Bankruptcies

Lenders Terminate Sale of Satellite Radio Firm WorldSpace

Authored by Mark Hefflinger on August 31, 2009 - 8:15am.
Silver Spring, Md. - Lenders have nixed plans for satellite radio firm WorldSpace to sell its assets to Yenura, a Singapore-based firm headed by WorldSpace founder and CEO Noah Samara.

Bankruptcy Court Approves Sales of Ritz Camera to Former CEO

Authored by Mark Hefflinger on July 24, 2009 - 7:30am.
Beltsville, Md. - A Delaware bankruptcy court on Thursday night approved the $33.1 million sale of camera and consumer electronics chain Ritz Camera to a group led by former CEO David Ritz, the Washington Business Journal reported.

Ritz Camera CEO Submits Top Bid for Bankrupt Chain's Assets

Authored by Mark Hefflinger on July 22, 2009 - 8:30am.
Beltsville, Md. - Five months after filing for Chapter 11 bankruptcy protection, Ritz Camera may live on in some form following a bankruptcy auction on Tuesday.

Sinclair Broadcasting Warns of Possible Bankruptcy

Authored by Mark Hefflinger on July 14, 2009 - 9:40am.
Baltimore - As the ongoing recession continues to take its toll on advertising, Baltimore-based Sinclair Broadcast Group said in a filing with the Securities and Exchange Commission that it may be forced to file for Chapter 11 bankruptcy protection.

Sports Broadcaster Setanta Enters Administration

Authored by Mark Hefflinger on June 24, 2009 - 11:09am.
London - Setanta Sports, a provider of premium and pay-per-view sporting events like English Premier League football, has switched off its signals to nearly three million British households, a day after entering administration, or bankruptcy proceedings, Reuters reported.

Creditors of Midway Games Settle Suit Against Top Shareholder

Authored by Mark Hefflinger on June 8, 2009 - 8:22am.
Chicago - A group of creditors of bankrupt video game publisher Midway Games (NYSE: MWY) has settled its lawsuit against Mark E. Thomas, the investor who purchased former Midway chairman Sumner Redstone's 87% stake in the company for $100,000, Bloomberg reports.

High-Quality Download Seller HDGiants Files for Bankruptcy

Authored by Mark Hefflinger on May 28, 2009 - 9:37am.
Incline Village, Nev. - HDGiants, an online retailer of high-quality HD downloads of music and video content delivered directly to home entertainment systems, has filed for Ch. 11 bankruptcy protections in the state of Nevada.

Warner Bros. Bids $33 Million for Midway Games Assets

Authored by Mark Hefflinger on May 21, 2009 - 9:08am.
Chicago - Bankrupt video game publisher Midway Games (NYSE: MWY) said on Thursday that Time Warner's (NYSE: TWX) Warner Bros. Entertainment has bid $33 million for the majority of its assets, including the "Mortal Kombat" franchise. Chicago-based Midway declared bankruptcy in February, after chairman Sumner Redstone sold off his majority stake in the company.

Direct-to-Consumer Music Platform Mubito Enters Administration

Authored by Mark Hefflinger on April 2, 2009 - 9:29am.
Malmo, Sweden - The parent company of Mubito, a Sweden-based company that builds direct-to-consumer Web platforms for artists and record labels, has gone into administration, MusicWeek reported.

Chicago Sun-Times Publisher Files for Bankruptcy

Authored by Mark Hefflinger on March 31, 2009 - 8:15am.
Chicago - Sun-Times Media Group, the publisher of the Chicago Sun-Times and 58 other newspapers and websites serving the Chicago area, announced on Tuesday that it has filed for Ch. 11 bankruptcy protections.

MP3 Search Engine SeeqPod Files for Bankruptcy

Authored by Mark Hefflinger on March 31, 2009 - 7:53am.
Emeryville, Calif. - SeeqPod, a service that lets users search for songs and stream them from sites across the Internet, as well as create custom playlists, has filed for Ch. 11 bankruptcy protection in California, TechCrunch reported.

Blockbuster Shares Plunge as Company Explores Bankruptcy

Authored by Mark Hefflinger on March 3, 2009 - 10:39am.
San Antonio, Texas - Video rental giant Blockbuster (NYSE: BBI) has hired Kirkland & Ellis to explore a possible bankruptcy filing, a person familiar with the situation told Bloomberg. The news sent the company's shares plummeting more than 86%, to 13 cents, before trading was halted on the NYSE.

Flash Memory Maker Spansion Files for Bankruptcy

Authored by Mark Hefflinger on March 2, 2009 - 8:53am.
Sunnyvale, Calif. - Spansion (NASD: SPSN), a maker of flash memory storage media used in mobile phones, digital cameras and other consumer electronics, has filed for Ch. 11 bankruptcy protections, in a bid to restructure $625 million in debt.

Ritz Camera Files for Chapter 11

Authored by Mark Hefflinger on February 23, 2009 - 9:53am.
Beltsville, Md. - Hurt by sharply lower sales in recent months, Ritz Camera Centers, a retailer of cameras and other consumer electronics, on Monday filed for Chapter 11 bankruptcy protection, Reuters reported.

Sirius XM Scrambles to Avoid Bankruptcy; Exchanges Notes

Authored by Mark Hefflinger on February 13, 2009 - 9:08am.
New York - Satellite radio firm Sirius XM (NASD: SIRI) said on Friday that it is scrambling to avert the possibility of having to declare bankruptcy next week.

Midway Games Files for Bankruptcy

Authored by Mark Hefflinger on February 12, 2009 - 9:55am.
Chicago - Video game publisher Midway Games (NYSE: MWY) announced on Thursday that it has filed for Chapter 11 bankruptcy protection in the state of Delaware. The company said its change in ownership back in November "triggered accelerated repurchase obligations relating to two classes of Midway debt, which Midway anticipated it would be unable to satisfy." Former majority shareholder Sumner Redstone, chairman of Viacom, sold off his stake in December.

Sirius XM Reportedly Preparing for Chapter 11 Filing

Authored by Mark Hefflinger on February 11, 2009 - 8:19am.
Washington - Unlikely to find a way to repay its looming debts, satellite radio provider Sirius XM (NASD: SIRI) has hired advisors to help it prepare for a possible bankruptcy filing, The New York Times reported. The company currently is saddled with about $3.25 billion in debt, owing $175 million of it at end of this month, as well as another $400 million in December.

Muzak Files for Chapter 11 Bankruptcy Ptotection

Authored by Mark Hefflinger on February 10, 2009 - 10:45am.
Fort Mill, S.C. - Muzak, the provider of in-store and on-hold messaging music, announced on Tuesday that it has filed for Ch. 11 bankruptcy in the state of Delaware.
tags: Music | Muzak | Bankruptcies |

Circuit City Talking with Two "Interested Parties"

Authored by Mark Hefflinger on January 12, 2009 - 9:25am.

Richmond, Va. - Two months after filing for Chapter 11 bankruptcy protection, consumer electronics retailer Circuit City Stores revealed that it is in "significant" talks with two "highly motivated and interested parties."

U.K. Indie Distributor Pinnacle Enters Bankruptcy Administration

Authored by Mark Hefflinger on December 4, 2008 - 11:56am.

London - Pinnacle, a U.K.-based distributor of physical music products like CDs for more than 1,000 independent record labels, has gone into administration (i.e. declared bankruptcy), according to published reports.