Category: Bankruptcy (Page 1 of 4)

An Unexpected Tennessee Company Now Files For Bankruptcy

An unexpected Tennessee company now files for bankruptcy after defaulting on debt it had owed to its creditors.

Canadian boat manufacturer Limestone Boat Co.’s subsidiary Ebbtide Holdings, doing business as Limestone US and TN Composites, on Feb. 22, 2023, filed for Chapter 7 liquidation in the U.S. Bankruptcy Court for the Middle District of Tennessee.

The filing triggered a default on debt owed to TSX Trust Co.

The industry has seen a chain reaction of bankruptcies worldwide.

In Europe, Swedish boat maker Ryds Boats in November 2023 filed for bankruptcy and was purchased by Norwegian manufacturer Cormate.

And In January 2024, German boat builder SAY Carbon Yachts filed for insolvency.

The most recent significant boat-related bankruptcy involved ski and wake boat dealer Tommy’s Fort Worth and 16 affiliates, which operate nationwide as Tommy’s Boats dealerships.

Debtors on March 20 filed for Chapter 11 bankruptcy to restructure their debts and obligations after defaulting on about $105 million of secured debt owed to M&T Bank.

The Fort Worth, Texas-based debtors listed $1 million to $10 million in assets and $100 million to $500 million in debts in its petition.

The debtor listed over $123 million in secured and unsecured debts in its petition.

Unfortunately, several customers nationwide have been unable to get Tommy’s to return their deposits, including a Colorado customer whose $7,350 deposit check was cashed by the company, but no boat was delivered and the deposit has not been returned, ABC television affiliate Denver7 reported.

Tommy Boats is also involved in other litigation as it filed a lawsuit on April 10 in the U.S. District Court for the Eastern District of Tennessee against one of its dealer partners, Loudon, Tenn.-based Malibu Boats.

“The company intends to vigorously defend itself against the claims made by Tommy’s,” Malibu Boats said in an April 11 statement.

“Tommy’s was formerly a longtime dealer partner of ours, and we ended our relationship due to concerns about Tommy’s own conduct and its financial soundness.

Indeed, Tommy’s lender is also suing it for violating the agreements Tommy’s used to finance the purchase of our boats.

We will always act to protect our business, our customers and our shareholders.”

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Also Read: Another Mall Clothing Retailer Now At High Risk of Bankruptcy

Other Economy News Today

Market News Today - An Unexpected Tennessee Company Now Files For Bankruptcy.
Market News Today – An Unexpected Tennessee Company Now Files For Bankruptcy.

Another unexpected fashion company now files for bankruptcy citing “extremely high costs due to inflation”, and other troubles.

Fashion brand Esprit has filed for insolvency in Europe citing “extremely high costs due to inflation, interest rates and energy prices, the after-effects of the coronavirus pandemic and the consequences of international conflicts.”

The insolvency filing, which was submitted to a court in Germany, applies only to the company’s European businesses.

All stores and online operations will continue as normal throughout the proceedings, during which the company said it will undergo a “transformation program” to reorganize its finances and business in Europe.

However, the company did note that high rents and an “overly bloated workforce” were some of factors contributing to its financial woes, foreshadowing potential cuts in both areas.

Founded in the U.S. in 1968, the company is now headquartered in Germany and Hong Kong and is listed on the Hong Kong stock exchange.

This is the second time Esprit has entered bankruptcy in the past four years.

Esprit currently has a presence in 40 countries around the globe, with the company’s Asia-Pacific and North and South America divisions unaffected by the European proceedings.

Each group within Esprit’s European business will be tasked with proposing and executing its own restructuring plan tailored to its region “allowing for more creative solutions and potentially better outcomes,” said the company in a statement.

The group also said it is exploring new funding opportunities and that a number of “potential investors have expressed their interest for a strategic partnership.”

“The self-administration proceedings have been initiated with the primary objective of not only restoring the economic stability of the company but also retaining the strength of the Esprit brand name,” said the statement.

“By taking proactive steps to address the disproportionate operating costs and streamline the business, the company demonstrates its commitment to maintaining a strong and competitive brand presence in the market.”

This second European bankruptcy comes as the Esprit works to reestablish its presence in North America, an effort that kicked off last year with a series of pop-ups across the U.S.

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Also Read: This Massive Mall Retailer Is Now Closing In California

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Market News Today - An Unexpected Tennessee Company Now Files For Bankruptcy.
Market News Today – An Unexpected Tennessee Company Now Files For Bankruptcy.

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An Unexpected Brewery Now Files For Chapter 11 Bankruptcy

An unexpected brewery now files for chapter 11 bankruptcy after disclosing debts and assets between $1 million and $10 million.

