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Penson Worldwide Inc., once a securities clearing broker that has since divested most of its operations, filed for chapter 11 protection, Reuters reported on Friday. Last year the company sold its futures division to Knight Capital Group Inc. and its broker-deal subsidiary to Apex Clearing Corp. The company said in court filings that it was unable to successfully streamline is business after the asset sales. It was also dogged by questions from the Securities and Exchange Commission about its accounting and a class action lawsuit by shareholders. The company listed both assets and liabilities of between $100 million and $500 million.

Private equity-backed milk processor Golden Guernsey Dairy LLC filed for bankruptcy and said that it will liquidate after it failed to cut operating costs, Reuters reported yesterday. The company, backed by Los Angeles-based firm OpenGate Capital LLC, filed for chapter 7 bankruptcy protection on Tuesday. OpenGate bought Wisconsin-based Guernsey Dairy from Dean Foods Co. in September 2011 to resolve anti-trust concerns about Dean Foods' large share of school milk supplies in the state. The private equity firm said that it increased sales by 20 percent after it bought Golden Guernsey from Dean Foods but was unable to reduce costs in a meaningful manner, given some of its legacy relationships. Golden Guernsey, an 83-year-old company, supplies milk and milk products to schools, grocery stores and retailers in Wisconsin, Illinois, Minnesota and Iowa.

A Donald Trump-affiliated company formed to construct a luxury hotel and condominium complex in Philadelphia filed for bankruptcy late on Monday to prevent foreclosure by its lender, Reuters reported yesterday. VTE Philadelphia LP, an entity that holds the vacant land on the Delaware River slated to become Trump Tower PA, filed for chapter 11 protection. Its sole secured creditor, US Bank, had previously received permission from a Pennsylvania state court to foreclose, and a sheriff's sale had been scheduled for Tuesday morning. VTE said that it filed for bankruptcy to avert the auction and find investors to salvage the project.

Big M Inc., the owner of women’s-clothing chains Annie sez and Mandee, filed for chapter 11 protection, saying that it owes creditors as much as $100 million, Bloomberg News reported yesterday. Big M, which last year had about 150 U.S. stores, listed assets of more than $50 million in its chapter 11 filing. The company, based in Totowa, N.J., said that it is negotiating final details of a $10 million credit line with Salus Capital Partners LLC. The case is In re Big M Inc. 13-10233, U.S. Bankruptcy Court, District of New Jersey (Newark).

A U.S. brain-injury treatment center has filed for bankruptcy following reports of abuse and neglect of patients by their caregivers, Bloomberg News reported on Saturday. The Florida Institute for Neurologic Rehabilitation Inc. (FINR)and three affiliated corporations filed chapter 11 petitions on Friday. They said in court filings that they estimated they owe between $3 million and $30 million to 103 to 346 creditors and that their assets total $150,000 or less. The bankruptcy action came on the same day that a unit of Regions Financial Corp. sued FINR, claiming that it defaulted on $31 million in real-estate loans.

News Publishing Co., the owner of nine community newspapers mainly located in Georgia, filed for chapter 11 protection on Tuesday, Dow Jones DBR Small Cap reported today. News Publishing has between $1 million and $10 million worth of assets and between $1 million and $10 million in debts, according to court documents. The largest debt listed in News Publishing's petition is a $4.04 million loan, originally issued by Wachovia Bank and now owned by Northwest Georgia Capital LLC.

LodgeNet Interactive Corp. said that it will file a pre-packaged chapter 11 under an agreement with affiliates of Colony Capital LLC, which will invest $60 million in the provider of on-demand movies to hotel rooms, Bloomberg News reported on Monday. LodgeNet has not posted an annual profit since 2006. Last year, 95 percent of its revenue came from the hotel industry, with Hilton Worldwide and Marriott International Inc. accounting for about a third of sales, according to the company's filings. LodgeNet said that it expects unsecured creditors will be paid in full at the end of the Chapter 11 process. A steering committee of lenders holding the company’s debt will support a five-year extension of its $346 million secured credit facility.

Mental health rehabilitation and addiction treatment center Baltimore Behavioral Health Inc. (BBH) has filed for bankruptcy protection because it owes more than $5.5 million to creditors and estimates its assets are less than $500,000, the Baltimore Sun reported yesterday. The center will continue to operate during the chapter 11 restructuring, said CEO Terry T. Brown. The bankruptcy will allow BBH to get out from under debt that has built up over the years, he said, and get the company's finances in order. The case follows a series of problems for the treatment center, including a lawsuit by employees over retirement contributions, the dismissal of several members of the board of directors and several accusations of default.

The pharmacy linked to a deadly U.S. meningitis outbreak said on Friday that it filed for chapter 11 protection, Reuters reported. New England Compounding Center, the specialty pharmacy shut down after shipping tainted vials of a steroid, said it will seek to establish a fund to compensate meningitis victims. NECC, based in Framingham, Massachusetts, said it made the filing in U.S. Bankruptcy Court for the District of Massachusetts.

Videogame maker THQ Inc. said yesterday that it filed for chapter 11 protection and entered into an agreement with private investment firm Clearlake Capital Group for a potential sale of its assets, Reuters reported yesterday. The assets to be sold include THQ's four studios and games in development. THQ also said that it has commitments from Wells Fargo & Co and Clearlake for financing of approximately $37.5 million, subject to approval from court.