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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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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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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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 MoreAearo Technologies filed for Chapter 11 bankruptcy protection this week as a way to deal with the more than 230,000 product liability suits filed against the company and its corporate parent, 3M, in recent years over its now-discontinued Combat Arms earplugs.
Already weighed down by rising debt, Revlon’s problems only intensified with the pandemic as lipstick gave way to a new era in fashion, this one featuring medical-grade masks.
Electric vehicle startup Electric Last Mile Solutions Inc. planned to use a 650,000-square-foot plant that was formerly used to make Hummers to manufacture “last mile” battery-powered, urban delivery vans.
The Chapter 7 bankruptcy filing lists 359 unsecured claims from customers with unfulfilled orders, including many for thousands of dollars.
A sentencing hearing is scheduled Thursday for BancServ Partners LLC founder Kerri Agee, who was found guilty on fraud and conspiracy charges in August.
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.
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.
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.
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.
Michigan-based Emagine said it expects to reopen the Noblesville theater this summer. The theater’s previous operator filed for bankruptcy last year.
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.
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.
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 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.
