The firm backing Thomas Enterprises for the development of Railyards Project in Sacramento filed a notice of default against it because of the inability by the developer to pay the loan payment. This might be the first step to the foreclosure of the company.
The Thomas Enterprises are in talks with their lenders the Inland-American Real-Estate Trust to give it time to pay the loan payments and are hoping that an agreement will be reached very soon. The head of the company Suheil Totah is very confident that they will see a positive outcome of the talks. The notice was filed by the lending trust to protect its interests in the company.
The Thomas Enterprises have borrowed somewhere around 175 million dollars from Inland-American Real-Estate Trust by keeping the 240 acre land at the railyard site as a security. But if the talsk fail to see any positive outcome the Inland-American Real-Estate Trust has the power to sell the property after 120 days after the notice of default.
The Murfreesboro based Old Time Pottery has declared itself out of bankruptcy. The Old Time Pottery is a chain of stores that specialize in home decor and furnishings. It had filed for Bankruptcy 10 months ago under chapter 11.
The Old Time Pottery went into bankruptcy after the credit provided to them by the firm SunTrust left it in the dark by pulling out after they themselves filed for bankruptcy. Suntrust eventually reduced the credit line from $40 million to $ 18 million before completely pulling out and zeroing the credit line to the chains. The Old Time Pottery chain listed its assets between 50 to 100 million and also had debts of up to 10 to 50 million dollars.
The Old Time Pottery chain has closed up to 6 chains as a part of its re-organization plans and more closures are in the pipe line, which are not performing very well. But most of its stores are performing very well and will see the company through these tough times.
The Oahu based hospital, Hawaii Medical centre are going to emerge from bankruptcy after their approval of Chapter 11 reorganization plan. The company executives are highly optimistic and very eager to go ahead with this plan.
Te approved plan will let he Hawaii Medical centre to pay the millions of dollars that they own in debt to St.Francis Health care system and Siemens Financial Services. A total of $43 million is still owed to these two banks. The bank is planning to move ahead with the restructured organization and is planning on gaining some growth in Hawaii’s only for profit hospital. This plan was stuck in legal tangles between three parties, the light came in the plan formed by the hospitals’ physicians was approved by the St. Francis Healthcare system.
The next step in the growth of these hospitals is in converting these fro profit hospitals to nonprofit hospitals. The Hawaii Physician group a 130 member physician group will oversee the running of the hospitals and the old management team will be the same. Everyone sees this decision to make the working of the hospital more transparent and.
The owners of Texas Rangers have files for Chapter 11 in the Dallas Bankruptcy court. Texas Rangers are a prominent baseball club in Texas which is led by Tom Hicks and Hicks Sports Group to Chuck Greenberg and Nolan Ryan.
The owners are in a huge debt and plan to sell the team for 575 million dollars to pay off the creditors and the lease standing on the ballpark in Arlingtom. The deal was made around the beginning of this year but disputes arising from creditors stopped the deal from seeing through. Thou the fans of Texas Rangers have confidence in them, the team needs resources to compete in MLB this season and which was not possible without a sale to the Greenberg-Ryan group. Many speculators regretted the unavailability of Tom Hick, who would have stopped the sale from happening.
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