Levitz Auction Set For Wednesday
Bankruptcy
New York-based Levitz Furniture, which was forced into bankruptcy by a credit crunch earlier this month, could have new owners as soon as Thursday after Manhattan’s bankruptcy court approved an auction that is set for Wednesday at noon. The winning bid could be approved the following day at a sale hearing overseen by U.S. Bankruptcy Court Judge Robert Gerber.
The order came despite concerns raised by some creditors over moving to an auction just more than three weeks after Levitz filed for Chapter 11 on Nov. 8. It’s the third time since 2001 that Levitz has been in bankruptcy. In 2005, Prentice Capital acquired Levitz in a similar court auction for about $70 million. According to published reports, Levitz has struggled since that time even though more than $200 million has been put into the business by its owners and investors.
The assets for sale could include retail locations, leases, merchandise and intellectual property, and other intangibles. Court motions last week also included provisions for going-out-of-business sales. The retailer has 76 stores in the Northeast and West.
Levitz’s bankruptcy earlier this month was due to “insufficient liquidity to support the company’s current operations.” The company also said the filing was part of its strategy to evaluate its options, including a sale or finding a new financial investor.
According to court documents, the company lists assets of more than $100 million and liabilities of more than $100 million. Its estimated number of creditors is listed as being between 1,000 and 5,000.
Related listings
-
Delphi Asks to Delay Ch 11 Hearing
Bankruptcy 11/05/2007Auto-parts supplier Delphi Corp. has asked a U.S. bankruptcy court to delay one of its reorganization hearings so it can respond to objections raised by creditors and investors, the company said Monday.The Troy, Mich.-based company, which is still st...
-
Bankruptcy court approves Movie Gallery financing
Bankruptcy 10/18/2007[##_1L|1260753080.jpg|width="101" height="102" alt=""|_##]Movie Gallery Inc. received approval during its first appearance at the U.S. Bankruptcy Court late Tuesday to access financing from lenders and to pay employees and vendors. In the company's f...
-
New Century gets financing approved
Bankruptcy 04/06/2007New Century Financial Corp. (NEWC.PK: Quote, Profile, Research), the largest U.S. subprime lender now under bankruptcy protection, was authorized on Thursday to obtain up to $150 million of financing to keep operating under Chapter 11.The package, wh...
Illinois Work Injury Lawyers – Krol, Bongiorno & Given, LTD.
Accidents in the workplace are often caused by unsafe work conditions arising from ignoring safety rules, overlooking maintenance or other negligence of those in management. While we are one of the largest firms in Illinois dedicated solely to the representation of injured workers, we pride ourselves on the personal, one-on-one approach we deliver to each client.
Work accidents can cause serious injuries and sometimes permanent damage. Some extremely serious work injuries can permanently hinder a person’s ability to get around and continue their daily duties. Factors that affect one’s quality of life such as place of work, relationships with friends and family, and social standing can all be taken away quickly by a work injury. Although, you may not be able to recover all of your losses, you may be entitled to compensation as a result of your work injury. Krol, Bongiorno & Given, LTD. provides informed advocacy in all kinds of workers’ compensation claims, including:
• Injuries to the back and neck, including severe spinal cord injuries
• Serious head injuries
• Heart problems resulting from workplace activities
• Injuries to the knees, elbows, shoulders and other joints
• Injuries caused by repetitive movements
For Illinois Workers’ Compensation claims, you will ALWAYS cheat yourself if you do not hire an experienced attorney. When you hire Krol, Bongiorno & Given, Ltd, you will have someone to guide you through the process, and when it is time to settle, we will add value to your case IN EXCESS of our fee. In the last few years, employers and insurance carriers have sought to advance the argument that when you settle a case without an attorney, your already low settlement should be further reduced by 20% so that you do not get a “windfall.” Representing yourself in Illinois is a lose-lose proposition.