BKY Cases and Plans

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

Breaking News Alerts from Chapter11Dockets.com


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 3, 2015
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Binder & Binder Cash Flow Beats Budget

Breaking News Alerts from Chapter11Dockets.com

This week, bankrupt social security disability advocacy firm Binder & Binder disclosed its cash flow during its first ten weeks operating under bankruptcy protection.  In the disclosure, a copy of which is embedded below, the actual cash flows are compared to the amounts budgeted in Binder & Binder's debtor-in-possession financing agreements.  Among the key insights provided: Cash inflows were 1.4% below the expected amounts The inflow deficiencies were more than offset by operating cash outflows being...

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

Breaking News Alerts from Chapter11Dockets.com


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

Breaking News Alerts from Chapter11Dockets.com


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 8, 2014
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Longview Power Enters Into Fifth Amendment to DIP Credit Agreement

Breaking News Alerts from Chapter11Dockets.com


This evening, Longview Power, LLC filed Amendment No. 5 to its Senior Secured Superpriority Debtor-in-Possession Credit Agreement with the Delaware Bankruptcy Court.  Despite being filed with the court today, the Amendment is dated as of November 24, 2014.  A copy of the Amendment is available for download for free by clicking here. Among the amendments to the Credit Agreement which are being made pursuant to today's filing are amendments of affirmative covenants to which Longview...

December 4, 2014
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Details of Deb Stores Holding's Proposed Debtor-in-Possession Financing Facility

Breaking News Alerts from Chapter11Dockets.com


On Thursday, Deb Stores Holding, LLC and a number of affiliates voluntarily filed for chapter 11 bankruptcy protection in Delaware.  The filings represented the companies' second bankruptcy filing in less than four years - their predecessor companies previously filed for chapter 11 protection in June 2011. According to court filings, the companies, which are headquartered in Philadelphia, Pennsylvania, are a mall-based retailer in the juniors "fast-fashion" specialty sector that operates under the name "DEB" and offers moderately...

November 14, 2014
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Creditors' Committee in Revel AC Bankruptcy Challenges Final Approval of Debtor-in-Possession Financing

Breaking News Alerts from Chapter11Dockets.com


On Friday afternoon, the Official Committee of Unsecured Creditors appointed in the chapter 11 cases of Revel AC, Inc. and its affiliates filed a strongly-worded objection in which the Committee asks the New Jersey bankruptcy court to deny final approval of Revel's proposed debtor-in-possession (or DIP) financing facility.  In the objection, a copy of which can be viewed by clicking here, the Committee asserts that the DIP financing, if approved, "will eliminate the only sources...

June 10, 2014
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RECOMMENDED READING: PACA Claims in Bankruptcy

From the Editorial Staff of Commercial Bankruptcy Investor


Certain suppliers of agricultural goods get paid ahead of secured party, both inside bankruptcy and outside bankruptcy. The suppliers benefit from a federal statutory trust imposed to protect them from nonpayment. The goods involved are “fresh fruit and fresh vegetables of every kind and character” – and regulations set the limits on what qualifies. Suppliers must meet some procedural requirements. For a great primer on this subject, see: Sean M. Monahan & Dallas N. Cruz, “PACA...



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