Vanguard Natural Resources filed with the U.S. Bankruptcy Court three separate emergency motions to continue until March 1, 2017 the final hearings to consider the Debtors’ (i) D.I.P. financing motion; (ii) contract rejection motion related to its Encana agreement and (iii) motion to retain Evercore Group. The financing continuation motion, “The Debtors are engaged in…

According to documents filed with the SEC, Erickson has agreed to solicit participation in a rights offering which contemplates a new money investment (“Rights Offering” of up to $30.0 million by certain eligible holders of the Company’s 8.25% Second Priority Senior Secured Notes due 2020 (“Eligible Offerees”). Eligible Offerees shall be offered rights in an…

Energy Future Holdings filed with the U.S. Bankruptcy Court an objection to the Internal Revenue Service’s (IRS) proofs of claims for unpaid taxes or penalties or, in the alternative, request that the Court estimate such proofs of claim for purposes of enabling distributions to proceed. The objection asserts, “On October 9, 2014, October 16, 2014,…

Ultra Petroleum announced that the Company has renegotiated its existing gas processing contracts with Enterprise Products Partners and Williams Partners. Ultra Petroleum expects these new contracts to provide various following financial benefits related to its operations at its prolific Pinedale Field asset located in Wyoming. The Debtors expect an increased EBITDA by approximately $12.0 million…

The U.S. Bankruptcy Court approved NephroGenex’s entry into a plan support agreement (PSA) with Medpace. As previously reported, “The Term Sheet contemplates a plan of reorganization pursuant to which Medpace would waive its cash distribution and exchange its unsecured claim against the Debtor in the amount of $4,312,698.51 (the ‘Medpace Claim’) for 100% of the…

Bonanza Creek Energy filed with the U.S. Bankruptcy Court a motion for entry of an order approving its restructuring support agreement (RSA) with the Debtors’ revolving lenders and granting related relief. The motion explains, “The Debtors and the Lenders ultimately negotiated a form of credit agreement, the ‘Exit RBL’…which provided that each Lender would receive…

Memorial Production Partners filed with the U.S. Bankruptcy Court an Amended Joint Plan of Reorganization and related Disclosure Statement. According to the Disclosure Statement, “The proposed restructuring transaction provides recoveries to all of the Debtors’ stakeholders. The Plan provides for a distribution of approximately $6 million to $12 million to holders of the Debtors’ prepetition…