Schoffstall Farm LLC, the Harrisburg. Pa., owner of SpringGate, has filed for Chapter 11 bankruptcy protection in U.S. Bankruptcy Court for the Middle District of Pennsylvania.

In the May 14 filing, the company disclosed that it had between 1 and 49 creditors, and debts and assets between $1 million and $10 million.

SpringGate Vineyard began as a winery, then expanded to become a destination that also brews craft beer and holds many special events.

In its 10-year history, SpringGate has grown rapidly.

However, the company says that it plans to remain open and operate as it has been.

No financial plan has been submitted to the court, but the company did post a message on its Facebook page.

“SpringGate is open and will remain open operating as it has been, and we thank our many customers, partners, and supporters from the past, present, and for the future,” the company said in the post.

“SpringGate has filed for financial reorganization which entails a sale,” it said.

“This is a necessary action for an orderly transition to what we believe will be a better future.

We ask for you to continue to visit us, bringing friends and family, and enjoying our products and unique gathering places which will help support us during this transition.”

Owner Marty Schoffstall did not respond to a request for comment from PennLive.com.

In addition to its on-site activities, SpringGate distributes wine and beer to a number of grocery and convenience stores across Pennsylvania.

For more bankruptcy news and updates like this, opt-in for push notifications.

Also Read: Another Mall Clothing Retailer Now At High Risk of Bankruptcy

Other Economy News Today

Market News Today - An Unexpected Brewery Now Files For Chapter 11 Bankruptcy.
Market News Today – An Unexpected Brewery Now Files For Chapter 11 Bankruptcy.

Another unexpected fashion company now files for bankruptcy citing “extremely high costs due to inflation”, and other troubles.

Fashion brand Esprit has filed for insolvency in Europe citing “extremely high costs due to inflation, interest rates and energy prices, the after-effects of the coronavirus pandemic and the consequences of international conflicts.”

The insolvency filing, which was submitted to a court in Germany, applies only to the company’s European businesses.

All stores and online operations will continue as normal throughout the proceedings, during which the company said it will undergo a “transformation program” to reorganize its finances and business in Europe.

However, the company did note that high rents and an “overly bloated workforce” were some of factors contributing to its financial woes, foreshadowing potential cuts in both areas.

Founded in the U.S. in 1968, the company is now headquartered in Germany and Hong Kong and is listed on the Hong Kong stock exchange.

This is the second time Esprit has entered bankruptcy in the past four years.

Esprit currently has a presence in 40 countries around the globe, with the company’s Asia-Pacific and North and South America divisions unaffected by the European proceedings.

Each group within Esprit’s European business will be tasked with proposing and executing its own restructuring plan tailored to its region “allowing for more creative solutions and potentially better outcomes,” said the company in a statement.

The group also said it is exploring new funding opportunities and that a number of “potential investors have expressed their interest for a strategic partnership.”

“The self-administration proceedings have been initiated with the primary objective of not only restoring the economic stability of the company but also retaining the strength of the Esprit brand name,” said the statement.

“By taking proactive steps to address the disproportionate operating costs and streamline the business, the company demonstrates its commitment to maintaining a strong and competitive brand presence in the market.”

This second European bankruptcy comes as the Esprit works to reestablish its presence in North America, an effort that kicked off last year with a series of pop-ups across the U.S.

For more news and updates like this, opt-in for push notifications.

Also Read: This Massive Mall Retailer Is Now Closing In California

Market News Published Daily 📰

Market News Today - An Unexpected Brewery Now Files For Chapter 11 Bankruptcy.
Market News Today – An Unexpected Brewery Now Files For Chapter 11 Bankruptcy.

Don’t forget to opt-in for push notifications so you don’t miss a single article!

Also, thank you to all of our blog sponsors.

This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.

Scroll below to view my stock purchases this month!

You can also follow me on X (Twitter)InstagramFacebook, or LinkedIn for daily news and updates on your favorite stories.


Frank Nez’s Stock Portfolio

Wondering which stocks Frank Nez is holding? Which stocks is Frank Nez buying?

Frank Nez is now sharing his exclusive and personal stock portfolio with readers, only on the Patreon.

11/16/2023 – Today I invested $1,000 in two different stocks for a brand new stock dividend portfolio I am creating for 2024.



An Unexpected Texas Company Now Files For Bankruptcy

An unexpected Texas company now files for bankruptcy citing issues with a natural gas project, affecting 20 of its subsidiaries.

