Dykstra filed for Chapter 11 bankruptcy in July of 2009, but now he has told the media that he wants the judge in the case to dismiss the bankruptcy case, according to the Wall Street Journal.

Dykstra claims he does not belong in bankruptcy given the assets that he claims to possess.

The former MLB star’s case was originally a California Chapter 7 bankruptcy, but was later converted to a Chapter 11 bankruptcy.

Questions remain about why Dykstra filed for bankruptcy in the first place, and he failed to answer them in recent interviews.

“Bottom line,” he said, “you don’t belong in bankruptcy when you have $100 million in assets.” The Wall Street Journal was not sure how Dykstra came up with the $100 million dollar figure that he discussed. According to the report, creditors have filed for approximately $27 million in claims. Dykstra referred additional questions about his bankruptcy case to his lawyers, who were not available for comment.

In the motion for dismissal of the case, Dykstra makes the case that he would rather work to pay off creditors himself, rather than give over to control of his assets to a trustee that, Dykstra feels, “is only interested in dumping assets as quickly as possible and has in no way shown any regard for the benefits of the creditors.”

Dykstra also expressed interest in regaining control of his car wash business, with the help of what his motion termed “an interested party.”

He stated in the motion’s conclusion that he wanted to “once again claim his role as a productive member of society” by taking ownership of his debts and assets, and working with creditors to pay off debts himself. The motion states that Dykstra is highly motivated to achieve these goals.

A year ago, Dykstra spoke to prominent sports talk radio host Dan Patrick, and had something of a different story to tell about his journey into chapter bankruptcy. He talked of bogus lawsuits and issues with former employees and business associates that added to his financial problems.

He told Patrick that “people pile on, that’s why I did the 11. It makes people stop. It’s probably one of the best weapons known to man for situations such as this.”

“Chapter 11 is like putting a sniper on top of the roof to gun down all those people that are piling on,” Dykstra told Patrick. “It’s the last man standing that wins.” He also said that he felt that the bankruptcy filing would enable him to pay off his legitimate debts and get rid of the “bull,” according to the Wall Street Journal.

Dykstra had to change his approach when a judge decided that he should not have control of his own finances and converted the case to a Chapter 7 bankruptcy. A trustee was appointed to steer the proceedings, and to generate cash for creditors by selling, for example, Dykstra’s multi-million dollar home that once belonged to hockey legend Wayne Gretzky.

A hearing on Dykstra’s motion is scheduled for April 6.

To keep debts from rising cities may take other measures such as increase taxes or cut back on funding for specific programs. But there are other options for cities in severe cases including filing a special bankruptcy chapter.

Chapter 9 bankruptcy offers municipalities or cities with protection from their creditors. This allows them to reorganize and pay off their debts.

Quite different from Chapter 7 bankruptcy, Chapter 9 was created in 1934 during the Great Depression. Since then only 600 cities have filed for bankruptcy because this bankruptcy chapter requires state approval, which is not always easy to get.

Chapter 9 is seen as a last resort for municipalities because once they file it can leave the city unstable with many unpaid lenders.

According an article in the Wall Street Journal,most cities and states prefer to take other measures before they file for bankruptcy.

But this topic spurs debate amongst individual municipalities. Some think it’s the only option to bring the city back from serious debt. Others see Chapter 9 causing more problems than they had to begin with.

One of the most recent cities to file for municipal bankruptcy was Vallejo, California in 2008. They filed for many reasons including declines in real estate.

Government union workers were heavily impacted by the bankruptcy. Since then the city has struggled to rewrite worker’s contracts in the bankruptcy court, and now the city might have to start over with contracts.

The Wall Street Journal also reported that there are several cities teetering on the brink of Chapter 9 bankruptcy.

The city of San Diego faced some issues with benefits packages for public workers. The mayor is getting pressure to file but has refused to do so.

Las Vegas Monorail Inc., a nonprofit organization with $600 in municipal bonds, is seeking to file for Chapter 9 bankruptcy. They originally filed for chapter 11 due to declining revenue. The company barely made their operation costs as few people are using the monorail.

Although they are not a municipality their bond insurance group recently requested to change to Chapter 9 for the Nevada company. They claim the company is similar to a municipality and fits the standards for that type of protection.

Although cities are looking for other ways out of debt- Chapter 9 might be one of the few options they have.

The company recently settled a dispute with their creditors over the buyout between Lyondell by Basell, a Netherlands based company.

