Latest news with #USBankruptcyCourt
Boston Globe
10 hours ago
- Business
- Boston Globe
Lawyer running Providence Place mall will become US bankruptcy judge in R.I.
'The court is confident that attorney Dorsey's experience with receiverships, insolvency, and distressed asset proceedings and strong ties to the Rhode Island community will make him a valuable addition to the US Bankruptcy Court for the District of Rhode Island as well as to the First Circuit,' Barron said. Get Rhode Map A weekday briefing from veteran Rhode Island reporters, focused on the things that matter most in the Ocean State. Enter Email Sign Up Barron also thanked Finkle 'for her many years of dedicated and distinguished service.' Advertisement With the judicial appointment, Dorsey will have to step down as a court-appointed receiver for Dorsey and his law partner W. Mark Russo were named the mall's court-appointed receivers, and Advertisement In May, they reversed course on a Also, earlier this year, Dorsey essentially granted a pardon to Michael Townsend, who was banned from the mall after he and others artists were found to have maintained a fully furnished Throughout his legal career, Dorsey has been a civil litigator focused on state receiverships and court-supervised insolvency and distressed asset proceedings. He is often appointed by state and municipal courts as a commissioner, special master, or receiver. Since 2010, Dorsey has practiced at the Dorsey received a bachelor's degree from Rensselaer Polytechnical Institute in 2007, and a law degree from Roger Williams University School of Law in 2010. Dorsey is a member of the Thurgood Marshall Law Society, and the Rhode Island Black Business Association. From 2015 to 2016, he served on the board of directors of the Quonset Development Corporation, and he served on the board of directors of the Roger Williams University Law School Alumni Association from 2018 to 2024. Advertisement The state Superior Court appointed Dorsey as the program coordinator of the team that developed the COVID-19 Business Recovery Program, which provided a roadmap for business owners to consider in protecting business interests in light of the effects of the pandemic. The US Bankruptcy Court for the District of Rhode Island is a single judge court, with one place of business at 380 Westminster St. in Providence. The court handled Bankruptcy laws enable people or businesses who can no longer pay their creditors to organize their affairs, liquidate their debts or create a plan to pay them off, and get a fresh start. Bankruptcy judges decide matters involving the bankruptcy code, which sets out how the parties involved in a bankruptcy case should proceed. Edward Fitzpatrick can be reached at
Yahoo
06-05-2025
- Business
- Yahoo
Rite Aid files for bankruptcy again amid financial woes
US drugstore chain Rite Aid has initiated bankruptcy protection for the second time in two years, amid ongoing financial struggles. The retailer intends to engage in a strategic sale process aimed at maximising value and initiated voluntary Chapter 11 proceedings within the US Bankruptcy Court for the District of New Jersey to aid this process. During this process, Rite Aid customers can continue to access pharmacy services and products both in-store and online, which includes prescription fulfilment and immunisations. The company is also working to transfer customer prescriptions to other pharmacies. Rite Aid CEO Matt Schroeder said: 'While we have continued to face financial challenges, intensified by the rapidly evolving retail and healthcare landscapes in which we operate, we are encouraged by meaningful interest from a number of potential national and regional strategic acquirors. "As we move forward, our key priorities are ensuring uninterrupted pharmacy services for our customers and preserving jobs for as many associates as possible.' To facilitate its ongoing sale process, Rite Aid has obtained commitments from some current lenders to provide $1.94bn in new financing. This funding is expected to be adequate when combined with cash flow from operations throughout the court-supervised sale process. Additionally, Rite Aid plans to sell or capitalise on any assets not disposed of through the court-supervised procedure. In order to maintain business operations during this period, the retailer has sought approval from the court for several standard motions, including the continued provision of employee wages and benefits. An internal letter was issued by Schroeder to inform Rite Aid employees about impending job reductions after unsuccessful attempts at securing further financing from lenders, reported Bloomberg News. Rite Aid employees will retain their pay and benefits throughout the bankruptcy proceeding. Previously in October 2023, Rite Aid filed for Chapter 11 protection after disclosing losses amounting to $750m for the preceding fiscal year. The prior bankruptcy allowed the company to reduce $2bn in debt, shut down numerous stores, sell its pharmacy benefit management business Elixir, and reach settlements with lenders, drug distribution partner McKesson, and other creditors. Moreover, that bankruptcy addressed numerous lawsuits accusing Rite Aid of neglecting warning signs while dispensing questionable prescriptions for addictive opioid pain medications. "Rite Aid files for bankruptcy again amid financial woes" was originally created and published by Retail Insight Network, a GlobalData owned brand.
