Florida business owners may be interested to learn about the recent actions of Fisker Automotive, the previous manufacturer of the Karma, a pricey, hybrid-electric car. Even after the United States government awarded Fisker Automotive with a $529 million loan several years ago, the Karma hybrid sports car manufacturer finally filed for chapter 11 bankruptcy. Fisker Automotive had hopes of selling the sporty Karma electric sedans at the cost of $103,000 each, but the car had quality issues that hurt the company's name and financial standing.
The owner of a Florida assisted-living facility filed for Chapter 11 bankruptcy protection with a restructuring plan based on a deal that would give lenders an ownership stake in exchange for the debt. Devonshire PGA Holdings LLC listed its debt at up to $50 million with assets of less than $50,000 in its filing for debt relief.
Florida owners of rechargeable electric vehicles won't be using charging stations made by the recipient of a nearly $100 million grant from the U.S. government. Ecotality Inc filed for Chapter 11 bankruptcy, the latest industry casualty from the public's general lack of interest in electric cars. The San Francisco-based maker of recharging stations for the vehicles, along with five of its affiliates, announced it would be auctioning off its assets one month after the filing and asked the court that it be allowed to pay its employees and vendors.
The Florida Institute for Neurologic Rehabilitation filed for bankruptcy, and a judge has approved its reorganization plan because of the hospital's reports that it improved its cash flow. The bankruptcy was filed after reports that the facility was in debt ranging from $3 million to $30 million owed to between 103 and 346 creditors. A spokesperson for the medical company said that a rash of negative media reports about alleged patient mistreatment led to a major decline in revenue.
A gambling company that focuses on jai-alai and casinos is filing for bankruptcy as they can't comply with sale terms necessary to close the deal. Florida Gaming needs $114 million to sell itself to another company. However, the price of the sale to Silver Entertainment totaled $115 million, which includes debt of $87 million from ABC Funding. While the company had been prospering and earned a profit of $4 million during the second quarter, they needed to make a payment ABC Funding part of the potential sale, which translated into a $22 million loss. However, casino earnings totaled $19 million.
Few Florida residents plan on needing to file for personal or business bankruptcy; however, having some information in advance can help people understand a bit more about the process and the best way to help recover financially after filing.
CommonSense Media is a digital advertising network that was founded by a film producer and describes itself as a "digital alliance" of advertisers and publishers. The company has now filed for Chapter 7 bankruptcy to liquidate all of its tangible and intangible assets. Founded in 2007, the company was a leftist-leaning political organization that featured many news sites and blogs among its creditors. Florida companies, as well as those in other parts of the country, may choose to file Chapter 7 or Chapter 11, depending on their creditor structure and the goals of the bankruptcy. The owner is listed among the 48 creditors as well as the managing director. A meeting of creditors is scheduled to determine what assets may be available to pay the company's debts. The company reportedly has a total of $25,500 in accounts receivable and bank account funds.
Apparently in hopes of continuing operations, East Coast Brokers & Packers have filed for Chapter 11 bankruptcy protection in the Florida courts. Besides being in the tomato shipping business, the owners of the packing company also own a hotel that has been closed for the last ten months.
Startup restaurants can be hard to get off the ground. While the concept may seem like something that can work, legalities and other costs can get in the way.
Many small business owners in Florida have found themselves in the position of relying too heavily on their credit cards. At one point, many had the idea of using the credit cards to get everything started, but have since found the need to rely on the credit cards. The longer this goes on, the more and more debt the business ends up accruing.