If the current level of filings continues through the end of 2023, Maine’s bankruptcy rate would increase for the first time in over a decade.
bankruptcy
Posted inBusiness, Maine, News
Owners of Knox County contracting business must pay customers $744,000, judge rules
Bankruptcy liens against Malcolm and Elizabeth Stewart and their failed company were recently filed, and a criminal case against Malcom Stewart continues.
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Posted inBusiness, Maine, News
Maine bankruptcy filings now on track to hit lowest level in decades
A predicted surge during the pandemic has not materialized, but some experts also warn bankruptcies could be on their way up again.
Posted inNation / World, sj-web
Sears files for Chapter 11 amid plunging sales, massive debt
NEW YORK (AP) — Sears filed for Chapter 11 bankruptcy protection Monday, with plans to shutter 142 unprofitable stores in the hopes that it can stay in business. The question now is whether a smaller version of the company that once towered over the American retail landscape can be viable. Sears, which started as a […]
Posted inMaine, sj-web
Three Maine housing companies with ties to Michael Liberty file for bankruptcy
Three Maine companies that own apartments that lease to the elderly, disabled and low-income residents have filed for bankruptcy. The companies are all seeking Chapter 11 bankruptcy protection, which will allow them to try to reorganize their debts and then resume normal financial operations. The holdings of the companies – Pine State Housing, Montfort Housing […]
Posted inBusiness
Parkview hospital files for bankruptcy
BRUNSWICK — Parkview Adventist Medical Center has filed for bankruptcy and will shut down its emergency room Thursday. Longtime competitor Mid Coast Health Services, parent of Mid Coast Hospital in Brunswick, plans to take over the hospital. Parkview announced Tuesday that it has filed for Chapter 11 and has proposed to the court that Mid […]
Posted inBusiness
Gediman’s owner considers filing for bankruptcy
BATH — A week after the auction of unsold items from the former Gediman’s Appliance began, the lawyer representing owner Peter Gagnon said Friday that the store would not file for bankruptcy protection, but Gagnon is considering personal bankruptcy. Attorney Leonard Sharon said Friday that a business attorney advised Gagnon that bankruptcy for the business […]
Posted inBusiness, Maine
Suitors to bid Monday on Great Northern Paper mill
Bidders for the shuttered Great Northern Paper mill in East Millinocket are set to put forward their best offers Monday morning before a Tuesday hearing to determine a buyer for the bankrupt mill. In early November, the court set out an 11 a.m. Monday deadline for bids. On the day a bankruptcy court judge set […]
Posted inMaine
Cate Street CEO, his wife testify on first day of fraud trial
PORTLAND — The chief executive officer of the company that managed the now bankrupt Great Northern Paper Co. and his wife took the stand Wednesday on the first day of a fraud trial brought against them by a former business associate. The trial stemming from a 5-year-old $1.6 million judgment against Cate Street Capital CEO […]
Posted inBusiness, Maine
Creditors petition for Old Town Fuel and Fiber’s bankruptcy, claiming $1 million in debt
PORTLAND — Four companies Friday asked a bankruptcy judge to put the shuttered Old Town Fuel and Fiber into Chapter 7 bankruptcy to satisfy their claims the company owes them more than $1 million. Red Shield Acquisition LLC, the corporation that owns the wood pulp mill and other assets in Old Town, will have an […]