I want to give a special thanks to my principal source for this page. BankruptcyData.com provides on-line access to information on thousands of corporate bankruptcy filings from about 80 federal bankruptcy districts (United States only). If you would like to assemble a dataset of defaults for your own research/modeling, look at what they can offer.
Credit Distress Cases Archive: 4th Quarter, 2001
Transit Group Files Chapter 11 -- Dec 31, 2001
Transit Group, Inc. announced that to support its financial restructuring, the Company and certain of its subsidiary companies have filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code with the U.S. Bankruptcy Court in the Middle District of Florida. Subject to receiving Court approval, Transit expects to enter into a debtor-in-possession financing facility with GE Capital Corporation. In addition, the Company has ongoing access to an operating line of credit supported by its senior working capital lender.
Nations Flooring Files Chapter 11 -- Dec 28, 2001
Carpet Barn and parent company Nations Flooring, Inc. filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of New York. The case number is 01-16342. The companies stated that the filing was the result of the following: "incurred losses, due to a variety of factors, including: over-expansion into marginally profitable markets; a shortage of working capital; and poor economic conditions that resulted in below anticipated sales and lower cash flows."
Dialpad Files Chapter 11 -- Dec 28, 2001
Dialpad Communications, Inc. announced that it has filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Northern District of California. The Company also announced it has received a commitment for $1.25 million in post-petition financing from Mr. Sang Su Oh, the chairman and former chief executive officer of Serome Technology, Inc.
ACT Manufacturing Files Chapter 11 -- Dec 28,2001
ACT Manufacturing, Inc. filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Massachusetts, Worcester Division. The Company announced that it has received a commitment for $9.5 million in interim debtor-in-possession financing. The Company stated that the filing was the result of the extremely negative conditions in the telecommunications and computing industries.
GenSci Files Chapter 11 -- Dec 28, 2001
GenSci Regeneration Sciences, Inc. and its subsidiary—GenSci OrthoBiologics, Inc.—announced that it filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Central District of California, Santa Ana Division. "The Company has approached this decision taking into account the interests of shareholders and creditors. The reorganization process will allow us the opportunity to appeal the verdict while maintaining normal business operations and bringing our new technologies to market," commented Douglass Watson, President and Chief Executive Officer.
Lodgian Files Chapter 11 -- Dec 26, 2001
Lodgian, Inc. filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of New York, listing total assets and liabilities of $1 billion and $969 million, respectively. The Company owns and operates more than 100 hotels under the Marriott, Holiday Inn, Hampton Inn, and Radisson names. The Company also announced it had received a commitment for up to $25 million in debtor-in-possession financing from a group of lenders led by Morgan Stanley and Lehman Brothers.
GenSci Files Chapter 11 -- Dec 26, 2001
GenSci Regeneration Sciences, Inc. and its subsidiary—GenSci OrthoBiologics, Inc.—announced that it filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Central District of California, Santa Ana Division. "The Company has approached this decision taking into account the interests of shareholders and creditors. The reorganization process will allow us the opportunity to appeal the verdict while maintaining normal business operations and bringing our new technologies to market," commented Douglass Watson, President and Chief Executive Officer.
Planet Entertainment Files Chapter 11 -- Dec 20, 2001
Planet Entertainment Corporation announced that the Company and its wholly-owned subsidiary filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code with the U.S. Bankruptcy Court in the Northern District of New York.
Trism Files Chapter 11 -- Dec 19, 2001
Trism filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Western District of Missouri. The Company, which specializes in transportation services for environmental, hazardous waste, and military munitions industries, maintains that factors such as high fuel costs have led to its Chapter 11 filing. Various Company subsidiaries are included in the filing.
Virtual Growth Files Chapter 11 -- Dec 18, 2001
Virtual Growth, Inc. filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of New York. The case number is 01-16239, and Judge Cornelius Blackshear is presiding. The Company cited its lack of capital and cash flow as the primary cause.
Advance Mixer Files Chapter 11 -- Dec 18, 2001
Advance Mixer, Inc. filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Northern District of Indiana, listing total assets of $10 to $50 million and total liabilities of $50 to $100 million.
