OC Chapter 7 Bankruptcy filings, November 2009

December 9, 2009 · Posted by admin

As we get closer to the end of this year, Chapter 7 bankruptcy filings for the month of November 2009 have not decreased.

Research done by a leading bankruptcy law firm concluded that Anaheim, Costa Mesa, Fullerton, Garden Grove, Huntington Beach, Irvine, Mission Viejo,  Newport Beach, Orange, and Santa Ana are reported as the cities with the most cases filed.

Chapter 7 bankruptcy attorneys have also seen a high number of bankruptcies filed in Westminster, Tustin, Lake Forest, Buena Park and Aliso Viejo.

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Bankruptcy Judge Approves GM’s Chapter 11 Plan

July 9, 2009 · Posted by Alex

From the North County Times online:

“A bankruptcy judge has ruled that General Motors Corp. can sell the bulk of its assets to a new company, potentially clearing the way for the automaker to quickly emerge from bankruptcy protection.

U.S. Judge Robert Gerber said in his 95-page ruling late Sunday that the sale was in the best interests of both GM and its creditors, who he said would otherwise get nothing.

‘As nobody can seriously dispute, the only alternative to an immediate sale is liquidation —- a disastrous result for GM’s creditors, its employees, the suppliers who depend on GM for their own existence, and the communities in which GM operates,’ Gerber wrote in his ruling.

An appeal is expected. A Chicago law firm representing people who have sued GM in several auto accident cases filed paperwork Monday saying it would appeal to U.S. District Court in New York. The deadline to appeal is noon Thursday, after which point Gerber’s order takes effect and the sale is free to close.

Attorneys for some of GM’s bondholders, unions, consumer groups and individuals with lawsuits against the company have said their needs have been pushed aside in favor of the interests of GM and the government.”

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Bankruptcy Protection Sought By Another Orange County Retailer

March 16, 2009 · Posted by Alex

From the OC Register online:

“Retail chain Everything But Water recently filed for Chapter 11 bankruptcy protection, according to a court document.

The chain has Everything But Water stores at Brea Mall, South Coast Plaza and The Shops at Mission Viejo, according to its Web site.

The company wants to close 10 stores; none of those are in Orange County, according to a court document.

During the period from late September to December 2008, the company experienced a more than 23 percent decrease in gross sales compared to the same period in 2007. Still, the company showed a profit for 2008. But recognizing that no end to the economic crisis was in sight, the company began efforts to reduce expenses and streamline operations as early Sept. 15, 2008. The company has been operating at a net loss in 2009, according to a court document.

The company is also attempting to sell the business as a going concern in Chapter 11, according to a court document.

Everything But Water has been a retailer of women’s swimwear, resort wear and accessories for 25 years. In October of 2006, Everything But Water acquired the assets of another retailer in the same line of business, Water Water Everywhere, and in February of 2007, Everything But Water acquired the stock of Just Add Water, effectively doubling the size of the business’ retail operations.

The Florida-based company has 70 stores in malls and strip malls in 26 states and Puerto Rico.

In April of 2006, Everything But Water was acquired by Bear Growth Capital Partners, an affiliate of Bear Stearns Merchant Banking, which is now a part of J.P. Morgan Chase Bank.”

Both Chapter 11 bankruptcies and Chapter 7 bankruptcies have seen a marked increase in Orange County this year, according to the bankruptcy attorneys at Curtis Law Group, a bankruptcy law firm with Orange County offices in Irvine, Mission Viejo, and Fullerton.

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Smurfit-Stone Seeks Bankruptcy Protection

January 26, 2009 · Posted by Alex

From the Orange County Register online:

“Smurfit-Stone Container Corp., the largest producer of cardboard box materials in North America, on Monday filed for Chapter 11 bankruptcy protection as it looks to restructure a heavy debt amid a global credit freeze…The company said it expects to continue operations during the bankruptcy process and has received commitments for up to $750 million in debtor-in-possession financing to fund continuing operations. Of that $750 million, some $350 million is new incremental financing, while the remainder represents replacement of existing credit.

Earlier this month, a report said Smurfit-Stone was actively exploring bankruptcy protection and had engaged a law firm and financial advisers with expertise in bankruptcy filings.

Analysts responded positively to the filing.

‘The main thing is that this was an expected event and overall being a Chapter 11, instead of a Chapter 7 filing, it is good for the company and good for the industry longer term,’ said Longbow Research analyst Joshua Zaret.”

Smurfit-Stone had a corrugated container facility in Fullerton, Orange County until last year, when it was sold.  It is possible that some of the many Orange County bankruptcy attorneys that abound in the area were prospectively culled to represent Smurfit Stone in their case.  We can only speculate about that, however, as the Orange County Register article does not disclose the name of the bankruptcy law firm retained for Smurfit’s bankruptcy case.

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