US Pilots Propose a Seating Arrangement to Government

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Major US pilot unions plan to propose a seating arrangement aimed to reduce the return of pre-pandemic passenger levels. Abiding by the CDC requirements, most of the US airlines are blocking off middle seats or capping numbers for the seats that are sold for each flight. The Allied Pilots Association who represent 15,000 pilots have pitched a plan for the government to buy those empty seats being that the air travel plunged so significantly during the pandemic.

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New York City Pondering Furlough Due to Financial Shortage

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Mayor Bill de Blasio of New York City states the city could face potential furloughing of around 22,000 employees due to the $9 billion dollar budget loss stemming from the coronavirus. Considering cutting back $1 billion from the budget, the mayor states this is a potential plan that may begin as early as the fall. Before he makes a final decision, he plans to reevaluate the savings in discussions with the labor unions that represent city employees after stating that numerous staff cuts that may be required.

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Chuck E. Cheese Corporation Files for Bankruptcy

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 Corporation CEC Entertainment recently filed for bankruptcy. The corporation says this is the most difficult time in its history, but it intends to establish a restructuring plan. The company has liabilities and assets ranging from $1 billion to $10 billion per the Bankruptcy Court for the Southern District of Texas. Despite the filing process, CEC states the plan to is to continue reopening their establishments per government guidelines.

Debating whether or not to file for bankruptcy? Contact our office at 816-524-4949 or you visit our website at hoorfarlaw.com to schedule an appointment.

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Checkers Drive-In Restaurants Seek Help from Financial Advisers

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Checkers Drive-In Restaurants Inc. have sought out financial advisers in order to help them maneuver through the effects of the coronavirus pandemic. Their private-equity owner, Oak Hill Capital Partners, hired both an investment banker and turnaround adviser to investigate possible restructuring. Since being bought in 2017, with the sale-increase of over 3%, Checkers must still dissolve $300 million in debt that is hindering from the acquisition. 79% of the Checkers division was franchised with about 584 operating US locations. At this time, the spokesperson for the company has not mentioned whether the employees will be affected by this restructuring process.

Is bankruptcy becoming your only option? Contact our office at 816-524-4949 or you can visit our website at hoorfarlaw.com to schedule an appointment.  

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NYC Halts Rent for Tenants for a Year

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New York City council suspends rent for 2 million tenants for a year amid economy struggles caused by pandemic. With a vote of 6 to 3, the Rent Guidelines Board approved a measure that suspends rents on one-year leases and imposed something similar for two-year leases that are within their initial year on the lease. This does, however, give the landlords the green light to raise rent 1% in the second year. If the tenants were granted their proposal of rent suspended for 2 years, that would allow landlords to raise rent 2% on one-year leases and 5% on two-year leases, but this was voted down.  

Struggling financially? Contact our office at 816-524-4949 or you can visit our website at hoorfarlaw.com to schedule an appointment.   

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US Hospitals Close or File for Bankruptcy

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Due to the unforeseen circumstances caused by the COVID-19, 42 hospitals closed or have filed for bankruptcy. With the financial tests we will face in the upcoming months, this may push even more hospitals into the same dilemma. Between March 1st and June 30th, they are expected to lose approximately $200 billion dollars, which is $161 billion more than they were expected to lose stemming from cancelled services, nonelective surgeries, and outpatient treatment.

Experiencing financial challenges? Contact our office at 816-524-4949 or you can visit our website at hoorfarlaw.com to schedule an appointment.

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Health Care Facility American Addiction Center files for Bankruptcy

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The corporation for American Addiction Center has filed for bankruptcy, according to the Bankruptcy Court in Delaware. The company says they expect to come out from bankruptcy in 125 days, after implementing a reformed plan to drop out their debt. AAC has decided to   finance $62.5 million that will permit them to continue business during this restructuring process. With operation of rehab centers in seven states, the company failed to commit to their debt responsibilities and thus had to enter a moderation arrangement with creditors. 

Do you need to file for bankruptcy? Contact our office at 816-524-4949 or you can visit our website at hoorfarlaw.com to set up an appointment.

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Tax Filing Extension Update

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The deadline for filing taxes was recently extended to July 15th due to outbreak of coronavirus. To clarify, the IRS says, taxpayers who need more time even after this date to file, must request to do so. However, the date remains in place as a deadline to pay for all cases.

For more information on how to request an extension for the extension, please visit the IRS website for step by step instructions.

Cutting it close and still need your taxes filed? Give us a call at 816-524-4949 or you can visit our website at hoorfarlaw.com to schedule an appointment.

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Current Bankruptcy Wave Soars

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 Within the last few weeks, numerous companies are seeking bankruptcy filing, more in the last two days than in the last two weeks. Seven cases of bankruptcy filings have been reported since Sunday, topping the already five that were reported as of June 13th. Companies such as, 24 Hour Fitness Worldwide Inc., Pyxus International and two new software corporations are all included. A report shows the corporation, Skillsoft Corp., helped set a software company bankruptcy record of 4 this year. A mere 6 months into 2020, the depleted economy and pandemic have caused an astonishing 111 bankruptcies. This has been the most reported since the year 2009.

Leaning towards bankruptcy? We can help. Contact our office at 816-524-4949 or you can schedule an appointment by visiting our website at hoorfarlaw.com.

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Former Bumble Bee CEO is Sentenced to Prison

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Ex-chief executive officer, Chris Lischewski, was sent to prison for more than three years for taking part in a price control scheme. A federal jury, in San Francisco, found Lischewski and his colleagues guilty of manipulating prices for packaged seafood industries which led to the unfortunate bankruptcy filing for Bumble Bee. A fine of $100,000 as well as roughly 3 years in prison was handed to Lischewski by US District Judge Edward Chen, on Tuesday.

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