The U.S. Bankruptcy Court approved Unilife’s motion for approval of its redacted key employee retention plan (KERP). As previously reported, “The Plan provides for retention payments to the Eligible Employees based upon the Eligible Employees’ continuing to remain with the Debtors through the sale of the Debtors’ assets. The Eligible Employees will be required to…

The U.S. Bankruptcy Court issued an order approving Goodman Networks’ Disclosure Statement and concurrently confirming the Amended Joint Prepackaged Chapter 11 Plan of Reorganization. As previously reported, “On the Effective Date, Secured Notes Claims shall be Allowed in the aggregate principal amount of $325,000,000, plus any accrued but unpaid interest, fees, and other expenses arising…

The U.S. Trustee assigned to the SquareTwo Financial case filed with the U.S. Bankruptcy Court an objection to the Company’s Joint Prepackaged Chapter 11 Plan of Reorganization. The Trustee asserts, “The United States Trustee objects to confirmation of this pre-packaged plan because it adversely impacts creditors who will receive no distribution and likely have no…

P10 Industries’ First Amended Prepackaged Plan of Reorganization became effective, and the Company emerged from Chapter 11 protection. The U.S. Bankruptcy Court confirmed the Plan on April 27, 2017. BankruptcyData’s detailed Plan Summary notes, “The Prepackaged Plan effectuates the terms of two Restructuring Support Agreements that will allow the Reorganized Debtor to obtain an investment…

Privately-held Central Grocers (CGI) and 11 affiliated Debtors filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 17-10993. The Company, which operates as a cooperative grocery wholesaler, is represented by Mark D. Collins of Richards, Layton & Finger. A corporate release note that the Company intends…

Caesars Entertainment Corporation (CEC) announced first quarter 2017 financial results, reporting net revenues for CEC increased 1.4% year-over-year to $963 million primarily attributable to strong growth in the Las Vegas region due to improved hotel performance. Net loss for CEC, before including the effect of non-controlling interest, was $524 million compared with a net loss…

The U.S. Bankruptcy Court approved Grandparents.com’s emergency motion for bidding procedures, form and manner of sale notices and scheduling sale hearing date. As previously reported, “Subject to Court approval, the Debtors have entered into an asset purchase agreement (the ‘APA’) dated as of April 14, 2017 between the Debtors as sellers and VB Funding, as…

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