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http://www.arizona-bankruptcy-laws....hes-phoenix-suns-and-other-nba-and-nhl-teams/
Phoenix-based charter air service Swift Air LLC, which specializes in transporting professional sports teams, filed for Chapter 11 bankruptcy protection in June, 2012, due to ongoing financial difficulties. However, Swift continues to operate its charter air service, and, up until now, has honored all of its transportation contracts.
According to the Tennessean, however, an Arizona federal bankruptcy judge ruled earlier this week that Swift could reject certain contracts with professional sports teams as part of its corporate reorganization plan. Swift alleged in court documents that it wished to focus on providing charter air service to sports teams located only in the eastern half of the country. As a result, Swift summarily rejected its contracts with a pair of NHL teams, i.e. the Colorado Avalanche and the Nashville Predators, only weeks before their season is scheduled to start, and despite its five-year-contract with the Predators that launched in 2011. Likewise, Swift rejected contracts with two NBA teams, the Phoenix Suns and the Denver Nuggets, in favor of contracts with the Boston Bruins, Chicago Blackhawks, St. Louis Blues, Boston Celtics, and Milwaukee Bucks.
Like many businesses offering luxury services, even to high-paid professional athletes, Swift apparently has suffered as a result of the recession and an increasingly competitive market. As a result, it has chosen to narrow its demographic focus in an attempt to salvage the business and restructure its debts. If Swift is able to do so through the Chapter 11 bankruptcy process, it will be able to begin operating at a profit while still paying down debt and avoiding incurring further debts that might lead to additional financial problems.
If your business has become overwhelmed by debt, harassed by creditors, and is losing profits on a daily basis, you may need the restructuring and debt relief that Chapter 11 bankruptcy relief can offer. Only a qualified business bankruptcy lawyer in Arizona may be able to help. Contact our office today, and see what options for financial relief we can offer your business.
Phoenix-based charter air service Swift Air LLC, which specializes in transporting professional sports teams, filed for Chapter 11 bankruptcy protection in June, 2012, due to ongoing financial difficulties. However, Swift continues to operate its charter air service, and, up until now, has honored all of its transportation contracts.
According to the Tennessean, however, an Arizona federal bankruptcy judge ruled earlier this week that Swift could reject certain contracts with professional sports teams as part of its corporate reorganization plan. Swift alleged in court documents that it wished to focus on providing charter air service to sports teams located only in the eastern half of the country. As a result, Swift summarily rejected its contracts with a pair of NHL teams, i.e. the Colorado Avalanche and the Nashville Predators, only weeks before their season is scheduled to start, and despite its five-year-contract with the Predators that launched in 2011. Likewise, Swift rejected contracts with two NBA teams, the Phoenix Suns and the Denver Nuggets, in favor of contracts with the Boston Bruins, Chicago Blackhawks, St. Louis Blues, Boston Celtics, and Milwaukee Bucks.
Like many businesses offering luxury services, even to high-paid professional athletes, Swift apparently has suffered as a result of the recession and an increasingly competitive market. As a result, it has chosen to narrow its demographic focus in an attempt to salvage the business and restructure its debts. If Swift is able to do so through the Chapter 11 bankruptcy process, it will be able to begin operating at a profit while still paying down debt and avoiding incurring further debts that might lead to additional financial problems.
If your business has become overwhelmed by debt, harassed by creditors, and is losing profits on a daily basis, you may need the restructuring and debt relief that Chapter 11 bankruptcy relief can offer. Only a qualified business bankruptcy lawyer in Arizona may be able to help. Contact our office today, and see what options for financial relief we can offer your business.
