Multitude of creditors left high, dry as Celadon bankruptcy case closes
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.
Bankruptcy
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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.
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Report: Steak n Shake hires adviser to help it navigate debt morass
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.
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Punch Bowl Social restaurant chain files for bankruptcy
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.”
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IndyGo purchases former Celadon offices for $3M
The east-side site, at 9503 E. 33rd St., will serve as an additional location for IndyGo, which has outgrown its current West Washington Street headquarters.
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Articles
Owner of Carmel’s Clay Terrace acknowledges possible bankruptcy filing
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.
Owner of Carmel’s Clay Terrace preparing bankruptcy filing, report says
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 sues lender Fortress after averting bankruptcy
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.
Christopher & Banks files bankruptcy, closing stores
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.
Auction of rare autos once owned by northern Indiana businessman nets $44M
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.
Bonuses before bankruptcy: Companies doled out millions to executives before filing for Chapter 11
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.
J.C. Penney predicts bankruptcy protection exit by Christmas
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.
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.
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.
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.
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.
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.
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.
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.