Results tagged “bankruptcy”

As part of its historic Chapter 11 bankruptcy filing, the General Motors Corp. announced plans today to close a parts distribution center and warehouse in Norton. This location, which will close before the end of 2009, includes 54 union jobs and 15 managers and other salaried employees. One employee, quoted by the Herald, wasn't optimistic about finding a new job.

General Growth Properties, whose "growth" we've criticized before, has filed for bankruptcy. The City of Boston owns the property; GGP was just leasing and operating it. The bankruptcy will require the city to take a larger role in managing Faneuil. This town just can't get by without all those touristy kiosks and Urban Outfitters, so we hope the city manages the marketplace well.

The Saga of the B-Side Lounge continues. In trouble since August, the lounge closed in November. Now, owner Catherine Sullivan has filed for bankruptcy for the business. The company's assets and debt are both in the $500k to $1 million range, leading a bankruptcy attorney to recommend auctioning off the assets to pay the debts. An auction of the bar's property, liquor license (though maybe you could get one cheaper another way), and lease may happen on January 15. This is the B-Side's second bankruptcy, following the first in 2003, in which it had over $800,000 in debt. Earlier this year, the B-Side made Esquire's list of Best Bars. How quickly they fall.

The Natick Collection, Faneuil Hall, and Providence Place, all owned by General Growth Properties, are (as we noted in May) apparently growing in the wrong direction--or not growing at all. The company, based in Chicago, has nearly $1 billion in debt that it must refinance soon; if that's not possible, it'll be bye bye Natick et al. Wherever will we shop?

The Globe reports that Modern Continental, the largest Big Dig contractor, filed for Chapter 11 bankruptcy protection this morning. The filing comes amid news that the firm owes between $500 million and $1 billion to creditors. Additionally, the U.S. Attorney's office filed fraud charges against Modern Continental late Friday afternoon. Some Big Dig contractors thought money would just fall from the sky. Instead, they got ceiling tiles.