Zionsville-based online retailer Parker Gwen files for bankruptcy
The Chapter 7 bankruptcy filing lists 359 unsecured claims from customers with unfulfilled orders, including many for thousands of dollars.
Bankruptcy
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Fishers man accused of selling $230M in dubious financial products
The depth of the situation came to light after Robyn Dale “Rob” Whitlow, 51, filed for Chapter 7 bankruptcy protection late last month, declaring personal assets of $45,305, balanced against liabilities of just more than $2 million.
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Former Colts player, Stacked Pickle owner Gary Brackett files for bankruptcy
Brackett, who played for the Indianapolis Colts from 2003 to 2011, got into the restaurant business after retiring from the NFL. He closed his Stacked Pickle sports-bar chain in May 2020 because of the pandemic.
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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.
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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.
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Articles
Prosecutors to ask for eight-year prison sentence for former financial exec
A sentencing hearing is scheduled Thursday for BancServ Partners LLC founder Kerri Agee, who was found guilty on fraud and conspiracy charges in August.
Boy Scouts get conditional approval of $850M bankruptcy deal
A bankruptcy judge on Thursday approved a proposal by the Boy Scouts of America to enter into an agreement that includes a fund to compensate tens of thousands of men who say they were sexually abused as youngsters by Scout leaders and others.
Explainer: How Indiana evictions might surge post-moratorium
More than 51,000 eviction filings have been made in Indiana during the pandemic, including nearly 16,000 in the Indianapolis metropolitan area, according to Indiana Legal Services.
Jeweler Alex and Ani files bankruptcy after rapid expansion
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.
Judge dismisses NRA bankruptcy case in blow to gun group
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.
Punch Bowl Social to reopen downtown location next week
The 23,000-square-foot restaurant-and-entertainment venue, part of a Denver-based chain, has been closed since March 2020, eliminating 91 jobs.
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.
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.
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.
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.
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.
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.
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.”
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.
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.