Indianapolis-based mall owner Simon Property Group is among the retailer’s largest unsecured creditors; it is owed more than $3 million in rent payments.
Owner of Carmel’s Clay Terrace files for bankruptcy
Washington Prime Group, which filed for bankruptcy Sunday, said it may end up selling some or all of its properties as part of its restructuring. The company also owns several other local retail centers.Read More
Surprise plunge in bankruptcies puts attorneys to test
Economists thought economic turmoil caused by the COVID-19 pandemic would cause bankruptcy filings to surge. Instead, they’ve plummeted, which is forcing bankruptcy practitioners across the state to cut costs or find other work to fill the void.Read More
Hamilton Town Center multiplex to reopen as luxury theater
Michigan-based Emagine said it expects to reopen the Noblesville theater this summer. The theater’s previous operator filed for bankruptcy last year.Read More
Marsh bankruptcy leaves creditors with losses of $340M
The trustee liquidating the grocery chain this month asked the court to close the case, saying he had wrapped up the process of selling off assets and turning proceeds over to creditors.Read More
A federal judge dismissed the National Rifle Association’s bankruptcy case Tuesday, leaving the powerful gun-rights group to face a New York state lawsuit that accuses it of financial abuses and aims to put it out of business.
The 23,000-square-foot restaurant-and-entertainment venue, part of a Denver-based chain, has been closed since March 2020, eliminating 91 jobs.
With most liquidation efforts complete, Celadon has raised only $75 million—$45 million short of the $120 million it needed to satisfy a loan from its secured creditors.
Washington Prime Group, a Simon Property Group spinoff that owns several other local shopping centers, barely missed defaulting on a $23.2 million interest payment this week before securing a forbearance agreement that ends on March 31.
Washington Prime Group skipped a $23 million interest payment on its debt in February, and its negotiations with lenders reportedly are faltering.
Steak ‘n Shake Inc. is accusing the investment firm of misusing confidential business information in a scheme to take control of the restaurant chain’s assets.
FTI Consulting will work with the Indianapolis-based company as it explores a possible out-of-court restructuring of its debt and lease obligations or a bankruptcy filing, The Wall Street Journal reported.
The publicly traded chain said in a statement that it expects to close “a significant portion, if not all” of its 449 physical stores. The retailer has three stores in the Indianapolis area.
The company, which opened a location in downtown Indianapolis in 2016, describes its business as being in a “mothballed period” and said that it anticipates reopening venues “once it is safe to do so.”
The cars had been owned by Najeeb Khan, the former CEO of Interlogic Outsourcing Inc., an Elkhart-based payroll processing firm that was sold after filing for bankruptcy protection last year.
Labor experts and bankruptcy attorneys say the payouts are particularly egregious—and unjustifiable—during an economic crisis, and were timed to bypass a 2005 law passed specifically to prevent executives from prospering while their companies flailed.
Substantially all of J.C. Penney’s retail and operating assets will be acquired by Indianapolis-based Simon Property Group and Brookfield Asset Management Inc. and through a combination of cash and new term-loan debt.
The tentative rescue deal, which would preserve about 70,000 jobs, includes a $300 million equity investment by landlords Simon Property Group and Brookfield Property Partners, a lawyer for J.C. Penney said at a Wednesday bankruptcy hearing in Texas.
Prosecutors say the court should deny William Meek’s request to travel to Mexico for his birthday while he awaits trial on multiple fraud charges.
The struggling Canada-based retail chain is closing all 42 of its stores in the United States as it restructures its finances.
The struggling retailer, which was sued last month by Simon Property Group for unpaid rent, plans to close a quarter of its stores.
The health and wellness company’s Chapter 11 petition filed in U.S. Bankruptcy Court allows the retailer to keep operating while it pursues a dual-track process to restructure its balance sheet in a standalone plan or complete a sale
The Dallas-based discount retail chain filed for Chapter 11 bankruptcy protection May 27, citing financial strains caused by COVID-19-related store closures.