The U.S. Bankruptcy Court approved Katy Industries’ motion for entry of orders (i) approving and authorizing bidding procedures in connection with the sale of substantially all assets, approving stalking horse protections, approving procedures related to assumption and assignment of certain executory contracts and unexpired leases and (ii) approving and authorizing sale of substantially all of…

The U.S. Bankruptcy Court issued an amended order directing U.S. Trustee to appoint a health care ombudsman for the Adeptus Health case. The amended order states, “The Court is of the opinion that the appointment of a patient care ombudsman is warranted. If a sale closes after entry of an order approving the sale of…

Tidewater’s ad hoc committee of equity security holders filed with the U.S. Bankruptcy Court a motion for adjournment of the joint Disclosure Statement and Plan hearing. The motion explains, “The exigencies of the circumstances warranting expedited consideration of the Request for Adjournment are self-evident. As detailed in the Request for Adjournment, the United States Trustee…

Gymboree filed with the U.S. Bankruptcy Court a Joint Chapter 11 Plan of Reorganization and related Disclosure Statement. According to the Disclosure Statement, “If the Plan is confirmed, Gymboree will emerge from these Chapter 11 Cases with approximately $800 million less funded debt. Gymboree’s pro forma exit capital structure will consist of (a) a $225…

Deutsche Bank National Trust filed with the U.S. Bankruptcy Court an objection to Novation Companies’ settlement by and among the Debtors, the noteholders and the creditors’ committee. The objection asserts, “Although the Trustee is a creditor of both Novation and NMI, the claims the Trustee holds against each of the Debtor Defendants arise from distinct…

On June 12, 2017, S&P Global Ratings lowered its long-term corporate credit rating on MIE Holdings Corporation to CC from CCC and its senior unsecured notes rating to CC from CCC. According to S&P Global, the ratings were lowered following MIE’s announcement of a cash tender offer for its senior unsecured notes due 2018 and…

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