In Form 10-K filed on April 22, 2016, Hansen Medical, Inc.’s auditor, BDO USA, LLP, raised substantial doubt about the Company’s ability to continue as a going concern. According to BDO USA, the Company has suffered recurring losses from operations, negative working capital and a net capital deficiency. The Company will need to obtain sufficient…

According to the U.S. Bankruptcy Court docket, Midway Gold filed a notice of designation of GRP Minerals as stalking horse purchaser. The notice states, “Debtors hereby designate Stalking Horse Purchaser as GRP Minerals, on the terms set forth in the Asset Purchase Agreement, the APA. Substantially all assets comprises of the following projects of the…

The U.S. Bankruptcy Court approved GreenHunter Resources’ motion to compromise a controversy with Magnum Hunter Resources, Triad Hunter, Viking International Resources and Alpha Hunter Drilling; enter into an amended agreement and assign the amended agreement to the purchaser. As previously reported, “The Debtors and the Magnum Parties entered into negotiations regarding a potential assumption of…

According to the U.S. Bankruptcy Court docket, Doral Financial and its official committee of unsecured creditors filed a Chapter 11 Plan of Reorganization and a related Disclosure Statement. The Disclosure Statement notes, “If the Plan is confirmed by the Bankruptcy Court, (a) each Holder of a Class 1 Claim will receive, in full satisfaction and…

Pittsburgh Corning’s Modified Third Amended Plan of Reorganization became effective, and the Company emerged from Chapter 11 protection. This privately-held global glass manufacturer filed for Chapter 11 protection on April 16, 2000. The Plan establishes the Pittsburgh Corning Asbestos Personal Injury Settlement Trust (Trust). A corporate release notes, “Scheduled to receive assets valued in excess…

Sao Paulo, Brazil-based Lupatech (f/k/a Valmicro Industria e Comercio de Valvulas) and three affiliated Debtors filed for Chapter 15 protection with the U.S. Bankruptcy Court in the Southern District of New York, lead case number 16-11078. The Company, which supplies products and services primarily for the oil and gas sector in Brazil and internationally, is…

The American Bankruptcy Institute (ABI) announced that Jeffrey N. Pomerantz has been selected by the ABI Board of Directors to be President for a one-year term. An ABI member since 2000, Pomerantz is formerly ABI’s Vice President-Education, a member of ABI’s Executive Committee and has served as a co‑chair of ABI’s Southwest Bankruptcy Conference and…