BKY Cases and Plans

Confirming a Plan


August 4, 2015
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Patriot Coal Seeks Approval of Backstop Commitment Agreements & Rights Offering Procedures

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Patriot Coal Corporation - which finds itself operating under bankruptcy court protection for the second time in less than four years - sought court authorization to enter into certain Backstop Commitment Agreements and approval of procedures for the implementation of rights offerings contemplated by the Plan of Reorganization that Patriot Coal has proposed. More details from the motion: On July 13, 2015, the Debtors filed the Plan [Docket No. 499] and the Disclosure Statement [Docket No....

June 9, 2015
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U.S. Trustee Objects to RadioShack's Proposed Plan Confirmation Schedule

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On Friday evening, RadioShack Corp. requested that the Delaware bankruptcy court schedule a combined hearing on approval of its disclosure statement and confirmation of a plan of liquidation, in addition to setting procedures for the solicitation of votes on such a plan of liquidation.  RadioShack also filed a motion asking the court to shorten the notice period.  This was all sought despite RadioShack having filed neither a proposed disclosure statement nor a proposed plan of...

May 4, 2015
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Revel AC Files Revised Proposed Plan of Liquidation and Disclosure Statement

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Sunday night, the company behind the failed Revel hotel/casino development in Atlantic City filed a revised proposal for its plan of liquidation and accompanying disclosure statement.  Among the changes included in Sunday's edition of the proposed disclosure statement are estimated amounts for the various classes of claims against Revel AC.  Revel estimates that there will be $43 million of allowed general unsecured claims which would result in an estimated recovery to unsecured creditors of only 3.7%....

April 30, 2015
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Endeavour Operating Corp. Abandons Proposed Plan of Reorganization, Seeks Sale

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Endeavour Operating Corp., which filed for bankruptcy protection last October with a pre-negotiated plan to restructure pursuant to a Plan of Reorganization, revealed in bankruptcy court filings that it is abandoning that pre-negotiated plan and will now seek a bankruptcy court asset sale.  In the motion seeking approval of sale procedures, the company explained its situation: On October 10, 2014, prior to filing the Debtors’ chapter 11 cases, the Debtors entered into an agreement (the “Restructuring...

March 3, 2015
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Caesars Entertainment Operating Company Files Proposed Plan of Reorganization

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After the close of business on Monday evening, Caesars Entertainment Operating Company, Inc. and its affiliates that have bankruptcy cases pending in the Northern District of Illinois filed a proposed Plan of Reorganization.  The companies also filed a proposed Disclosure Statement to accompany the proposed Plan.  Copies of both documents are available below. Debtors’ Joint Plan of Reorganization Pursuant to Chapter 11 of the Bankruptcy Code Disclosure Statement for the Debtors’ Joint Plan of Reorganization Pursuant to...

February 5, 2015
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Caesars Asks Court for Permission to Assume Restructuring Support Agreement

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In a move that is certain to be controversial and highly contested, Caesars Entertainment Operating Company filed a motion shortly before midnight on Wednesday seeking authority to assume its Third Amended & Restated Restructuring Support and Forbearance Agreement.  The motion, filed with the United States Bankruptcy Court for the Northern District of Illinois in Chicago, argues that assumption of the agreement is appropriate thusly: The RSA is the blueprint for a comprehensive restructuring plan that will...

January 21, 2015
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Court Filing Highlights Battle Over Contingent Value Rights Issued Pursuant to Chapter 11 Plan of Reorganization

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A court filing this afternoon put on display a battle that is occurring currently arising out of a 2009 Chapter 11 bankruptcy filing that was ostensibly resolved by a Plan of Reorganization that was confirmed by the Rhode Island bankruptcy court and went effective in November 2010.  The bankruptcy case out of which today's court filings arise is that of UTGR, Inc. - one of the largest, if not the largest, company ever to file for...

January 20, 2015
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Versa Capital Management Submits Competing Offer to Be Plan Sponsor & DIP Lender for The Wet Seal, Inc.

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In a Monday bankruptcy court filing, Versa Capital Management, LLC disclosed that it has submitted an offer to both (1) provide debtor-in-possession financing to and (2) sponsor a plan of reorganization for The Wet Seal, Inc.  A copy of the January 19, 2015 letter from Versa Capital Management's Chairman & CEO Gregory L. Segall to Wet Seal's Board of Directors and President/CEO can be viewed by clicking here.  The objection to which the letter was attached...

January 13, 2015
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LightSquared Files Summary of its Proposed Second Lien Exit Facility

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This evening, LightSquared Inc. filed a a summary of (i) the proposed differences in treatment of the Tranche A Second Lien Exit Term Loans to be received under the Plan by the Prepetition LP Lenders other than SPSO (the “Tranche A Loans”) and the Tranche B Second Lien Exit Term Loans to be received under the Plan on the Effective Date by SPSO (the “SPSO Loans”) and (ii) the senior lien and/or pari passu lien debt basket,...

December 16, 2014
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Optim Energy Again Amends DIP Financing Milestones

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Optim Energy, LLC today disclosed in a bankruptcy court filing that it has again entered into a consent and amendment agreement with the parties to its Senior Secured Debtor in Possession Credit, Security, and Guaranty Agreement, dated as of February 12, 2014, to extend a certain milestone provided therein.  This follows multiple previous consents and amendments to extend certain milestones provided in Schedule 12.1 to the DIP Credit Agreement. Pursuant to the most recent consent and amendment...

