On April 26, 2017, S&P Global Ratings revised its outlook on PaperWorks Industries Holding Corp. to negative from stable and affirmed its B- corporate credit rating and lowered its senior secured notes to CCC+ from B-. According to S&P Global, PaperWorks Industries recently reported tepid earnings guidance for fiscal-year 2017, with free cash flow expected…

The U.S. Bankruptcy Court approved the motion of BioNitrogen Holdings’ Debtor affiliate 4A Technologies for an order authorizing the sale of substantially all of its assets, free and clear of liens, claims, encumbrances and other interests; approving the purchase agreement for such sale and granting the purchaser the protections afforded to a good faith purchaser….

Ernst & Young, Performance Sports Group’s Court-appointed monitor in the Canadian proceedings, filed with the U.S. Bankruptcy Court an eighth report, which states: “Providing the Canadian Court with information regarding the restructuring proceedings to date and the Debtors’ requests for an extension of the stay of proceedings granted in favor of the Debtors in the…

Implant Sciences filed with the U.S. Bankruptcy Court a monthly operating report for March 2017. For the month, the Debtors reported an $1.9 million net loss on zero net revenue and $384,436 in total reorganization expenses, $353,461 in professional fees and $19,184 in administrative expenses. Cash at the beginning of March 2017 was $74.6 million…

Azure Midstream Partners’ interested party Wampanoag Capital filed with the U.S. Bankruptcy an objection to Debtor’s disclosure statement related to the Plan of Liquidation. The objection asserts, “On March 15, 2017, this Court approved a sale of substantially all of the Debtors’ assets to BTA Gathering LLC for a purchase price of $189 million. Net…

Ciber filed with the U.S. Bankruptcy Court a motion for entry of an order approving the Debtors’ key employee incentive plan (KEIP) and key employee retention plan (KERP). The KEIP, KERP motion explains, “Under the proposed KEIP, the KEIP Participants would be eligible to receive an incentive payment (the ‘KEIP Payment’) corresponding to the incremental…