According to the U.S. Bankruptcy Court docket, the Court denied Revel AC’s emergency motion for entry of an order (a) approving the amended and restated asset purchase agreement with Polo North Country Club and (b) granting related relief. The notice states, “Based upon the arguments of counsel on the record of the hearings on the…

On March 5, 2015, Magnetation LLC announced that it has retained The Blackstone Group as financial advisor and Davis Polk & Wardwell LLP as legal advisor to assist the Company in evaluating alternatives to improve liquidity. Magnetation’s liquidity has been challenged by, among other things, the decline of global iron ore prices by more than…

Chassix Holdings and 17 U.S. subsidiaries filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of New York, lead case number 15-10578. The Company, which provides design, engineering, machining and assembly of aluminum and ductile iron castings, is represented by Ray C. Schrock of Weil, Gotshal & Manges. Chassix Holdings…

Exide Technologies filed with the U.S. Bankruptcy Court a motion, under Bankruptcy Code Sections 105 and 363, to authorize the Debtor to close its Vernon Facility. The motion explains, “Exide’s profitability is negatively impacted by $15 to $38 million on an annual basis when the Vernon Facility is not in operation – the majority of…

According to the U.S. Bankruptcy Court docket, Chassix Holdings filed with the U.S. Bankruptcy Court a motion for interim and final orders (i) authorizing the Debtors to (a) obtain post-petition financing, (b) use cash collateral, (c) grant certain protections to pre-petition secured parties and (d) schedule a final hearing. The administrative agent is PNC Bank,…

According to the U.S. Bankruptcy Court docket, multiple parties – including MIREF Fremont Distribution Center, the State of Michigan Department of Treasury, South Coast Air Quality Management District, The Wattles Company, the ad hoc group of Exide Technologies tort claimants, the retail senior noteholders, Gables Capital Management and Pacific Chloride – filed separate objections to…

EME Reorganization Trust announced that its board of managing trustees approved a net cash distribution of $0.02674 per beneficial interest. The distribution will be paid on March 31, 2015 to all record holders of beneficial interests as of the close of business on March 20, 2015.  Immediately prior to the distribution, there will be 3,853,697,304…

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