December 11, 2014
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Effective Date for LDK Solar Systems Plan of Reorganization Occurs

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LDK Solar Systems, Inc., LDK Solar USA, Inc. and LDK Solar Tech USA, Inc. announced today in a bankruptcy court filing that the Effective Date occurred yesterday (December 10, 2014) for their Joint Prepackaged Plan of Reorganization.  On November 21, 2014, the Honorable Peter J. Walsh, United States Bankruptcy Judge for the District of Dealware, entered the order confirming the Joint Prepackaged Plan. Applications for final allowance of compensation or reimbursement of expenses incurred by any Professional, and all other requests...

December 8, 2014
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Bankruptcy Court Confirms Plan of Liquidation for Capital Trust Holdings, Inc. (f/k/a First Mariner Bancorp)

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Within the past 15 minutes, Bankruptcy Judge David Rice entered an order officially confirming the Second Amended Chapter 11 Plan of Liquidation, dated December 4, 2014 [Dkt No. 390] for Capital Trust Holdings, Inc. (f/k/a First Mariner Bancorp). A copy of his confirmation order, which attaches a copy of the Second Amended Chapter 11 Plan of Liquidation, can be downloaded by clicking here.

November 28, 2014
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Tactical Intermediate Holdings, Inc.'s Plan of Liquidation Goes Effective

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On November 28, 2014, Tactical Intermediate Holdings, Inc. announced that the Effective Date under the Plan of Liquidation occurred and the transactions contemplated by the Plan were effectuated.  U.S. Bankruptcy Judge Kevin Gross entered an order confirming the Plan of Liquidation for Tactical Intermediate Holdings and its affiliates on November 13, 2014. According to the notice filed with the Delaware bankruptcy court today: All requests for payment of an Administrative Claim incurred on or after September 15, 2014 must be...

November 24, 2014
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NII Holdings, Inc. Files Plan Support Agreement Entered into with Certain Noteholders, Creditors' Committee

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This afternoon, NII Holdings, Inc. filed an executed Plan Support Agreement (dated as of today, November 24, 2014) entered into amongst the following parties: (i) NII Holdings, Inc., NII Capital Corp., NII Funding Corp., NII Aviation, Inc., Nextel International (Services), Ltd., NII Global Holdings, Inc., NII International Holdings S.à r.l., NII International Services S.à r.l., NII International Telecom S.C.A. (“Luxco”), NII Mercosur, LLC, McCaw International (Brazil), LLC, Airfone Holdings, LLC, and Nextel International (Uruguay), LLC; (ii) entities managed by...

November 18, 2014
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Ad Hoc Committee of Exide Technologies Equity Security Holders Files Valuation Analysis in Support of Appointment of Official Equity Committee the Day After Exide Files Proposed Plan of Reorganization Providing No Recovery for Equity Holders

Breaking News Alerts from Chapter11Dockets.com


Yesterday, Exide Technologies filed a proposed Plan of Reorganization, which is supported by a group of creditors who are parties to a Plan Support Agreement.  That Plan of Reorganization (a copy of which can be accessed by clicking here) provides that existing interests in Exide will be deemed automatically cancelled, released, and extinguished on the effective date of the Plan, if confirmed by the Bankruptcy Court. Update: Exide Technologies Says Financial Projections Underlying Plan of Reorganization Filed Two...

November 17, 2014
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DynaVox Inc. Files Amended Proposed Plan of Liquidation and Disclosure Statement

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On Monday, DynaVox Inc. and its affiliates filed their proposed First Amended Joint Plan of Liquidation with the Bankruptcy Court in Delaware.  DynaVox, which previously had its common stock trade on the NASDAQ following an April 2010 IPO, previously created communication and special education solutions to the speech language pathologist community, including augmentative and assistive communication (AAC) products.  The company's stock once traded for over $18 per share shortly after the initial public offering, but...

November 17, 2014
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Endeavour Operating Corporation Files Proposed Plan of Reorganization & Disclosure Statement

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Within the last ten minutes, Endeavour Operating Corporation filed a proposed Plan of Reorganization and accompanying Disclosure Statement with the Delaware Bankruptcy Court.  You can access a copy of the proposed Plan of Reorganization by clicking here and a copy of the proposed Disclosure Statement by clicking here. The proposed Plan of Reorganization follows Endeavour's entry into a Restructuring Support Agreement with certain prepetition creditors, including certain of the March 2018 Noteholders, certain of the June 2018 Noteholders, certain of...

September 11, 2014
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Foreign Buyers of US Assets in Section 363 Sale: National Security Regulatory Review

Christopher M. Cahill
Lowis & Gellen LLP
Chicago, Illinois
312 628 7193
ccahill@lowis-gellen.com


Foreign entities are not barred by the Bankruptcy Code from purchasing assets in section 363 sales in bankruptcy cases.  Usually, the debtor’s estate and creditors welcome anyone who may bid up the sale price and raise the return to the estate and creditors from the auction sale.  For the foreign purchaser, buying assets out of a bankruptcy sale under section 363(c) promises, among other things, a rapid process, assets at a good price, and the...



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