Title 11 of the United States Code

Tuesday Morning Corporation Files Chapter 11 to Pursue Financial and Operational Reorganization

Wednesday, May 27, 2020 - 11:25am

To pursue this reorganization, Tuesday Morning filed voluntary petitions for protection under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Northern District of Texas Dallas Division.

Key Points: 
  • To pursue this reorganization, Tuesday Morning filed voluntary petitions for protection under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Northern District of Texas Dallas Division.
  • Ultimately, this process will provide Tuesday Morning with an opportunity to continue navigating the COVID-19 pandemic and emerge as a stronger company by early fall 2020.
  • However, the complete halt of store operations for two months put the Company in a financial position that can be effectively addressed only through a reorganization in Chapter 11.
  • Mr. Becker continued, We plan to emerge from Chapter 11 in a stronger position as a leading home goods off-price retailer, providing unmatched value to our customers.

Unit Corporation Voluntarily Files Chapter 11 Cases to Restructure Balance Sheet

Saturday, May 23, 2020 - 1:32am

The Company expects to continue to operate in the ordinary course throughout the Chapter 11 process without material disruption to its vendors, customers, or partners.

Key Points: 
  • The Company expects to continue to operate in the ordinary course throughout the Chapter 11 process without material disruption to its vendors, customers, or partners.
  • and its subsidiaries (Superior), is not a debtor in the Chapter 11 cases and is unaffected by the Companys Chapter 11 filing.
  • Additionally, the Company does not anticipate that payments to vendors and suppliers of its subsidiary Unit Drilling Company will be impacted.
  • Forward-looking statements may include, for example, statements regarding the Chapter 11 cases, the DIP facility, the Companys ability to complete the restructuring and its ability to continue operating in the ordinary course while the Chapter 11 cases are pending.

Ultra Petroleum Corp. Signs Restructuring Support Agreement for Comprehensive Balance Sheet Restructuring, Launches Solicitation for Prepackaged Plan of Reorganization, Voluntarily Files for Chapter 11 to Implement an Agreement in Principle with Certain L

Friday, May 15, 2020 - 1:59am

Through the Chapter 11 restructuring, the Company will eliminate approximately $2.0 billion in debt from its balance sheet, substantially deleverage its capital structure and strategically position the Company for long-term success.

Key Points: 
  • Through the Chapter 11 restructuring, the Company will eliminate approximately $2.0 billion in debt from its balance sheet, substantially deleverage its capital structure and strategically position the Company for long-term success.
  • Ultra aims to complete an efficient Chapter 11 bankruptcy with a goal of finalizing within the next three months.
  • The Company has also filed various first day motions with the Bankruptcy Court in support of its financial restructuring plan.
  • Ultra Petroleum Corp. is an independent energy company engaged in domestic natural gas and oil exploration, development, and production.

Aradigm Announces Conditional Approval for the Combined Chapter 11 Plan and Disclosure Statement

Thursday, April 30, 2020 - 5:00pm

Aradigm Corporation (OTC PINK: ARDM) (Aradigm or the Company) announced on April 27, 2020, the Bankruptcy Court entered an order (i) conditionally approving the disclosure statement for the Combined Chapter 11 Plan and Disclosure Statement (the Combined Plan) filed by Aradigm Corporation (the Company); (ii) directing the Company to distribute the Combined Plan to creditors and shareholders for voting; and (iii) fixing April 24, 2020 as the record date for shareholders and creditors to vote.

Key Points: 
  • Aradigm Corporation (OTC PINK: ARDM) (Aradigm or the Company) announced on April 27, 2020, the Bankruptcy Court entered an order (i) conditionally approving the disclosure statement for the Combined Chapter 11 Plan and Disclosure Statement (the Combined Plan) filed by Aradigm Corporation (the Company); (ii) directing the Company to distribute the Combined Plan to creditors and shareholders for voting; and (iii) fixing April 24, 2020 as the record date for shareholders and creditors to vote.
  • The Combined Plan provides that on the Effective Date of the Combined Plan these assets, as well as the Company's other assets, will be contributed to a liquidating trust for the benefit of the Company's creditors and shareholders.
  • The Combined Plan is subject to the vote of creditors and shareholders and is further subject to the approval of the Bankruptcy Court.
  • This description of the Combined Plan is qualified in its entirety by the terms of the Combined Plan.

Whiting Petroleum Corporation Enters into Restructuring Support Agreement With Certain of its Senior Noteholders and Files Chapter 11 Reorganization Plan and Disclosure Statement

Friday, April 24, 2020 - 2:00pm

In addition, the Company has filed a consensual chapter 11 plan of reorganization (the Plan) and a related disclosure statement (the Disclosure Statement) with the United States Bankruptcy Court for the Southern District of Texas (the Court).

Key Points: 
  • In addition, the Company has filed a consensual chapter 11 plan of reorganization (the Plan) and a related disclosure statement (the Disclosure Statement) with the United States Bankruptcy Court for the Southern District of Texas (the Court).
  • A hearing will be scheduled with the Court to consider approval of the Disclosure Statement related to the Plan.
  • Following Court approval of the Disclosure Statement, the Company will distribute the Plan and Disclosure Statement to voting creditors and other parties in interest for their consideration.
  • The full terms of the Plan and Disclosure Statement, as well as the related pleadings, are available online at cases.stretto.com/whitingpetroleum .

