Bankruptcy

Bank of Indiana parent files Chapter 11, to sell branches

April 10, 2013
Chris O'Malley
The bankruptcy of Bank of Indiana's parent and the planned sale of its branches bring to a close management's quest to turn around an institution that was buffeted by borrower defaults during the financial crisis.
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Centre Properties puts 3 strip centers into Chapter 11

March 19, 2013
Scott Olson
The Indianapolis developer said the bankruptcy filings are intended to prevent lender Bank of America from forcing the sale of RiverPlace Shops in Fishers, Raceway Market Shops in Indianapolis and Greenwood Crossing in Greenwood.
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Tangle with Huntington Bank could fell ‘Peanut King’Restricted Content

March 2, 2013
Greg Andrews
The company, which roasts nuts and sells concession equipment, filed for bankruptcy to stave off Huntington National Bank, which had filed to foreclose on its real estate.
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Bankruptcy stops condos' auction

February 18, 2013
Dan Human
An Indianapolis developer’s last-minute bankruptcy filing halted the auction of a struggling downtown condominium project.
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Judge OKs sale of Indiana's oldest ethanol plant

February 6, 2013
Associated Press
A joint venture bought the New Energy Corp. plant at auction last week for $2.5 million. New Energy had hoped the auction would cover the company's $54 million in debt. A large portion of that debt is owed to the U.S. Department of Energy, which guaranteed the original loans.
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Simon unit suing Stir Crazy chain for unpaid rent

February 1, 2013
Scott Olson
The owner of Castleton Square Mall is suing its former tenant for $471,031 following the restaurant's closing late last month.
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Real estate developers' exhilaration turns to pain in bankruptcyRestricted Content

January 26, 2013
Greg Andrews
Many Indianapolis developers know the feeling. In good times, few industries generate an adrenalin rush like real estate development. But it’s a highly leveraged business built upon certain assumptions that proved flimsy when the financial crisis hit.
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Developer loses fraud appeal

December 28, 2012
Scott Olson
The Indiana Court of Appeals affirmed Christopher White's 2009 conviction, resulting from a $500,000 bad check he wrote as he tried to save his real estate development firm.
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Slinky maker’s owner buys bankrupt Fundex for $1.7M

December 20, 2012
Scott Olson
Private equity firm Propel Equity Partners is acquiring Fundex following a court-ordered auction in which a surprise bidder surfaced, driving up the price of the company.
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Slinky maker hoping to purchase bankrupt Fundex

December 4, 2012
Scott Olson
Plainfield-based Fundex Games Ltd., which filed for bankruptcy protection in September, said Poof-Slinky Inc. is the only potential purchaser that has shown interest in acquiring the company's assets.
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Durham fate rests in judge's hands

November 29, 2012
Cory Schouten
Convicted Ponzi schemer Tim Durham and two accomplices will find out Friday whether they will spend the rest of their lives in prison.
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Local designer’s bankruptcy tied to Fair Finance

November 28, 2012
Scott Olson
SC Design Inc. lists debt of $1.5 million. Most of it is owed to Fair Finance, formerly co-owned by convicted fraudster Tim Durham, through a claim filed by a trustee seeking to recover investor funds.
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Twinkies likely to survive sale of Hostess

November 19, 2012
Associated Press
Other companies are interested in bidding for at least pieces of Hostess because of the high brand recognition and $2.5 billion in annual revenue. Twinkies alone have brought in $68 million in revenue so far this year.
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Battered Broadbent climbs back from brinkRestricted Content

November 10, 2012
Cory Schouten
One of the city’s best-known retail developers is alive and kicking again after a harrowing real estate downturn and protracted legal battle with two lenders.
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Local lawyer appointed federal bankruptcy judge

October 31, 2012
James M. Carr of the Indianapolis law firm Faegre Baker Daniels LLP has been appointed to a 14-year term effective Jan. 1. His selection follows the recent appointment of Marion Superior Court Judge Robyn Moberly.
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Judge tosses out lawsuit blasting Irwin executivesRestricted Content

October 6, 2012
Greg Andrews
A judge dismissed a lawsuit filed by Irwin Financial Corp.'s bankruptcy trustee, saying the only party with the right to bring suit was the bank’s receiver, the Federal Deposit Insurance Corp. It didn't do so by last month's deadline.
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Chrysler drives off with $2.5M refund from Duke Energy

October 5, 2012
Chris O'Malley
The automaker had claimed in a complaint to the state that Duke acted in "draconian" fashion by holding onto the seven-figure deposit for service at its Kokomo plant since 2009.
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Hostess to cut wages for Indiana bakers in labor deal

October 4, 2012
 IBJ Staff
Hostess Brands Inc., the maker of Twinkies and Wonderbread, has received the go-ahead from a U.S. bankruptcy court judge to lower wages for thousands of bakery workers, affecting more than 400 employees in Indiana.
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Sale of signature game Phase 10 sent Fundex into ditchRestricted Content

September 29, 2012
Greg Andrews
The nightmare that culminated with the Plainfield-based company’s recent Chapter 11 bankruptcy filing began in the depths of the financial crisis, when the company’s lender yanked its more-than-$10-million line of credit.
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Indiana Grand Casino owners accept bid from Centaur

September 18, 2012
Kathleen McLaughlin, Associated Press
Central Indiana’s two racetrack-casinos may consolidate under a single owner after Indianapolis-based Centaur Holdings LLC submitted a winning bid of at least $500 million for Indiana Grand Casino in Shelbyville.
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Game maker Fundex files for bankruptcy reorganization

September 11, 2012
Scott Olson
The once high-flying Fundex is seeking to reorganize under the protection of bankruptcy as the lawsuits against the Plainfield-based company continue to pile up. Fundex lists assets of nearly $1.5 million and liabilities of $8.9 million.
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Solar panel maker Abound to auction off assets

September 10, 2012
 IBJ Staff and Bloomberg News
Abound Solar Inc., the bankrupt solar-panel maker that had hoped to hire up to 1,200 people in Indiana by the end of next year, will have its assets sold at auctions this month and in October.
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Faction turns on trustee in Eastern Livestock bankruptcyRestricted Content

August 25, 2012
Greg Andrews
Things have suddenly taken an ugly turn for veteran Indianapolis attorney Jim Knauer and his legal advisers at Faegre Baker Daniels, who are under attack by parties that want them bounced from the massive bankruptcy case for Eastern Livestock Inc.
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Area couple's bankruptcy filing lists $18.5M in debt

July 23, 2012
Scott Olson
An Indianapolis-area couple that operated more than two dozen companies—including one that provided financial counseling—has filed for bankruptcy, listing $18.5 million in debt that includes unpaid business loans and mortgages for homes in Florida and Wyoming.
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Shelbyville racino operator settles with ex-manager Cordish

July 9, 2012
Bloomberg News
The operator of Indiana Grand Casino and Indiana Downs horseracing track in Shelbyville has reached a $3.5 million settlement with the property’s former manager, The Cordish Co., that helps pave the way for its reorganization.
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