Bankruptcy
On February 9, 2009, MRU filed for Chapter 7 bankruptcy liquidation and suspended all operations. The company received a payment acceleration notice from Longview Marquis Master Fund LP due to the breach of a loan covenant. The covenant called for MRU to reduce their receivables by $5 million by January 28, 2009.
Read more about this topic: My Rich Uncle
Other articles related to "bankruptcy":
... The company declared Chapter 11 bankruptcy on April 5, 2012, in Dallas citing $434 million in assets against $531 million liabilities ... According to a prepackaged bankruptcy plan backed by Centerbridge Partners the company would merge Arctic Glacier which is also in bankruptcy with Centerbridge forgiving the debt in exchange for an ...
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... Both the Bankruptcy Act of 1938 and the Bankruptcy Reform Act of 1978 also included their own versions of the UFCA, thus ensuring that bankruptcy trustees can "avoid" (in other words ...
Famous quotes containing the word bankruptcy:
“You must get your living by loving. But as it is said of the merchants that ninety-seven in a hundred fail, so the life of men generally, tried by this standard, is a failure, and bankruptcy may be surely prophesied.”
—Henry David Thoreau (1817–1862)
“The heritage of the American Revolution is forgotten, and the American government, for better and for worse, has entered into the heritage of Europe as though it were its patrimony—unaware, alas, of the fact that Europe’s declining power was preceded and accompanied by political bankruptcy, the bankruptcy of the nation-state and its concept of sovereignty.”
—Hannah Arendt (1906–1975)
“Disappointment is a sort of bankruptcy—the bankruptcy of a soul that expends too much in hope and expectation.”
—Eric Hoffer (1902–1983)