Writings by Joel R. Glucksman

Joel Glucksman is an experienced civil and bankruptcy litigator specializing in the representation of secured lenders and other creditors in complex suits and bankruptcies.

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First Detroit Bankruptcy Hearing Set by Judge

Legal challenges to a historic petition to file for Chapter 9 municipal bankruptcy continue, as the city braces for the initial Detroit bankruptcy hearing this week. Less than one week after Detroit filed for the largest municipal bankruptcy in U.S. history, the city has requested that U.S. Bankruptcy Judge Steven Rhodes suspend pensioners’ lawsuits and prevent new […]

Author: Joel R. Glucksman

July 30, 2013

Patriot Coal To Impose Less Severe Cuts Than It Could Have

Bankrupt company Patriot Coal Corporation recently obtained court permission to eliminate its collective-bargaining agreements with unionized miners. However, the company said it plans to impose less severe cuts than it could under the court’s ruling in order to protect and maintain relationships with its workers. In a statement, the company announced that it has made […]

Author: Joel R. Glucksman

July 26, 2013

Global Shipping Company TMT Seeks Bankruptcy Protection under Chapter 11

The TMT Group, a global shipping company, has sought bankruptcy protection under Chapter 11 of the U.S. Bankruptcy Code in a Houston court after failing to restructure roughly $1.46 billion in debt. The TMT filing includes 23 related entities. The company – whose 17 vessels transport oil, vehicles, and other large cargo items – cites […]

Author: Joel R. Glucksman

July 25, 2013

Chapter 11

Detroit Files for Chapter 9 Municipal Bankruptcy

After months of closed-door negotiations and speculation, the city of Detroit officially filed for Chapter 9 municipal bankruptcy, making it the largest municipal bankruptcy in U.S. history. The city, which is facing billions of dollars in debt due to decades of mismanagement, high unemployment, and tax revenue losses, failed to reach an accord over the recent […]

Author: Joel R. Glucksman

July 23, 2013

Cengage Learning Files for Bankruptcy Protection

Textbook publisher and education company Cengage Learning announced that it has sought Chapter 11 bankruptcy protection as part of a pre-arranged restructuring plan that will enable it to reduce its $5.8 billion in outstanding debt. The company filed for protection in the U.S. Bankruptcy Court in Brooklyn, New York. Like many other textbook publishers, it […]

Author: Joel R. Glucksman

July 19, 2013

Alabama Grocery Chain Files For Bankruptcy under Chapter 11

Alabama grocery conglomerate – Belle Foods – filed for bankruptcy law protection under Chapter 11 of the Bankruptcy Code, citing excessive debt and insufficient cash flow as the cause of its financial strain. The company, which once operated the former Bruno’s and Food World stores, said it was finding it difficult to meet its creditor […]

Author: Joel R. Glucksman

July 18, 2013

Chapter 11

Twinkies Make Their Way Back to the Shelves as the Brand Seeks to Reinvent Itself

If you’re a regular reader, you know I always post on Tuesday. However, I wanted to post this article today because Hostess Twinkies made their way back on the shelves this morning. Everyone at the office is excited about this; perhaps it calls for an office-wide get together featuring a few boxes of our old […]

Author: Joel R. Glucksman

July 15, 2013

Jefferson County, Alabama Approves Another Bankruptcy Settlement

As Jefferson County, Alabama, makes headway toward exiting bankruptcy law proceedings, county commissioners have approved another bankruptcy settlement plan to help the county regain solid financial footing. In a 4-1 vote, the county commission panel approved sewer fee hikes of 7.4 percent for four years and 3.4 percent for 40 years. At present, the majority […]

Author: Joel R. Glucksman

July 11, 2013

Ponzi Scheme Victims Receive 4 Cents on the Dollar from Lou Pearlman Following His Bankruptcy

Lou Pearlman may be known by many as the creator of teen sensation boy bands ‘N Sync and the Backstreet Boys, but to thousands of mom-and-pop investors, he will forever be known as the Ponzi schemer who scammed them out of millions. What’s worse, bankruptcy trustee Soneet Kapila recently made public that, following a liquidation […]

Author: Joel R. Glucksman

July 9, 2013

Gossip Girl's Kelly Rutherford Files for Bankruptcy

After months of speculation about whether actress Kelly Rutherford would be able to overcome her financial difficulties, the former Gossip Girl actress officially files for bankruptcy. Rutherford, who played an Upper East Side divorcée on the hit television drama, has cited her own divorce from German businessman Daniel Giersch and the bitter custody battle that ensued […]

Author: Joel R. Glucksman

July 5, 2013

Analysis Suggests Stockton Bankruptcy More Successful Than San Bernardino

Municipal bankruptcies can entail a lengthy and costly process that not only impacts lawmakers, but filters down to affect the debtor’s residents as well. Over the course of the year, Stockton and San Bernardino, California, made headlines as a result of their high-profile municipal bankruptcies, and a new analysis of these proceedings highlights the differing […]

Author: Joel R. Glucksman

July 4, 2013

Eastman Kodak Seeks Approval for $406 Million Rights Offering Upon Exit from Bankruptcy

Iconic photography pioneer Eastman Kodak said it will seek court approval for a $406 million rights offering upon exit from bankruptcy proceedings that will give creditors a large equity stake in the company. Many of its key creditors have already agreed to the backstop, which would enable Kodak to issue 34 million common shares at $11.94 each. […]

Author: Joel R. Glucksman

July 2, 2013

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