The Owner of the Raul Puig Group, Mr. Raul A. Puig filed for chapter 7 Bankruptcy liquidation to save itself from being harassed for money from its creditors. It has mentioned 9 hundred thousand dollars in debt and three thousand dollars in assets.
The Raul Puig Group has been involved in many prominent projects which include Alhambr Centre in Coral Gables, Everglades in Miami on the Bay-Twin condominium and the Miami Beach Grand Flamingo Casino.
The company has many lawsuits of which many are settled or are being still fought in the court. One of the lawsuits is the contract breach by the Continum in South Beach.
It is largely believe that this bankruptcy filing is because of the cancer battle that the owner is fighting right now and chemotherapy is going on.
The attorney of the group believes that because its liquidation, they will become one of the largest creditors and most of the company’s assets are receivables with more than 6 hundred thousand dollars on hold.

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.

The managing member of two of the largest home builders of Shelby County, David Miller has filed for bankruptcy under chapter 7. The claim includes $58 million in liabilities and assets worth $ 1.9 million. The Memphis based homebuilder files for chapter 7 in the District of Tennessee.
This bankruptcy pulls into doubt about the homebuilder’s ability to go on as a homebuilder. This leaves millions of dollars in numerous banks as undeveloped property and empty homes. About 6 banks have lent money to these properties/land through first and second mortgages to the extent of $ 1.4 million. About $ 52 million is supposed to be given to 17 banks and 1 credit union.
Thou David Miller provided personal property as assurance the fact is that these liabilities outweigh his assets. His personal property includes about 2 million worth of real estate and deposits along with a few vehicles and a ski boat which is held as assurance with these banks.. David miller has more than 20 years of experience in homebuilding in the Memphis area, which includes many companies such as the Perennial-Building Group, Iron-gate Homes LLC, Latting-Road Partners LLC, Forest-Road Partners LLC and complete ownership of David Miller LLC.

The Westlake, Texas based pharmaceutical company MiddleBrook Pharmaceuticals inc. has decided to sell the company to San Diego based Victory Pharma Inc. The deal took place at a cost of $17.1 million for Victory Pharma Inc.
The deal needs to be approved by the federal government and U.S. bankruptcy Court in the district of Delaware. Middle brook filed for Bankruptacy last month. Since the deal is not yet finalized, any bid that outbids the current Victory Pharma price can be the owner of the company. MiddleBrook in its filing declared $42.2 million in assets and $29.2 million in debths.
Victory Pharma has already paid $1.71 million as a deposit towards the purchase price and will pay an additional $350,00 for the closure of the liabilities held by MiddleBrook. If the deal fails to make it through, then MiddleBrook has to pay Victory $400000 as termination fees and other $150000 as reimbursement charges.
The two flagship drugs of the MiddleBrook pharmaceuticals will be sold and supported by the Victory Pharma Inc, which includes the Moxatag strep throat pills. The problems for the company rose with the introduction of Moxatag drug into the market last year. Its sluggish sales and demand caused huge losses to the company and lower than expected earnings.

Sunwest Management inc., the Salem based community management institution will lay about 150 workers at its head quarters. It was once the largest manger of assisted and senior living centers across America.
This was announced after the Blackstone Real Estate Advisors gave the winning $1.35 billion bid at the bankruptcy auction to acquire all of the left over 149 of Sunwest Properties. Sunwest is going to eliminate all or most of the 150 jobs after the third quarter when the deal closes and it becomes a part of Blackstone Real Estate.
Sunwest Management Inc’s founder and many other executives face charges for securities fraud that were filed by U.S. Securities & Exchange Comision in Oregon. Along with this multiple malpractice lawsuits are also pending against the law firms that took the opinion of its 1200 investors to increase bank debt.
Sunwest Management Inc., was once a $2 Billion dollar company that had about 300 senior facilities under its belt. Its corrosion began in 2007 with the closure of credit markets and in 2008 bankruptcy was declared after the company couldn’t pay its debt. This company was brought by Blackstone by teaming with Emeritus Corp and Columbia Pacific Advisors.

