INSIDER
Mallinckrodt, ensnared in opioid crisis, seeks Chapter 11
Read full article: Mallinckrodt, ensnared in opioid crisis, seeks Chapter 11A New Jersey drugmaker ensnared in the fallout from America's opioid crisis is seeking bankruptcy protection. Under the proposed settlement, opioid claims would be channeled to trusts that receive $1.6 billion in structured payments. A court-appointed committee representing thousands of plaintiffs in the opioid lawsuits will recommend support for the amended agreement, Mallinckrodt said. Trading in company shares, which dipped under $1 for the first time this month as investors bailed out, were halted at the opening bell Monday. Mallinckrodt plans to slash its debt by about $1.3 billion and it will continue to operate during the process.
California Pizza Kitchen closes at Laurel Park Place in Livonia
Read full article: California Pizza Kitchen closes at Laurel Park Place in LivoniaLIVONIA, Mich. The once-bustling California Pizza Kitchen (CPK) inside Laurel Park Place mall in Livonia is closing up shop due to challenges with the landlord and the COVID-19 pandemic. We look forward to welcoming you at our other locations and invite you to continue checking CPK.com for updates, reads the statement. In order to implement this agreement, we filed for voluntary Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas, reads the letter. The restructuring agreement includes a commitment for $46.8 million in new financing which will enable ongoing operation of CPK restaurants. We anticipate a short stay in Chapter 11 and expect to progress on an expedited timeline - our goal is to complete the Chapter 11 process in under three months.Laurel Park Place mall is situation on the corner of Newburgh and 6 Mile roads in Livonia.
Art Van Furniture officially files for Chapter 11 bankruptcy
Read full article: Art Van Furniture officially files for Chapter 11 bankruptcyArt Van Furniture officially files for Chapter 11 bankruptcyPublished: March 9, 2020, 6:24 amThe furniture store will close all company-owned stores in at least five states as the retailer heads toward liquidation after more than 60 years in business.
'Actively exploring options’ -- Art Van Furniture could file for Chapter 11 bankruptcy
Read full article: 'Actively exploring options’ -- Art Van Furniture could file for Chapter 11 bankruptcyWARREN, Mich. – The Warren-based furniture chain Art Van Furniture may be filing for bankruptcy. UPDATE: Art Van Furniture to close all stores; liquidation sales begin March 6According to Crain’s Detroit, the private equity owner is looking for a possible buyer for the company and might file for Chapter 11 bankruptcy. A representative for Art Van Furniture told Local 4, “We are actively exploring a variety of options with our creditors, investors and landlords to ensure Art Van can continue serving our guests and our communities. It is premature at this time to comment further as no final decisions have been made. In the meantime, our stores are open, and it is business as usual."