Valeo Files Chapter 11 -- Dec 18, 2001
Valeo Electrical Systems, Inc. filed for voluntary reorganization under Chapter 11 of the U.S. Bankruptcy Code. The Chapter 11 filing is limited to the operations of VESI -- its manufacturing facility in Rochester, New York and its associated sales and administrative offices in New York City and Auburn Hills, Michigan. This filing does not involve any other Valeo company in the U.S. or elsewhere.
Advance Mixer Files Chapter 11 -- Dec 17, 2001
Advance Mixer, Inc. filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Northern District of Indiana, listing total assets of $10 to $50 million and total liabilities of $50 to $100 million.
Valeo Files Chapter 11 -- Dec 17, 2001
Valeo Electrical Systems, Inc. filed for voluntary reorganization under Chapter 11 of the U.S. Bankruptcy Code. The Chapter 11 filing is limited to the operations of VESI -- its manufacturing facility in Rochester, New York and its associated sales and administrative offices in New York City and Auburn Hills, Michigan. This filing does not involve any other Valeo company in the U.S. or elsewhere.
Arch Files Chapter 11 -- Dec 11, 2001
Arch Wireless, Inc. announced that it has reached an agreement with the majority of its secured creditors to restructure the Company's long-term debt. Concurrently, Arch Wireless, Inc. and certain of its subsidiaries filed a voluntary petition under Chapter 11 of the U.S. Bankruptcy Code with the U.S. Bankruptcy Court in the District of Massachusetts, Western Division, to effect the restructuring. The Company stated that it anticipates filing its plan of reorganization with the Court by January 15, 2002. Under terms of the agreement, AWI would issue equity and Arch Wireless Holdings, Inc. would issue $200 million principal amount of 10% Senior Secured Notes due 2007 and $100 million principal amount of 12% Senior Subordinated Secured PIK Notes due 2009 in exchange for all existing debt and equity securities. Arch also announced that it has received a $50 million commitment for a debtor-in-possession financing from a group of banks led by TD Securities (USA), Inc. Arch entities included in the Chapter 11 filing are Arch Wireless, Inc.; Arch Wireless Communications, Inc.; and Arch Wireless Holdings, Inc. Certain holders of 12 3/4% Senior Notes of AWCI had commenced an involuntary case against AWCI under Chapter 11 on November 9, 2001.
Sheffield Steel Files Chapter 11 -- Dec 11, 2001
Sheffield Steel Corp. filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Northern District of Oklahoma, Tulsa. Judge Dana L. Rasure is presiding over the case, and Tomlins & Goins is representing the Company.
Planet Entertainment Files Chapter 11 -- Dec 10, 2001
Planet Entertainment Corporation announced that the Company and its wholly-owned subsidiary filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code with the U.S. Bankruptcy Court in the Northern District of New York.
Lason Files Chapter 11 -- Dec 6, 2001
Lason, Inc. and its nine affiliated companies filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, listing total assets and liabilities of $150.83 million and $364.77 million, respectively.
Hayes Lason Files Chapter 11 -- Dec 6, 2001
Hayes Lemmerz International, Inc. announced that it and its direct and indirect domestic subsidiaries and one subsidiary in Mexico have filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code, to reduce their debt and strengthen their competitive position. The filings were made in the U.S. Bankruptcy Court in the District of Delaware. The Company also announced that it has received commitments for up to $200 million in debtor-in-possession financing from a group of lenders led by CIBC World Markets Corp. that will be used to fund post-petition operating expenses and to meet supplier and employee obligations.
Enron Files Chapter 11 -- Dec 3, 2001
Enron Corporation (ENE) filed Chapter 11 in U.S. Bankruptcy Court in the Southern District of New York (Manhattan) after restating over $580 million in earnings and suffering a $26 billion dollar drop in the values of its shares since October. Observers expect this to be the largest bankruptcy in American History. As part of the reorganization process, the Company also announced that it has filed suit against Dynegy, Inc., alleging breach of contract and seeking damages of at least $10 billion. The Company is also in active discussions with leading financial institutions for debtor-in-possession financing and expects to complete these discussions shortly. Filings for Chapter 11 reorganization were made for a total of 14 affiliated entities, including Enron Corp.; Enron North America Corp.; Enron Energy Services; Enron Transportation Services; Enron Broadband Services; and Enron Metals & Commodity Corp.