North Devon is a local government district in the state of Devon, England. It is not surprisingly also known as the retirement capital of England, with about 70 percent of the population above the age of 60.
North Devon is home to some of the most stunning beaches in England. The number of things to do here is endless and has something for everyone. There are multiple places to stay here and you can also find homes, cottages, holiday parks for rent at reasonable prices, but on weekends one is advised to advance book rooms and resorts.
One of the most prominent beaches here is the Woolacombe beach that stretches for miles and is moderately busy with very few people even on weekends and holidays. It is one of the cleanest Beaches of the lot with numerous volunteers collecting liter and lifeguards patrolling the water’s edge. It is a mecca for surfers with picture perfect waves and dedicated surfers to surf them. Other beaches and places that are on the must see list here are Croyde, the Big sheep, Clovelly Village, Lynmouth in Exmoor National Park and Lundy Island among many more.
One of Austin, Texas’s oldest malls, the Highland Mall has filed for bankruptcy under chapter 11. The future of the mall formed in 1971 became even unsure when the owner filed for the Bankruptcy protection plan in the Western District of Texas in Austin, with an estimate of liabilities that reaches up to $1 million and up to 49 creditors on hold.
The Mall has been struggling since 2008 with legal tangles with its tenants, recessionary pressure and the vacating leases. The mall was transferred in 2009 by co owners Simon Property Group Inc. (NYSE: SPG) and General Growth Properties Inc to a group with the name JPMCC 2002-CIBC4, with the co owner General Growth properties Inc filing for bankruptcy itself. The mall was being managed by LNR Texas Partners, according to court documents.
Some of the top creditors of the Highland mall were Dillards Texas LLC, American General Life & Accident Insurance Co., the Higbee Co., the city of Austin and Constellation Energy Projects & Services Group and Wells Fargo Bank was listed as owing more than 10 percent either directly or indirectly of the LLC. The lists of companies that have filed lawsuits against the Highland mall are Dillards Texas and Higbee.

The tamap florida based company Biovest International Inc. has declared that it would be filing its proposed plan of reorganization and is on the path of ensued emergence from bankruptcy. It expects to be back on its feet by this summer and restart as a fully restructured company. It was filed with the U.S. Bankruptcy Court for the Middle District of Florida in Tampa.

A deal was made last month between Biovest and its largest creditor Laurus Master Fund Ltd to restructure the company’s debt. It has plans on paper for restructuring per-petition debt of about $30.2 million consisting of mostly short term obligations. These payments will be deferred till two years after Biovest emerges from chapter 11.

The president of Biovest foresees both Biovest and its parent company Accentia Biopharmaceuticals Inc to both emerge from Chapter 11 simultaneously. The work is being carried on restructuring Accentia’s reorganizational plans.

The Tennessee medical equipment provider American HomePatient has been bought by Highland Capital which is a hedge fund that is based out of Dallas. The issue is that American HomePatient is on the brink of bankruptcy and this stake sale to Highland Capital will help it go private and avoid full blow bankruptcy. The fact of the matter is that Highland Capital already owns 48% of the stock of American HomePatient and it would be paying around 67 cents per share to buy out all the other stakeholders thus making it a privately held company going forward. This is the second attempt of Highland Capital to buy out all the stake of American HomePatient after 2006 when it had happened.

American HomePatient has had bad times and its stock has been trading below $1 for some time now. In December last year its share hit an all time low of just 10 cents. This is one of the main reasons why American HomePatient had to opt for this stake sale which would help in its way out of bankruptcy. The stake sale is going to be put to the vote by American HomePatient after which it hopes to get reincorporated by the sale of the whole stake to Highlander Capital.

Vestavia Hills City Center has now been brought to such a pass that its fate is now in the hands of the courts. This is because Vestavia Hills City Center which is owned by the AIG Baker Vestavia LLC has opted for Chapter 11 bankruptcy so that it may not be foreclosed and liquidated. The Vestavia Hills City Center is a 378,000 square foot large shopping center on the U.S. 31 highway. The problem occurred because Vestavia Hills City Center owed around $40 million on the property which was sold to Propst Properties by BBVA Compass earlier in the month. The legal counsel for Vestavia Hills City Center has said that the bankruptcy process has been engaged in after all negotiations with the tenants and all those it owes money to, fell through and did not yield any results at all.

Vestavia Hills City Center is a property that was on the brink of a sale which did get halted just in the nick of time and this happened because AIG Baker defaulted on its loan payments. This was a aloan that had been taken in 2002 by AIG Baker in 2002 from BBVA Compass which was taken to refurbish Vestavia Hills City Center.

You can know that things are really bad when even bread shops and retail store have to close down. This is what is happening with Wonder Bread which is now closing down its Akron Bakery and this has happened a year after the bakery in Columbus had been closed down. The owner of Wonder Bread brand is Hostess Brands Inc which is closing down the Akron Bakery which would lead to the loss of as many as 100 jobs in the Akron area. What’s more heart rending is to know that this bakery has weathered storms earlier and has been in operation since 1923. But the fact of the matter is that bread sales have been declining in the area, which is why the Akron Bakery no longer seems to be financially viable in its operations. In addition to this, the facility was also old and it would have cost money to replace machinery and modernize it.

Wonder Bread has made alternate plans to service the Akron area. Its bread from the Northwood bakery would be transported down to Akron, which is a process that is already being followed in terms of snack and cake products that are coming to Akron from alternate sources in Ohio and elsewhere.