In Form 10-K filed on February 21 2017, FirstEnergy Solutions Corp.’s (FES) auditor, PricewaterhouseCoopers LLP, raised substantial doubt about the Company’s ability to continue as a going concern. According to PricewaterhouseCoopers, the Company’s current financial position and the challenging market conditions impacting liquidity raise substantial doubt about its ability to continue as a going…

Alvarez & Marsal (A&M) announced that the firm continues to grow its practices in the Middle East with the appointment of Neil Hayward as Managing Director and head of the region’s Restructuring and Turnaround team. Hayward brings 18 years of experience in restructuring services to his new role and was recently named among the top…

Violin Memory filed with the U.S. Bankruptcy Court a First Amended Chapter 11 Plan of Reorganization and a related Disclosure Statement. Among other things, the Disclosure Statement adds the following text, “Under the Plan, prior to the Effective Date, the Debtor and Plan Sponsor shall use commercially reasonable efforts to consult in good faith and…

Ultra Petroleum announced fourth quarter and full-year 2016 operating and financial results, reporting adjusted net income of $119.2 million, or $0.77 per diluted share, and operating cash flow of $145.1 million for the quarter ended December 31, 2016. The Company reported adjusted net income of $245.2 million, or $1.59 per diluted share, and operating cash…

The U.S. Bankruptcy Court approved Core Resource Management’s official committee of unsecured creditors’ renewed and expedited motion to appoint a Chapter 11 trustee. As previously reported, “Committee files this Motion requesting the immediate appointment of a Chapter 11 Trustee based on the current financial condition of the Debtor, current management and counsel’s participation in and/or…

The U.S. Bankruptcy Court issued an order approving Triangle USA Petroleum’s motion to make severance payments to certain departing employees. As previously reported, “After a thoughtful and careful review of their post-emergence business plan and cost-structure requirements, the Debtors have decided to eliminate two management positions: Interim Chief Financial Officer (‘Interim CFO’) and Vice President…

Samson Resources announced that its second-lien creditor group has selected Joseph A. Mills as the Company’s president and C.E.O., effective as of the date the Company’s Global Settlement Joint Plan of Reorganization becomes effective. Mills has nearly 35 years of experience in the oil and gas industry, including public company management experience. Most recently, he…

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