This dispute has been going on for quite some time and was the biggest reason LyondellBasell postponed their bankruptcy emergence.

The company, owned by Len Blavatnick, was formed in 2007 when he bought-out Texas-based Lyondell and fused the two companies.

But as the housing market and car industry hit sharp declines, the company, which is a major producer for products that are used in gasoline, plastics, autos, paints and other materials, aw the need for their own products diminish.

The merger and slow business combined to increase the company’s debt by $12.7 billion.

After the merger, a group of unsecured creditors filed a $22 billion lawsuit against the company and all those involved in the buyout plan.

According to a Reuter’s article, the creditors said that the buyout set the company up to fail with the new debt they accrued. The creditors also disputed the $300 million settlement that LyondellBasell reached in December.

They then asked the bankruptcy court to view all other options and several proposals from companies such as Reliance Industries to buyout Lyondell.

But the company stated that their reorganization plan was the best option for the company to emerge successful.

A spokesman for Lyondell said “We will continue to work with all parties to design a confirmable plan of reorganization that maximizes the value for our creditors while improving the financial stability for the reorganized company.”

But LyondellBasell did readjust their bankruptcy plan in an effort to resolve the creditor dispute. They decided to pay the creditors $450 million once they emerge from bankruptcy protection.

The additional $150 million will be distributed as equity after the company emerges. But the additional settlement will require court approval before reorganization can go forward.

With the extra money included in the settlement the company now has the support of their creditors and senior lenders.

Reuter’s reported that the company’s operations in the U.S were included in the chapter bankruptcy filing along with their European financing arm, but all European operations were left out of the bankruptcy.

LyondellBasell hopes to emerge from bankruptcy court in April.

Many view this expense as an investment that can easily be paid back after graduation when their education nets them a well paid position.

But what happens when college students enter into a world of debt and but struggle to pay those loans back after graduation? can’t afford to pay back those lenders?

While some turn to a Chapter 7 bankruptcy for help, in most cases this type of filing wont’ provide the relief needed.

While Chapter 7 may quickly clear credit card debt and stop a pending foreclosure, removing student loan debt is more difficult. This leads many students to defer their loans.

This may allow them to stop making monthly payments for a period of time, it wont’ stop the interest from growing.

The student loan continues to increase from the original amount borrowed., and this is where many find themselves getting into trouble.

The Wall Street Journal reported there are $730 billion in outstanding federal and private loans.

FinAid.org is a Web site dedicated to tracking financial aid issues across the nation. They said that only 40 percent of student loan debt gets repaid.

Heather Ehmke of California had a hard time paying off her student loans, even after she filed for bankruptcy.

She originally borrowed $28,000, but for 14 years she deferred her student loans.

Since she put off payments the interest on her loan increased to $90,000. That meant her minimum monthly payment also increased – from $230 to $816.

Sallie Mae, a major lender for student loans, did not modify her loan terms to allow her to make her  different payments. Since then Ehmke requested a petition for hardships, which was dismissed.

Sallie Mae said that they do support reforms allowing student loans to be discharged in bankruptcy, but only for those who made a “good faith” effort to repay them. They believe someone who made regular payments, but can no longer pay the bills should be able to, in certain circumstances, include their student loans in a bankruptcy filing.

But the Chapter 7 bankruptcy laws do not currently work this way. Even with a Chapter 13, student loans are rarely included in a bankruptcy case, and any changes to the law are still a long way off.

As college students continue to graduate into a down job market, this problem may continue to grow.

Porcupine Creek is a 250-acre private estate situated in Rancho Mirage, California, just between the Santa Rosa Mountains and Joshua Tree National Park. The city is a well-known retreat for celebrities and the mega-rich, and even by their high standards the property is breathtaking.

Christie’s Great Estates, which is handling the sale, says the main residence is 25,000 square feet. The grounds include a 9-hole golf-course ranked as the 13th best in the entire state. Then there’s the waterfall, full spa, gymnasium, pool and “multiple guest accommodations.” In the past, it has hosted groups of 500 for charity events.

The current property owner, Edra Blixseth, told the Desert Sun newspaper it “is a one-of-a-kind place on earth that was built with a lot of careful concern in the planning and with love.”

Blixseth, though, is being forced to say goodbye to the special place. Blixseth acquired Porcupine Creek in 2008 in the divorce settlement stemming from a high-profile divorce case. She was married to Tim Blixseth, who made billions in the timber industry. While married, the two were so rich they founded a millionaire’s club in Montana in the late 1990s.

