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.

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.