Florida business owners may be interested to learn about the recent actions of Fisker Automotive, the previous manufacturer of the Karma, a pricey, hybrid-electric car. Even after the United States government awarded Fisker Automotive with a $529 million loan several years ago, the Karma hybrid sports car manufacturer finally filed for chapter 11 bankruptcy. Fisker Automotive had hopes of selling the sporty Karma electric sedans at the cost of $103,000 each, but the car had quality issues that hurt the company's name and financial standing.
For the second time in two years, Global Aviation Holdings has filed a petition for protection from its creditors. The provider of passenger, cargo and military charter services in Florida and around the world announced its intention to once again declare Chapter 11 bankruptcy due to the U.S. military cutting back on shipping that is a large part of the company's revenues. Global Aviation is the biggest single provider of chartered air services to the Pentagon. In addition to the reduction in military contracts, a downturn in commercial freight shipping was also cited as a reason for the bankruptcy.
Florida business people might be interested in knowing about the bankruptcy of a nationwide auto rental company. Advantage Rent A Car filed for bankruptcy on Nov. 5.
Savient, a firm that manufactures drugs used by patients in Pennsylvania and other states, made a formal Chapter 11 bankruptcy filing in late October. The firm's filing was entered in the Bankruptcy Court for the District of Delaware, and it included a request for authorization to complete a sale.
The owner of a Florida assisted-living facility filed for Chapter 11 bankruptcy protection with a restructuring plan based on a deal that would give lenders an ownership stake in exchange for the debt. Devonshire PGA Holdings LLC listed its debt at up to $50 million with assets of less than $50,000 in its filing for debt relief.
Florida owners of rechargeable electric vehicles won't be using charging stations made by the recipient of a nearly $100 million grant from the U.S. government. Ecotality Inc filed for Chapter 11 bankruptcy, the latest industry casualty from the public's general lack of interest in electric cars. The San Francisco-based maker of recharging stations for the vehicles, along with five of its affiliates, announced it would be auctioning off its assets one month after the filing and asked the court that it be allowed to pay its employees and vendors.
The Florida Institute for Neurologic Rehabilitation filed for bankruptcy, and a judge has approved its reorganization plan because of the hospital's reports that it improved its cash flow. The bankruptcy was filed after reports that the facility was in debt ranging from $3 million to $30 million owed to between 103 and 346 creditors. A spokesperson for the medical company said that a rash of negative media reports about alleged patient mistreatment led to a major decline in revenue.
The Orlando-based healthcare tech company Rotech saw its debt restructuring plan approved by a federal judge. That court action allowed Rotech Healthcare Inc. to emerge from Chapter 11 bankruptcy reorganization, according to the company. Additionally, the judge approved $358 million in financing, which the company expects to close in on in September, thus ending its time in bankruptcy.
On July 1, Belle Foods, LLC, which operates 57 grocery stores in Florida and other states, filed for bankruptcy. The privately-held companies operate under the names of Belle Foods, Piggly Wiggly and Food World. In the Chapter 11 filing, Belle Foods listed C&S Wholesale Grocers as a creditor, claiming that it owes approximately $900,000 for pension liability withdrawals and approximately $5.1 million in unpaid accounts. The company's total assets were not mentioned.
On July 3, the not-for-profit organization operating Glenmoor retirement community filed for Chapter 11 bankruptcy. Glenmoor is located in the World Golf Village, which is in St. Johns County and operated by Life Care St. Johns Inc. The retirement community includes 70 apartment homes, 32 patio homes, 31 estate homes, 11 small cottages, a health center with 30 nursing beds and an assisted living center containing 15 suites. There are approximately 247 residents.