The U.S. Bankruptcy Court approved SunEdison’s motion for an order (a) approving the sale of certain equity interests in seven Minnesota projects free and clear to purchaser AES Distributed Energy, (b) approving certain releases in connection therewith and (c) granting related relief. As previously reported, “Aside from the Project Companies covered by the SoCore Sale,…

Privately-held Wet Seal and two affiliated Debtors filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 17-10229. The Company, which provides specialty retail clothing and accessories, is represented by Michael R. Nestor of Young Conaway Stargatt & Taylor. According to documents filed with the Court, “After…

Hampshire Group’s official committee of unsecured creditors filed with the U.S. Bankruptcy Court an objection to the Debtors’ motion to employ William Drozdowski as chief financial officer. The committee asserts, “The Debtors ask the Court to bless Mr. Drozdowski’s retention under section 327(b). They seek to grant him a raise of up to 37.5% over…

The U.S. Bankruptcy Court approved International Shipholding’s motion for entry of an order (i) authorizing the Debtors to consummate the sale of the Oslo Wave; (ii) establishing January 1, 2017 as the effective date of the sale; (iii) staying distribution of the proceeds of the sale transaction pending further order of the Court and (iv)…

The U.S. Bankruptcy Court approved Midway Gold’s sixth motion to extend the exclusive period during which the Company may solicit acceptances for its Chapter 11 plan through and including February 22, 2017. As previously reported, “The Debtors have already complied with the Current Plan Exclusivity Period by filing the Plan and Disclosure statement prior to…

The U.S. Bankruptcy Court approved Homer City Generation’s motion for authority to assume a restructuring support agreement and granting related relief. As previously reported, “In light of the conclusion of the sales process without a transaction and Homer City’s unsustainable debt, Homer City, certain Senior Noteholders (collectively, the ‘Consenting Noteholders’), and certain affiliates of General…

BankruptcyData’s detailed analysis and summary of Nortel Network’s First Amended Joint Chapter 11 Plan of Reorganization, dated January 23, 2017, is now available. The U.S. Bankruptcy Court confirmed the Plan on January 24, 2017; however, an effective date has not yet been issued. BankruptcyData notes, “The Liquidation Analysis for Reorganized Nortel Networks estimates that the…

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