Yahoo
17-04-2025
- Business
- Yahoo
Dozens of Burger King locations in bankruptcy
A Burger King franchisee has filed for bankruptcy, forcing the closure of dozens of locations in Florida and Georgia. Consolidated Burger Holdings, which operates 57 Burger King locations out of Destin, Florida, submitted Chapter 11 bankruptcy filings on April 14 in the US Bankruptcy Court for the Northern District of Florida, according to USA Today. The company has been dealing with financial struggles since the COVID-19 pandemic. Its 57 Burger King locations are spread from Valdosta, Georgia to Tallahassee, Florida. It also has four restaurants inside Walmart stores. 'The debtors' business suffered significantly from loss of foot traffic, resulting in declining revenue without proportionate decreases in rental obligations, debt service and other liabilities,' the filing stated. Over the past two years, sales have declined and losses have increased. In fiscal year 2024, the company had sales of $67m and an operating loss of $12.5m. The year prior, sales were $76.6m and loss was $6.3m. Consolidated Burger is planning to continue operating its restaurants as it searches for a buyer for its company and assets, valued at $78m. The company had been searching for a buyer seven months before filing for bankruptcy. Burger King has been facing its own financial struggles and is currently undergoing a rebranding, offering more comfortable chairs in stores and kiosks similar to those at McDonald's. The refurb is set to cost $2.2bn, with approximately 85 percent to 90 percent of stores getting a new look. Its parent company is Restaurant Brands, which owns Tim Hortons, Popeyes and Firehouse Subs.
The Independent
17-04-2025
- Business
- The Independent
Dozens of Burger King locations in bankruptcy
A Burger King franchisee has filed for bankruptcy, forcing the closure of dozens of locations in Florida and Georgia. Consolidated Burger Holdings, which operates 57 Burger King locations out of Destin, Florida, submitted Chapter 11 bankruptcy filings on April 14 in the US Bankruptcy Court for the Northern District of Florida, according to USA Today. The company has been dealing with financial struggles since the COVID-19 pandemic. Its 57 Burger King locations are spread from Valdosta, Georgia to Tallahassee, Florida. It also has four restaurants inside Walmart stores. 'The debtors' business suffered significantly from loss of foot traffic, resulting in declining revenue without proportionate decreases in rental obligations, debt service and other liabilities,' the filing stated. Over the past two years, sales have declined and losses have increased. In fiscal year 2024, the company had sales of $67m and an operating loss of $12.5m. The year prior, sales were $76.6m and loss was $6.3m. Consolidated Burger is planning to continue operating its restaurants as it searches for a buyer for its company and assets, valued at $78m. The company had been searching for a buyer seven months before filing for bankruptcy. Burger King has been facing its own financial struggles and is currently undergoing a rebranding, offering more comfortable chairs in stores and kiosks similar to those at McDonald's. The refurb is set to cost $2.2bn, with approximately 85 percent to 90 percent of stores getting a new look. Its parent company is Restaurant Brands, which owns Tim Hortons, Popeyes and Firehouse Subs.
Yahoo
25-03-2025
- Business
- Yahoo
23andMe users told to consider deleting their data by California attorney general as the company files for bankruptcy
23andMe users are being advised to delete their data as the company files for bankruptcy. The California attorney general issued a consumer alert urging users of the biotech company to consider asking the company to delete their data and destroy any samples of genetic material. California attorney general Rob Bonta is urging 23andMe users to ask the company to delete their data and destroy any samples of genetic material as it files for bankruptcy. The biotech company said on Sunday it had started voluntary Chapter 11 proceedings in the US Bankruptcy Court for the Eastern District of Missouri. It is operating as usual throughout the sale process. On Friday, when rumors of 23andMe's plans started to circulate, Bonta issued a consumer alert reminding users of their right to request the biotech company to delete their genetic information under the Genetic Information Privacy Act (GIPA) and California Consumer Protection Act (CCPA). 'California has robust privacy laws that allow consumers to take control and request that a company delete their genetic data,' Bonta said in a statement. 'Given 23andMe's reported financial distress, I remind Californians to consider invoking their rights and directing 23andMe to delete their data and destroy any samples of genetic material held by the company.' Users can request that 23andMe delete their genetic data in the "settings" section of their profile under "23andMe Data" at the bottom of the page. Users can also download a copy of their genetic data for personal storage. If users previously opted to have a saliva sample and DNA stored by 23andMe, they can change that under the "Preferences" section. Representatives for 23andMe said in an open letter to customers that their data remains protected. "The Chapter 11 filing does not change how we store, manage, or protect customer data," the company said. "Any buyer of 23andMe will be required to comply with applicable law with respect to the treatment of customer data." 23andMe has had a tumultuous few years. The company is still grappling with the aftermath of a massive 2023 data breach that compromised the information of nearly 7 million people—around half of its customer base. As many of its 15 million users rush to remove their genetic data from company records, revenue has continued to decline. In November, the company laid off 200 employees—around 40% of its workforce—and halted the development of all its therapies. The company's CEO and cofounder, Anne Wojcicki, also announced she was stepping down over the weekend. She will be temporarily replaced by the company's chief financial officer, Joe Selsavage, but will remain on the 23andMe board. Wojcicki had been advocating for a buyout since April of last year, but the company's board rejected the proposal. In late February, Wojcicki teamed up with New Mountain Capital, a venture capital firm, to propose buying out the struggling company's shareholders at $2.53 per share, valuing the company at $74.7 million. Just four years ago, the biotech firm was worth $6 billion. In a post on X, Wojcicki said she was "disappointed" the company had filed for bankruptcy. "While I am disappointed that we have come to this conclusion and my bid was rejected, I am supportive of the company and I intend to be a bidder. I have resigned as CEO of the company so I can be in the best position to pursue the company as an independent bidder," she wrote. 'If I am fortunate enough to secure the company's assets through the restructuring process, I remain committed to our long-term vision of being a global leader in genetics," she added. This story was originally featured on
