Richard Banks & Associates, P.C.
free consultations
local: 423-244-0009
toll free: 866-596-8527
Practice Areas

Business & Commercial Bankruptcy Archives

Hawker Beechcraft's bankruptcy puts other case on hold

Filing for bankruptcy is a difficult decision for business owners, and Tennessee residents considering such proceedings should be fully aware of their rights and responsibilities under the law. If a company files for commercial bankruptcy, there may be additional legal actions required if the company is involved in other pending court cases.

Chapter 11: Pilots' contract tossed out by federal judge

Filing for Chapter 11 bankruptcy is one way to restructure a business and keep the doors open. Tennessee business owners who are struggling in these tough economic times should learn about their options for debt relief and which kind of bankruptcy is right for them.

Regions and Saddlebrook settle for $200k in bankruptcy court

It should be no surprise by now that many businesses in Tennessee have had to confront financial difficulties in the last several years. Sometimes the financial maneuvers that business owners make come under scrutiny in the bankruptcy process, and this can lead to litigation.

Tennessee Commercial Bank failure leads to Greek Peak bankruptcy

The fallout from the failure of Tennessee Commercial Bank continues to be seen in locations as far away as New York. When the Federal Deposit Insurance Corporation chose to shut down the popular Tennessee-based lender, it resulted in commercial bankruptcy filings for many companies that depended on the bank for loans.

Chapter 11 for Tennessee company holding Statue of Liberty scraps

Gold Leaf Corporation, a company from Nashville, Tennessee that acquired pieces of the Statue of Liberty during a renovation project in 1984, is filing for bankruptcy after an investor who kept the company afloat sued them. The man who invested in Gold Leaf Corp. won more than $300,000 after a judge ruled in his favor, and now the company is filing for Chapter 11 bankruptcy.

Memphis-based airline operator faces Chapter 11 bankruptcy

Times have been tough for many airlines. A difficult economic climate in combination with tighter wallets for travelers has led to a decline in the amount of purchased plane tickets. Airlines are consolidating and merging to survive, while others that are not as lucky must file for Chapter 11 bankruptcy.

Tennessee company uses Chapter 11 to plan for future success

Business bankruptcy is not always solely about debt. Sometimes companies see bankruptcy as an opportunity to solve their financial issues, while planning for future profits. Those affected may see business bankruptcy as a means of achieving success.

Business bankruptcy auction saves Tennessee-based company

Earlier this year, the Tennessee-based company Graceway Pharmaceuticals LLC filed for bankruptcy. According to court papers filed in the business bankruptcy, the company owed as much as $1 billion to creditors. However, the company will be able to stay open following a successful bid by Medicis Pharmaceutical Corp.Graceway's troubles began when it lost the patent protection for its top-selling product, a skin cream called Aldara. The cream was responsible for 85 percent for the company's sales as recently as 2009. However, that share plummeted to just 16 percent during the first two quarters of this year.

Bankrupt hedge fund facing $90 million settlement

Last month, a United States District Judge approved a settlement between a hedge fund and investors who claimed losses as a consequence of a trader based in Tennessee losing $141.5 million on wheat futures contracts in 2008. The judge's ruling clears the way for a $90 million settlement reached in January by investors and the hedge fund.

Entrepreneur files for bankruptcy after receiving federal stimulus money

Sometimes the best laid plans go awry, and that appears to have been the case for an entrepreneur who recently opened the first electrified truck stop in the state of Tennessee.