Houston, Texas based food service company has won the bid for Fuddruckers restaurants. The Fuddruckers restaurants are owned by the Magic brands LLC. 60 Fuddruckers restaurants along with 3 Koo Koo Roo restaurants were involved in the deals, which are located in the Austin, Texas area.
The other favorites, Windermere based restaurant chain owners Tavistock Group Inc were out bid with their bid of $40 million to Luby’s bid of $61 million. Travistock owns various restaurants that include from fast track to fine dining in California. Some of its chains include Free birds World-Burrito, ZED 451, Café DelRey, NapaValley Grille, Black Hawk Grille, California Café, Alcatrez-brewing Co and Sapro. The chapter 11 filing was files in the month of April for reorganization and as many as 24 restaurants were closed down as part of the reorganization plan. The deal only involved the 0 Fuddruckers restaurants in Austin, Texas and do not include the other 135 Fuddruckers restaurants around the nation and are franchised by private companies.

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 largest video rental giant Blockbuster is in talks with its bondholders to pay a sum of $ 150 million dollars as a debt who will be part owners of the video rental giant. The fund is necessary for the company to operate in bankruptcy.
The talks with various bondholders, various parties, debt-holders, equity-holders, strategic-investors are going on perfectly well and the money is going to be accumulated very soon. The securities filing by the Blockbuster Inc shows a debt of around $ 895.6 million of which $ 41.5 million needs to be paid next month as interest and amortization payment. This huge debt is the reason this step is being taken and analyst are closely following its every move.
If the company fails to negotiate with the bond holders and other partners, then it will be left with no other option but to file for Chapter 11. Since the company has very little cash, about $ 100 million and paying a huge payment of $ 42 million will not be possible

Yet another developer has filed for bankruptcy and this time it is Oregon Based developer Mr. Michael DeFrees. The developer of Salpare Bay Condominium project has filed for Chapter 11 to stop the creditors from demanding payments and start negotiations with them. This is being done in an attempt to save the firm and the enterprise from being auctioned off.
The Salpare Condominiums were on the cards to be auctioned off shortly. This auction was supposed to fetch around $ 4.4 million for the contractor J. E. Dunn. J. E. Dunn was the major builder of the $100 million dollar project and had to quit 4 months before when its payments were not made. This caused the contractor to go to court, which ruled the favor in support of the contractor.
The sale was supposed to be for the 204 unit luxury condominiums on the 499, North East Tomahawk island Drive and for a 204 marina on the banks of river Colombia. The developer has all most 99 creditors to whom it owes money to which includes law firms and other manufactures and loan establishments. It has a debt of around 10 to 50 million dollars.

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 San Jose based developers of shopping centers, Hacienda Gardens has files for Chapter 11 bankruptcy protection. It has a 11.4 million dollar loan pending after it borrowed from First Horizon Home Loans.
The First Horizon Home Loans last month sued the Hacienda Gardens developers and owners, asking for a part fore closure and the setup of a receiver. Hacienda Gardens developers owe the Tennessee based Bank First Horizon Home Loans an amount of 8.6 million dollars. This bankruptcy will be an end to the years of problems associate with the firm associated with the shopping centre. The loan is backed by almost half of the properties in the Hacienda Gardens building and the bank want to close all of them.
Half of the malls stores are vacant and need to be replaced urgently if the Hacienda Gardens can pay anything to the First Horizon Home Loans provider. But there were no new tenants between May 08 and March 10, for which the bad economy is responsible. One of the expected tenants Orchard Supply Hardware were supposed to occupy the mall were held back because of the bad economy and failed to sign an agreement.

2N+1, a Somerville based data center files for bankruptcy protection through the Chapter 11 of the bankruptcy laws. 2N+1 have listed its property possessions value to be a little less than 1 million dollars and liabilities that range from 1 million to 10 million dollars.
A fresh news release on the company’s website mentioned that it has started running again with fresh clients. And under the chapter 11 the company can continue to go on with conducting its business as usual. The 2N+1 listed Virgil Electric Co of Hyde Park, mass as its biggest debtor and owed in excess of 3 hundred thousand dollars which is followed by Farina Corp of Charlestown, Level 3 Comm, and Henry Owens which owe between 200 thousand to 100 thousand dollars.
The company CEO of 2N+1, Vincent Bono has no comments about the chapter 11 filing but seems optimistic about the recovery of the company when money is obtained from its debtors.

The Tampa based Accentia Biopharmaceuticals Inc has declared its emergence from bankruptcy and has filed for reorganization of its debts. The filing of this plan has is in the interest of all the stakeholders.
This plan will make the company’s finances stronger and the balance sheet more favorable to serve long term liability obligations. This is also very important move in terms of protecting the liquidation of the company’s shares among more stake holders which will cause the instability of the company further. This plan is also in the works to restart the discovery of the Revimmune, which is an auto immune disease therapy system being developed by Accentia biopharmaceuticals and has the potential to increase the value of the company in the market. Accentia Biopharmaceuticals owns a huge part in the stocks of the Biovest International Inc which also works on immune therapies for single individuals. Biovest also has filed for emergence from bankruptcy and the reorganization is going on.

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.

Xerium Technologies the manufacturer of industrial textiles and roll machines has declared that it has emerged from Chapter 11 and does not need bankruptcy protection anymore. It has finally sources of finances and lower debt load that were unavailable in 2008 which led to its filing of bankruptcy.
The reorganized company saw an exchange of $ 620 million in debt for $ 410 million fresh loans and about $10 million in cash. Along with these transactions, it also received loans of $80 million (20 million in revolving loans and 60 million in term loans) for emergence from chapter 11. The share holders will be given special preference and will receive 17.4% of the freshly generated shares and will also be able to buy additional 10% of the remaining shares.
The board members are pretty optimistic of retaining their stock listing on the New-York stock exchange and are confident of the stronger balance sheet pulling them through and giving an competitive edge.