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June 2015 Archives

Bankruptcy laws may be modified to allow student loan discharges

A major dilemma faces the government and the banking industry with respect to the $1.2 trillion in student loan debt that has riddled the country in the past several years. President Obama proposed that bankruptcy be brought back to allow for student debt forgiveness, presumably within a Chapter 7 framework. Such a change would be wonderful news to Pennsylvania citizens buried in debt and to those in other states. However, what will be the impact on the student loan industry, and how will such loans be originated going forward, are among the perplexing questions that are being raised?

Restaurant chains can get reorganized through Chapter 11

Chapter 11 rehabilitation for restaurants and fast food operations is no stranger to Pennsylvania bankruptcy attorneys. As with any other business, a restaurant or small chain of eateries may encounter cash flow problems and get behind on debt obligations. That problem may be partly caused by the state of the economy, and sometimes is also caused by overzealous growth that needs to be controlled. In Chapter 11, while the company's owners take steps to re-structure debt and attract investment mechanisms, the restaurants themselves may stay open and continue to generate revenue to strengthen the company's emergence from bankruptcy.

Coal mining operation files Chapter 11, names stalking horse

The 12th largest coal producer in 2013 was Patriot Coal Corp., a company that recently filed a Chapter 11 bankruptcy for the second time in three years. This time Patriot intends to sell the majority of its assets, keeping only some mining operations. It has announced that Blackhawk Mining LLC is offering to buy the majority of the assets for a bid of $643 million. The company operates in a neighboring state, and there could be some impact on workers and mining operations here in Pennsylvania from the Chapter 11 filing, but that information is not currently available.

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