Articles Posted in Chapter 11 Bankruptcy and Financial Workouts

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Raleigh and Cary K&S Cafeteria has filed for Chapter 11 bankruptcy protection but is not planning to close its two area stores. The company, which is legally K&S Cafeteria at Tower, Inc., filed in U.S. Bankruptcy court last week. It currently operates one store in Raleigh on Bastion Lane and one in Cary at South Hills Mall. Click here for the full article.

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An Irish pub that has been a mainstay in Cary for a decade has filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the Eastern District of North Carolina, but the owner says the business will remain open.  Connolly’s Irish Pub owner David Molee said the economic downturn hurt the business, crunching the company’s cash flow. The best option, he said, was to file for Chapter 11, or restructuring bankruptcy. Celtic Adventures LLC, the parent company for Connolly’s, filed Friday in U.S. bankruptcy court.  Click here for the full articles.

Celtic Adventures is represented by the Raleigh bankruptcy attorneys at Hendren and Malone.

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Falls Village Golf is trying to reorganize as it seeks protection from creditors.  The New Jersey company, which runs the 10-year-old golf club off Falls Village Lane in Durham, has filed for Chapter 11 bankruptcy protection in U.S. Bankruptcy Court.  The company listed 2.58 million in assets. It owes creditors at least $14.8 million, court records show.

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The economic downturn claimed its biggest victim as General Motors filed for Chapter 11 Bankruptcy on June 1, 2009 in the United States Bankruptcy Court for the Southern District of New York.  GM’s bankruptcy filing is the fourth-largest in U.S. history and the largest for an industrial company. The company said it has $172.81 billion in debt and $82.29 billion in assets.  For more on the General Motors bankruptcy and to see some of the documents associated with the filing, go to http://documents.nytimes.com/general-motors-bankruptcy-filing#p=1.

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