Gawker’s Denton sought Chapter 11 Bankruptcy protection

After Gawker Media filed for Chapter 11 Bankruptcy, its CEO Nick Denton also had filed for bankruptcy in connection with a judgment ordering them to settle $140 million to wrestling star Hulk Hogan, the Huffington Post reported on August 1.

In the Chapter 11 personal bankruptcy protection filed by Denton in New York, it identified the wrestler, whose real name is Terry Bollea, as his biggest creditor. Reports revealed that Denton will pay personally for the bulk of the settlement won by Hogan amounting to $125 million. A judgment favored Hogan after one of Gawker’s website posted a sex video showing him and the partner of one of his friends. Documents revealed that Denton listed $10 million to $50 million worth of assets while his liability was between $100 million and $500 million. The bankruptcy filing protected Gawker’s assets from being immediately seized by Hogan. Part of the bankruptcy, a $90 million was initially offered by Ziff Davis to buy the gossip media group.

Chapter 11 Bankruptcy also works like Chapter 13 to protect persons from creditors. If you want to know more about this legal option to get back your financial footing in Fayetteville, speak with a Bradford Law Offices, PLLC attorney today by calling (919) 758-8879.

Winn Dixie, 10 Years after Filing for Bankruptcy

The popular grocery store Winn-Dixie filed for Chapter 11 bankruptcy a little over 10 years ago. Despite its roots that trace back to 1925, the grocery store chain was forced to close over 350 locations back in 2005. Even the beloved children’s novel, Because of Winn Dixie, couldn’t save the store from the recession.

However, a lot has changed for the company since its financial decline in the early 2000’s. Winn-Dixie has since seen a huge increase in its profits, which pushed $10 billion in 2014. The chain began to modernize their stores and create new marketing strategies.

The Winn-Dixie brand was family-owned-and-operated until the food retailer was sold for $530 million to BI-LO holdings, the owners of Sweetbay Supermarkets. By 2013, all remaining Sweetbay Supermarkets were renamed Winn-Dixie. The Winn-Dixie name is now associated with over 500 locations.

Not all bankruptcies end in failure. If your business is considering filing for bankruptcy, you should find strong and knowledgeable legal support. The business bankruptcy lawyers at the Bradford Law Offices, PLLC have helped many businesses and individuals get through the complicated bankruptcy procedure and emerge successfully. Call our offices at (919) 758-8879 to hear more about what we can do for you!

A Southern Season in NC seeking bankruptcy protection

A Southern Season in Chapel Hill, North Carolina recently filed for Chapter 11 bankruptcy after suffering financial losses, an article of The News & Observer reported on June 24. The company is using bankruptcy proceedings to evaluate their finances and reinvent their business.

Reports indicate that although the company sought bankruptcy protection, they will continue operation at some locations, including the Chapel Hill flagship store. Aside from addressing their financial woes, A Southern Season plans to stop the construction plans of bigger stores that will likely fail to generate enough revenue to sustain the business. Brian Fauver, the company’s chief financial officer, explained “With these big stores come liabilities that are not part of our go-forward plan.” The company is expecting to emerge from bankruptcy proceedings this December.

The team at the Bradford Law Offices, PLLC represent Fayetteville business owners who have decided to file for bankruptcy. We strongly believe that entrepreneurs should be given a second chance if their finances fall through. Discuss your situation with us today by calling (919) 758-8879 to learn more about your options.

Gawker Media Group sought bankruptcy protection

Well-known online gossip media company, Gawker Media Group sought bankruptcy protection on June 10 and part of the plan is to sell the company to possibly lessen income loss from a multi-million lawsuit filed by wrestling legend Hulk Hogan, The Washington Post reported.

According to reports, Gawker will continue their operations and appealed the $140.1 million judgment in March from the “privacy invasion” case filed by the wrestler in 2012. Hogan, whose real name is Terry Bollea, apparently won the case after he was financially supported by tech magnate Peter Thiel. Thiel reportedly admitted to supporting Hogan after a website owned by Gawker publicized him being gay. While filing bankruptcy, the legal counsel representing Gawker told reports they may contest a court’s order of having to settle a bond worth $50 million.

Filing for Chapter 11 Bankruptcy, fortunately, is worth considering for business owners who are stuck with overwhelming financial obligations from creditors. If you are in a similar situation in Fayetteville, the Bradford Law Offices, PLLC legal team may tirelessly work for you. Learn more about your legal options from us today by calling (919) 758-8879.

Brand apparel retailer sought bankruptcy protection

A Chapter 11 bankruptcy was recently filed by California-based company Pacific Sunwear after experiencing income losses for several years, an article of CBS News reported on April 8.

According to reports, the novelty apparel retailer has been affected by socio-economic factors like some of their competitors. Pacific Sunwear sought bankruptcy protection, hoping to continue business by working with a private lending company. Company CEO Gary Schoenfeld stated that the filing will help them cover approximately $140 million annual occupancy cost and long-term debt amounting to $90 million. The lending company, on the other hand, will shell out $20 million and convert Pacific Sunwear’s two-thirds of debt into equity. Pacific Sunwear currently has over 600 stores in 50 states including in Raleigh, North Carolina.

Like many national companies, the lawyers of the Bradford Law Offices, PLLC understand that some businesses in Fayetteville are dealing with financial issues. If you believe you are in this frustrating situation, we may offer you legal assistance if you have decided to file for bankruptcy. Call our office today at (919) 758-8879 to find out how we may possibly help you regain your financial footing.

Hospital hoping to recover after filing Chapter 11 Bankruptcy

A healthcare company based in Magee, Mississippi has decided to file for Chapter 11 Bankruptcy, an article of Becker’s Hospital CFO reported on April 2.

Reports stated that Pioneer Health Services, which owns hospitals in several states including North Carolina, decided to file for bankruptcy due to financial issues such as the increase in use of “high deductible health plans,” failure of insurance companies to settle payments on time, and other factors related to investment. Danbury-based Pioneer Hospital of Stokes assistant CEO, Pam Tillman, stated that the Chapter 11 process will allow them to pay their creditors in a timely manner and retain their existing vendors. Hospital employees will continue to get their pay during the bankruptcy transition, Tillman claimed. The process may last up to two years and Tillman is hoping to get positive results. Pioneer Health Services also has hospital facilities in Mississippi, Virginia, Tennessee, and Georgia.

The lawyers of the Bradford Law Offices, PLLC in Fayetteville believe that financially-struggling companies deserve a second chance to find their financial footing. If you have decided to file for bankruptcy, we may offer you legal assistance to ensure a smooth process in an unstable time. Learn more about your options today by calling (919) 758-8879.

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