Writings by Joel R. Glucksman

On Oct. 2, Miller Energy Resources Inc., one of the major oil and gas producers in the U.S., announced that it filed for Chapter 11 bankruptcy protection. According to the Wall Street Journal, Miller Energy plans to hand over control of operations to Apollo Investment Corp. and Highbridge Capital Management LLC. Miller Energy falls victim […]

On Sept. 30, Interphase Corporation, a major information and communications technology company, announced that it had voluntarily filed for Chapter 7 bankruptcy protection. On Sept. 30, Interphase Corporation, a major information and communications technology company, announced that it had voluntarily filed for Chapter 7 bankruptcy protection. According to a Street Insider report, the company has […]

Involuntary Bankruptcy In a new ruling, In re Forever Green Athletic Fields, Inc.,__F.3rd __(3d. Cir. Oct. 16, 2015), the Third Circuit has joined several other courts in holding that an involuntary bankruptcy petition may be dismissed as a bad faith filing, even if the involuntary petitioners have satisfied all of the explicit requirements under §303 […]

On Oct. 5, American Apparel, one of the largest clothing retailers in the country, announced that it had filed for Chapter 11 bankruptcy protection, according to USA Today. Following a rapid decline in sales since 2011, the company sought bankruptcy protection after it became insolvent. American Apparel declines into debt In court papers, American Apparel […]

On Sept. 14, Endeavour International Corp., an oil and gas exploration company, announced that it had submitted a bid to have its Chapter 11 bankruptcy case thrown out. According to Law 360, the move came as part of a “structured dismissal” under which Endeavour will transfer the bulk of its business assets to a group […]

On Sept. 28, Japanese shipping giant Daiichi Chuo Kisen Kaisha announced that it had filed for Chapter 11 bankruptcy protection in Tokyo, according to a Bloomberg report. Following four consecutive years of losses, the company had accrued close to $1.5 billion in liabilities. In a corresponding move, Daiichi Chuo’s subsidiary Star Bulk Carrier Co. also […]

On Sept. 15, Baha Mar Ltd., the owner and developer of the $3.5 billion Baha Mar resort in the Bahamas, had its Chapter 11 bankruptcy protection case thrown out by the U.S. Bankruptcy Court. According to the Wall Street Journal, the court dismissed the case because the judge “perceived no greater good” from it continuing […]

On Sept. 22, Quirky Inc., the start-up amateur inventor platform, known for developing smartphones and mobile device products to control household appliances, announced that it had filed for Chapter 11 bankruptcy protection. According to the Wall Street Journal, the company plans to sell all of its assets for its home business, Wink, for $15 million […]

A new ruling by the Third Circuit Court of Appeals in IDEA Boardwalk, LLC v. Revel AC, Inc. (In re Revel AC, Inc.), __ F.3d __ (3d Cir. Sept. 30, 2015), raises a bankruptcy issue that has so far not been definitively resolved by the appellate courts: Whether a bankrupt lessor of commercial property may […]

On Sept, 9, Quiksilver, one of the largest manufacturers of surfwear and other boardsport-related equipment in the world On Sept, 9, Quiksilver, one of the largest manufacturers of surfwear and other boardsport-related equipment in the world, announced that it had filed for Chapter 11 bankruptcy protection, according to the Wall Street Journal. In court papers, […]

On Aug. 30, Univita Homecare Solutions LLC, a major provider of home-based care management in the U.S., announced that it had filed for Chapter 7 bankruptcy protection, according to the Orlando Sun Sentinel. In court papers, the company stated that its decision was based on the fact that its HMO contracts were terminated in Florida […]

On Sept. 15, Hovensa LLC, once one of the world’s largest oil refineries , announced that it had filed for Chapter 11 bankruptcy protection, according to a CNBC report. In court papers, the company cited poor economic conditions and increased competition for its slide into insolvency. Hovensa falls into debt The company, a joint venture […]