatton Law, P.C. | Apr 28, 2017 | Bankruptcy, Chapter 11 Bankruptcy
In April, the Albuquerque Journal reported that five Payless ShoeSource stores will close in New Mexico, including one in Albuquerque. This decision was made in connection with the company's Chapter 11 bankruptcy filing."Chapter 11" refers to the U.S. Bankruptcy Code...
Basic considerations in small-business bankruptcy
On Behalf of Giddens & Gatton Law, P.C. | Mar 3, 2017 | Bankruptcy, Chapter 11 Bankruptcy, Chapter 13 Bankruptcy, Chapter 7 Bankruptcy
We have written lately about small-business debt collection. Today we will instead look at the reverse problem: when a small business cannot pay its debts and considers bankruptcy as a potential answer.Get legal adviceWhen a small-business faces financial challenges,...
Legal counsel can help determine how to handle medical debt
On Behalf of Giddens & Gatton Law, P.C. | Nov 18, 2016 | Bankruptcy, Chapter 11 Bankruptcy, Chapter 13 Bankruptcy, Chapter 7 Bankruptcy
It is common knowledge that many people are shouldering staggeringly heavy medical debt, especially as premiums and deductibles get higher and higher. We have posted blogs about medical debt and bankruptcy in the past, but unfortunately individuals and families...
New Mexico bankruptcy filings: Nuts and Bolts
On Behalf of Giddens & Gatton Law, P.C. | Oct 28, 2016 | Bankruptcy, Chapter 11 Bankruptcy, Chapter 13 Bankruptcy, Chapter 7 Bankruptcy
Many people do not know much about how to file for bankruptcy relief. Bankruptcy matters are governed by federal bankruptcy law and are heard in federal bankruptcy court. The U.S. Bankruptcy Court of the District of New Mexico is located in Albuquerque, where most...
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