The U.S. Bankruptcy Court approved Excel Maritime Carriers’ Disclosure Statement related to its Amended Joint Chapter 11 Plan of Reorganization. According to the documents filed with the Court, “The Plan memorializes the terms of a consensual restructuring of the Debtors as agreed among the Debtors, their secured lenders holding more than 80% of such lenders’…

The Commonwealth of Pennsylvania Department of Revenue filed with the U.S. Bankruptcy Court an objection to Rural/Metro’s First Amended Joint Chapter 11 Plan of Reorganization. The objection explains, “The Plan purports to extinguish the setoff rights of the Commonwealth, violating 11 U.S.C. Section 362(b)(26) and 553(a). Section 362(b)(26) authorizes setoffs of prepetition income tax liabilities…

The U.S. Bankruptcy Court approved Excel Maritime Carriers’ motion to extend the exclusive period during which the Company can solicit acceptances for its plan through and including February 17, 2014. As previously reported, “The Debtors’ chapter 11 cases involve hundreds of parties in interest and a complex capital structure consisting of approximately $771 million in…

Multiple parties – including Capitol Bancorp’s official committee of unsecured creditors, Manufacturers and Traders Trust, Wilmington Trust and Bank of New York Mellon Trust – filed with the U.S. Bankruptcy Court separate objections to confirmation of Capitol Bancorp’s Amended Joint Liquidating Plan. The official committee states, “The Plan suffers from two major – and fatal…

GMX Resources filed with the U.S. Bankruptcy Court a First Amended Chapter 11 Plan of Reorganization and related Disclosure Statement. According to the Disclosure Statement, “The primary purpose of the Plan is to effectuate the restructuring of the Debtors’ capital structure (the ‘Restructuring’) by, among other things, reducing their overall indebtedness and improving free cash…

The U.S. Bankruptcy Court approved GMX Resources’ Disclosure Statement related to its Chapter 11 Plan of Reorganization. According to the documents filed with the Court, “The Restructuring will reduce the amount of the Debtors’ outstanding indebtedness by approximately $505,000,000 under the Indentures as follows: (i) satisfaction of $338,000,000 of the Senior Secured Notes through conversion…

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