But after the divorce, Edra hit rocky financial times. The Desert Sun reports Porcupine Ranch first came under financial distress in January of 2009. Later that year she tried to file a Chapter 11 to reorganize her debt and keep the property.

She listed around $350 million in debt, and a judge said her plan wouldn’t fly. He forced her to file Chapter 7 bankruptcy, and, as a result, she was forced to sell her house.

While Chapter 7 bankruptcy does include protections for a home, it can’t typically protect a $75 million home with a golf course attached.

The Desert Sun reports that though the estate’s last known phone number no longer works, Blixseth stayed there as late as last Friday.

Fair Financial and Fair Finance closed their doors last November after an FBI raid seized their computers. The company has remained closed, but investors and customers aren’t standing by idly hoping to get their money back.

Lawyers representing close to 100 investors who purchased $6 million in certificates from the company have asked a judge to place the Fair Finance in Chapter 7 bankruptcy, according to a report by the AP.

An involuntary Chapter 7 would put the company under the control of a court trustee. The lawyers claim the current business owners, who purchased the company in 2002, can’t be trusted to run it in a responsible manner.

According to the lawsuit, Fair Finance’s owners have been loaned about $176 million. In addition, they sold certificates and investments to Ohio residents across the state. Those certificates are coming due soon, and the lawsuit claims that Ohioans could stand to lose millions of dollars.

Some have accused the company, which also has a headquarters in Indiana, of running a Ponzi scheme. The FBI, meanwhile, returned the confiscated computers to Fair Finance, although the company has not officially reopened. That didn’t stop them from sending out 1099 tax forms outlining investment earnings to some of their customers.

But the question of whether those investors will ever get a return remains to be seen.

Movie Gallery, Inc. is filing bankruptcy, citing competition from a host of other video sources, including streaming video, DVD rental kiosks and online mail-in rentals, reports the St. Louis Post-Dispatch.

The company operates the Movie Gallery, Hollywood Video and Game Crazy stores. Although the company isn’t filing Chapter 7 bankruptcy, it plans to immediately close 760 stores nationwide.

This is the second filing in three years for the company, reports the Financial Times, and with the store closings it will now operate fewer than2,000 stores. That’s less than half of the number they operated in 2007 when they first filed bankruptcy.

The Post-Dispatch reports that the company has fewer than $50 million in assets against more than $500 million in debts.

Movie Gallery’s revenue fell by about $600 million last year compared with 2008. For the last quarter of the year, the company lost almost $130 million.

These losses come as some of Movie Gallery’s main competitors seem to be getting stronger.

Netflix, an online and mail-in movie rental company, grew its customer base by almost 3 million last year. RedBox, the company specializing in kiosks that rent DVDs for $1, saw its profit double to around $750 million last year, the Financial Times reports.

So the big question for Movie Gallery employees and customers: Is this the start of a new chapter in the company’s life or the beginning of the end? A company release said:

“Movie Gallery’s goal is to emerge from the restructuring process with a new and sustainable business model centered on a smaller base of profitable stores.”

But only time will tell if this story has a happy ending.

So the general belief was that the Japanese government would help failing companies and give them money to stay afloat.

But that wasn’t the case in a high profile bankruptcy filing by Japan’s most prominent airline.

After being bailed out several times, Japan Airlines Corp. (JAL) recently was forced to file bankruptcy when they realized a government bailout wouldn’t fly.

JAL’s filing is the largest in the nation by a non-financial corporate company.

Previously, JAL was bailed out by the previous government party, The Liberal Party of Japan. They would supply funds to the company but never through a court structured process.

The Wall Street Journal reported that the close ties with the government party, along with lavish spending, brought JAL into financial troubles.

Many retired bureaucrats also worked for JAL, which kept the relationship tight between the company and the government. This process is known as amakudari, which means “descending from heaven.”

The bureaucrats developed routes for the airline that made no revenue for the company for years. The consequences were political gains and financial losses.

So now the company must restructure their $25 billion in debt. And although the Democratic Party led the company into filing for bankruptcy, they have agreed to supply JAL with $10 billion.

They also worked out agreements with JAL’s creditors to eliminate over $8 billion in debt. But JAL must take other measures to emerge from this bankruptcy successful. Company layoffs are also in the forecast, as JAL expects to cut 15,700 of their employees.

