New York — The third largest U.S. carrier, American Airlines and its parent company, AMR Corp, filed for bankruptcy protection on Tuesday.  The lack of progress in contract negotiations with pilots forced the company to file for Chapter 11.  American Airlines hopes bankruptcy will cut labor costs and enable them to rejoin the market in a better position to be profitable. High fuel prices and less demand for travel were also factors.  Shares of AMRs stock had decreased 45 percent during the last three months.  Shares of United Continental, …

Perkins and Marie Callender’s Inc. filed for bankruptcy officially on Monday, reason being a decline in sales due to a weak economy and its primary markets.
The U.S. Bankruptcy Court documents in Delaware provide the information listed as the company owning $290 million in assets and has $440.9 million in liabilities.
The Tennessee-based company plans to close 65 stores, cutting 2,500 jobs which adds up to about 20 percent of its workforce.
The company has 160 physically owned and 314 franchised Perkins restaurants, and 85 owned Marie Callender’s restaurants and 37 franchised.
Northcott Hospitality …

Today Michigan Governor Rick Snyder stated he will not let Detroit, or any other cities, go bankrupt. Instead he will help financially troubled areas like Pontiac recover as much as he can.
“Detroit’s not going into bankruptcy,” says Snyder after his meeting with the top three bond rating agencies in New York, hopeful that they can raise Michigan’s ratings as high as possible.
“We’re going to work hard to make sure we don’t need an emergency manager, and bankruptcy shouldn’t be on the table,” said Snyder.
A new law giving managers …

The country’s largest bankruptcy court based in Los Angeles has ruled that the federal law excluding same-sex marriage is unconstitutional.
The federal court decided to make the ruling after a gay couple filed jointly for a bankruptcy petition on Monday. The couple got married in 2008 once the same-sex marriage was temporarily legal in California.
A Justice Department lawyer tried getting the petition dismissed by using the Defense of Marriage Act, which limits all marriages to strictly a man and a woman.
Although the Obama administration believes the act is unconstitutional, it was …

The owner of Perkins and Marie Callender’s Inc. won a court approval of $16 million in financing to help fund the 600 restaurants’ operations during bankruptcy.
Kevin Gross, the U.S. Bankruptcy judge approved the loan today during a trial hearing in Delaware, stating “there was an effort to find better terms, and these are the best.”
The company is based in Tennessee, Memphis more specifically. They will seek approval from Wells Fargo Capital Finance LLC, the agent for the lenders, for an additional $5 million, leaving a total of $21 million.
Mitchel H. …

The wireless 4g internet service provider, Xanadoo Holdings Inc., seeks out Chapter 11 bankruptcy protection without reason. The company lists over $100 million in assets and has debt worth about $100 million. Four of their affiliates have also filed for bankruptcy.
Xanadoo started in 2006 providing high speed 4g wireless internet to consumers. Their website states they are “one of the first and only 4g wireless Internet operators in the U.S. to bring WiMAX to America’s Heartland” and offers plans starting at just $14.95 per month.
They began operating in Springfield, Illinois …

Allen Family Foods, the poultry company, announced Thursday that they are filing for Chapter 11 bankruptcy protection with the intent to sell everything they own. A statement issued by the company says Allen has entered itself into an asset purchase which was agreed with from Seaford Milling company and they plan to complete the transaction within 45 days.
Allen’s is a four generation company that has been running for over 92 years. The poultry industry has been under a large amount of stress with factors such as high corn and soybean …

Dozens of customers now have hope with their never seen furniture or thousands of dollars in deposits at the furniture repair shop Brandt & Whitney after it shut its doors without notice. According to 9NEWS, the furniture shop filed chapter 7 bankruptcy.

Customers went to gather their furniture last week at the store and found its doors locked with all phone numbers for business disconnected. The Englewood Police Department got three complaints and the Better Business Bureau dropped its accreditation.

Great Western Furniture Manufacturing doing business with Brandt & Whitney owe together …

The biggest U.S. Company in bankruptcy, Station Casinos Inc., finally won its last court approval needed to end its bankruptcy.

U.S. Bankruptcy Judge Gregg W. Zive from Reno, Nevado, had approved for a reorganization plan with Green Valley Ranch Resort, Spa and Casino, that sold the property to a group led by Station’s founding family. The Las Vegas-based company will apparently exit bankruptcy within the next coming weeks.

Frank Fertitta and his brother, Vice Chairman Lorenzo is reassembling Station with 45 percent being restructured after a $200 million investment. Station filed bankruptcy …

Bankruptcy rates in cancer patients increase as their survival time increases, according to a new study of researchers who compared U.S. bankruptcy court records to cancer registry data. They based their study over a span of 14 years off of 232,000 adult cancer survivors in western Washington. On average, it’s been reported that bankruptcy rates quadrupled within five years of a cancer diagnosis.

Bankruptcy rates amongst cancer survivors were nearly doubled within one year after a diagnosis. The median time for bankruptcy with cancer patients was 2 and a half years.

“The …