On February 21, 2018, S&P Global Ratings lowered its corporate credit rating to CCC- from CCC on Gibson Brands, Inc. and its $375 million senior secured notes due August 2018 were lowered to CCC- from CCC. According to S&P Global, the downgrade reflects the increased likelihood that Gibson Brands could experience a near-term liquidity shortfall…

In Form 10-K filed on February 20, 2018, for the year ended December 31, 2017, FirstEnergy Solutions Corp.’s (FES) auditor, PricewaterhouseCoopers LLP, raised substantial doubt about the Company’s ability to continue as a going concern. According to PricewaterhouseCoopers, the Company’s current financial position and the challenging market conditions impacting liquidity raise substantial doubt about its…

The U.S. Bankruptcy Court issued an order approving Uni-Pixel’s motion to convert its Chapter 11 reorganization case to a liquidation under Chapter 7. The order states, “The case of Uni-Pixel, Inc. (Case no. 17-52100) and the case of Uni-Pixel Displays, Inc. (Case no. 17-52101) is converted from chapter 11 to chapter 7….The United States Trustee…

The U.S. Bankruptcy Court approved EXCO Resources’ key employee retention plan (KERP) for non-insider employees. As previously reported, “By this motion, the Debtors seek entry of an order, approving and authorizing the Debtors to continue the KERP for approximately 144 of the Debtors’ non-insider employees, providing for an award pool of approximately $3.3 million in…

Energy Future Holdings (EFH) filed with the U.S. Bankruptcy Court a first amended Supplement to the First Amended Joint Chapter 11 Plan of Reorganization of EFH/Energy Future Intermediate Holding (EFIH). The Supplement contains the following documents: Exhibit A – amended retained causes of action; Exhibit B: amended tax contingency disclosure; Exhibit C: EFH Plan administrator…

The U.S. Trustee assigned to the Appvion case filed with the U.S. Bankruptcy Court an objection to the Company’s proposed bidding procedures and stalking horse protections. The Trustee asserts, “The Debtors seek pre-approval of a Break-Up Fee of 1.5% of the aggregate purchase price, together with an Expense Reimbursement of up to $500,000 (collectively, the…

Privately-held Healing Nature, LLC filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Eastern District of Pennsylvania, case number 18-11121. The Company is based in Philadelphia, PA and headed by Adrian J. Moody, Managing Partner. Healing Nature is represented in bankruptcy proceedings by Demetrius J. Parrish, Jr. of The Law Offices of…

CGG Holdings (U.S)’s Joint Chapter 11 Plan of Reorganization [Further Revised] became effective, and the Company emerged from Chapter 11 protection. The U.S. Bankruptcy Court confirmed the Plan on October 16, 2017. BankruptcyData’s detailed Plan Summary notes, “A 100% recovery to Allowed General Unsecured Claims and all creditors who are Unimpaired under the Plan; a…

Rand Logistics filed with the U.S. Bankruptcy Court a motion for an order authorizing payment of supplemental compensation to the Debtors’ chief financial officer. The motion explains, “By this Motion, the Debtors request authority to pay supplemental compensation of $100,000 (the Supplemental Compensation’) to the Debtors’ Chief Financial Officer, Mark S. Hiltwein. The Supplemental Compensation,…

Hudson Bay Master Fund filed with the U.S. Bankruptcy Court an objection to Patriot National’s motion to compel mediation of claims against the Debtors’ directors and officers and to temporarily stay related litigation pending the outcome of mediation. The objection asserts, “In a transparent attempt to stay any litigation that may result in non-debtor plaintiffs…