Garlock Sealing Technologies LLC, a maker of industrial gaskets and sealing systems, filed for Chapter 11 protection Saturday in North Carolina along with two affiliates in order to get a handle on its asbestos-related personal injury claims. A wholly owned subsidiary of publicly traded industrial products maker EnPro Industries Inc. (NPO), Garlock said its primary [...]
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Thomas Kinkade Firm Files for Bankruptcy Protection
The Morgan Hill manufacturing operation that reproduces the dreamlike art created by world-renowned “painter of light” Thomas Kinkade filed Wednesday for Chapter 11 bankruptcy protection to ease its real estate costs, listing nearly $6.2 million in creditors’ claims.
Introduction to Corporate Bankruptcy
Corporate bankruptcy is a very complicated area of law because it incorporates elements from corporate law, contract law, tax law, and even real estate law. Around 98% of all filings are from personal bankruptcy but business bankruptcy generates a lot of publicity because of its big impact on the economy. For example, in recent years, [...]
Bankruptcy Chapter 11 Information
Chapter 11 Bankruptcy — An individual may file under chapter 11; however, the provisions of chapter 11 are generally used to reorganize a business. Chapter 11 allows the debtor to continue its business operations by means of a plan of reorganization, which must meet certain statutory criteria. 11 U.S.C. §1129. By enacting chapter 11, Congress [...]
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