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Financial News & Daily Record Showcases Firm Bankruptcy Case

A recent Financial News & Daily Record article reported that The Charter Company?s Chapter 11 bankruptcy case, for which the firm served as lead counsel in its bankruptcy court proceedings, is finally closed after 31 years.

The Charter Company was once a huge Jacksonville-based conglomerate before it filed for Chapter 11 bankruptcy reorganization on April 20, 1984.

According to the U.S. court system?s PACER database, there were 26 Chapter 11 petitions filed by Charter Co. and related subsidiaries under the Charter name when it filed for bankruptcy.

Although the court confirmed the reorganization plan for Charter in 1986 and the company emerged from bankruptcy in 1987, some of the cases remained open to handle various claims.

According to PACER, all but three of the cases were closed by 2001, with only Charter International Oil and two affiliated companies remaining.

Those companies were still dealing with cases of people who claimed chemical-related illnesses caused by the company, but who didn?t file their claims until after the reorganization plan was confirmed. The case remained open to deal with those late claims.

However, with no new claims filed for several years, Smith Hulsey filed a motion in February to close Charter International Oil?s case. In April of this year, U.S. Bankruptcy Judge Jerry Funk signed the final decree declaring the last remaining case, Charter International Oil Co., to be closed.

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