Caesars Entertainment Operating Company filed with the U.S. Bankruptcy Court a motion authorizing the Debtors to make a cash distribution to bank claimholders in order to pay down $300 million in principal amounts outstanding under the Company’s pre-petition credit agreement. The motion explains, “The Amended Bank RSA is a comprehensive compromise between the Debtors, CEC,…

Sebring Software filed with the U.S. Bankruptcy Court a notice of proposed appointment of Carol Fox as plan administrator in connection with its plan of orderly liquidation. The notice states, “The Plan contemplates the appointment of a Plan Administrator to administer and liquidate all remaining property of the Debtors, including certain proceeds from the sale…

Multiple parties – including West Virginia Department of Environmental Protection, New Jersey Building Laborers Pension Fund, Louisiana Municipal Police Employees’ Retirement System, Commonwealth of Pennsylvania, Carter Machinery Company, Virginia Department of Mines, Minerals and Energy, Banc of America Leasing & Capital, Earth Support Services, Natural Resource Partners, Western Pocahontas Properties, Department of Treasury, Internal Revenue…

The U.S. Bankruptcy Court approved Paragon Offshore’s motion to extend the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including August 12, 2016 and October 11, 2016, respectively. As previously reported, “There can be no question that the Debtors have made significant progress in furtherance…

The U.S. Bankruptcy Court approved Ultra Petroleum’s motion for entry of an order authorizing and approving the Debtors’ key employee incentive plan (KEIP). As previously reported, “The Debtors request that the Court grant this Motion for two primary reasons. First, the Incentive Plan is an ordinary-course continuation of prepetition compensation practices that constitutes a sound…

The U.S. Bankruptcy Court approved, on a final basis and with revisions, Seventy Seven Energy’s motion for an order authorizing the Debtors to obtain post-petition financing, authorizing the use of cash collateral, granting liens and super-priority claims, granting adequate protection to pre-petition secured lenders and modifying the automatic stay. As previously reported “The DIP Facility…

The U.S. Bankruptcy Court approved Constellation Enterprises’ motion for entry of (i) an order authorizing the sale of Debtor Columbus Steel Castings Company’s (CSC) assets to a private sale purchaser or, in the alternative, an order establishing bidding procedures and granting related relief and an order approving the sale of CSC’s assets to the successful…

The U.S. Bankruptcy Court approved LINN Energy’s motion for entry of an order authorizing and approving the Debtors’ (a) employee compensation plan for all non-insider employees, (b) critical employee recognition program and (c) executive incentive plan. As previously reported, “By this Motion, the Debtors request critical and what should be non-controversial relief: authority to continue…

Caesars Entertainment Operating Company filed with the U.S. Bankruptcy Court a Revised Second Amended Joint Plan of Reorganization and related Disclosure Statement. According to the Disclosure Statement, “Plan contemplates New CEC making the following contributions: $406 million in direct cash contributions to fund Plan distributions, other restructuring transactions contemplated by the Plan, and general corporate…