Casa Bonita has been a beloved restaurant amongst Coloradans since it was built in 1974. It is highly recognized within the state and has even been featured on popular television shows. It came as a shock to many when it was announced that the colorful restaurant had recently filed for bankruptcy. According to 9 News, Casa Bonita’s parent company, Star Buffet, had filed for chapter 11 bankruptcy. Chapter 11 bankruptcy is available to every business and permits the reorganization required under the bankruptcy laws of the United States. Chapter 11 bankruptcy also allows the organization to remain in control of its business operations. Because of this, Casa Bonita will remain open to the public and continue normal business operations. Casa Bonita is the only restaurant that Star Buffet owns in Colorado but they own 32 restaurants nationwide.
Has your business been affected by the economic downturn of our society? Contact a Parker chapter 11 bankruptcy attorney to further discuss your options.
With the economy being the way it is today, everyone is more cautious about their business finances. According to the United States Courts website, in 2010 the total number of chapter 11 bankruptcies filed was around 13,700. Of those filed, around 11,000 were businesses filing for chapter 11 bankruptcy. Knowing that you have options when deciding your next move is important and filing for chapter 11 bankruptcy is an option that should be considered.
If your business is suffering and you are considering bankruptcy as an option then you need the dedicated services of a professional Front Range chapter 11 bankruptcy attorney. Bankruptcy seems to be a forbidden topic in our society and is often misunderstood. Filing for bankruptcy does not mean your business is irresponsible, many businesses are able to come back from a processed bankruptcy claim. Filing for bankruptcy is a difficult and often a confusing process. Let the experience of chapter 11 bankruptcy attorney Brian Daniel help you make your decision less stressful. For more information and a FREE CONSULTATION, contact Brian Daniel at (303)951-0233.
There are very few people who don’t feel the effects of the economic downturn over the past few years, but one might think that the owner of a popular pizza franchise would be able to weather the storm. 9News.com reports that, in an attepmt to do just that, PJCOMN Acquisitions, Inc, the owner of 72 Papa John’s Pizza franchises in Colorado and Minnesota, has filed for Chapter 11 bankruptcy. The company, which owns 40 Colorado Papa John’s locations, has had its assets frozen by court order, including an employee payroll account. The employees are hopeful for an order that the company’s Miami-based attorney expects to come at any time allowing the company to pay them. In addition to the bankruptcy filing, PJCOMN is facing litigation from many of their drivers over issues of wages, and has filed suit against Papa John’s International. Papa John’s International has called this suit frivolous.
Bankruptcy proceedings can become extremely complicated; if you are considering bankruptcy, you need the counsel of a Colorado bankruptcy attorney. In the past few years, a large number of companies have filed for bankruptcy in order to reorganize, and in hopes of saving their businesses. Some people may have a perception that filing for bankruptcy is what a company does as they go out of business, but in fact many businesses are successful at using Chapter 11 bankruptcy as a tool for keeping their doors open. In the case of a company that owns a number of locations of a business, bankruptcy can help to at least keep some locations open.
If you are considering bankruptcy for your business, it is crucial that you speak with an experienced Colorado bankruptcy lawyer. Brian Daniel is a bankruptcy lawyer who has worked with many Front Range businesses and individuals, and can help you understand the process as you work through it. For more information, and a FREE CONSULTATION, contact Brian at (303)951-0233. Brian can be there to help your business during these tough times.
Borders will be closing yet another store in Colorado. This will be the seventh store that has closed in Colorado, since Borders announced its bankruptcy in February. In fact, the Park Meadows mall will be one of 51 stores across the United States that could be closing this summer. Borders claim that they are in the process of negotiating in order to prevent many of their stores from closing. In February, Borders filed for a Chapter 11 bankruptcy, and they have until the end of June to secure the 51 stores in question or they will be forced to close them.
Borders plans to use this bankruptcy as a wake-up call and reorganize the stores that they have left. In order for the company to regain its success they had to close 200 stores immediately. Borders had to make this business move in order to prevent all of their 642 stores from closing. Luckily, many companies do actually bounce back after filing a Chapter 11 bankruptcy, and Borders hopes to be one of them. Once Borders is able to rebuild the stores they have left they will be able to expand their company once again.
