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Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor.
Chapter 11 of the United States Bankruptcy Code permits reorganization under the bankruptcy laws of the United States. Such reorganization, known as "Chapter 11 bankruptcy", is available to every business, whether organized as a corporation, partnership or sole proprietorship, and to individuals, although it is most prominently used by corporate entities. In contrast, Chapter 7 governs the process of a liquidation bankruptcy, though liquidation may also occur under Chapter 11; while Chapter 13 provides a reorganization process for the majority of private individuals.
Tribune Media Company, also known as Tribune Company, was an American multimedia conglomerate headquartered in Chicago, Illinois.
Brookfield Properties is a North American subsidiary of commercial real estate company Brookfield Property Partners, which itself is a subsidiary of alternative asset management company Brookfield Asset Management. It is responsible for the property management of the company's real estate portfolio, which includes facilities in the office, multi-family residential, retail, hospitality, and logistics industries.
Lehman Brothers Holdings Inc. was a global financial services firm founded in 1847. Before filing for bankruptcy in 2008, Lehman was the fourth-largest investment bank in the United States, with about 25,000 employees worldwide. It was doing business in investment banking, equity and fixed-income sales and trading, research, investment management, private equity, and private banking. Lehman was operational for 158 years from its founding in 1850 until 2008.
GGP Inc. was an American commercial real estate company and the second-largest shopping mall operator in the United States. It was founded by brothers Martin, Matthew and Maurice Bucksbaum in Cedar Rapids, Iowa in 1954, and was headquartered in Chicago, Illinois from 2000. It was subject to the largest real estate bankruptcy in American history at the time of its filing in 2009.
In the United States, bankruptcy is largely governed by federal law, commonly referred to as the "Bankruptcy Code" ("Code"). The United States Constitution authorizes Congress to enact "uniform Laws on the subject of Bankruptcies throughout the United States". Congress has exercised this authority several times since 1801, including through adoption of the Bankruptcy Reform Act of 1978, as amended, codified in Title 11 of the United States Code and the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA).
Simon Property Group, Inc. is an American real estate investment trust that invests in shopping malls, outlet centers, and community/lifestyle centers. It is the largest owner of shopping malls in the United States and is headquartered in Indianapolis, Indiana. It owns interests in 203 properties comprising approximately 241,000,000 square feet (22,400,000 m2) of gross leasable area in North America and Asia. For a list of notable properties owned by the company, see List of Simon Property Group properties.
CIT Group Inc. (CIT) is an American financial holding company and bank holding company incorporated in Delaware and headquartered in New York City. CIT Bank, CIT's banking subsidiary, is headquartered in Pasadena, California. The company's name is an initialism of an early corporate name, Commercial Investment Trust.
Cerberus Capital Management, L.P. is an American private equity firm, specializing in distressed investing. The firm is based in New York City, and run by Steve Feinberg, who co-founded Cerberus in 1992, with William L. Richter, who serves as a senior managing director. The firm has affiliate and advisory offices in the United States, Europe and Asia.
Mercedes Homes was a home building company headquartered in Melbourne, Florida, USA. Mercedes Homes was founded in 1983 and built new homes and communities throughout Florida, Texas, North Carolina, and South Carolina. It has since built homes for over 40,000 families. In 2007, Mercedes Homes was ranked #30 on the 2007 BUILDER 100 with 2,357 closings and $724 million in revenue.
Levitz Furniture was a nationwide chain of American furniture stores that helped create the "furniture warehouse" genre of retail furniture sales. It was in business for nearly 100 years before liquidating in bankruptcy in early 2008.
CSS Industries, Inc., was founded in 1923, as City Stores Company. Its headquarters is at 1845 Walnut Street, Philadelphia, Pennsylvania, with showrooms in New York City, Memphis, Tennessee, Minneapolis, Minnesota, and Hong Kong. The company designs, manufactures, and distributes seasonal and everyday greeting cards and novelties.
The bankruptcy of Lehman Brothers on September 15, 2008 was the climax of the subprime mortgage crisis. After the financial services firm was notified of a pending credit downgrade due to its heavy position in subprime mortgages, the Federal Reserve summoned several banks to negotiate financing for its reorganization. These discussions failed, and Lehman filed a Chapter 11 petition that remains the largest bankruptcy filing in U.S. history, involving more than US$600 billion in assets.
National Wholesale Liquidators is a Brooklyn, New York-based company that operates warehouse-style closeout discount stores. It offers a mix of brand-name items, everyday household items, and furniture. National Wholesale Liquidators carries over 120,000 items. The company also offers appliances, automotive products, bath towels, bedding, carpets and floor covers, detergents and cleaning products, electrical hardware, electronics, food products, furniture outdoor, giftware, health and beauty aids, holiday decorative, and household storage products. In addition, it offers indoor furniture, jewelry, kitchen towels-linens, luggage, men's apparel and fragrances, paint and sundries, paper goods and supplies, personal umbrellas, pet supplies, sporting goods, vacuums and accessories, video games, and women's fragrances.
The 2009 General Motors Chapter 11 sale of the assets of automobile manufacturer General Motors and some of its subsidiaries was implemented through Chapter 11, Title 11, United States Code in the United States bankruptcy court for the Southern District of New York. The United States government-endorsed sale enabled the NGMCO Inc. to purchase the continuing operational assets of the old GM. Normal operations, including employee compensation, warranties, and other customer services were uninterrupted during the bankruptcy proceedings. Operations outside of the United States were not included in the court filing.
Bellcamp Stores operated a store chain which sold Kaufmann's hats in forty-one stores in sixteen states in the 1930s. Benjamin H. Kaufmann was president of the business.
Heritage Home Group LLC, formed to purchase most assets of the defunct Furniture Brands International, was a High Point, North Carolina-based home furnishings company. It owned the brands Broyhill, Lane, Thomasville, and Drexel Heritage.
Transform SR Brands LLC is an American privately held company formed on February 11, 2019, to acquire some of the assets of Sears Holdings Corporation. The new company is owned by Eddie Lampert's ESL Investments hedge fund of Greenwich, Connecticut. Following the Chapter 11 bankruptcy filing of Sears Holdings on October 15, 2018, Transformco purchased the surviving assets owned by Sears Holdings for $5.2 billion.
18 East 50th Street, also known as the Hampton Shops Building and the New York Health & Racquet Club Building, is an office building in the Midtown Manhattan neighborhood of New York City. Located on the south side of 50th Street, on the middle of the block between Fifth Avenue and Madison Avenue, it was designed by William Lawrence Rouse, Lafayette Anthony Goldstone, and Joseph L. Steinam.