The U.S. Bankruptcy Court approved Tidewater’s motion for entry of an order approving the Company’s non-insider key employee retention payment program (KERP). As previously reported, “Prior to the commencement of these chapter 11 cases, the Debtors, with the assistance of their advisors and input from the board of directors (the ‘Board’), designed and implemented a…

National Public Finance Guarantee announced that it has filed a complaint against the Financial Oversight and Management Board for Puerto Rico (Oversight Board), seeking declaratory, injunctive and mandamus relief requiring the Oversight Board to comply with its obligations under the Puerto Rico Oversight, Management and Economic Stability Act (PROMESA), to certify the modifications to the…

The Commonwealth of Puerto Rico’s ad hoc group of general obligation bondholders, Ambac Assurance, Assured Guaranty, Assured Guaranty Municipal, Mutual Fund Group, National Public Finance Guarantee and Puerto Rico Funds (collectively, “Responding Creditors”) filed a statement in response to the Commonwealth’s status report regarding (a) financial disclosures to creditors and (b) status of settlement discussions….

Novation Companies filed with the U.S. Bankruptcy Court a third motion to extend by 90 days the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including September 30, 2017 and November 30, 2017, respectively. The motion explains, “The Debtors have been operating under the protections…

The U.S. Bankruptcy Court approved Gulfmark Offshore’s Disclosure Statement and scheduled an August 1, 2017 hearing to consider its Amended Chapter 11 Plan of Reorganization. According to documents filed with the Court, “The Debtor is commencing this solicitation after extensive prepetition discussions with certain key creditor constituencies. As a result of these negotiations, on May…

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