DailyDAC, LLC Announces the Launch of No-Fee Chapter 11 Bankruptcy Alert System

Thursday, April 9, 2020 - 9:30pm

CHICAGO, April 9, 2020 /PRNewswire-PRWeb/ -- DailyDAC, LLC is pleased to announce the launch of its Chapter 11 Bankruptcy Alert System.

Key Points: 
  • CHICAGO, April 9, 2020 /PRNewswire-PRWeb/ -- DailyDAC, LLC is pleased to announce the launch of its Chapter 11 Bankruptcy Alert System.
  • DailyDAC's BAS provides notice of every new Chapter 11 petition filed in the United States.
  • The Chapter 11 Bankruptcy Alert System is completely free to view and receive email notifications.
  • DailyDAC's sister websites, Financial Poise and ChamberWise , provide a wealth of information about other topics for investors and business owners/executives.

BROADVISION, INC. REACHES AGREEMENT WITH SHAREHOLDERS ON PREPACKAGED PLAN TO RESTRUCTURE AND SELL BUSINESS

Friday, March 27, 2020 - 8:54pm

To implement the terms of the RSA, the Company will file, and the Plan Sponsor and the Consenting Shareholders will support, the Companys Prepackaged Plan of Reorganization Under Chapter 11 of the Bankruptcy Code for BroadVision, Inc. (the Plan).

Key Points: 
  • To implement the terms of the RSA, the Company will file, and the Plan Sponsor and the Consenting Shareholders will support, the Companys Prepackaged Plan of Reorganization Under Chapter 11 of the Bankruptcy Code for BroadVision, Inc. (the Plan).
  • Upon its effective date, the Plan will provide for the full payment of all allowed administrative and legal costs, and secured (if any) and unsecured liabilities (including those of employees and vendors).
  • ESW will acquire100% of the equity interests of the reorganized Company, free and clear of any options, liens, or other claims.
  • The Company expects its operations to continue as normal throughout the contemplated Court-supervised process.

Twentieth Distribution Percentages Announced for Lehman Brothers Holdings Inc. and Its Debtor Affiliates

Thursday, March 26, 2020 - 4:00pm

Lehman Brothers Holdings Inc. (LBHI), as Plan Administrator, announced today in a court filing the percentage recovery that will be distributed on April 2, 2020 to holders of allowed claims against LBHI and its various affiliated Debtors (collectively, Lehman).

Key Points: 
  • Lehman Brothers Holdings Inc. (LBHI), as Plan Administrator, announced today in a court filing the percentage recovery that will be distributed on April 2, 2020 to holders of allowed claims against LBHI and its various affiliated Debtors (collectively, Lehman).
  • Lehmans aggregate twentieth distribution to unsecured creditors pursuant to its confirmed chapter 11 plan will total approximately $198.4 million.
  • The chapter 11 plan, related disclosure statement and other filings, including the filing referred to above, can be found at www.lehman-docket.com in the Key Documents section.
  • Questions relating to the distribution can be directed to the Debtors claims agent, Epiq Systems, Inc., at 1-866-879-0688 (U.S.) and 1-503-597-7691 (Non-U.S.).

Long Island Bankruptcy Lawyer Richard Feinsilver announces opening of Virtual Law Office during Coronavirus lockdown

Thursday, March 26, 2020 - 11:00am

CARLE PLACE, N.Y., March 26, 2020 /PRNewswire-PRWeb/ -- Richard S. Feinsilver, Esq., a Long Island Bankruptcy Lawyer serving Long Islanders since 1988, is pleased to announce that while the Covid-19 state of emergency restrictions are in place, he will continue operations as a virtual law office during normal business hours as of Monday March 23, 2020.

Key Points: 
  • CARLE PLACE, N.Y., March 26, 2020 /PRNewswire-PRWeb/ -- Richard S. Feinsilver, Esq., a Long Island Bankruptcy Lawyer serving Long Islanders since 1988, is pleased to announce that while the Covid-19 state of emergency restrictions are in place, he will continue operations as a virtual law office during normal business hours as of Monday March 23, 2020.
  • "Unfortunately, even during a lockdown, bad things will continue to happen to good people.
  • The bankruptcy laws have been designed to help good hard working Long Island residents straighten out life's curves and get a fresh start."
  • Whether it's a Chapter 7 Bankruptcy, Chapter 13 Bankruptcy, or Chapter 11 Bankruptcy, you'll receive patient, positive and comprehensive advice an attorney who really understands what you're going through.

Statement on Faraday Future Founder Yueting Jia’s Individual Bankruptcy Restructuring Entering Into Plan Voting Process

Monday, March 23, 2020 - 10:00am

YTs Chapter 11 Disclosure Statement and the motion for approval of DIP Financing were approved by the Court.

Key Points: 
  • YTs Chapter 11 Disclosure Statement and the motion for approval of DIP Financing were approved by the Court.
  • Assuming creditors vote in support of the plan and the Court approves it, YT can immediately begin to implement it thereafter.
  • Assuming creditors vote in favor of the Plan and the Court approves it, YT can immediately begin to implement it thereafter.
  • The Courts approval of the Disclosure Statement means that the voting process will start once solicitation packages are mailed to creditors.