On October 20, 2017, Walter Investment Management Corp. announced that it has entered into a Restructuring Support Agreement with certain holders of more than 50% by principal amount of the Company’s 7.875% Senior Notes due 2021 that contemplates a financial restructuring which, if consummated, is expected to strengthen the Company’s balance sheet. The Company plans…

In Form 10-Q filed on October 26, 2017, for the quarterly period ended September 30, 2017, FirstEnergy Solutions Corp. (FES) notes, “…lack of clarity regarding the timing and viability of alternative strategies, including additional asset sales or deactivations and/or converting generation from competitive operations to a regulated or regulated-like construct in a way that provides…

Cecil Bancorp’s Plan of Reorganization became effective, and the Company emerged from Chapter 11 protection. The U.S. Bankruptcy Court confirmed the Plan on October 11, 2017. BankruptcyData’s Plan Summary notes, “As part of the Plan confirmation process, the Debtor will conduct an auction of its stock in the Bank in accordance with proposed bidding procedures…

SunEdison filed with the U.S. Bankruptcy Court a notice of extension of the rights offering expiration date until November 7, 2017. The notice explains, “Pursuant to Section B.1 of the Amended Rights Offering Procedures, the Debtors may extend the Rights Offering Expiration Date by notice provided to Eligible Holders no later than 4:00 p.m. (prevailing…

Appvion filed with the U.S. Bankruptcy Court a motion to approve the Debtors’ key employee retention plan (KERP). The motion explains, “The Company shall pay to each KERP Participant an amount (the ‘KERP Amount’) ranging from 12% to 25% of the KERP Participant’s 2017 base salary, depending on the KERP Participant’s tier level. Tier I…

Privately-held M & G Polymers USA filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, case number 17-12268. The Company, which manufactures polyester resins, is represented by Laura Davis Jones of Pachulski Stang Ziehl & Jones. Concurrent with the bankruptcy filing, the Company appointed Dennis Stogsdill, a managing director…

Privately-held Think Finance and five affiliated Debtors filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Northern District of Texas, lead case number 17-33964. The Company, which provides specialty finance services, is represented by Gregory G. Hesse of Hunton & Williams. According to documents filed with the Court, “While Think Finance had…