The CEO of J.C. Penney announced that the company has filed a draft asset purchase agreement with two property owners that are interested in a sale. If the deal is completed, J.C. Penney might be able to exit Chapter 11 proceedings before the holidays. The potential...
Month: October 2020
Bouncing back from business and commercial bankruptcy
In the Texas and across the United States, most business and commercial bankruptcies occur due to an economic downturn or lack of business friendly laws in a particular state. During a bankruptcy proceeding, the federal court requires the business owner or the company...
Once-profitable coffee companies are restructuring in Chapter 11
There are many great things Austin is known for, and one of those is access to great coffee. Like many large cities, Austin offers a variety of local roasting operations and independently owned coffee shops staffed by artisans who are passionate about their craft. In...
Which bankruptcy option is right for your small business?
As an Austin small business owner, if you are considering bankruptcy, you have two options: Chapter 7 or Chapter 11. Each has its advantages and disadvantages. Chapter 7 The upside is that you clear most of your debts. You will still need to pay overdue taxes, any...
No business is bankruptcy-proof
It may be easy to think of your business as one that is safe from bankruptcy. Maybe you have a company history stretching back decades. Maybe it feels like the business is too big to fail. Perhaps you offer things that you believe consumers will always want or need,...
What are some alternatives to a business bankruptcy?
Individuals and businesses who find themselves swimming in debt often think that bankruptcy is their only option for resolving their financial problems. It's not the only choice that they have, though. Businesses can consider receiverships, compositions and...
