Prosecutors object to former Celadon exec’s Mexico travel plans
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.
Bankruptcy
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Simon, Brookfield reach deal with lenders to acquire bankrupt J.C. Penney
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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David’s Tea closes Fashion Mall store, exits U.S. market
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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Discount retailer with 8 central Indiana stores files for bankruptcy, seeks buyer
Store closures due to the coronavirus crisis undermined the department store chain’s parent company and its ability to get financing to continue operations.
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Owner of Try It Tiny files bankruptcy, dissolves company
The Airbnb concept for tiny houses was dissolved March 23 with more than $765,000 in outstanding business debt.
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Articles
Retailer Brooks Brothers, worn by Lincoln and Kennedy, goes bankrupt
The struggling retailer, which was sued last month by Simon Property Group for unpaid rent, plans to close a quarter of its stores.
GNC files bankruptcy, plans to close up to 1,200 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
Tuesday Morning to close two of three Indianapolis stores
The Dallas-based discount retail chain filed for Chapter 11 bankruptcy protection May 27, citing financial strains caused by COVID-19-related store closures.
Last Indianapolis Bravo! restaurant closes permanently
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.
Fashion retailer J. Crew files for bankruptcy protection
Even before COVID-19 spread, the company was struggling because shoppers were defecting to online merchants and consumer tastes were changing.
Flood of business bankruptcies likely in coming months
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.
Record bankruptcies predicted in next year as unemployment soars
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.
Celadon auctioning off equipment from east-side headquarters
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.
Prominent exec pulled into wife’s legal woes
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.
Recovery for Durham fraud victims hinges on high-stakes trial
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.
UPDATE: Pier 1 files for bankruptcy protection, to close 7 Indiana stores
The retailer, led by the former CEO of HHGregg, has been struggling with increased competition. It plans to close seven stores in Indiana.
UPDATE: Future of Boy Scouts uncertain after massive bankruptcy filing
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.
Celadon alleges North Carolina company is holding its vehicles for ‘ransom’
The trucking firm won a temporary restraining order against the repo company on Thursday.
CEO leaving bankrupt Celadon for new logistics job
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.
Celadon selling Andy Warhol prints as part of bankruptcy
The Warhol screen prints, four brightly colored pieces depicting tractor trailer trucks, hung in the trucking company’s corporate offices.
Tennessee company seeks to buy 20-acre Celadon site
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.
Warren’s new bankruptcy plan could spark a clash with Biden
Sen. Elizabeth Warren is promising to remake the nation’s consumer bankruptcy system if elected president, returning to her political roots while also potentially picking a fight with a top rival for the Democratic nomination, former Vice President Joe Biden.
Presidential candidate Sen. Elizabeth Warren and on Tuesday unveiled a plan she said would make the process of declaring bankruptcy easier and cheaper for many Americans with debts they can’t pay.
Bankrupt Celadon plans to sell 102-acre campus
Most of Celadon’s real estate holdings in Indianapolis are on the east side, where available industrial land is in short supply. So, observers say, the anticipated divestiture should attract plenty of attention.
Celadon shutdown to create shipping headaches for Fortune 500 firms
The company moved goods for many well-known companies, including Alcoa, General Electric, John Deere, Philip Morris, Procter & Gamble, Target and Walmart.