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.
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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.
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The struggling Canada-based retail chain is closing all 42 of its stores in the United States as it restructures its finances.
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Store closures due to the coronavirus crisis undermined the department store chain’s parent company and its ability to get financing to continue operations.
Read MoreThe 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.
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 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.
The northwest-side location, in the Willow Lake East shopping center, was Bravo!’s last remaining Indianapolis location. Its parent company, Florida-based FoodFirst, filed for bankruptcy protection last month.
Even before COVID-19 spread, the company was struggling because shoppers were defecting to online merchants and consumer tastes were changing.
Business filings under Chapter 11 of the federal bankruptcy law rose sharply in March, and attorneys who work with struggling companies are seeing signs that more owners are contemplating the possibility of bankruptcy.
New research from economists at three Federal Reserve banks shows coronavirus-related bankruptcies could rise by 200,000, reaching almost 1 million, unless government stimulus programs offset the increase.
The Airbnb concept for tiny houses was dissolved March 23 with more than $765,000 in outstanding business debt.
Indianapolis-based Key Auctioneers will be handling the sale of office furniture, computers, truck parts and other items from Celadon’s east-side headquarters as the trucking company liquidates its assets in bankruptcy.
The trustee in former Banc-Serv CEO Kerri Agee’s bankruptcy is suing her husband, Indianapolis businessman Ben Crawford, in an effort to recoup more than $1.4 million.
A federal judge in northern Ohio has set aside three weeks for the jury trial, which pits Fair Finance Co.’s bankruptcy trustee against one of Fair’s former lenders, the Fortune 500 firm Textron Inc.
The retailer, led by the former CEO of HHGregg, has been struggling with increased competition. It plans to close seven stores in Indiana.
The Chapter 11 filing in federal bankruptcy court in Wilmington, Delaware, sets in motion what could be one of the biggest, most complex bankruptcies ever seen. Scores of lawyers are seeking settlements on behalf of several thousand men who say they were molested as scouts by scoutmasters or other leaders decades ago.
The trucking firm won a temporary restraining order against the repo company on Thursday.
Celadon CEO Paul Svindland, who joined the company in 2017 and tried to turn around the troubled trucking company, is departing for a CEO job at another logistics company.
The Warhol screen prints, four brightly colored pieces depicting tractor trailer trucks, hung in the trucking company’s corporate offices.
If other bidders emerge for the property, an auction will be held Jan. 22 at the New York City office of Celadon’s bankruptcy counsel, DLA Piper LLP.
