The U.S. Bankruptcy Court approved Triangle USA Petroleum’s second motion to extend the exclusive period during which the Company can file a Chapter 11 plan and solicit acceptances thereof through and including March 16, 2017 and May 15, 2017, respectively. As previously reported, “The Debtors have filed the Plan and the Disclosure Statement, and the…

Xtera Communications filed with the U.S. Bankruptcy Court, a motion seeking to convert its Chapter 11 reorganization case to a liquidation under Chapter 7. The motion explains, “On February 13, 2017, the Debtors completed a sale of substantially all of their assets to H.I.G. Europe – Neptune, Ltd. The Debtors do not believe that they…

The U.S. Bankruptcy Court approved Forbes Energy Services’ motion for an order authorizing the assumption of asset purchase agreements and approving the private sale of certain assets free and clear of liens, claims and interests thereunder. As previously reported, “By this Motion, the Debtors seek authorization to assume and perform under certain prepetition agreements for…

Multiple parties – including Westchester Fire Insurance Company, Patriot Shipping and the Internal Revenue Service – filed with the U.S. Bankruptcy Court separate objections to International Shipholding’s First Amended Joint Chapter 11 Plan of Reorganization. The Internal Revenue Service asserts, “Section 2.1.2 of the Plan improperly requires the IRS to file requests for payment of…

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