| Stahl Cowen Represents Purchaser of Two Florida Radio Stations
The Corporate Department of Stahl Cowen Crowley, LLC successfully represented the purchaser of two radio stations in Florida. The transaction included refinancing the purchaser's corporate debt as well as obtaining a $4.2 million line of credit (convertible to term debt) for future acquisitions. Stahl Cowen Crowley LLC is a Chicago-based law firm focused on serving the needs of business enterprises in today's dynamic marketplace. The firm provides sophisticated, yet cost effective legal counsel to organizations ranging from the entrepreneurial to large, publicly traded corporations and municipalities. Practice areas include Bankruptcy & Restructuring, Corporate, Mergers & Acquisitions, Litigation, Local Government, Real Estate and Trusts & Estates. For further information about this matter please contact Lauane Addis at (312) 641-0060.
Pike Nursery files for bankruptcy protection
Pike Nursery Holding LLC on Nov. 14 filed for Chapter 11 protection in federal court in Atlanta, blaming the severe drought. The company has landed an $11.75 million debtor-in-possession financing facility to fund its operations, including payment of employee wages and benefits, during the reorganization process. According to the court filing, Pike Nursery Holding owes nearly $5.6 million to its 20 largest unsecured creditors. It owes $716,779 to its top creditor, Monrovia, a leading ornamental plant grower based in California. Other creditors include Pennington Seed Co. in Madison, Sunbelt Greenhouses in Douglas, Baskin Nursery Inc. in Loganville, Ga., and Coweta Greenhouses Inc. in Newnan, Ga. The company said a restructuring would allow it to cut its debt, improve its balance sheet and align its business strategy and operational structure with the current climate and market conditions.
Weekly Guru Bargains Highlights: YRC Worldwide Inc., Qimonda AG, Lennar Corp., Centex Corp., Pulte Homes Inc.
Buying what Warren Buffett bought even months later can be rewarding, because you can pay lower prices than he did a lot of times. The recent market decline certainly provides bargain hunters a lot of opportunities. Is the market in fear? In the spotlight of November: Housing stock fell in the weak housing sector. Homebuilders struggle to make a profit in a market short on demand. While small builders claim bankruptcy, large homebuilders like Centex Corp. and Pulte Homes Inc struggle to survive restructuring, and selling homes at bargain prices. Experts predict the housing market will be depressed for at least the short-term as the economy slow down. As credit crisis continue to unfold, even government charter mortgage lenders Fannie Mae and Freddie Mac have felt to the levels you have not seen in many years.
Sherman gains court protection for ex-high flyers
Generic drug entrepreneur Barry Sherman has gained court protection for D'Angelo Brands and Steelback Breweries in efforts to save the two former high-flying beverage companies which together owe his family firm more than $120 million. Justice Sarah Pepall quietly issued an order late last week for a stay of any proceedings by creditors against the two insolvent companies until Sherman's Wasanda Enterprises attempts to file a restructuring plan. Sherman's son Jonathon, who took over as chief executive officer of D'Angelo and Steelback earlier this month, said in an affidavit that the two floundering companies need court protection to stabilize operations, assess their "future viability" and develop a plan. Without providing details, Sherman said both companies have cut staff, chopped the number of beverage offerings and reduced marketing costs to stop "financial bleeding." The two companies employ more than 300 people.
Titan Energy Worldwide Releases 3rd Quarter Financial Statements
Titan Energy Worldwide, Inc. (OTC BB:TEWI.OB - News) announced today it has released its financial statements for the 3rd Quarter of 2007. The Company reported gross revenues of $1,639,677 and an operating loss of $673,228 for the Quarter. This compares to revenues of $2,803,848 and losses of $514,970 for the previous quarter. Approximately $276,000 of the 3rd quarter losses were attributable to interest expense, amortization of debt discounts and financing costs related to the Company's fund raise. .
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