In addition to layoffs, retirees and current employees agreed to take large pension cuts totaling $11 billion.

The company’s shares will no longer be in the trading market, which will cut stockholders completely out. Individual shareholders will be most affected as they account for 60 percent of the common shares.

The company’s new chairman also told the Washington Post they were looking to enter into a partnership with a major US air carrier. Delta Air Lines and American Airlines are the front-runners, although no date has been set for a decision.

JAL said their operations will continue as normal. All customers’ mileage accounts will remain intact and the company will continue to honor their leasing agreements and fuel purchase obligations.

The Silicone Valley/San Jose Business Journal tells the story of one area legal firm, Binder and Malter LLP, that took on a full-time administrative assistant in late 2008, when the economy bottomed out. The position was to be temporary.

Instead, the firm found that it was swarmed by potential bankruptcy clients. Now, they are getting more requests for bankruptcy help than they can handle, and that temporary administrative assistant has job security for the foreseeable future.

Partner in the law firm Michael Malter told the Business Journal that they have received ten to fifteen requests per day from potential clients. He hinted that if his firm had a little more courage, they could take on as many as ten new clients a day. The reality, however, is that these cases are, according to Malter, “horrible cases, very difficult, and the whole thing is a depressing mess.”

In the last year, Binder and Malter hired an additional attorney, and another administrative assistant.

In Santa Clara and surrounding cities like San Jose, Monterey and Santa Cruz, Chapter 7 bankruptcy filings have increased by 30 percent from late 2008 to late 2009. There were 132 more filings last December than the same time a year ago.

Overall in the region, there were almost 7,000 filings in 2009, as compared with about 4,600 in 2008. This represents an almost 50 percent rise.

The legal industry has a term for bankruptcy practices: “Hot.” Law firms of all sizes are looking for lawyers who can practice bankruptcy law to meet the demand.

“It’s such a hot practice right now that firms are not only looking for lateral partners, they’re looking for associates and even willing to look at more senior folks without a book of business,” said Julie Brush, who co-founded Solutus Legal Search.

Lawyer Sblend Sblendorio offered his take on the matter, with a sports slant to his metaphor: “It’s like a football team looking for a great left tackle to protect the quarterback’s blind side. You don’t just find that guy right away.”

Sblendorio’s firm, Hoge Fenton, is compensating for the increased demand by having Chapter 7 bankruptcy attorneys work longer hours, moving partners to different practice areas within the firm and negotiating referrals to outside law firms. Because bankruptcy is not limited to a particular industry like real estate or labor and employment, it can be somewhat easier to move partners from one area to another.

Sblendorio has moved at least a half dozen attorneys to bankruptcy, away from fields like intellectual property and real estate. Even as business booms, however, the stories are grim.

“I’m meeting people who tearfully tell me they’ve never missed a payment on anything in 30 or 40 years,” said Malter. “Now they don’t know how they’re going to make ends meet. It’s a horrible plight, and I don’t see any end to it.”

The magazine was about to emerge from Chapter 11 bankruptcy last month but recent developments with their British subsidiary, Reader’s Digest Association LDT, forced them to pull back the reins.

According to the Wall Street Journal, Reader’s Digest initially filed a prepackaged plan in the New York Bankruptcy Court last August. Their plan was approved on January 15th and they hoped emerge January 31st.

Under their initial plan, Reader’s Digest would reduce its debt by 75 percent, cutting the $2.2 million in debt down to $555 million. The company was also allowed to pick out a bankruptcy emergence date.

But retirees from the company opposed their reorganization plan. They claimed the plan discriminated against and, as unsecured creditors, they wouldn’t recover enough money for their pension plans.

The company did admit that there were different recovery amounts for different unsecured creditors. They said that the majority of the retirees would remain unaffected by the bankruptcy plan.

Reader’s Digest said they have more than 800 vendors they need to continue paying for the company to emerge successful from the chapter bankruptcy.

But the issue occurred with their British subsidiary which was required to fulfill $7.4 million in pension payments to the company’s retirees.

Due to lack of funds and a large deficit they were unable to put any money back into the pension funds.

To avoid liquidation the subsidiary offered to make a onetime payment of $17.6 million to satisfy pension obligations.

They also agreed to issue a buy back option for 33 percent of the British companies’ equity. But Britain’s Pension Regulator denied the pension fund agreement plan. This brought Reader’s Digest plan for a quick emergence from bankruptcy to a halt.