Chiquita Files Chapter 11 -- Nov 28, 2001
Chiquita Brands International, Inc. filed for Chapter 11 protection in the Southern District of Ohio, Cincinnati. The Company announced that it will file a Pre-Arranged Plan of Reorganization with the Court in addition to its petition. A Chiquita spokeswoman announced the Company expects to emerge from bankruptcy protection within 3 or 4 months.
Nesco Files Chapter 11, Announces Agreement -- November 28, 2001
Nesco, Inc. announced that it and seven of its subsidiaries filed a voluntary petition for reorganization pursuant to the provisions of Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Northern District of Oklahoma. The lead case number is 01-05321. The Company also announced that it has reached a settlement agreement with David Hopkins and the employees of Hopkins Appraisal Services, who resigned in May 2001, will return to Nesco effective November 26, 2001. Under the agreement, both Hopkins and Nesco have agreed to drop claims against each other resulting from the departure.
Sleepmaster Files Chapter 11 -- Nov 21, 2001
Sleepmaster, LLC and seven affiliates filed for voluntary Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, listing total assets and liabilities of less than $50,000 and more than $100 million, respectively.
Thermadyne Files Chapter 11 -- Nov 20, 2001
Thermadyne Holdings Corporation announced that the Company and its domestic subsidiaries have voluntarily filed for reorganization under Chapter 11 with the U.S. Bankruptcy Court in the Eastern District of Missouri in St. Louis.
NetLibrary Files Chapter 11 -- Nov 19, 2001
NetLibrary Inc. filed for Chapter 11 protection with the U.S. Bankruptcy Court. According to published reports, the Company's petition discusses a $10 million purchase offer from OCLC Online Computer Library Center for certain of NetLibrary's assets.
Net2000 Communications Files Chapter 11 -- Nov 19, 2001
Net2000 Communications, Inc. filed for Chapter 11 protection with the U.S. Bankruptcy Court. The Company announced that it has agreed to sell substantially all of its telecommunications services assets, including its customer base, to Cavalier East. In addition, the Company announced that it sold the assets of its video teleconferencing services division to VSGi (Visual Systems Group, Inc.). The Company also said that it has secured debtor-in-possession financing with TD Securities and other banks in order to meet future needs and obligations associated with normal business operations.
Viasource Files Chapter 11 -- Nov 16, 2001
Viasource Communications, Inc. announced that it has voluntarily filed petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code with the U.S. Bankruptcy Court in Florida. The Company's principal lender, GE Capital Corp., has already agreed to provide the Company with $10 million in debtor-in-possession financing to supplement the Company's cash flow and allow the Company to continue serving customers and paying employees and creditors while it restructures. Additionally, the Company announced that it has retained the LoftusGroup LLC to assist management through the Chapter 11 process.
Spinnaker Files Chapter 11 -- Nov 15, 2001
Spinnaker Industries, Inc. announced that it has today commenced voluntary proceedings under Chapter 11 of the U.S. Bankruptcy Code. The Company also announced that it has reached agreement, subject to Court approval, with its existing lenders, led by Transamerica Business Capital Corporation, to provide up to $30 million in debtor-in possession financing. The Company also reported that its common stock (including its Class A common stock) no longer meets the continuing listing requirements of the American Stock Exchange. Consequently, the Company intends to seek to have the American Stock Exchange delist its common stock as soon as practicable; if delisted, the Company will then apply to the Securities and Exchange Commission to terminate the registration of the common stock under the Securities Exchange Act of 1934.
Burlington Industries Files Chapter 11 -- Nov 15, 2001
Burlington Industries, Inc., which manufactures fabric used to produce apparel and interior furnishings, filed for Chapter 11 protection with the U.S. Bankruptcy Court, citing a difficult retail environment as contributing to its filing.
Metals USA Files Chapter 11 -- Nov 15, 2001
Metals USA, Inc. announced that it has filed a voluntary petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the U. S. Bankruptcy Court. The Company blamed the filing on a combination of factors, including the troubled metals market, a recessionary manufacturing economy, and overall uncertainties in the marketplace.
