#chapter-11

#chapter-11

EAST WILLIAMSBURG - CREDITORS FOR AVANT GARDNER, parent of the Brooklyn Mirage, moved to withdraw support for Axar Capital Management's $110 million "credit bid" takeover, threatening to upend the venue operator's Chapter 11 restructuring, Bloomberg Law reported. The creditors' committee said "concerning issues" emerged after the parties' earlier settlement, arguing Axar is no longer acting in the best interests of the estate or general unsecured creditors. A key dispute centers on the Mirage's physical condition and how demolition and reconstruction of its large outdoor stage would be funded and executed ahead of the 2026 season.

Spirit Airlines confirmed Friday it finalized crucial agreements with its unionized pilots and flight attendants to cut labor costs as part of its effort to reorganize its finances while in Chapter 11 bankruptcy. Management offered no details of the deals with the Spirit contingents of the Air Line Pilots Association and Association of Flight Attendants - CWA. But the airline reportedly had been seeking up to a combined $100 million in concessions

Chapter 11 protections allow companies to reorganize debts in order to become profitable again. Companies like Hooters, Marvel, Converse, and GM have used the process to come back stronger. Here are 10 household name brands that have bounced back after filing for bankruptcy. Bankruptcy often marks the end of a company - but not always. While corporate bankruptcies have been on the rise in recent years, some brands have used the process to rebuild.

Court records show that 11 related companies under The Blend Coffee name filed voluntary Chapter 11 petitions in the U.S. Bankruptcy Court for the Middle District of Florida on Nov. 4. The filings fall under Subchapter V, a streamlined process for smaller businesses seeking timely reorganization. A judge granted a request to jointly administer cases - which are tied to The Blend's retail locations - on Wednesday, Nov. 5.

Restaurants have always been a tough business, made even more so since the COVID-19 pandemic. Restaurant bankruptcies seem to happen on a fairly regular business, even to big name chains such as Red Lobster and TGI Friday's. Filing bankruptcy (especially chapter 11 bankruptcy, which is basically a restructuring) does not necessarily mean the end of a restaurant chain. Some companies have declared bankruptcy more than once, including Friendly's, which has beat it twice and avoided total failure.

But now, according to a motion and an affidavit filed in U.S. Bankruptcy Court in New York, Spirit management and AerCap have resolved their disagreements and placed the airline on a clearer path toward restructuring its finances and slimming down its fleet. As part of the deal, AerCap would deliver an unspecified cash infusion to Spirit. The amount of cash involved is unknown as the figure is blacked out in the court filings, which are heavily redacted for competitive reasons.

In a motion filed this week, the diocese said its latest proposal to pay $165 million over five years to settle roughly 350 claims of alleged abuse drew hardly a response from the victims' attorneys, and neither did several previous offers. A local division of the U.S. Bankruptcy Court may decide next month whether to allow the church to pull the plug on its Chapter 11 proceedings, which Diocese attorneys said have become expensive because their creditors have effectively bled (the church) dry.

And this is not the first bankruptcy go-around for Bravo Brio. The restaurant group behind Bravo! Italian Kitchen and Brio Italian Grille, known for their authentic yet accessible Italian classics like creamy seafood risotto and hearty pasta dishes, has changed hands multiple times, most recently in 2020, when the restaurant group last filed for bankruptcy and was bought by Earl Enterprises.