Content about Chapter 11, Title 11, United States Code

Baton Rouge, La. -- Cafeteria-style restaurant chain Piccadilly Restaurants filed for Chapter 11 bankruptcy protection on Friday, citing a breakdown in talks with its lender Atalaya Capital Management.

Atalaya had recently purchased part of Piccadilly’s debt, which hasn’t been quantified by the chain.  

Piccadilly was given a commitment for debtor in possession financing of up to $5 million, providing the company with ample liquidity, Piccadilly said.

Chicago -- Chicago high-end fashion retailer Mark Shale said Tuesday it has filed for reorganization bankruptcy.

The 83-year-old company is seeking strategic alternatives, including a partner to fortify the business, according to president Rich Myers.

The three existing stores – all in Chicago – will continue to operate during the reorganization process.

Montvale, N.J. -- Grocer The Great Atlantic & Pacific Tea Co. Inc. said Tuesday it has emerged from Chapter 11 bankruptcy protection as a private company.

The company filed for bankruptcy protection in late 2010 but has re-emerged with operational financing, completed store renovations and new supplier and employee union agreements, as well as new management team, in place.

Rochelle Park, N.J. -- United Retail Group Inc. announced that it has filed for Chapter 11 bankruptcy court protection as it looks to sell itself to private-equity firm Versa Capital Management. United Retail owns the 433-store Avenue chain, which specializes in plus-sized women’s apparel.

Secaucus, N.J. -- Syms Corp. said that its stock will be delisted as of November 15, 2011 and that Nasdaq will file a Form 25-NSE with the Securities and Exchange Commission, which will remove the company’s securities from listing and registration on the Nasdaq.

This decision by Nasdaq comes following Syms announcement on November 2, 2011 that it and its subsidiaries filed petitions for protection under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware.
 

Secaucus, N.J. -- Syms Corp. and its Filene’s Basement subsidiary said Wednesday that they have filed for Chapter 11 bankruptcy and will liquidate all stores and assets over the coming several months. Syms acquired the century-old Filene’s out of bankruptcy in 2009 for $63 million.

New York  City -- The Great Atlantic & Pacific Tea Company (A&P) has asked U.S. Bankruptcy Court in White Plains, N.Y., for a second extension of its deadline to submit an exclusive plan of reorganization to its creditors.

The supermarket operator is looking for an extension to Jan. 16, 2012, from a previous deadline of Dec. 31, 2011. In court papers, it said the extension  would provide it with "the very best opportunity for a successful exit from Chapter 11."
 

Medford, Ore. -- Harry & David Holdings filed for Chapter 11 bankruptcy protection on Monday, according to a filing.

The gift basket retailer will continue to operate the business as debtors under the jurisdiction of the bankruptcy court. The company has nearly $200 million in outstanding debt.

Harry & David sells its products through catalogs, its website and in stores, which are primarily in factory outlet malls across the nation.

New York City -- Some landlords, vendors and other unsecured creditors of Blockbuster are objecting to Blockbuster's plan to sell itself because they fear they won't be paid what they are owed, according to the Associated Press.

A hearing to approve the stalking horse bid and auction was originally scheduled for Wednesday, but was postponed late Tuesday until March 10 while the judge considers the objections.

New York City -- After filing for Chapter 11 reorganization bankruptcy in September, then winning an extension until Feb. 4 to file its restructuring plan to emerge from bankruptcy, Blockbuster now has until March 21 to file the plan and until May 20 to round up enough votes among its creditors for approval.  

Judge Burton R. Lifland of U.S. Bankruptcy Court in Manhattan granted the extension Wednesday.

Dallas - Blockbuster said in a Friday filing that it plans to close 182 stores in the next few months as part of the movie rental company’s move to get its business back in shape in bankruptcy court.

Blockbuster, which filed for Chapter 11 bankruptcy protection in September, has already closed more than 1,000 underperforming stores in the past two years. It had about 3,000 stores when it entered bankruptcy.

New York City -- Loehmann’s on Monday filed for bankruptcy.  The off-price retailer said it had negotiated a restructuring plan with owner Istithmar Retail Investments and noteholder Whippoorwill Associates before the filing that would cut debt by $115 million. Istithmar and Whippoorwill agreed to invest $25 million in the company, according to court papers.