Bankruptcies

Business Bankruptcies in May Up 40% Compared to 2015

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Bankruptcy Frequency Increases as New Industries Suffer Commercial and consumer bankruptcies are up all across the U.S. as industries like retail are taking the brunt of the bankruptcy hit. Total U.S. business bankruptcies in May grew by 4.7% compared to May 2016. With 3,572 filings, according to the American Bankruptcy Institute, that represents a 40% (more…)

Sunset Partners Inc. Files for Chapter 11

JOB LOSS

Sunset Partners Inc., the parent company of popular Boston University eateries Sunset Cantina and Sunset Grill & Tap, filed for bankruptcy. The restaurants will continue to pour beer and sling food for hungry university students while the company reorganizes its debt.

This American State Is Teetering on the Brink of Bankruptcy

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Illinois Is Facing a Severe Financial Crisis The Midwestern state of Illinois has been operating without a budget for over two years, and it is now on the verge of bankruptcy. State-issued bonds are at risk of facing a drop in their credit rating to junk-bond level. Government agencies now fear that their state-funded programs (more…)

Another Retailer Gets Killed in America’s Retail Bloodbath

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Papaya Clothing Files for Bankruptcy American retailer Papaya Clothing, which sells apparel, shoes, and accessories for teens and young women, has filed for Chapter 11 bankruptcy protection as the company faces a liquidity crisis. The company has a workforce of roughly 1,300 employees, many of whom will face layoffs as stores close.

Texas-Based Energy Company Files for Bankruptcy

Bankcuruptcy

GenOn Energy Files for Chapter 11 Bankruptcy GenOn Energy Inc, an energy company with thousands of megawatts of generation capacity in the U.S., has filed for Chapter 11 bankruptcy protection, amid piling debt. The Texas-based energy company is a subsidiary of energy conglomerate NRG Energy Inc, and was acquired by the latter in 2012.

Rooster Energy Ltd Files for Bankruptcy

Bankruptcy

Oil and Gas Company Files for Bankruptcy Protection Oil and gas exploration company Rooster Energy Ltd has filed for Chapter 11 bankruptcy protection after failing to fight off a major creditor. Rooster Energy’s bankruptcy filing cites its liquidity crisis to be the reason behind its failure.

Large Restaurant Chain Goes Bankrupt

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Parent Company of Joe’s Crab Shack Files for Bankruptcy Ignite Restaurant Group Inc, which owns the restaurant chains “Joe’s Crab Shack” and “Brick House Tavern + Tap,” is filing for bankruptcy protection, as dwindling sales continue to threaten its survival.