Mayan Networks Files Chapter 11 -- Nov 8, 2001
Mayan Networks Corp. has filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Northern District of California. The Company develops and markets telecommunications software, hardware, and support services.
Southwest Supermarkets Files Chapter 11, Announces Agreement -- Nov 8, 2001
Southwest Supermarkets, LLC has filed for Chapter 11 protection with the U.S. Bankruptcy Court, blaming existing poor business conditions that further deteriorated following the September terrorist attacks. The Company also announced that it has negotiated a pre-sale agreement with Bashas' Food City Banner, Inc. for the sale of certain store locations.
Adesta Files Chapter 11 -- Nov 8, 2001
Adesta Communications, Inc. has filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Nebraska. "During the past 18 months the telecommunications sector has faced difficult financial times, and we have been affected by a larger amount of outstanding receivables and a decreased demand for our services," commented president, Bob Sommerfeld.
Wheland Files Chapter 11 -- Nov 8, 2001
Wheland Automotive Industries, Inc. filed for Chapter 11 protection with the U.S. Bankruptcy Court, citing a weakening economy further damaged by the September terrorist attacks.
House2Home Files Chapter 11 -- Nov 8, 2001
House2Home, Inc. announced that the Company and its subsidiaries have filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Central District of California, Santa Ana Division. The case number is 01-19244 and the Honorable James Barr is presiding. The Company further announced intentions to file a motion seeking Court approval to liquidate and cease operating all 42 of its store locations. "The dramatic and sustained drop in sales that immediately followed the terrorist attacks put an extraordinary strain on cash flow, from which we could not recover," commented Herbert Zarkin, chairman and chief executive officer. "Unfortunately, several pivotal external factors were working against us. At the time of the September 11 attacks, our borrowings against our credit facility were approaching their peak level with the August completion of the conversion program…Finally, all of this took place against the backdrop of a softening economy." The Company also announced an agreement with its bank group, led by Fleet Retail Finance, with respect to a cash collateral stipulation.
Play-by-Play Files Chapter 11 -- Nov 6, 2001
Play-By-Play Toys & Novelties, Inc. has filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Western District of Texas (San Antonio Division), listing total assets and liabilities of $36.8 million and $46.6 million, respectively. The Company recently announced that Ottis Byers was appointed as chairman and chief executive officer, replacing Tomas Duran.
Phoenix Restaurant Files Chapter 11 -- Nov 6, 2001
Phoenix Restaurant Group, Inc. announced that the Company has filed a voluntary petition for Chapter 11 protection with the U.S. Bankruptcy Court, converting an October 18, 2001 involuntary Chapter 7 filing. The Company further announced that it has secured a $3.5 million in interim debtor-in-possession financing.
General DataComm Files Chapter 11 -- Nov 6, 2001
General DataComm Industries, Inc. announced that the Company and its domestic subsidiaries have filed voluntary petitions for relief pursuant to Chapter 11 of the Bankruptcy Code with the U.S. Bankruptcy Court in the District of Delaware.
Phoenix Restaurant Files Chapter 11 -- Nov 5, 2001
Phoenix Restaurant Group, Inc. announced that the Company has filed a voluntary petition for Chapter 11 protection with the U.S. Bankruptcy Court, converting an October 18, 2001 involuntary Chapter 7 filing. The Company further announced that it has secured a $3.5 million in interim debtor-in-possession financing.
General DataComm Files Chapter 11 -- Nov 5, 2001
General DataComm Industries, Inc. announced that the Company and its domestic subsidiaries have filed voluntary petitions for relief pursuant to Chapter 11 of the Bankruptcy Code with the U.S. Bankruptcy Court in the District of Delaware.
Quality Stores Files Chapter 11 -- Nov 2, 2001
Quality Stores, Inc. filed for voluntary Chapter 11 protection with the U.S. Bankruptcy Court in the Western District of Michigan. The voluntary petition converts the involuntary filing against the Company on October 20, 2001.
