Two Obama administration officials say Chrysler will file for bankruptcy protection after talks broke down with a small group of the company’s creditors. (April 30)

Clip of the 3rd Season

A few days back, we had mentioned about how it is a bad day, when even food outlets have to face bad time and close shop. This is an indication of the way the economy is shaping up in recent times. The latest to bite the dust is the Kirkwood location of Uno Chicago Grill. The Boston based chain closed not one, but seven locations over the weekend, on the back of lower than healthy demand. Incidentally, the Kirkwood location of Uno Chicago Grill was the only remaining outlet of the chain in Missouri. There was another one in Chesterfield, which had already closed January.

Uno Chicago Grill had filed for Chapter 11 bankruptcy back in January. The chain has a total of 165 restaurants that are both company owned as well as franchise. At the time of filing for bankruptcy, the chain had closed in on 12 locations that it wanted to close down, due to lack of enough business. One of the biggest factors driving the closure of the business location at Kirkwood was the continuing low demand due to the recession. When you have a situation where the product and the price are in place, but the demand is way down due to low consumer sentiment, there is very little that you can do.

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There is a new trend where wealthy folks are going in for chapter 11 filing in South Florida. Personal Chapter 11 is mandated for those who have unsecured debt of more than $336,000 or secured debt of more than $1 million. Chapter 11 filings in 2009 doubled to 57, up from a mere 25 filings in 2008. And in many of these cases, the culprit was failed real estate investments. It certainly seems like a lot of folks who fell prey to these real estate deals would now like to reorganize their debt which is composed of complex structures and deals.

One of the biggest chapter 11 bankruptcies in recent times was that of Dr. Mark Ginsburg, who declared a debt of $48.7 million and $16.6 million in assets. Dr. Ginsburg is the medical director as well as the owner of Nationwide Laboratory Industries. He was involved in a failed deal for a 646 unit condo development in the Palm Beach Area. While he had a good business running, he got into problems as he started dealing with people on real estate deals, where the other people defrauded him. It seems like getting into lines of business that are not your area of core competence can lead you to a chapter 11 bankruptcy filing, sooner or later!

Bankruptcy doesn’t necessarily ruin credit. You may actually look better to a creditor after getting rid of old debt. Learn more about credit after bankruptcy.

The state oversight board had asked for specific details on executive salaries at the NYRA (New York Racing Association). This is why the NYRA had to disclose details on these salaries. The NYRA generally has a meet in the summer each year. This meet was due to be held in Saratoga this year. But there were reports that the NYRA would run out o money by June. The NYRA is a not-for-profit organization that is involved in thoroughbred horse racing. This is one of the man reasons why the NYRA was made a request to get information on executive salaries. And this was a repeat request.

According to NYRA executive salaries data, its CEO gets a salary of $460,000 a year, with the COO getting $440,000 a year and the CFO around $325,000 per year. These executive salaries do not have any components like long term incentive pay, stock options or bonuses, which private organizations generally offer. This places the NYRA in a huge disadvantage when it comes to recruiting talent.  The NYRA was at pains to keep this info under wraps as it was not willing to show how poorly its executives were paid. There are some things that are best not disclosed, due to the embarrassment these might cause.

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Minneapolis-based boat manufacturer Genmar Holdings Inc. filed for Chapter 11 bankruptcy protection Monday, citing decreased sales due to the credit crisis and weakened economy.

The fight continues. Simon Property Group Inc. has said that it would not like to give up its fight to take over General Growth Properties Inc. General Growth has, in the meanwhile, said that it has reached a deal with Brookfield Asset Management Inc. The deal is worth $2.6 billion in equity, and would lift General Growth from its current bankruptcy. The company was under chapter 11 bankruptcy, and if the deal goes through, it can exit bankruptcy. General Growth is the operator of properties like Oxmoor Center and Mall St. Matthews.

The deal with Brookfield Asset Management Inc will mean that the Toronto based money manager would get 30% stake in General Growth. It would also get some cash infusion, useful while it attempts to raise $5.8 billon. The amount will be raised by issuing new equity and sale of assets. The deal for the company’s shareholders will be that for every share owned, they would get one new General Growth common stock which would have an issue value of $10 per share. They would also get one share of General Growth Opportunities, which would have an initial value of $5. This is a new company with certain assets, which was being spun off from General Growth Properties.