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Philadelphia’s Please Touch Museum files for Chapter 11

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The Please Touch Museum, which borrowed more money than it could pay back to renovate a new home in Fairmount Park's (Pa.) Memorial Hall, has filed for bankruptcy, the Philadelphia Inquirer reported on Saturday. The children's museum filed for chapter 11 protection on Friday to shed the majority of the $60 million it owes holders of its debt, and to negotiate a deal whereby the museum turns over maintenance and repairs of Memorial Hall to the city, which owns it. The first court hearing on the matter is expected next week, and the museum remains open.

D.C. Restaurant Affiliate Files for Chapter 11

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Another entity controlled by Ray’s the Steaks’ Michael Landrum is seeking chapter 11 petition, this one in Virginia, the Washington (D.C.) Business Journal reported today. MLRG Inc., which lists Landrum as its president, filed the petition in U.S. Bankruptcy Court for the Eastern District of Virginia on Sept. 2. The petition lists assets of between $1 million and $10 million and debts of the same. Another of Landrum’s entities, 449 K St LLC, filed for chapter 11 protection Aug. 27. That filing came amid a lengthy battle with the landlord of a building where Ray’s Hell Burger, Landrum's famous burger restaurant, was supposed to open in Mount Vernon Triangle. That bankruptcy filing lists MLRG as a creditor owed $1.5 million.

Hamptons Bus Service Files for Bankruptcy

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The company behind the Hampton Luxury Liner filed for chapter 11 protection yesterday, citing cash-flow problems brought on by Hurricane Sandy, the Wall Street Journal Bankruptcy Beat blog reported yesterday. The bus company says in court papers that it lost more than $1.5 million as a result of the 2012 superstorm, leading to its eventual default on its loans. Its last forbearance agreement is set to expire at the end of the year, and efforts to refinance led to the company taking on a loan with an interest rate, fees and expenses that it says may amount to usury. The company reported assets of $6.6 million and debts of $5.1 million in its chapter 11 petition, filed with the U.S. Bankruptcy Court in Central Islip, N.Y.

Quiksilver Files for Chapter 11 Bankruptcy for U.S. Units

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Struggling surfwear maker Quiksilver Inc. said that it filed for chapter 11 protection for its U.S. units yesterday, Reuters reported. The company listed assets of more than $100 million and liabilities of more than $500 million in the filing. The European and Asia-Pacific businesses are not part of the filing as those "operations remain strong," Quiksilver said. Quiksilver added that holders of its Eurobonds, sufficient to waive any technical default arising from the filing, had agreed to allow it to reorganize its U.S. operations under chapter 11. The company said that it had requested the court to approve $175 million in new debtor-in-possession financing with affiliates of private equity firm Oaktree Capital Management and Bank of America.

Denver Organics Company Files for Chapter 11 Protection

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Grower’s Organic LLC, doing business as GO Transportation, has filed for chapter 11 bankruptcy, ThePacker.com reported on Friday. The Denver-based distributor reported assets of less than $50,000 and debts of $1 million to $10 million in the Aug. 28 bankruptcy petition. Co-founder and managing member Brian Freeman said in court documents that many of the company’s creditors are covered by the Perishable Agricultural Commodities Act. Of the top 20 creditors, at least nine are organic produce growers or shippers. The total owed to those 20 creditors holding the largest unsecured claims is more than $473,000. Freeman has temporary permission to use cash collateral to pay employees, according to a Sept. 3 order from U.S. Bankruptcy Judge Elizabeth Brown. She set a final hearing on the cash collateral for Sept. 16.

Medical Device Maker Files for Bankruptcy

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Cambridge Endoscopic Devices, a Framingham, Mass., medical device manufacturer, has filed for bankruptcy after its sales declined and it couldn’t find a buyer, the Boston Globe reported on Saturday. The company listed assets of $3 million and liabilities of $17 million in filings in federal bankruptcy court. According to court filings, its advanced endoscopes and laparoscopes, which are used to make surgery less invasive, became too expensive for many hospitals to buy after the passage of the Affordable Care Act. More than 40 potential buyers contacted over the past two years but didn’t make a “viable offer” for the company, it said in a filing. It listed $355,000 in income in 2013, $328,000 last year, and $70,000 so far this year. The vast majority of its assets were intellectual property, including patents filed for surgical instruments.

Property Investor Puts Manhattan Hotels Into Bankruptcy

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A North Carolina real estate investment firm that owns the Wyndham Garden Hotel and other Manhattan real estate has put four properties into chapter 11 with a plan to sell them at a bankruptcy auction, Dow Jones Daily Bankruptcy Review reported today. The four New York properties — three hotels and a vacant lot — are valued at some $200 million and are located in choice neighborhoods across Manhattan. The properties filed for bankruptcy court protection on Thursday amid a legal battle between their owners. Gemini Equity Partners LLC, the Huntersville, N.C.-based owner of the properties, has lined up initial offers for the hotels and land, subject to higher bids at a bankruptcy-court-supervised auction. Proceeds from the sales are slated to fully repay creditors, owed a total of about $135 million, according to Gemini vice president Christopher La Mack.

Santa Fe Gold Files for Chapter 11

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Santa Fe Gold Corp. announced that it and three of its subsidiaries filed for chapter 11 protection yesterday, according to a company press release. The company continues to operate as debtors in possession, in accordance with the applicable provisions of the Bankruptcy Code and orders of the court. Santa Fe, based in Lordsburg, N.M., is being advised by the investment banking firm of Canaccord Genuity Inc.

USA Discounters Seeks Bankruptcy Protection

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USA Discounters Ltd., a retailer accused of misleading U.S. service members, filed for bankruptcy protection and plans to wind down its business, the Wall Street Journal reported today. Until recently, USA Discounters sold furniture, appliances, electronics, jewelry and other products from stores located near military bases, often financing such purchases through its own credit program. The company cited the tough retail climate, a defaulted loan and various governmental actions regarding its operations as factors for the chapter 11 filing. Last year, the retailer agreed to pay a $50,000 civil penalty to the Consumer Financial Protection Bureau and to stop charging military customers a fee to obtain certain financial protections, following an investigation by the agency. USA Discounters didn’t admit or deny any wrongdoing. The company currently faces a multi-state investigation from several attorneys general into its business practices. In the bankruptcy papers filed on Monday, USA Discounters says that it is cooperating with the probe.

California Winery Files for Bankruptcy Amid Lender Dispute

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Everett Ridge Winery and Vineyard, one of the few vineyards in the U.S. owned by an African-American family and whose award-winning wines have been served at White House dinners, has filed for chapter 11 bankruptcy amid a dispute with its bank, Dow Jones Daily Bankruptcy Review reported today. Located in Northern California's Sonoma County, the winery has been trying to negotiate with its lender for several years to no avail, said Stephen Sterling, one of four brothers that owns the business with their parents. The bank loan requires a payment of nearly $1 million to refinance, Sterling said, leaving Everett Ridge and sister winery, Esterlina Vineyards & Winery LLC, with few options.