Zachry Holdings, the San Antonio company that oversees the construction and engineering projects and built the Hilton Palacio del Rio, has filed for bankruptcy citing issues with a natural gas project.

The company and its 20 other subsidiaries voluntarily filed for Chapter 11 bankruptcy, according to documents filed in Texas bankruptcy court Tuesday and as first reported through the Express-News.

The petition identifies at least 30 debtors that have the largest unsecured claims against Zachry Holdings totaling $306,850,418.

The largest claim, $133 million, comes from Sunbelt Rentals Inc.

Mohsin Y. Meghji, chief restructuring officer for Zachry Holdings, said in a separate declaration also filed in court Tuesday that the “result of financial distress” is caused by a major liquified natural gas (LNG) project in Sabine Pass awarded to Zachry Industrial in 2019 by Golden Pass LNG Terminal LLC, an entity owned by an entity 100% owned by affiliates of Exxon Mobil Corporation and Qatar Energy.

“As the project’s lead contractor, we have navigated significant challenges and disruptions stemming first from the COVID-19 pandemic and, more recently, international geopolitical issues,” says John B. Zachry, chairman and CEO, in a news release.

“These unforeseen disruptions have resulted in significant financial strain while meeting targets and keeping the project appropriately staffed.”

Zachry says in the press release that he believes the company’s cash on hand and cash generated from other projects will provide enough liquidity to meet it’s obligations.

Zachry Holdings also created a website providing information on the court process.

The company says on its website that this will have minimal impact on its ongoing business and other clients.

For more bankruptcy news and updates like this, opt-in for push notifications.

Also Read: Another Mall Clothing Retailer Now At High Risk of Bankruptcy

Other Economy News Today

Market News Today - An Unexpected Texas Company Now Files For Bankruptcy.
Market News Today – An Unexpected Texas Company Now Files For Bankruptcy.

Another unexpected fashion company now files for bankruptcy citing “extremely high costs due to inflation”, and other troubles.

Fashion brand Esprit has filed for insolvency in Europe citing “extremely high costs due to inflation, interest rates and energy prices, the after-effects of the coronavirus pandemic and the consequences of international conflicts.”

The insolvency filing, which was submitted to a court in Germany, applies only to the company’s European businesses.

All stores and online operations will continue as normal throughout the proceedings, during which the company said it will undergo a “transformation program” to reorganize its finances and business in Europe.

However, the company did note that high rents and an “overly bloated workforce” were some of factors contributing to its financial woes, foreshadowing potential cuts in both areas.

Founded in the U.S. in 1968, the company is now headquartered in Germany and Hong Kong and is listed on the Hong Kong stock exchange.

This is the second time Esprit has entered bankruptcy in the past four years.

Esprit currently has a presence in 40 countries around the globe, with the company’s Asia-Pacific and North and South America divisions unaffected by the European proceedings.

Each group within Esprit’s European business will be tasked with proposing and executing its own restructuring plan tailored to its region “allowing for more creative solutions and potentially better outcomes,” said the company in a statement.

The group also said it is exploring new funding opportunities and that a number of “potential investors have expressed their interest for a strategic partnership.”

“The self-administration proceedings have been initiated with the primary objective of not only restoring the economic stability of the company but also retaining the strength of the Esprit brand name,” said the statement.

“By taking proactive steps to address the disproportionate operating costs and streamline the business, the company demonstrates its commitment to maintaining a strong and competitive brand presence in the market.”

This second European bankruptcy comes as the Esprit works to reestablish its presence in North America, an effort that kicked off last year with a series of pop-ups across the U.S.

For more news and updates like this, opt-in for push notifications.

Also Read: This Massive Mall Retailer Is Now Closing In California

Market News Published Daily 📰

Market News Today - An Unexpected Texas Company Now Files For Bankruptcy.
Market News Today – An Unexpected Texas Company Now Files For Bankruptcy.

Don’t forget to opt-in for push notifications so you don’t miss a single article!

Also, thank you to all of our blog sponsors.

This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.

Scroll below to view my stock purchases this month!

You can also follow me on X (Twitter)InstagramFacebook, or LinkedIn for daily news and updates on your favorite stories.


Frank Nez’s Stock Portfolio

Wondering which stocks Frank Nez is holding? Which stocks is Frank Nez buying?

Frank Nez is now sharing his exclusive and personal stock portfolio with readers, only on the Patreon.

11/16/2023 – Today I invested $1,000 in two different stocks for a brand new stock dividend portfolio I am creating for 2024.



A Florida Based Restaurant Now Files An Official Bankruptcy

A Florida based restaurant now files an official bankruptcy after signs of its financial woes first appeared back in March.

