The U.S. Bankruptcy Court issued an order (i) authorizing modification of Paragon Offshore’s Fifth Joint Plan of Reorganization and (ii) determining that further disclosure and resolicitation of votes are not required. The U.S. Bankruptcy Court confirmed the Plan on June 7, 2017. The order states, “Having found and determined that the relief requested in the…

The U.S. Trustee assigned to the Gymboree case filed with the U.S. Bankruptcy Court an objection to the Company’s Disclosure Statement. The Trustee asserts, “The Gymboree Corporation and certain of its direct and indirect subsidiaries (collectively, the ‘Debtors’), have proposed a plan containing broad third-party release and exculpation provisions….While the Disclosure Statement recites those provisions…

The U.S. Bankruptcy Court approved Tidewater’s Disclosure Statement and concurrently confirmed the Company’s Joint Prepackaged Chapter 11 Plan of Reorganization. Jeffrey M. Platt, Tidewater’s president and chief executive officer states, “The substantial deleveraging of our balance sheet through the recapitalization contemplated by the Plan, as well as our strong liquidity position, should reassure our customer…

The U.S. Bankruptcy Court approved a stipulation by and between Performance Sports Group and 9938982 Canada and affiliates regarding the purchase price agreement escrow. As previously reported, “In connection with its entry into the Asset Purchase Agreement, Purchaser deposited on its behalf an aggregate amount equal to $28,750,000 in cash as a ‘good faith deposit’…

Privately-held Beaulieu Group and two of its subsidiaries filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Northern District of Georgia, lead case number 17-41677. The Company, which manufactures and distributes carpet, engineered hardwood, laminate and luxury vinyl products, is represented by J. Robert Williamson of Scroggins & Williamson. The Company’s existing…

SunEdison filed with the U.S. Bankruptcy Court a motion for entry of an order authorizing and approving certain amendments to the Company’s rights offering procedures. The motion explains, “On July 14, 2017, the Debtors and Backstop Purchasers amended the Equity Commitment Agreement to (1) extend the outside termination date from September 30, 2017 to November…

According to a corporate release, Vanguard Natural Resources has reached a settlement with the Company’s ad hoc equity committee. Under the agreement, the equity committee agrees to (i) withdraw any and all objections to the Debtors’ Plan and (ii) fully support the Debtors’ Second Amended Joint Plan of Reorganization, as amended (“Modified Plan”). The Modified…

The U.S. Bankruptcy Court approved rue21’s Disclosure Statement and scheduled an August 29, 2017 hearing to consider the Debtors’ Joint Plan of Reorganization, with objections due by August 21, 2017. As previously reported, “Subject to confirmation of the Plan, upon the Effective Date, the Debtors will have reduced approximately $700 million in funded debt from…

Breitburn Energy Partners filed with the U.S. Bankruptcy Court a motion seeking authority to enter into swap agreements, pledge collateral, grant D.I.P. super-priority claims and honor obligations thereunder and enter into a fourth amendment to its post-petition senior secured super-priority financing agreement. The motion explains, “The benefits of entering into the Swap Agreements immediately are…

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