Last Friday, an Arizona judge approved the Arizona grocer Bashas' Inc.'s plan to exit Chapter 11 bankruptcy.  Judge James Marlar, who approved the plan, said that he approved Bashas' Inc.'s exit strategy despite objections from its creditors because he believed it would speed up the case and benefit all parties involved.  

"Any new plan could not exceed the 100 percent payment now proposed ... It would be futile to go back to the drawing board, with an acceptable 100 percent payment plan now before the court," stated Marlar.

Bashas' filed for Chapter 11 bankruptcy in June 2009 with $271 million in liabilities and $386 million in assets.  Chapter 11 bankruptcy allows a business to continue operating while they restructure the company and create a plan to pay off lenders.  Bashas' Inc. plans to pay back $155 million in remaining debt over a three year period.

If you or someone you know is considering filing for Chapter 11 bankruptcy protection, contact the Arizona Chapter 11 bankruptcy lawyers of Harmon Law Office, LLC at 480-829-0494 to learn more about your rights. 

Arizona Heart Institute, one of the oldest physician-owned heart institutes in the nation, has filed for bankruptcy. The bankruptcy filing comes as a part of an acquisition deal for a for-profit healthcare company.

Abrazo Health Care, a subsidary of Vanguard Health Systems, recently announced the deal. The heart institute was founded nearly 40 years ago by a world-renowned cardiovascular surgeon. The surgeon said that the company only filed bankrutpcy as a part of the deal and that Vanguard will be buying the companies assests free and clear.

A spokeswoman from the institute has announced that the purchase is only part of the reorganization process of the company. Vanguard will purchase the institute and redistribute the funds so that the institute can pay off their debt.

If you or your business are looking to get out of debt and make a fresh start and you would like to learn more about filing for bankruptcy, contact the Arizona business bankruptcy lawyers of the Harmon Law Office LLC by calling 480-829-0494.

Th Daily Courier reports that it may not be long until the once popular A-1 beer will make it back into your local bar. The beer brand was once called Arizona "Bud." It then fell on hard times, forcing it into bankruptcy.

For people who thought there was no hope for the beer other than its memorabilia, Eli Drakulich has again provided hope. Drakulich purchased the patent and trademark for the beer in bankruptcy court. He then recruited Nimbus Brewing Co. to help distribute the beer.

Now the company is trying to iron out the details, like finding the old recipe for the brew. 

Bankruptcy can be a tough issue to face, but you don't have to face it alone. If your business is facing bankruptcy, contact the Arizona Business Bankruptcy Attorneys at the Harmon Law Office, LLC, by dialing 1-877-829-0494.

According to KSWT, "Arizona grocer Bashas' Inc. is seeking court approval of a plan to reorganize and repay its debts over the objections of its largest creditors." The company has been running with bankruptcy protection under Chapter 11 for a year now. 

Basha has about 125 stores throughout the state of Arizona. Their creditors are opposed to the reorganization plan, which proposes to use its $104 million in cash to pay off some of its $300 million in debt. Creditors do not think the company is financially sound. According to them, a plan like this could sink the grocery chain before it gets to pay the debt.

If you or someone you know is facing Chapter 11 Bankruptcy, contact the experienced Arizona Chapter 11 Bankruptcy Lawyers at the Harmon Law Office, LLC, by dialing 1-877-829-0494.