On Sunday, the Tulsa-founded aerospace manufacturer and repair company The NORDAM Group Inc. filed a voluntary Chapter 11 bankruptcy petition aiming to reorganize their business. The CEO, Meredith Madden, of NORDAM, believed filing bankruptcy was not the route they originally desired, but what the company desperately needed—as it preserved NORDAM Group's operations without disruption. The company says the bankruptcy filing comes subsequent to a protracted contract dispute with Pratt & Whitney Canada over engine nacelles for the Gulfstream G500 and G600.
John J. Scura III
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Toys R Us filed for Chapter 11 Bankruptcy last fall, but their recent announcement of liquidation of their stores could put employees at risk.
When a large corporation files for Chapter 11 Bankruptcy, the effects are felt by many. The Toys R Us liquidation is no expectation here in New Jersey. Attorney John Scura speaks with News 12 about what this means for employees as well as for customers who hold gift cards.
Scura, Wigfield, Heyer, Stevens & Cammarota, LLC encourages employees to check how their pensions are set up and make sure they are covered.
Possible Toys R Us liquidation puts 30,000 jobs at risk
News 12 New Jersey
Posted: Mar 15, 2018
A possible liquidation of all Toys R Us stores in the United States could put 30,000 people out of work.
The Wayne-based toy retail giant apparently broke the news to its employees Wednesday, according to a toy industry analyst. The chain filed for Chapter 11 bankruptcy protection last fall.
Bankruptcy attorney John Scura says pensions for large corporations like Toys R Us are typically set up in separate, protected funds but this is the first thing employees should check.
"There could be a shortfall on certain payments that are made to it,” Scura says.
Scura, Wigfield, Heyer & Stevens, LLP is representing the DiNapoli family who recently filed a lawsuit stating an elderly man was killed in his Bloomfield apartment on Dec. 13, 2015 from extreme heat caused by a defective heating/cooling system.
According to Bloomberg, the City of Harrisburg's bankruptcy case was thrown out by a bankruptcy court that ruled the city council was not authorized to file the petition for Pennsylvania's capital.
The National Association of Consumer Bankruptcy Attorneys (NACBA) has developed a Principal Pay Down Plan, which would provide immediate relief for qualified homeowners who find themselves underwater on their mortgages. Economists and other experts all agree that housing must stabilize before we have a full blown economic recovery. The Principal Pay Down plan proposes to reduce the interest rate on mortgages to 0% for 5 years, monthly payments would be lowered and every dollar applied to the principal. This Plan provides multiple benefits. It would help families trying to save their homes, stabilize communities, and help prop up the ever declining housing market.
