Per www.globalinsolvency.com:

Wed., September 10, 2014A steering committee of creditors of Saudi Arabian conglomerate Ahmad Hamad Algosaibi and Brothers (AHAB) has been formed to negotiate its debt restructuring, Algosaibi said on Tuesday, Reuters reported. The family group, which collapsed in 2009 during the global financial crisis, said in May this year that it had direct liabilities to financial institutions worth around $6 billion, and proposed a restructuring plan that would repay creditors a minimum of 20 cents on the dollar. AHAB said in a statement on Tuesday that a creditors' committee had been formed with representatives from five Gulf and international institutions. Eighty-seven of 108 claimants, representing about 59 percent of the overall debt and around 89 percent of the debt claimed by non-Saudi institutions, are now formally engaged in the settlement process or have expressed an interest in becoming involved, AHAB said. "Nearly every non-Saudi bank is now involved in the process, and we are encouraging the Saudi-based financial institutions to join as well," said Simon Charlton, AHAB's acting chief executive.

The COMI
(posted 1 week 2 days ago)

The New York Times ' Neil Irwin says Apple Pay is trying to solve a problem that isn't a problem, but heÂ's missing the point.

BankThink
(posted 1 week 2 days ago)

Bankruptcy Case This is the bankruptcy case study for JW from Chicago Illinois who is seeking bankruptcy protection. There is no real estate involved in this case. There is no rental situation in this case. The client owns a 2014 Nissan Versa which is financed through Nissan Acceptance Corporation. The vehicle is worth $17,000 and+ Read More
The post Bankruptcy Case Study For J.W. From Chicago, Illinois appeared first on David M. Siegel.

(posted 1 week 2 days ago)

Five of Atlantic City’s 12 casinos could close this year, following Trump Entertainment Resorts’ bankruptcy filing this past Tuesday.
The company owns Trump Plaza, a casino slated to close next week. Trump’s Taj Mahal could follow suit in November if the company cannot receive concessions from union workers.
According to paperwork filed with the U.S. Bankruptcy Court, Trump Entertainment estimates its liabilities range between $100 million and $500 million and assets no greater than $50,000. The company missed last quarter’s tax payment and currently does not have enough revenue to pay lenders this month, as reported by the Washington Post.
In a statement to the New York Times, Fitch Ratings analyst Alex Bumazhny indicates the Taj Mahal closure comes as a surprise: “The property is almost breaking even and will benefit from the closure of Trump Plaza.”
Three casinos have closed since January in lieu of increased competition from neighboring states. On CNBC’s “Closing Bell,” financial researcher Frank Fatini claims new casinos in Pennsylvania and New York state have “taken away…the convenience gambler, the ‘daytripper’”from Atlantic City.
Bloomberg states that higher labor costs and real estate taxes have also hurt Atlantic City’s profits.
The closing of the Taj Mahal could leave 2,800 workers unemployed, raising the year’s total loss in Atlantic City casino jobs to above 8,000.

Total Bankruptcy
(posted 1 week 2 days ago)

CNBC published an article in June  that piqued our interest at Accredited Investor Marets because of its perspective on the seemingly established startup financing method, venture capital, being overtaken by the “new kid,” crowdfunding.
Will VCs have to work harder than ever to get in on the ground floor with start-ups? Don’t count venture capital out yet, as not all the cards have been dealt yet and crowdfunding may not be able to compete when all is said and done.
Click here to read more about crowdfunding and venture capital in the race for investment cash.
Print

(posted 1 week 2 days ago)

Abogado de Bancarrota ofreciendo consultas Gratis los Sabados en San Fernando Valley.
 

Los Angeles Bankruptcy Blog
(posted 1 week 2 days ago)

On August 26, 2014, Judge Drain concluded the confirmation hearing in Momentive Performance Materials and issued several bench rulings on cramdown interest rates, the availability of a make-whole premium, third party releases, and the extent of the subordination of senior subordinated noteholders. This four-part Bankruptcy Blog series examines Judge Drain’s rulings in detail, with Part I of this series having provided you with a primer on cramdown in the secured creditor context. Today’s Bankruptcy Blog post, Part II of this series, will examine Judge Drain’s cramdown decision in more detail. Part III will focus on the extent of the subordination of senior subordinated noteholders, and Part IV will explore both the “make-whole” aspects of Judge Drain’s decision and third party releases.
Judge Drain’s Cramdown Holding: Interest Rate on Secured Debt May Be Below Market Even When Market Rate Determinants Exist

(posted 1 week 2 days ago)

More millennials could become homeowners if banks educate them about private student loan refinancing options and programs that can help them obtain affordable mortgages.

BankThink
(posted 1 week 2 days ago)

The Federal Rules of Bankruptcy Procedure are being amended effective December 1, 2014.  Bankruptcy rules 1014, 7004, 7008, 7054, 8001–8028, 9023, and 9024 will all undergo some changes.  Be aware of the time change to rule 7004 regarding service of a Summons.  There are a variety of changes to the appellate rules.  I am attaching a copy of the amended rules as submitted here.Pages from congressional-package-for-congress

(posted 1 week 2 days ago)