Bankruptcy Knoxville

The city of Harrisburg, Pennsylvania is currently facing financial problems and is looking
into possibly filing for bankruptcy. The city voted to hire an elite NY law firm to help
them explore their options and oversee their case.

Details of the contract must still be finalized. Paul Zumbro, a partner in the
restructuring practice in Cravath’s corporate department, said he has made no
conclusions yet on whether Harrisburg should file for Chapter 9 bankruptcy
protection.

The other partner on the case, Richard Levin, has had experience with Chapter
9, such as the pending case of New York City Off Track Betting Corp., and
worked on the bankruptcy code itself in 1978, according to Zumbro. Levin has
also represented municipal-debt issuers, such as Gardena, Calif., in negotiating
solutions to avert bankruptcy filings.

Zumbro said the firm decided to offer its services free because Harrisburg “is a
significant situation. It’s a state capital.”

He added, “We do have a long history of doing challenging pro bono work, and…
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It’s important to have someone on your side in a bankruptcy who knows what they’re doing. Call us to get the help you need.

Knoxville EEOC Attorney

This could be the first time in six years that General Motors will post profits as a business. In a well-publicized and much-maligned ordeal, the company filed for bankruptcy last year. The third quarter alone of this year brought more than $2 billion in profit.

These results represent an increase of 50.4 percent from the second quarter, when the company posted $1.33 billion in net income. Year-to-date earnings are $4.2 billion after taxes and interest.

One year after exiting bankruptcy, GM says it is on track to become profitable.

“As demonstrated by our third consecutive quarter of profitability and positive cash flow, these results continue our significant progress,” Chris Liddell, vice chairman and chief financial officer, said in a statement released Tuesday.

GM’s profits surpass rival Ford, which posted a $1.7 billion profit for the third quarter. Chrysler reported a net loss of $84 million.

GM’s numbers are expected… continue reading