Writings by Joel R. Glucksman

On Sept. 15, Global Maritime Investments Cyprus Ltd., one of the largest privately-owned freight trading groups in the world, announced that it had filed for Chapter 11 bankruptcy protection. The company stated that it intends to liquidate its remaining assets and wind down business operations. Global Maritime accumulates massive debt In its bankruptcy filings, the international […]

Optim Energy LLC announced on Aug. 13 that the company had agreed to pay Walnut Creek Mining, the energy branch of private equity giant Blackstone Group, $5 million to settle their legal battle. According to a Wall Street Journal report, the Blackstone Group will reportedly drop its $190 million appeal of Optim’s court-approved restructuring plan […]

On Aug. 14, a bankruptcy judge approved a restructuring plan for Altegrity Inc., one of the largest global risk consulting and information services companies. The approved plan comes after the company, which had filed for bankruptcy protection on Feb. 8, had its previous restructuring plan rejected. Debt of Altegrity accumulates The firm gained notoriety after […]

Boomerang Systems Inc., a New Jersey-based leading provider of automated robotic parking solutions, recently filed for Chapter 11 bankruptcy protection. The company, known for creating high-tech parking decks where robots store and retrieve the vehicles, plans to secure new financing. Boomerang falls into debt but hopes to emerge as a viable business Boomerang and three affiliated debtors […]

On Aug. 21, Caesars Entertainment Corp. announced that it had struck a deal with two of its largest debt holders. This came after it ended negotiations with first-lien creditors who did not approve the company’s massive reorganization plan for its largest operating division, Caesars Entertainment Operating Co. A bankruptcy judge had previously ruled that the […]

USA Discounters Ltd., a retailer with stores located near 11 of the largest military bases in the nation, recently announced it had filed for Chapter 11 bankruptcy protection. The company plans to wind down operations after liquidating 24 of its store locations. USA Discounters cites several factors for its debt In court documents involving HMRC […]

On Aug. 10, one of the largest resin distributors and resellers in the U.S., Thornton & Co. Inc., announced that it had filed for Chapter 11 bankruptcy protection. The company further stated that it intends to repay its suppliers through a partial orderly liquidation. Thornton & Co.’s debt accumulates due to industry collapse The resin […]

Corporate Resource Services, Inc., one of the largest staffing firms in the U.S., has filed for Chapter 11 bankruptcy protection. According to Reuters, the company’s decision to seek bankruptcy protection followed the discovery of approximately $80 million in unpaid taxes. Corporate Resource Services debt accumulates The company has been engaged in an orderly wind down […]

Hercules Offshore Inc., one of the largest global providers of offshore contract drilling and liftboat services to the oil and gas industry, filed for Chapter 11 bankruptcy protection on August 13. The company stated in court documents that it will implement a $1.2 billion debt-for-equity exchange with its senior bondholders. Hercules Offshore Inc. falls into debt […]

On August 10, Response Genetics, Inc., one of the largest oncology-focused clinical sales companies in the U.S., announced that it filed for Chapter 11 bankruptcy protection. According to a Nasdaq report, the company has entered into an agreement to sell off all its assets to industry rival, Cancer Genetics Inc. Response Genetics falls into debt […]

Last week, Samson Resources Corp., one of the largest oil and gas companies in the country, announced plans to file for Chapter 11 bankruptcy protection. According to Oil and Gas Investor magazine, Samson Resources will reach a deal with lenders to restructure its $4.15 billion debt. Samson Resources falls into debt The company is one […]

On Aug. 28, Bunkers International Corp., one of the largest suppliers of bunker fuel in the world, announced that it had filed for Chapter 11 bankruptcy protection. The bunker fuel supplier company was forced to seek bankruptcy protection after its primary lender terminated its lending agreement. Bunkers International loses primary lender, becomes insolvent The global bunker […]