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Written by: Christopher Gordon | Publish date: September 14th, 2010
Recently, in a court in Delaware, but, a good 10 months after a gigantic explosion rocked its Puerto Rican fuel storage depot, Caribbean Petroleum Corporation has filed for Chapter 11 bankruptcy protection. Since the explosion, all operations have basically come to a stand-still (even their website is “under construction,” as of writing this article). The Caribbean Petroleum Corp. is an oil company which owns and manages an oil refinery in Bayamon and features a capacity of 48,000 barrels—per day. The company accepted having to sell its assets in going through bankruptcy, working closely with senior secured lender, Banco Popular de [...]
Written by: Christopher Gordon | Publish date: September 14th, 2010
In Bristol Township, Pennsylvania, it was recently announced a US Bankruptcy judge will reside over a hearing, to determine whether or not Lower Bucks Hospital is worthy of an extension to present its reorganization plan to creditors. Judge Eric Frank has extended the filing from August 12th to the 31st; as well, he prolonged the window of time the hospital can present its reorganization plan to October 29th…and even this time may be extended as well. Judge Frank additionally set an August 27th date to listen to Lower Bucks Hospital’s plea to extend its deadlines for filing its plan while [...]
Written by: Christopher Gordon | Publish date: September 14th, 2010
Charlotte, North Carolina’s EpiCentre has field for Chapter 11 bankruptcy and was approved by Bankruptcy Judge George Hodges within 20 minutes. The day prior to their Chapter 11 approval, the entertainment and retail center filed their papers in court. Pacific Avenue, LLC and Pacific Avenue II, LLC were founded solely to own and manage the EpiCentre. The entities sought Chapter 11 bankruptcy protection in order to block a “wrongful foreclosure” of their property as well as to reorganize their debt and develop financial strategies. Prior to court filings, Regions Bank got the foreclosure process ball rolling when the two companies, [...]
Written by: Christopher Gordon | Publish date: September 14th, 2010
The Sea Island Company, owners of a Georgia, luxury resort located on Sea Island and all of the island’s land, has filed for Chapter 11 bankruptcy protection in a Federal court located in Brunswick. The company says it plans to “emerge from Chapter 11 by selling its resorts, golf courses and private clubs”—for a hefty $197.5 million. The company, which owns property off of the island limits on Saint Simons Island, in its filing, said it is unable to pay off more than $482 million in its debt for renovations and expansions which were completed nearly three years ago. Sea [...]
