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March 2016 Archives

Non-profit children's museum set to emerge from bankruptcy

Non-profit charitable organizations are also able to take advantage of the workout provisions of the federal bankruptcy law. For example, a children's museum in Pennsylvania, called the Please Touch Museum, raised new donations and compromised several debts so that it is now ready to emerge from bankruptcy. The museum had incurred a $60 million debt that it could not pay when it moved from Center City Philadelphia to Fairmont Park in 2008. It filed a Chapter 11 in September and recently received the approval of the bankruptcy judge to compromise the bulk of its debt for a payment of $11.25 million.

Sports Authority opts for Chapter 11 bankruptcy

Companies in Pennsylvania who want to protect their businesses from looming losses sometimes opt for the reorganization process of Chapter 11 bankruptcy. Sports Authority -- a chain of retailers with over 460 stores across the country -- has recently filed for Chapter 11 bankruptcy. This followed the company's disclosure last month that it had failed to pay a $20 million debt.

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