Baseline Oil & Gas Corporation filed Chapter 11 bankruptcy protection Friday because of its inability to meet creditor obligations. The independent oil and gas company submitted a debt restructuring and company reorganization plan that was supported by a majority of its lenders. 

As part of the reorganization plan, Baseline's current shareholders will be wiped out, while its lenders will receive preferred stock and common stock. The company was forced to file for bankruptcy protection because its poor performance in sectors like drilling and the recent relatively low prices of oil and gas led to lower-than-expected revenues. 

If your company is considering filing for bankruptcy protection, contact the Austin Chapter 11 bankruptcy lawyers of Slater Kennon LLP, at 512-338-1100.

As many Texas small businesses face bankruptcy and other related financial problems, one technology start-up company received a boost Tuesday. Smooth-Stone Inc. received a grant of $250,000 from the Texas Emerging Technology Fund.

The start-up company develops cutting-edge technology to improve the performance of data centers by cutting energy needs. For instance, its technology is used in cell phones to reduce data center power use.

If Smooth-Stone meets certain performance standards, it could receive an additional $1 million from the grant, which was set up by the Texas Legislature in 2005 to support start-up companies in nanotechnology and clean energy.

If your business is facing bankruptcy, contact the Austin bankruptcy lawyers of Slater Kennon LLP, at 512-338-1100.

The assets of Guaranty Bank were acquired by BBVA Compass this weekend. Guaranty, a subsidiary of Austin-based Guaranty Financial Services, has a total of $13 billion in assets. 

BBVA Compass is the U.S. banking subsidiary of Spanish financial firm Banco Bilbao Vizcaya Argentaria SA. With the acquisition, BBVA Compass becomes  the 15th-largest U.S. commercial bank.

If your companis is considering filing for bankruptcy, contact the Austin commercial bankruptcy lawyers of Slater Kennon LLP, at 512-338-1100. 

The amount of bankruptcy cases filed by individuals and businesses increased 35 percent in the year ended June 30 versus the previous year. The 1.3 million bankruptcy filings marks the third consecutive annual increase.

The increase in bankruptcies is largely blamed on the failing economy, which has forced business to lay off works and, in turn, forced former employees to seek bankruptcy protection. 

Of the multiple types of bankruptcy, Chapter 7 bankruptcies, which are common for individuals, were up 47 percent, and Chapter 11 filings, which are common for businesses, were up 91 percent. 

If you or your business are considering filing for bankruptcy, contact the Austin bankruptcy lawyers of Slater Kennon LLP, at 512-338-1100.

A Texas RV dealer has made plans to emerge from Chapter 11 bankruptcy protection. As part of the deal, Recreation Live LLC of Shcertz, Texas will buy six Country Coach motor coaches and invest $4 million in the company. 

The RV maker filed for bankruptcy last March to reorganize its finances. The deal with Country Coach is part of a series of complex arrangements that includes a promise to buy six motor vehicles a year for the next three years. 

If your company is considering filing for bankruptcy, contact the Austin bankruptcy lawyers of Slater Kennon LLP, at 512-338-1100.

Minnesota Star Tribune will not get a chance to take control of the Austin American-Statesman. The publisher of the Star Tribune, which is currently under bankruptcy protection, wanted to take over the Austin daily paper. 

American-Statesman publisher Michael Vivio said Tuesday that Cox Enterprises would keep control of the paper. A Cox spokesperson said it would not sell the profitable Austin paper for the prices other companies offered.

If your business is considering bankruptcy, contact the Austin bankruptcy lawyers of Slater Kennon LLP, at 512-338-1100. 

Dallas-based Southwest Airlines bid $170 million for Denver-based Frontier Airlines Monday. The bid was more than the $108.8 offered by Republic Airways Holdings Inc.

The auction for Frontier is part of a plan to determine which company will take Frontier out of bankruptcy protection. According to officials at both Southwest and Frontier, the auction will begin Thursday. 

If you or your company is considering filing for bankruptcy, contact the Austin bankruptcy lawyers of Slater Kennon LLP, at 512-338-1100.