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…

  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…

Wells Fargo Bank Northwest and ALF VI (together, the “Residco Parties”) filed with the U.S. Bankruptcy Court an objection to Republic Airways Holdings’ Second Amended Joint Plan of Reorganization. The objection asserts, “The Residco Parties have interposed this Objection to address the uncertainty and extreme prejudice created by the proposed substantive consolidation provisions contained in…

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