Customer oriented funding firm, Capitol Peak Partners and KKR & Co. secured a victory in buying a milk producing company known as Borden Dairy. The former chairman and chief executive of Dean Foods Co., Gregg Engles, who is now in charge of Capitol Peak, has always been a competitor to Borden. KKR was a major lender for the company, however, it hit a rough patch in January with a decreased milk consumption rate in the US. This decrease in profits prompted Borden to request Prairie Farms Dairy as a back up bidder according to court documents.
Is filing bankruptcy the only option you have?
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Brooks Brothers, the clothing store, will be joining the slew of
unfortunate bankruptcy filings. Since the filing, the two most successful
companies, Authentic Brands Group LLC and Simon Property Group Incorporated are
partnering up to bid for the 200-year-old chain. Prior to the outbreak, expensive clothing
lines, including Neiman Marcus Group and Dean & DeLuca, have had a difficult
few years, leaving Brooks Brothers as just another front to take a hit in
Due to weddings, graduations, proms,
and other ceremonial events being cancelled, the “suit and tie” apparel has
been traded for a more relaxed look with potential customers now working from
Considering bankruptcy? Contact our office at 816-524-4949 or you can visit our website at hoorfarlaw.com to schedule an appointment.
Recently, Skillsoft Corporation, an
e-learning company, announced they will be filling for bankruptcy. They have
agreed to an agreement of restructuring its $2 billion debt to $410 million.
The filing took place at the US Bankruptcy Court of Delaware, in which the
court documents say the company has assets of up to $1 million and liabilities
near $10 billion. As of now, the company says this does not affect any of their
current employees and they plan to continue to operate business through this
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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The country’s largest mall owner,
Simon Property Group, is filing a lawsuit against Gap Inc. for missed rent
payments. The landlord says the company has withheld rent for the past 3 months
and owes over $66 million in total, this includes attorney’s fees as well.
A spokesperson for Gap says, they are looking to work with the landlord and mutually agree on fair rent terms considering the affect Covid-19 has had on shopping centers. He even added, in early April, he was considering renegotiating lease agreements with their landlord but never went through with it.
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Posted in General
Ex-U.A.W. President, Gary Jones
pleaded guilty to embezzling union funds. Per an agreement with federal
prosecutors, Jones admitted to using more than $1 million of those funds for
vacation rentals, golf outings, clothing, liquor, and expensive meals. Abiding
by the plea agreement in place, he agreed to be penalized for more than
$140,000 in cash that he acquired illegally. He will be sentenced anywhere from
47 to 56 months, per federal guidelines, on October 3rd.
Facing a lawsuit? Contact our office at 816-524-4949 or you can schedule an appointment on our website at hoorfarlaw.com.
Posted in General
With the unforeseen circumstances due
to the pandemic, the Topeka YMCA has asked to file for bankruptcy. The
president and CEO, John Mugler said because the organization was shutdown for
two months, bankruptcy seems to be the most reasonable action to make
financially. However, the organization has plans to remain open for their
childcare services and their health and fitness programs during this difficult
Are you contemplating bankruptcy? We are here to help. Contact us at 816-524-4949 or you can visit our website at hoorfarlaw.com to schedule an appointment.
The owner of New York & Co., RTW Retailwinds Inc. is next on the long list of businesses facing the difficult decision of whether or not they should file for bankruptcy. Prior to the pandemic, and the stay at home order in place in some states, the owner expressed he was closing 30 stores and would be looking into subleasing office space in those stores.
Considering bankruptcy? Give us a call at 816-524-4949 or you can visit our website at hoorfarlaw.com to schedule a consultation appointment!
Wells Fargo & Co will put an end to providing loans to a larger part of its private auto dealer customers. This decision was made based upon the current economic challenges faced due to the Covid-19 pandemic. The company’s spokesperson said in a recent interview that they will continue to do business with customers who have seniority, but unfortunately will no longer be accepting any new loan applications. On the upside, the bank has been working proactively and has set aside $4 billion to cover the loan losses affected by the coronavirus outbreak.
Are you financially affected by the
coronavirus outbreak? Contact our office at 816-524-4949 or you can visit our
website at hoorfarlaw.com to schedule an appointment.
Posted in General