The U.S. Trustee assigned to the Homer City Generation case filed with the U.S. Bankruptcy Court an objection to the Debtors’ Prepackaged Chapter 11 Plan. The Trustee asserts, “The Debtor has worked with the U.S. Trustee to resolve almost all of his objections. The parties were unable to resolve two remaining objections (1) the Plan…

Ultra Petroleum filed with the U.S. Bankruptcy Court a Second Amended Chapter 11 Plan of Reorganization and related Disclosure Statement. According to the Disclosure Statement, “On December 6, 2016, the Debtors filed a plan of reorganization consistent with the Plan Support Agreement. Thereafter, in an effort to generate greater stakeholder consensus, the Debtors entered into…

The U.S. Bankruptcy Court approved Violin Memory’s motion for an order authorizing its entry into and performance under a plan sponsor agreement (PSA). As previously reported, “At the auction, the Debtor determined that the highest and best value for the Debtor’s estate and its creditors would be obtained under a proposal from VM Bidco (‘Soros’),…

Paragon Offshore filed with the U.S. Bankruptcy Court a Third Joint Chapter 11 Plan of Reorganization and related Disclosure Statement. According to the Disclosure Statement, “There are three (3) primary creditor groups whose acceptances of the Plan are being solicited: 1. Holders of a Revolver Secured Claim or a Term Loan Secured Claim (Class 3);…

The U.S. Bankruptcy Court granted Performance Sports Group’s motion to approve certain corporate restructuring transactions in connection with the Debtors’ going-concern sale. As previously reported, “The Pre-Closing Reorganization is necessary to minimize the possibility of an estimated Cdn $10 million or more in potential tax liability on the sale of the Debtors’ assets, ensures that…

Ultrapetrol Bahamas filed with the U.S. Bankruptcy Court a motion authorizing the assumption of a restructuring support agreement related to the sale of its River Business (the River RSA) and authorizing payment of the termination fee to the extent it becomes payable. The motion explains, “Under the Restructuring Support Agreement and the Debtors’ plan of…

Energy Future Holdings (EFH) filed with the U.S. Bankruptcy Court a stipulation and agreement between EFH and the Energy Future Intermediate Holdings (EFIH) first lien notes trustee and the EFIH second lien notes trustee. The agreement notes, “The EFIH First Lien Notes Trustee and the EFIH Second Lien Notes Trustee anticipate challenging (among other things)…

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