Bry-Lin Files Chapter 11 -- Oct 31, 2001
Bry-Lin Hospitals has announced that it filed for Chapter 11 protection with the U.S. Bankruptcy Court. Eric Pleskow, president and CEO, attributed the filing to a number of factors, including a "problematic conversion of Y2K software that shut down the hospitals billing system for an extended period of time, a delay in anticipated aid from New York state and the ongoing struggle with health maintenance organizations over reimbursement rates."
Tri-National Files Chapter 11 -- Oct 25, 2001
Tri-National Development Corp. announced that it filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of California, listing total assets and liabilities $86 million and $33 million, respectively. The Company is represented by Colin W. Wied.
MerchantOnline Files Chapter 11 -- Oct 24, 2001
MerchantOnline.com, Inc. announced that it has filed for voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code with the U.S. Bankruptcy Court in West Palm Beach, Florida. "We expect to be in a much stronger financial position going forward, with no debt and a much smaller cash requirement," commented Mr. Degracia. "With the growth in revenue projected from our contracts and pending contracts, combined with the continued reduction of costs, we will be on a faster path to profitability."
Quality Stores Faces Involuntary Chapter 11 -- Oct 23, 2001
Triton Partners LLC; Pacholder High Yield Fund, Inc.; and Conseco Capital Management, Inc. announced that several of their various managed funds, which hold the 10-5/8% Senior Notes due 2007 of Quality Stores, Inc., have commenced an involuntary chapter 11 case against the Company with the U.S. Bankruptcy Court in the Western District of Michigan in Grand Rapids.
Planet Hollywood International Files Chapter 11 -- Oct 22, 2001
Planet Hollywood International Inc. announced that it and 18 of its units had filed voluntary petitions for Chapter 11 reorganization in U.S. bankruptcy court, saying the aftermath of the Sept. 11 attacks had impacted the restaurant chain's core business.
Semiconductor Laser Files Chapter 11 -- Oct 22, 2001
Semiconductor Laser International Corporation filed a voluntary petition for reorganization under Chapter 11 with the U.S. Bankruptcy Court in the Northern District of New York. The Company announced that it was unable to reach an accommodation with its major bank creditor BSB Bank & Trust Company and as a result of this and other factors was compelled to seek reorganization in order to sustain operations. Geoffrey T. Burnham, President and Chief Executive Officer of SLI stated: "SLI is currently in negotiations with three separate entities that could provide SLI with a combination of asset-based financing, licensing fees and joint venture opportunities….We hope that all of our customers and suppliers will continue to work with us through this transition period. Of course there can be no assurance that we can identify additional sources of financing or sustain our operations."
Lyon's Files Chapter 11 -- Oct 22, 2001
Lyon's of California, Inc. filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of California. The Company stated that the filing was the result of higher energy prices, the weak economy, and a significant decrease in business following the September 11th attacks.
Anacomp Files Chapter 11, Plan -- Oct 22, 2001
Anacomp, Inc. announced that the Company has filed a voluntary petition for Chapter 11 reorganization with the U.S. Bankruptcy Court in the Southern District of California, concurrently filing a pre-negotiated Plan of Reorganization with the Court. The Company has also announced receipt of final credit approval on a new term sheet with its existing senior lending group, led by Fleet National Bank. The new revolving credit facility will be available upon confirmation of the restructuring plan to fund post-petition operating expenses and supplier and employee obligations. Under the Plan, the Notes and existing Anacomp Common Stock would be canceled, and new common stock issued. New Class A Common Stock would be distributed to the holders of the Notes, as well as reserved for issuance as incentive compensation to Anacomp personnel. New Class B Common Stock would be distributed to holders of existing Anacomp Common Stock and would be subject to additional dilution, as provided in the plan. For each share of existing Common Stock held immediately prior to the effective date of the plan, common stockholders would receive .0002769 shares of new Class B Common Stock. In addition, for each share of new Class B Common Stock held immediately following the effective date, common stockholders would receive 194.12 warrants. Each warrant would be exercisable for a period of five years for the purchase of one share of the new Class B Common Stock at an exercise price of $61.54 per share. Upon consummation of the plan, holders of Class A Common Stock would own 99.9% of Anacomp's equity and those holding Class B Common Stock would own 0.1%.