Now the board of directors has to compose a new plan which may or may not include liquidation of the subsidiary’s assets.

A Reuter’s article reported that the British subsidiary was the only reason that the company did not emerge from bankruptcy on the 31st. The company said that no other departments had issues with their pension plan agreements.

Once the British Pension Regulator approves the new company’s pension plan, then they can moved forward and emerge from chapter bankruptcy.

Reader’s Digest said in a statement that “RDA has elected to temporarily delay it emergence from Chapter 11 to address an issue involving the pension program. RDA expects to emerge within the next few weeks.”

The Scranton Times Tribune takes a look at the dealings, debts and lifestyle of Brian J. Murray, a man the paper calls “one of Scranton’s most prominent civic leaders, downtown developers and political power brokers.”

Fueled by the success of his insurance company, Murray became a major figure in the Pennsylvania city, owning millions of dollars in downtown property, fine art and co-owning several businesses.

But an investigation into his handling of an employee charged with embezzling hundreds of thousands in insurance premiums and forging documents, helped trigger a string of lawsuits that culminated with his recent Chapter 7 bankruptcy filing.

That filing has opened up his financial dealings to the city, and reveals that while he owned more than $6 million in assets he was more than $8 million in debt.

His debt range from $740,000 in loans to his old business, and $200 owed on his cable TV bill.

While the Chapter 7 case has thrust Murray further into the spotlight, the Times Tribune reports he has laid low, leaving his $400,000 home in Scranton for one outside the city valued at a mere $200,000.

Murray, the paper reports, is hoping to use Chapter 7 exemptions to protect the less expensive of his two homes.

And while he had taken little in base salary from his insurance company, he still owns a good deal in retirement accounts and investments. But the future of those is still up in the air as this case has only just begun.

Scranton Times Tribune

The Catholic Diocese of Fairbanks in Alaska recently settled their bankruptcy case that was first filed two years ago. A judge in Alaska recently approved the reorganization plan, which the church hopes will help them finally move forward.

The Associated Press reports the Diocese filed in March 2008 after they were hit with several lawsuits claiming sexual abuse, some of which charged abuses dating back to the 1960s. The claims increased significantly after the church decided on a bankruptcy chapter, which placed many of the litigants as creditors.

In 2008, Bishop Donald Kettler said that the bankruptcy filing would be a “fair and equitable treatment” for everyone involved. He also said that he wanted to heal the harm that was done.

Most of the Diocese’s creditors were alleged victims of the abuse claims. They have all agreed to the terms of the new bankruptcy plan.

Under the revised bankruptcy plan the plaintiffs will be awarded $9.8 million and $2.5 million will be provided to attorneys, accountants and other professionals who worked on the case.

The payments made to the individuals will be decided on a case by case basis by a non-bias mediator.

Different factors will play a role into how much each individual receives, including: the nature and severity of abuse; the age of victim at the time the abuse started; and whether the perpetrator was in a position of trust to the victim.

The bankruptcy plan demands that the Fairbank Catholic Diocese posts a link to their website with the names of the alleged abusers for the next 10 years. This also includes any alleged abusers that are deceased.

The plan also demands that Bishop Donald Kettler visit every parish where alleged abuse occurred and apologize to the victims and their communities.

Bishop Kettler said that the diocese has had to cut back on its funds for training, fuel and other basics. Their also cut their workforce by 25 percent and the remaining staff has had to take pay cuts and mandatory furloughs.

The diocese will pay for the settlement with the sale of their properties such as their Catholic schools and offices. They will still be able to use the sold properties.

Their Alaskan parishes will provide $650,000 and their insurance company, Alaskan National Insurance, are set to pay $1.4 million.

U.S Bankruptcy Judge Donald MacDonald who handled the bankruptcy case said he, “never had a case like this in my nearly 20 years on the bench.”

Taco Del Mar Franchising, a fast food restaurant chain based out of Seattle, Oregon, recently decided filing bankruptcy after some rapid expansion.

The company was founded in 1992 by two brothers – James and John Schmidt. In 10 years there were 70 franchises.

Then, in 2002 the owners saw the potential with their restaurants and, according to the Seattle Times, Taco Del Mar went on an “expansion spree.” Now there are around 225 franchises that are mainly located in Seattle, but the company also has locations throughout the U.S, Canada and Guam.

They hired contractors called master developers who searched for interested franchise owners to open up Taco Del Mar restaurants.

