The Twinkie shortage crisis after Hostess ceased operations grabbed the public’s attention, but Hostess was not the only major company with insolvency issues during 2012. If your business is also having trouble paying debts, contact a bankruptcy lawyer Las Vegas business owners can trust before things get out of hand.
The company with the largest bankruptcy for 2012, ranked by total pre-petition assets, was Residential Capital, LLC, which filed for bankruptcy on May 14, 2012 with assets at $15,676,000.
Hostess Brands, Inc. was probably the most prominent bankruptcy because it sent consumers to the store vying over Twinkies, CupCakes, Ding Dongs and Ho Hos. Hostess filed for Chapter 11 bankruptcy on January 10, 2012 for the second time. By November 16, Hostess announced it was ceasing plant operations and a federal bankruptcy judge finalized the liquidation plan by the end of November.
Eastman Kodak Company filed for Chapter 11 bankruptcy on January 19, 2012 with pre-petition assets totaling $6,239,000. Chapter 11 bankruptcy allowed the camera company to reorganize so it could repay its debts over time.
If you are thinking about filing for bankruptcy in Las Vegas then you should discuss what type of bankruptcy to file for with your Las Vegas bankruptcy lawyer so you choose the best bankruptcy for your situation.
On November 5, American Suzuki Motor Corporation, the U.S. division of the Japanese car manufacturer, filed for Chapter 11 bankruptcy. It said it will stop selling new cars and instead focus on manufacturing parts and its motorcycle, ATV, and marine divisions.
The City of San Bernardino, California, filed for Chapter 9 bankruptcy on August 1. Chapter 9 bankruptcy allows for reorganization of municipalities. The City of Stockton, California also filed for bankruptcy, but earlier in the year on June 28.
If you are contemplating bankruptcy for you business, you should contact a bankruptcy attorney that debtors can rely on to discuss your bankruptcy options.
The law firm of Shumway Van & Hansen has bankruptcy practice groups in each of its offices. In its Las Vegas office the principal brankruptcy practitioners are Michael C. Van and Elizabeth DeFlyer. Feel free to contact either of them at any time to schedule a free consultation.