Results tagged “bankruptcy”

The company contracted by Los Angeles to install, maintain and monitor cameras that record drivers running red lights, eventually prompting a costly traffic ticket by mail, has filed for a court receivership, an alternative to bankruptcy. Now city officials are looking at what options they have when the contract expires with Nestor Traffic Systems, which could go out of business or be purchased by a another company.

Looks like the roller coaster riders at the many theme parks operated by Six Flags, including our Magic Mountain, aren't the only ones experiencing some topsy-turvy twists and turns; "Six Flags is seeking Chapter 11 bankruptcy protection, saying it needs to reorganize and shed $1.8 billion of debt," reports the Huffington Post. Despite what reps hail as a "great" 2008, with "25 million visitors" and "record revenues," the $2.4 billion in debt is signaling a load too great to carry. But the company's CEO "says the move won't affect the operation of its 20 theme parks in the U.S., Mexico and Canada." So for now, it's all systems go for thrill junkies boarding Colossus, the Riddler's Revenge, Viper, or the Terminator Salvation ride.

In early November of last year, electronics retailer Circuit City announced they were filing for Chapter 11 bankruptcy and would be closing down some of their stores and launching sales to help bring in much-needed revenue. But yesterday the struggling chain revealed they were pulling the plug altogether, and shutting down all 567 of their US stores.

The owner of the Chicago Tribune, the Los Angeles Times, the Chicago Cubs and other properties has $13 billion in debt.

Continue reading "LA Times, KTLA Owner Tribune Files for Bankruptcy"

According to the Wall Street Journal, media mega-corp Tribune, parent of our Los Angeles Times, has sought legal counsel recently that would help the fumbling company "for a possible trip through bankruptcy court." The filing, some speculate, could happen as soon as this week. The WSJ explains:

Tribune has been on wobbly footing since last December, when real-estate mogul Sam Zell led a debt-backed deal to take the company private. Tribune so far has stayed ahead of its $12 billion in borrowings with the help of asset sales, but now dwindling profits are tightening the noose. The company's cash flow may not be enough to cover nearly $1 billion in interest payments this year, and Tribune owes a $512 million debt payment in June.

     

Police released the name of the swordsman who was shot dead Sunday afternoon by a security guard at the Scientology Celebrity Centre on Franklin Ave. in Hollywood. Mario Majorski, who was involved in the church, possibly as early as 1990, according to an anti-Scientology website, went to UCLA in 1993 and was a plaintiff in a two suits against UCLA and a school professor.

Electronics retailer Circuit City announced recently that they were going to close 155 stores nationally in efforts to curtail their financial woes. According to a November 3 press release, "the stores identified for closure are located in 55 U.S. media markets, of which Circuit City will exit 12 U.S. media markets." Although not exiting California, they are planning on closing 24 stores in the state, including ones locally in Industry, Compton, Foothill Ranch, Thousand Oaks, Riverside, North Fontana, Pomona, Santa Maria, and Santa Barbara.

A visit to Lincoln Memorial Life's website - (one of the insurance companies owned by the Cassity family/Forever Network) explains why my property-owner friend was stopped and made to sign in at HF's gate, as I reported yesterday:

Just weeks after announcing the addition of more flights from Burbank Airport, discount airline Skybus is closing down today and plans to file for Chapter 11 bankruptcy. The shutdown was revealed late yesterday; all flights were completed Friday, but the airline had flights scheduled through to September 2, reports the Daily News.