American Classic Voyages Files Chapter 11 -- Oct 22, 2001
American Classic Voyages, Inc. announced that it has filed a voluntary petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code with the U.S. Bankruptcy Court in the District of Delaware. The case number is 01-10954, and the Company is represented by Delaware's Joseph J. Bodnar, Esq.
ABC NACO Files Chapter 11 -- Oct 19, 2001
ABC NACO, Inc. announced that the Company and its U.S. subsidiaries have filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Northern District of Illinois. The Company said the filings were primarily the result of the severe downturn in the rail supply industry and the company's large debt burden. The Company also announced that it has received a commitment for a $20 million debtor-in-possession financing facility from its existing senior secured bank group.
VecTour Files Chapter 11 -- Oct 19, 2001
VecTour, Inc. and 15 affiliates filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware. The case number is 01-10903, and Judge Katz is presiding. The Company's petition lists total assets and liabilities of $159 million and $137 million, respectively. The Court has subsequently approved the Company's motion for $5 million in debtor-in-possession financing provided by its existing bank group led by ING Capital, LLC.
Cygnifi Files Chapter 11, Announces Sale -- Oct 17, 2001
Cygnifi Derivatives Services, LLC announced that it filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of New York. The Company also announced that it has compiled a detailed product description providing an outline of the intellectual property the Company is offering for sale as part of its Chapter 11 process. The following are among the intellectual property assets the Company is offering: Kapital Risk Management System, a portfolio and risk management application; Aladdin, a spreadsheet based multi-currency pricing tool; Cygnifi Analytics Library; Sampras, a system for monitoring counterparty credit exposure and risk; Collateral Manager, a collateral operations support system; Collateral HeatMap, which provides collateral managers with advanced tools for evaluating risk in a collateralized portfolio; Trinity, a legal information service; Jamshidian Swap Market Model, a proprietary swap market model; BLUE Derivatives Pricer, a derivatives valuation application; Djinni Swaps Pricer, an interest rate swap valuation application; Derivates Studio Web-based Derivatives Pricer, an interest rate and FX derivatives valuation system; Vizz Valuation Service, a web application to manage a portfolio of flow and exotic interest rate derivatives online; and Mondrian, a P&L and Positions consolidation system.
eLOT Files Chapter 11 -- Oct 16, 2001
eLOT, Inc. announced that it and its subsidiary eLottery, Inc. have filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of New York. The Company anticipates an early filing of a plan of reorganization and hopes the reorganization process to be complete in early 2002.
Bethlehem Steel Files Chapter 11 -- Oct 15, 2001
Bethlehem Steel Corp. filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of New York, citing the slowing economy and unfairly traded steel imports as primary reasons. In addition, the Company announced that it has secured a $450 million debtor-in-possession financing facility to be provided by GE Capital, pending Court approval. Robert S. Miller, Jr., Chairman and Chief Executive Officer, commented, "This step is imperative to preserve not only the Company's future, but also the future of our workforce. Working together with the USWA and government, management intends to take full advantage of the opportunities afforded by the Chapter 11 process to return Bethlehem to sustained profitability." During bankruptcy proceedings, the Company intends to continue steel production without interruption.
Regal Cinemas Inc. Files Chapter 11 -- Oct 12, 2001
Regal Cinemas Inc., the world's largest cinema chain, announced that it filed to reorganize under Chapter 11 bankruptcy law. The company said terms of its reorganization plan were accepted by a majority of holders of its subordinated bonds and other general unsecured creditors, including suppliers, who voted on the plan. The company has asked for a hearing to confirm the bankruptcy plan on December 7. The plan calls for certain senior bank debt holders to receive payment of accrued interest and 100 percent of reorganized Regal's common stock, subject to dilution by a new management incentive plan. During the reorganization process, which is expected to last 60 to 90 days, daily operations of Regal's U.S. theaters will continue without interruption, Regal Chairman and Chief Executive Michael Campbell said.
iBEAM Files Chapter 11, Announces Agreement -- Oct 12, 2001
iBEAM Broadcasting(R) Corp. announced it has signed an agreement with Williams Communications, pursuant to which Williams Communications will acquire substantially all of iBEAM's assets for $25 million in cash and assume certain of iBEAM's liabilities. The transaction includes a loan from Williams Communications to iBEAM, which is to be repaid upon the consummation of the asset sale, that funds iBEAM's operations through the sales transition period. Concurrently, iBEAM announced today that it has filed for Chapter 11 protection with the U.S. Bankruptcy Court.
