Recent Businesses Filing Bankruptcy

The following businesses recently filed for bankruptcy protection:

Flagship Global Health has filed Chapter 11 bankruptcy in the U.S. Bankruptcy Court in the Southern District of New York, according to MarketWatch. The company filed documents with the SEC on August 14, 2008 indicating that it was unable to file its quarterly financial report by the deadline because it did not have the financial resources to do so.

Affinity Technology Group has filed Chapter 11 bankruptcy in the U.S. Bankruptcy Court in the District of South Carolina in Columbia, according to TradingMarkets News. The company filed documents with the SEC stating that it is unable to pay a judgment of $382,148 plus accrued interest of $238,481. The judgment is related to a lawsuit with Temple Ligon. Affinity also indicated that it is unable and has failed to pay amounts due on its convertible notes. In its bankruptcy filing, the company said that it would offer its remaining patents and rights under the patents for sale under bankruptcy protection.

Fedders and its term lenders have filed an Amended Joint Plan of Liquidation under Chapter 11 bankruptcy with the U.S. Bankruptcy Court. MSN Money reported that the Amended Joint Plan clarifies that potentially insured claims means any claim or demand for which Fedders, the term lenders liquidating trust or the GUC liquidating trust may claim coverage under one or more insurance policies. The company's statement points out that nothing in the Plan, the GUC liquidating trust agreement, the term lenders' liquidating trust agreement, the confirmation order or any other Plan document necessarily means that any insurance coverage actually exists. A group of Fedders' pre-bankruptcy lenders are attempting to block a $150 million lawsuit against them by the company's unsecured lenders.

American Home Mortgage Investment filed a Plan of Liquidation and related Disclosure Statement with the U.S. Bankruptcy Court. MSNBC reported that according to the Plan, a single liquidating trust will be established for the benefit of the company's creditors and the Plan trust will hold ownership of all assets. Additionally, the Plan trustee will liquidate the non-cash assets that are transferred to the trust, reconcile all claims against the company and make distributions to holders of allowed claims against the company as provided in the Plan. A hearing is scheduled for September 15 for the Court to consider the company's Disclosure Statement.

The U.S. Bankruptcy Court has approved Linens 'n Things' motion for an order authorizing waiver of 11 U.S.C. Sections 547 and 550 causes of action and related claims against certain landlords who are counter-parties to the company's remaining leases. Linens 'n Things filed the motion after consulting with its official committee of unsecured creditors. According to a Reuters news report, the company will now be able to go forward with its restructuring plans.

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