Crossroads Wireless, Inc. Files For Chapter 11

Oklahoma City based, Crossroads Wireless, Inc. filed for chapter 11 bankruptcy at the United States Bankruptcy Court, Western District of Oklahoma.  Friday's filing lists assets and liabilities of between $10 and $50 million. 

Ritz Camera Centers, Inc. Files For Chapter 11

Ritz Camera Centers, Inc. filed for chapter 11 bankruptcy protection yesterday at the United States Bankruptcy Court for the District of Delaware.  The debtor is based in Beltsville, Maryland.  The retailer listed between $100 and $500 million in assets and liabilities. 

Click here to download the petition, including the list of top 20 unsecured creditors.

Philadelphia Newspapers, LLC Files For Chapter 11

Philadelphia Newspapers, LLC filed for chapter 11 bankruptcy protection last night at the United States Bankruptcy Court for the Eastern District of Pennsylvania.  The largest unsecured creditors are listed as Royal Bank of Scotland, Airlie Opportunity Master and Bru Holding Co. (all subordinated notes claims).

The debtor employs approximately 4,600 individuals

Journal Register Company Files For Chapter 11

Journal Register Company and numerous affiliates (debtors) filed for chapter 11 bankruptcy protection this morning at the United States Bankruptcy Court for the Southern District of New York.  

The debtors own and operate 20 daily newspapers and 159 non-daily publications, primarily in Pennsylvania, Ohio, Connecticut, Michigan and New York.  They employ approximately 3,465 full-time employees of which 18% are employed under collective bargaining agreements.  According to court documents, the debtors' unaudited balance sheet (November 2008) has total assets of approximately $596 million and total liabilities of approximately $737 million.  JP Morgan Chase Bank, N.A. is listed as the largest secured creditor with a claim of $692 million.

Journal Register Company has filed an application to employ Willkie Farr and Gallagher LLP as counsel.  Court documents indicate likely hourly charges of between $290 and $995 per hour for attorneys.

Additionally, the debtors filed a Plan of Reorganization with the Court.  The Plan estimates a 0% recovery for unsecured claims and existing common stock interests.