U.S. coal producer Alpha Natural Resources (ANRZ) has joined the ranks of three other coal companies that filed for bankruptcy in a span of 15 months, CBS News reported on August 3.
ANRZ, which operates approximately 60 coal mines in the country, seeks bankruptcy protection amid plummeting prices of coal used for electricity. The drop is mainly because of the improved liquefied natural gas (LNG) drilling processes and technologies, which boosted the production of LNG. Players in the coal industry are also having a difficult time due to more stringent clean air regulations.
The company filed for bankruptcy with the U.S. Bankruptcy Court for the Eastern District of Virginia. It hopes that the move will allow it to proceed with its operations as normal.
At this time of financial hardship, filing for bankruptcy may allow you to protect your business from creditors while you are restructuring your business to make it profitable again. The team at Gagnon, Peacock & Vereeke, P.C., can help you with your bankruptcy needs. Call our Dallas office at (214) 824-1414 today, and tell us about your situation.
Rapper and entrepreneur Curtis Jackson III, popularly known as 50 Cent, filed for Chapter 11 bankruptcy on July 13, according to a report by USA Today.
The renowned entertainer said his filing for Chapter 11 bankruptcy was made as a precautionary measure to protect his wealth. His bankruptcy documents show that his assets and debts range between $10 million and $50 million. 50 Cent’s attorney stated that applying for bankruptcy protection allows his client to proceed with his work as a businessman and entertainer while taking care of his fiscal affairs.
His decision to file for bankruptcy came after a jury ordered him to pay $5 million to a woman who filed a case against him over a video that was posted without her consent.
Bankruptcy is not just a means to manage your financial problems; it can also be an effective way to protect your assets and secure your financial welfare. Our team of bankruptcy attorneys at Gagnon, Peacock & Vereeke, P.C., can help you make an informed financial decision. To learn more about the process of filing for bankruptcy, call our Dallas offices at (214) 824-1414 today.