Energy XXI’s Second Amended Joint Chapter 11 Plan of Reorganization became effective, and the Company emerged from Chapter 11 protection. The U.S. Bankruptcy Court confirmed the Plan on December 13, 2016. According to a corporate release, Energy XXI has substantially improved its financial position by eliminating more than $3.6 billion of debt from its balance…

Stone Energy filed with the U.S. Bankruptcy Court a Second Amended Joint Prepackaged Plan of Reorganization. According to the Amended Plan, “Holders of Class 3 – Prepetition Notes Claims shall receive their respective Pro Rata share of (i) the Prepetition Notes Cash, (ii) the New Secured Notes and (iii) the number of shares of New…

UCI Holdings filed with the U.S. Bankruptcy Court a second motion to extend the exclusive period by 60 days during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including February 27, 2017, and April 28, 2017, respectively. The motion explains, “Subsequent to the filing and approval of the…

Premier Exhibitions’ official committee of unsecured creditors filed with the U.S. Bankruptcy Court an objection to the Debtors’ motion to extend exclusivity and a response to the equity committee’s motion to terminate exclusivity. The creditors’ committee asserts, “The Debtors’ argument that their unsecured creditors would not be prejudiced by the requested exclusivity extension through April…

The U.S. Trustee assigned to the Dakota Plains Holdings case filed with the U.S. Bankruptcy Court separate expedited objections to the Debtors’ motions seeking approval of (1) certain bid procedures and an auction for substantially all of the Debtors’ assets and (2) an interim agreement for post-petition secured financing and use cash collateral. The bid…

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