This article was sourced from JD Supra Business Advisor. Article by Leah Fiorenza McNeill. Most restructuring practitioners are aware, either vaguely or through punishing experience, of the power of PACA creditors. PACA (or the Perishable Agricultural Commodities Act, 7 U.S.C. § 499a et seq. for those who hate brevity) requires that buyers of produce hold such […]
This article was sourced from JD Supra Business Advisor. Article by Paul Fanning, Norman Leonard. LENDERS CANNOT REVIVE A GUARANTY OBLIGATION DISCHARGED IN BANKRUPTCY WITH A SUBSEQUENT MODIFICATION OR FORBEARANCE AGREEMENT, EVEN WITH NEW CONSIDERATION; AND ATTEMPTING TO DO SO MAY LEAD TO LENDER LIABILITY EXPOSURE. Recently, a bankruptcy judge in the United States Bankruptcy Court […]
This article was sourced from JD Supra Business Advisor. Article by Tracy Green. The contractor on a project files a bankruptcy case. How should the property owner and subcontractors proceed? When a party to a contract files bankruptcy, the other party’s actions are constrained by the bankruptcy code. Types of Bankruptcies The typical bankruptcy case involves […]
This article was sourced from Fox 17 online. Article by Bob Brenzing. GRAND RAPIDS, Mich. – A Grand Rapids-based sporting goods retailer has filed for bankruptcy protection. MC Sports announced Tuesday they are reorganizing the company under Chapter 11 of the bankruptcy code. The company has 68 locations in seven states and operates a ski shop […]