This article is excerpted from New Generation Research’s  The Turnaround Letter, published by George Putnam, III. ************************************************** Bankruptcy filings by publicly-traded companies so far in 2017 have declined modestly from a year ago. Through June 30, 42 companies have filed for Chapter 11 bankruptcy, with a total of $43 billion in assets, compared to 61 companies filing…

The U.S. Bankruptcy Court approved Hampshire Group’s fourth motion to extend the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including September 20, 2017 and November 20, 2017, respectively. As previously reported, “Shortly after entry of the Third Extension Order, the Debtors and the Committee…

Angelo, Gordon Energy Servicer filed with the U.S. Bankruptcy Court an objection to Rooster Energy’s emergency post-petition financing motion. The objection asserts, “Since the Petition Date, the Administrative Agent and the Holders have, at the request of the Debtors, allowed the Rooster Debtors to use Cash Collateral in an amount of at least $1,493,535.40….The Administrative…

Energy Future Holdings (EFH) filed with the U.S. Bankruptcy Court a revised order in connection with its previously-filed merger agreement and. The notice states, “The E-Side Debtors hereby expressly incorporate the Revised Proposed Order into the Motion in its entirety as if set forth therein in full.” The revised order states, “The Termination Fee, upon…

Avaya filed with the U.S. Bankruptcy Court a First Amended Joint Chapter 11 Plan of Reorganization and related Disclosure Statement. According to the Disclosure Statement, “The Plan provides for the issuance of the New Secured Debt, with an aggregate principal amount of not less than $2,925 million (inclusive of any original issue discount) (the ‘Syndication…

BankruptcyData’s detailed analysis and summary of SunEdison’s First Amended Joint Plan of Reorganization [Revised], dated June 12, 2017, is now available. The U.S. Bankruptcy Court confirmed the Plan on July 28, 2017; however, an effective date has not yet been issued. BankruptcyData notes, “Under the Plan: Second Lien Claims will receive its pro rata portion…

Nuverra Environmental Solutions’ Amended Prepackaged Plans of Reorganization became effective, and the Company emerged from Chapter 11 protection. The U.S. Bankruptcy Court confirmed the Plan on July 25, 2017. BankruptcyData’s detailed Plan Summary notes, “The Debtors believe that the Plan reflects an appropriate resolution of all Claims against and Equity Interests in the Debtors, and…

Unilife filed with the U.S. Bankruptcy Court a motion for an order approving the private sale of certain real property located in York, PA, free and clear of all liens, claims, rights and encumbrances and release of rights in restricted account. The buyer is First National Bank of Pennsylvania. The motion explains, “The sale of…

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