The contractors also scoped out prime locations to place the restaurants. In exchange for setting up the stores they received half of the franchisees’ initial fees and ongoing loyalties.

So by 2008 the company boomed and there were 270 locations. Their revenue increased significantly but with the increase in business also came more expenses.

The company, whose names translates to Tacos of the Sea, lost big chunks of revenue between 2006 and 2008. In all, they were lost $2.8 million as they suffered from the economic downfall along with many other restaurants.

Greg Treperinas, Taco Del Mar’s bankruptcy attorney, said that some of the company’s debt issues occurred due to failed franchises and unpaid rent owed to the landlords.

Taco Del Mar used to guarantee their leases to their franchisees so if their business went under they would cover any unpaid rent. The company decided to abandon that business practice.

Treperinas also said that the company is facing a lawsuit from one of their Maryland franchises seeking $500,000 in damages. Few details about the case have emerged, but Taco Del mar has disputed any allegations against them.

Taco Del Mar’s debt was listed between $1-10 million in the bankruptcy papers. They list more than 20 unsecured creditors including, including the company’s former president, David Huether.  Huether supplied $86, 875 that the company borrowed for operating capital

They owe business and occupation taxes to King County that was never paid. CEO Larry Destro said that filing for bankruptcy “offers an opportunity to grow without the constraints of imposed by the current debt burden and threats of litigation.”

The franchises were not listed in the bankruptcy filing as they are individually owned and operated.

The holding company that owns Taco Del Mar, Conrad and Barry Investments, is also filing for bankruptcy. Their total debt is listed at $448,362 to Banner Bank.

Many of these businesses attempt to cut frivolous expenses. But if that does not impact the budget they unfortunately give their employees the boot.

Take for example NutraCea, a Phoenix based company that makes rice bran into food product. They filed for Chapter 11 bankruptcy last November in the Arizona Bankruptcy Court.

Now, Reuters reports the company says it needs to cut 17 percent of its U.S. workforce to keep their operations alive. They say that cutting the workforce will save NutraCea over $1 million – a significant sum for a company in still under bankruptcy protection.

As of right now NutraCea has about 68 full time employees in the U.S. that could be affected by the layoffs.

When the company originally filed for bankruptcy they planned to restructure their operations and sell non-essential assets to reduce their $18.9 million in debt.

The company’s assets were listed as $83.7 million in the bankruptcy papers.

The Associated Press reported that they sold their interest in a company that planned to build wheat mills in Indonesia.

Also Wells Fargo Bank agreed to provide debtor in possession or DIP financing of $6.75 million to NutraCea. DIP financing would help the company run its daily operations while reorganizing.

Prior to NutraCea’s Bankruptcy petition the company moved the headquarters to Sacramento, California. Now they are looking to cut that operation space by 75 percent.

The company also has operations in Louisiana, Montana and Brazil. Reuters reported that none of the company’s subsidiaries are included in the bankruptcy filing.

CEO and chairman John Short said in a statement that “We deeply regret having to make this difficult but necessary decision as we continue to restructure the company. Our goal continues to be to reduce costs and increase profitable sales in an effort to enhance our liquidity and become cash flow positive in the second half of 2010.”

He continued to thank the employees for their time and service with the company.

NutraCea said the company now will focus on its “core business” such as the production of rice bran, rice bran oil, baby cereal and nutritional supplements.

The popular restaurant chain which grew out of Chicago to include 179 stores in 28 states is filing bankruptcy according to a report in the Chicago Tribune.

Deep dish pizza is trademark of Chicago, but Uno Restaurant Holdings found ways to take the pie worldwide. They operated “quick serve” and “fast casual” variations of their flagship restaurant including Uno Express and Uno Due Go. The company also had a consumer foods division and many refrigerated foods products.

Though their money-maker was born in Chicago, Uno Restaurant Holdings is now based in Massachusetts. The company owns and operates 99 restaurants, with franchisees maintaining the rest. Those restaurants, along with 215 “kiosk” Uno Expresses are not included in the bankruptcy filing, reports Bloomberg.

Uno will use the bankruptcy protection to reorganize the company and $142 million in debt. Although the bankruptcy isn’t a Chapter 7 liquidation, 16 stores were closed leading up to the filing.

Along with many restaurants and retailers, Uno has struggled in the recession, posting loses of $22.2 million last year and $15.1 in 2008, says Bloomberg.

Founded in 1943, the company is still partly family owned.