If you or a loved one is thinking of filing for bankruptcy, it is important to consult a Parker bankruptcy lawyer. Parker bankruptcy attorney, Brian Daniel can help you and your family through this difficult time and have years of experience dealing with bankruptcy cases. For your free consultation please contact Brian Daniel’s office at 303-951-0233.
One of Colorado’s largest electronics retailers is set to close its doors. TheDenver Post is reporting that Ultimate Electronics asked a federal bankruptcy judge on Friday to allow the company to conduct store closing sales at all of their 46 locations nationwide. Ultimate Electronics filed for Chapter 11 bankruptcy protection on January 26 in U.S. Bankruptcy Court. Ultimate Electronics said that it was forced to close because it could not secure any financing to keep its operations going. Ultimate currently owes GE Capital Corp. $64.8 million. The company, which employs about 1,500 people, filed for Chapter 11 bankruptcy in January of 2005, when it was eventually purchased by Mark Wattles.
According to Wikipedia.com, between 2007 and 2009, 23,955 businesses in the United States filed for Chapter 11 Bankruptcy. During this same period, 1,792,671 companies filed for Chapter 7 liquidation.
Have you filed for bankruptcy? A knowledgeable Parker, Colorado bankruptcy lawyer can provide valuable guidance through the bankruptcy process and help you to maintain most or all of your assets. If you are facing a complicated legal issue, reach out to The Daniel Law Firm. We take great pride in serving clients all over Colorado. Let us discuss with you the best strategy for moving your case forward in both a positive direction and timely manner. Call us today at (303) 951-0233 andreceive a free consultation.
According to Bloomberg News, The city of Colorado Springs is asking for a change of venue in the reorganization of the Banning Lewis Ranch community. The case is currently being heard in Delaware, but the city of Colorado Springs has filed a motion to have the proceedings held in Colorado, where the property is located. Banning Lewis filed chapter 11 in late October to restructure debt on the 21,000 acre project northeast of Colorado Springs. The city contends that the case does not belong in Delaware because the property is in Colorado as well as the management company and majority of the creditors. The petition said that property assets are worth more than $50 million while debt exceeds more than $100 million.
It appears that 2010 is going to be a bad year for business bankruptcy filings. According to Abiworld.org, there were a total of 60,837 businesses that filed for bankruptcy in 2009. So far for 2010, there have been 43,016 business filings in the United States.
Have you filed for bankruptcy? A knowledgeable Parker, Colorado bankruptcy lawyer can provide valuable guidance through the bankruptcy process and help you to maintain most or all of your assets. If you are facing a complicated legal issue, reach out to The Daniel Law Firm. We take great pride in serving clients all over Colorado. Let us discuss with you the best strategy for moving your case forward in both a positive direction and timely manner. Call us today at (303) 951-0233 and receive a free consultation.
The Denver Business Journalhas reported that Douglas County based EchoStar Corp “will become the majority owner of the reorganized TerreStar Networks if a judge approves the satellite company’s bankruptcy reorganization.” TerreStar filed for reorganization on October 19th in New York. The company cited “more than a $1 billion in debt and no substantial revenue.” EchoStar has loaned millions to the struggling company and has pledged millions more to “backstop” its “emergence from Chapter 11.” At this time, it is not clear how, if at all, TerreStar’s parent company, TerreStar Corp., will be affected by this reorganization. TerreStar is set to launch a nationwide mobile phone service soon and speculation suggests that EchoStar wants in on the mobile phone business. TerreStar’s assets include “one operating satellite, one 95 percent-built satellite and broadcast frequency licenses estimated to be worth more than $300 million.”
Chapter 11 bankruptcy, as explained by the Administrative Office of the U.S. Courts, involves a debtor proposing a “plan of reorganization to keep its business alive and pay creditors over time.” Chapter 11 is primarily used by businesses but may also be used by individuals to create a plan for paying creditors. As the above explanation suggests, the purpose of Chapter 11 for a company like TerreStar is to payoff debts and ultimately keep the business operational. A bankruptcy procedure like this is a complicated matter involving the courts and requires the expertise of a bankruptcy attorney.
If you or someone you know is struggling to payoff business or individual debt and are thinking of filing for bankruptcy, you need the expertise and experience of a Colorado bankruptcy lawyeron your side. Brian Daniel has years of experience working on bankruptcy cases in Colorado and he will put his expertise of the law to work for you. For a free review of your case, callhis office today at (303) 951-0233.
