The U.S. Bankruptcy Court approved Forbes Energy Services’ Disclosure Statement and concurrently confirmed its Joint Prepackaged Chapter 11 Plan of Reorganization. According to documents filed with the Court, “As of the date hereof, the Debtors had outstanding debt having a principal amount of over $300 million. Upon emergence from chapter 11, the Reorganized Debtors expect…

The U.S. Bankruptcy Court approved PostRock Energy’s Chapter 11 trustee’s motion to terminate the Company’s executive non-qualified excess plan. As previously reported, “Termination of a deferred compensation plan falls within the sound business judgment of the trustee. The Trustee submits that the termination of the Plan is a reasonable business decision in light of the…

SunEdison’s official committee of unsecured creditors and BOKF filed with the U.S. Bankruptcy Court separate objections to the Debtors’ motions for approval of (i) settlement agreements among Debtors and Yieldcos and (ii) performance under various agreements in connection with the Yieldco mergers. The committee asserts, “The Creditors’ Committee objects to the Debtors’ proposed settlements with…

Vanguard Natural Resources filed with the U.S. Bankruptcy Court separate emergency motions to continue the April 5, 2017 hearing to consider the Debtors’ Disclosure Statement and financing motion. The Disclosure Statement continuance motion explains, “The Debtors continue to be engaged in discussions to resolve outstanding issues with certain parties in interest. Accordingly, the Debtors request…

Peabody Energy filed with the U.S. Bankruptcy Court a stipulation and order regarding the treatment of claims of certain former executives. The stipulation notes, “It is hereby stipulated and agreed by and among the Parties through their undersigned counsel, and the Court ORDERS, as follows: The $255,546.04 Claim of Arshad Sayed against Peabody Energy Corporation…

BankruptcyData’s detailed analysis and summary of Erickson’s Second Amended Joint Plan of Reorganization, dated February 3, 2017, is now available. The U.S. Bankruptcy Court confirmed the Plan on March 22, 2017; however, an effective date has not yet been issued. BankruptcyData notes, “General Unsecured Claims will receive its pro rata share of the Litigation Trust…

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