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Major bankruptcy affects Kentucky company and its vendors

It takes a lot of work to get a business off the ground. When someone is going it alone, it can feel like the work is not going anywhere near profit, but it is an investment in smooth operations in the future. When companies rely on each other to stay afloat, planning is very important to keep things running until they improve.

A large company with operations in Kentucky is going through many changes as it works through a bankruptcy filing. The corporation, which is heavily invested in resource extraction like coal mining, is resolving $1.7 billion in liabilities with holders of its debt.

The Western Kentucky Coal Company, which is a subsidiary of the corporation, has also filed a petition for bankruptcy. The company's employees, suppliers and customers may also be affected by the restructuring of assets that often goes along with paying back debtors or working out what they will accept instead of the value of their holdings.

"Although a bankruptcy filing is not an easy decision, it became necessary to access liquidity and best position [the corporation] and its affiliates for the future of our employees and customers and our long-term success," said the new chief operating officer.

The ease of filing for bankruptcy and other steps that businesses' owners and managers may take may be made easier by the solid planning of a business' structure. An attorney can help you consider the important details involved in forming and planning a business, as well as many of the steps that a business may go through during its lifespan.

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  1. Charles W. Dobbins, Jr.

    Charles earned his J.D. degree from the University of Virginia in 1974

    He was graduated from Washington & Lee University in 1970 with a B.A. with Distinction

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    Mark W. Dobbins

    Mark earned his B.A. from Emory University.

    He earned his J.D. from the University of Louisville.

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    Patrick T. Schmidt

    Patrick earned his B.S. in Accounting from the University of Kentucky in 1989.

    He earned his J.D. from the University of Kentucky in 1992.

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    Terrence L. McCoy

    Terry earned a B.A. from Dartmouth College in 1964.

    He earned his J.D. from Duke University in 1967.

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    Lisa Koch Bryant

    Ms. Bryant has extensive commercial litigation and bankruptcy experience. Prior to entering private practice, Ms. Bryant served as head of litigation for the Federal Land Bank of Louisville.

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    Thomas graduated from the University of Louisville Business School with a B.A. in 1973

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    Sandra F. Keene

    Sandra earned her Bachelor of Health Science degree, with Honors, from the University of Louisville in 1982.

    She earned her J.D. degree from the

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    Elizabeth M. Jenkins

    Colgate University, B.A., Political Science, magna cum laude, 1983

    University of Virginia, J.D., 1992

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    Edward L. Galloway

    Ed graduated from Indiana University in 1967 with a degree in history.

    After obtaining a master’s degree in political science from the University of

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    Thomas G. Karageorge

    Thomas graduated from the University of Louisville Business School with a B.A. in 1973

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  3. Tacasha E. Thomas

    Tacasha attended Harvard University in Cambridge, Massachusetts during the summer of 2001, where she studied courses in law and psychology.

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    Ayala Golding

    Ayala received her J.D. in 1994 from the University of Louisville, Louis D. Brandeis School of Law, Louisville, Kentucky, where she was a member of the Brandeis Family Law Journal, and

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    Kacie A. Wilkinson

    Kacie A. Wilkinson recently joined Tilford, Dobbins & Schmidt, PLLC, where she practices in the areas of business law & transactions, real estate, estate planning and probate.

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    Gwendolyn Chidester

    Gwen recently joined the Firm after being employed by notable Louisville companies for over 15 years in a variety of capacities including Corporate Counsel, Director of Human Resources, and Risk Manager.

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    William A. Buckaway, Jr.

    Bill earned his B.A. from Centre College in Kentucky in 1956.

    He earned his J.D. from the University of Louisville in 1961 where he was a

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    Terrell L. Black

    Terry earned a B.S. in Social Science from Campbellsville College in 1966.

    In 1969, he attended graduate school at Eastern Kentucky University focusing on

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    John A. Wilmes

    John was admitted to the Kentucky bar in 1977 and admitted to practice before the U.S. District Court, Western District of Kentucky in 1979.

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