According to documents filed with the SEC, Key Energy Services announced that upon its emergence from Chapter 11 protection, the term of any current members of the Company’s board of directors will expire, and a new board will take office. The new board will initially consist of Bryan Kelln, Jacob Kotzubei, Philip Norment, Mary Ann…

Ultra Petroleum filed with the U.S. Bankruptcy Court a Chapter 11 Plan of Reorganization and related Disclosure Statement. According to the Disclosure Statement, “Since executing the Plan Support Agreement, the Debtors have documented the terms of the restructuring contemplated thereby – including the Plan and this Disclosure Statement. The key terms are summarized as follows….Existing…

The U.S. Bankruptcy Court approved CHC Group’s second motion to extend the exclusive period during which the Company can file a plan and solicit acceptances for its plan through and including February 17, 2017 and April 18, 2017. As previously reported, “Having stabilized their businesses, reaffirmed relationships with customers and vendors, rejected numerous aircraft leases,…

The U.S. Bankruptcy Court confirmed UCI Holdings’ Third Revised Joint Plan of Reorganization, proposed by the Debtors, the ad hoc committee of senior noteholders and the official committee of unsecured creditors. The Company anticipates emerging from bankruptcy protection by year-end. Brian Whittman, UCI Holdings’ chief restructuring officer, comments, “UCI is pleased with the outcome of…

The U.S. Bankruptcy Court approved Xtera Communications’ procedures in connection with the sale of substantially all of the Debtors’ assets, scheduling related auctions and a hearing to consider approval of sale; approving bid protections and authorizing the sale of substantially all of the Debtors’ assets free and clear of liens, claims, encumbrances and other interests…

LINN Energy filed with the U.S. Bankruptcy Court an Amended Joint Chapter 11 Plan of Reorganization and related Disclosure Statement. Among other things, the Disclosure Statement adds the following text, “Concurrently with the LINN Debtors’ negotiations with respect to the Plan, the Berry Debtors also explored potential resolutions with their various stakeholders. On November 17,…

The U.S. Bankruptcy Court issued an order approving C&J Energy Services’ expedited motion for entry of an order (i) authorizing the private sale of certain of Total E&S, Inc.’s assets, free and clear of liens, claims, encumbrances and interests; (ii) authorizing the licensure of certain of C&J Spec-Rent Services, Inc.’s related intellectual property and (iii)…

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