Bank Repossession

RDA Holding Co., publisher of the 91-year-old Reader’s Digest magazine, filed for bankruptcy to cut $465 million in debt . The company recently sought court protection from creditors.   Reader’s Digest, founded by DeWitt and Lila Wallace , went public in 1990. An investor group led by private-equity firm Ripplewood Holdings LLC bought it in 2007 for $1.6 billion and the assumption of about $800 million in debt.   More recent other companies    Hostess Brands Inc., maker of Twinkies and Wonder Bread Eastman Kodak Co ., inventor of Kodachrome and the Instamatic camera have also been in trouble in these tough times.   The company had  filed for bankruptcy for the first time in August 2009 due to a  a drop in advertising.       RDA Holding Co. listed assets and debt of more than $1 billion each in Chapter 11 documents filed Feb. 17 in U.S. Bankruptcy Court in White Plains, New York.   US bankr...

Getting information like if a person has been bankrupt before  or getting insolvency history or company details  can often be quite important before  a person or a company makes a decision to deal with  a entity or person. So what is the NPII ( National Personal Insolvency INDEX) ? The National Personal Insolvency Index is a data base maintained by the Insolvency Trustee Service Australia, an Executive Government Agency that oversights and regulates Australia’s bankruptcy laws, trustees and administrators. The cost of searching a name on the system is $35 depending on information provider and somewhat prohibitive to both commercial and private enterprises. The Insolvency and Trustee Service Australia ("ITSA") is responsible for maintaining an index containing information on proceedings and administrations under the Bankruptcy Act, 1966. Any person can, for a fee, gain access to the information maintained on this index through authorised Index S...

The collapse of a five-star resort project in the Yarra Valley has cost investors  millions of dollars and left the Brumby government embarrassed on the eve of the state election Industry sources said the only slim chance of the project being revived lay with construction company Brookfield Multiplex, which has built Hilton projects in the past. With the 30-hectare property now in the hands of receivers and up for sale, Mr Roux has filed a bankruptcy application offering his creditors less than half a cent in the dollar. According to an insolvency agreement prepared by Pitcher Partners, Mr Roux has just $25 cash in a bank account, a financed Mercedes-Benz and a painting worth $15,000, on which he also owes money. Until his recent financial woes, Mr Roux owned a Queensland-based polo team Hyde Hill, named after the street in which he lives in Melbourne's outer south-east. Hyde Hill has competed against James Packer's Ellerston polo team over the years. Bankruptcy and ...

On jan 20 2010 australian   Rubicon US REIT Inc filed for bankruptcy. It filed for bankruptcy five months after administrators found its Australian owner likely to be insolvent. According to its annual report for 2008, Rubicon America Trust had real estate investments worth $529 million as well as $61.6 million in commercial real estate loans. The 2008 annual report also said Rubicon US REIT had issued about $100 million of notes.   Possible Liquidation for Rubicon asset management after Australian Rubicon US REIT BANKRUpTCY Property investment fund Rubicon US REIT is a subsidiary of Rubicon America Trust of Edgecliff, New South Wales in Australia. The fund suffered from soured investments in U.S. real estate. UPDATE : 27 jan 2010 Rubicon wound up  ADMINISTRATORS have wound up Rubicon Asset Management. Propertyreview.com.au - 12:18 a.m. Monday 26th October 2009 EST Rubicon America Trust's parent, Rubicon Asset Management Ltd, was found likely to...

Fairfield's bankruptcy documents, filed in Delaware, list assets of $100 million to $500 million and liabilities of more than $1 billion. Apartment developer Fairfield Residential LLC , which has projects in North Texas, has filed for Chapter 11 bankruptcy protection. The company said it reached an agreement with its major creditors for the “framework of a consensual plan of reorganization.” A new operating company was formed that will allow Fairfield to continue to operate its property and asset management, construction services and general partner functions. The new operating company has the ability to raise capital. “Through our productive discussions over the past year, we have reached agreements with our lender groups that will allow us to continue to provide property management services, complete our construction projects and preserve value for our creditors,” president and CEO Christopher Hashioka said. Fairfield specializes in multifamily housing and is based in San...

After  the general motors bankruptcy , CIT bankruptcy protection is the next biggest event  In the bankruptcy News   after it filed for Bankruptcy protection on NOV 1 2009 . After struggling for months to avert bankruptcy, lender CIT Group has filed for Chapter 11 protection in an attempt to restructure its debt while trying to keep badly needed loans flowing to thousands of mid-sized and small businesses. CIT FILES FOR BANKRUPOTCY PROTECTION AT 71 Billion its going to affect a lott of people if it goes through to bankruptcy. THE US GOVT will stand to lose about  $us 2.3 Billion if  CIT collapses. It invested this amount  last year to save it from collapsing. AVERT BANKRUPTCY CIT Does a chapter 11 Filing in the US Cit filed for Bankruptcy protection in New york after it failed  a debt exchange offer to shareholders.  This bankruptcy protection filing is one of  the biggest after the lehman brothers , washington mutual , Wor...