Pensat Files Chapter 11 -- Oct 12, 2001
DataStream Global Communications announced that its Pensat, Inc. subsidiary has filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Columbia. The Company commented that current conditions facing the national economy and, in particular, the telecom and financial markets have created an environment in which it has been unsuccessful in securing the financing necessary to fund the working capital requirements to continue its U.S.A.-based operations resulting in the accumulation of excessive losses in this business unit.
Cyber Edge Files Chapter 11, Announces Agreement -- Oct 9, 2001
Cyber Edge Enterprises, Inc. filed for Chapter 11 protection with the U.S. Bankruptcy Court. The Company further announced that an agreement has been reached with the Major Judgment Holder. The Company also stated that it is aggressively seeking out Merger Candidates to bring back shareholder value to the Company.
Burpee Files Chapter 11 -- Oct 9, 2001
Burpee Holding Company, Inc. filed for Chapter 11 protection with the U.S. Bankruptcy Court in Philadelphia, Pennsylvania. George C. Ball Jr., chairman, commented, "This does not have any effect on our operating subsidiaries. This is just a credit and financing issue on the holding company."
Aztec Technology Files Chapter 11 -- Oct 9, 2001
Aztec Technology Partners, Inc. announced that the Company and its operating subsidiaries filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Massachusetts (Boston Division). The Company blamed the filing on its bank lenders refusal to grant an additional extension of the deadline to renegotiate the repayment of its debt and demand for payment in full of the loan. Peter A. Pelletier, interim chief executive officer, commented, "We had worked hard for months to reach a mutually acceptable restructuring of our bank debt. However, once the banks ended negotiations, we determined that it was in the best interests of our customers, suppliers, and employees to seek bankruptcy protection."
Cohen Medical Files Chapter 11 -- Oct 9, 2001
Cohen Medical Corp. filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Central District of California. According to Nevada's Insurance Commissioner, Alice Molasky-Arman, the Company may immediately cease operations. Molasky-Arman asserted that she was "strongly dissatisfied" by the Company's failure to provide adequate notice regarding the cessation of operations and subsequent termination of healthcare coverage.
Wall Street Deli Files Chapter 11 -- Oct 3, 2001
Wall Street Deli, Inc. announced that it has filed a voluntary petition for Chapter 11 protection with the U.S. Bankruptcy Court. The Company stated that the September 11th terrorist attacks resulted in the temporary closing of virtually all of the Company's restaurants in the Washington, D.C.-area, where 35% of the Company's restaurants are located. In addition, most of the remaining restaurants located in high-rise office buildings across the United States closed on that day. In addition, negotiations on the sale of the various restaurants and markets have not been consummated, which has lowered cash inflows further.
Aladdin Gaming Files Chapter 11 -- Oct 1, 2001
Aladdin Gaming, Inc. filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Nevada. The Company announced that its filing will enable the Aladdin Resort and Casino to continue operating while the Company formulates a plan of reorganization. The Company further announced that a group of lenders led by Bank of Nova Scotia agreed to provide $9 million in funding to meet short-term cash needs and have expressed willingness to loan an additional $41 million, as needed.
ExciteAtHome Corp. Files Chapter 11 -- Oct 1, 2001
ExciteAtHome Corp. announced that it filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Northern District of California (San Francisco). The case number is 01-32495, and Judge Thomas Carlson is presiding. The Company further announced that it has reached agreement on the sale of its broadband Internet access business to controlling shareholder, AT&T Corp., pending a U.S. Bankruptcy Court auction and Court approval.
Federal-Mogul Files Chapter 11 -- Oct 1, 2001
Auto parts maker Federal-Mogul Corp. announced that it is seeking federal bankruptcy protection in the United States and the United Kingdom, citing asbestos liability. During the Chapter 11 restructuring proceedings, the company will continue its auto parts business as usual, Federal-Mogul chairman and chief executive Frank Macher said in a statement.