Signs of an impending Red Lobster Chapter 11 bankruptcy filing first appeared in March when Red Lobster appointed Jonathan Tibus as its CEO.

Tibus is a managing director at Alvarez & Marsal, a company known for corporate restructuring.

The noise got louder earlier this month when the chain abruptly closed at least 48 locations with no notice.

That seems Sarah Foss, Global Head of Legal at Debtwire, a service of ION Analytics, shared why a Chapter 11 filing could help Red Lobster.

“Reports have circulated that Florida-based seafood restaurant chain Red Lobster is considering a Chapter 11 bankruptcy to alleviate pressures from high rent and labor costs,” she said.

Red Lobster officially filed for Chapter 11 bankruptcy protection in the Middle District of Florida on May 20, reports TheStreet.

The company has between $1-10 billion in assets and the same range of liabilities.

The company said that is has more than 100,000 creditors, but reports that it will have funds available for unsecured creditors.

“By shutting its doors without any advance warning to its employees that the company was shutting down, Red Lobster could face litigation related to purported failures to properly notify employees of closures or layoffs under the Worker Adjustment and Retraining Notification (WARN) Act.

The federal WARN Act requires companies with 100 or more full-time employees to provide at least 60 days of notice for planned mass layoffs or closings,” Foss shared.

That creates a wild card where a bankruptcy court judge could force the company to pay severance to the workers who were laid off without notice.

It’s a situation that could make it harder for Red Lobster to find funding to support a turnaround.

For more bankruptcy news and updates like this, opt-in for push notifications.

Also Read: Another Mall Clothing Retailer Now At High Risk of Bankruptcy

Other Economy News Today

Market News Today - A Florida Based Restaurant Now Files An Official Bankruptcy.
Market News Today – A Florida Based Restaurant Now Files An Official Bankruptcy.

Another unexpected fashion company now files for bankruptcy citing “extremely high costs due to inflation”, and other troubles.

Fashion brand Esprit has filed for insolvency in Europe citing “extremely high costs due to inflation, interest rates and energy prices, the after-effects of the coronavirus pandemic and the consequences of international conflicts.”

The insolvency filing, which was submitted to a court in Germany, applies only to the company’s European businesses.

All stores and online operations will continue as normal throughout the proceedings, during which the company said it will undergo a “transformation program” to reorganize its finances and business in Europe.

However, the company did note that high rents and an “overly bloated workforce” were some of factors contributing to its financial woes, foreshadowing potential cuts in both areas.

Founded in the U.S. in 1968, the company is now headquartered in Germany and Hong Kong and is listed on the Hong Kong stock exchange.

This is the second time Esprit has entered bankruptcy in the past four years.

Esprit currently has a presence in 40 countries around the globe, with the company’s Asia-Pacific and North and South America divisions unaffected by the European proceedings.

Each group within Esprit’s European business will be tasked with proposing and executing its own restructuring plan tailored to its region “allowing for more creative solutions and potentially better outcomes,” said the company in a statement.

The group also said it is exploring new funding opportunities and that a number of “potential investors have expressed their interest for a strategic partnership.”

“The self-administration proceedings have been initiated with the primary objective of not only restoring the economic stability of the company but also retaining the strength of the Esprit brand name,” said the statement.

“By taking proactive steps to address the disproportionate operating costs and streamline the business, the company demonstrates its commitment to maintaining a strong and competitive brand presence in the market.”

This second European bankruptcy comes as the Esprit works to reestablish its presence in North America, an effort that kicked off last year with a series of pop-ups across the U.S.

For more news and updates like this, opt-in for push notifications.

Also Read: This Massive Mall Retailer Is Now Closing In California

Market News Published Daily 📰

Market News Today - A Florida Based Restaurant Now Files An Official Bankruptcy.
Market News Today – A Florida Based Restaurant Now Files An Official Bankruptcy.

Don’t forget to opt-in for push notifications so you don’t miss a single article!

Also, thank you to all of our blog sponsors.

This year we’ve been able to increase push notifications slots making it more convenient than ever for new readers to receive their daily market news and updates.

Scroll below to view my stock purchases this month!

You can also follow me on X (Twitter)InstagramFacebook, or LinkedIn for daily news and updates on your favorite stories.


Frank Nez’s Stock Portfolio

Wondering which stocks Frank Nez is holding? Which stocks is Frank Nez buying?

Frank Nez is now sharing his exclusive and personal stock portfolio with readers, only on the Patreon.

11/16/2023 – Today I invested $1,000 in two different stocks for a brand new stock dividend portfolio I am creating for 2024.



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