Title 11 of the United States Code

Murray Energy Successfully Consummates Going-Concern Sale Transaction

Thursday, September 17, 2020 - 1:08am

Murray Energy Holdings Co. and its subsidiaries (collectively, Murray) announced today that its chapter 11 plan (the Plan) became effective as of September 16, 2020, and that it has successfully completed a sale of substantially all its assets to a privately held company owned by a group of its former creditors.

Key Points: 
  • Murray Energy Holdings Co. and its subsidiaries (collectively, Murray) announced today that its chapter 11 plan (the Plan) became effective as of September 16, 2020, and that it has successfully completed a sale of substantially all its assets to a privately held company owned by a group of its former creditors.
  • The United States Bankruptcy Court for the Southern District of Ohio (Western Division) (the Court) approved the Plan on August 31, 2020.
  • Through the restructuring process, Murray effectuated the sale of substantially all of their assets to American Consolidated Natural Resources, Inc. (ACNR), a new entity formed at the direction of an ad hoc group of Murrays superpriority term loan lenders.
  • In addition, ACNR will manage and operate the Foresight Energy mines and the Murray Metallurgical mines through two separate management services agreements.

How Chapter 11 Bankruptcy Helps Small Businesses Owners During COVID

Friday, September 4, 2020 - 3:12pm

According to the attorneys at Silverman & Roedel , if you are struggling, a less-known option may be available: Chapter 11 Bankruptcy.

Key Points: 
  • According to the attorneys at Silverman & Roedel , if you are struggling, a less-known option may be available: Chapter 11 Bankruptcy.
  • Chapter 11 bankruptcy is a process that leads to the reorganization of the business, allowing it to stay open and pay debts over a longer period of time.
  • Previously, Chapter 11 bankruptcy has been considered one of the most complex types of bankruptcy, so some might be hesitant to pursue it.
  • There are a few benefits to filing for a Chapter 11 bankruptcy during the pandemic, which include:
    Filing for Chapter 11 bankruptcy can put a hold on debtor payments and allow the business owner to focus on reorganizing.

Chapter 11 U.S. Commercial Bankruptcy Filings up 17% in August

Friday, September 4, 2020 - 2:48pm

Slowing down from July, commercial Chapter 11 filings are up only 17% over August 2019, with 525 new flings, which is up from 449 from the same period last year.

Key Points: 
  • Slowing down from July, commercial Chapter 11 filings are up only 17% over August 2019, with 525 new flings, which is up from 449 from the same period last year.
  • In the first eight months of 2020, Chapter 11 commercial filings are up 28% over the same period last year, with a total of 4,779 filings.
  • While we still see growth year over year in Chapter 11 commercial filings, the pace has slowed down significantly over July, said Deirdre OConnor, managing director of corporate restructuring at Epiq.
  • Chapter 13 non-commercial filings are down 41% in 2020, with 108,400 filings, which is down from 184,026 filings in the same period of 2019.

Frontier Communications Restructuring Plan Confirmed by Court

Friday, August 21, 2020 - 11:23pm

Frontier Communications Corporation (OTCMKTS: FTRCQ) (Frontier or the Company) today announced that the U.S. Bankruptcy Court for the Southern District of New York has confirmed the Companys Plan of Reorganization (the Plan), subject to final documentation.

Key Points: 
  • Frontier Communications Corporation (OTCMKTS: FTRCQ) (Frontier or the Company) today announced that the U.S. Bankruptcy Court for the Southern District of New York has confirmed the Companys Plan of Reorganization (the Plan), subject to final documentation.
  • The Company expects to complete its restructuring and successfully emerge from Chapter 11, following the completion of the regulatory approval process.
  • Since commencing its in-court restructuring, Frontier has secured regulatory approvals or favorable determinations in six states and is progressing with the remaining regulatory approvals.
  • Upon completion of this process, Frontier expects to promptly consummate the transactions contemplated under the Plan and emerge from its in-court restructuring process.

Scura Represents Villa Victoria, the First Approved Subchapter V Bankruptcy in New Jersey

Monday, August 17, 2020 - 11:00am

WAYNE, N.J., Aug. 17, 2020 /PRNewswire/ -- Villa Victoria Pizzeria and the attorneys at Scura, Wigfield, Heyer, Stevens & Cammarota LLP have had the first ever Chapter 11 Subchapter V Bankruptcy filing approved by US Bankruptcy Court for the District of Jersey.

Key Points: 
  • WAYNE, N.J., Aug. 17, 2020 /PRNewswire/ -- Villa Victoria Pizzeria and the attorneys at Scura, Wigfield, Heyer, Stevens & Cammarota LLP have had the first ever Chapter 11 Subchapter V Bankruptcy filing approved by US Bankruptcy Court for the District of Jersey.
  • This is the first approved plan of small business reorganization under the new Subchapter V Bankruptcy Code in the District of New Jersey and may be the first in the nation.
  • On August 11th , Villa Victoria became the first Subchapter V case approved by the Bankruptcy Court in New Jersey and one of the first in the nation.
  • Scura, Wigfield, Heyer, Stevens & Cammarota LLP is a Bankruptcy and Personal Injury Law Firm working in New Jersey.

Chapter 11 U.S. Commercial Bankruptcy Filings up 52% in July

Wednesday, August 5, 2020 - 1:00pm

Continuing the trend from the previous month, commercial Chapter 11 filings are up 52% over July 2019, with 642 new filings which is up from 423 last year.

Key Points: 
  • Continuing the trend from the previous month, commercial Chapter 11 filings are up 52% over July 2019, with 642 new filings which is up from 423 last year.
  • In the first seven months of 2020, Chapter 11 commercial filings are up 30% over the same period last year, with a total of 4,246 filings.
  • As expected, we continue to see significant year over year growth in Chapter 11 commercial bankruptcy filings, said Deirdre OConnor, managing director of corporate restructuring at Epiq.
  • Chapter 13 non-commercial filings are down 38% in 2020, with 99,136 filings, which is down from 159,602 filings in the same period of 2019.

Benevis Enters Voluntary Chapter 11 Reorganization

Monday, August 3, 2020 - 3:00pm

LT Smile Corporation, along with its subsidiaries Benevis Holding Corporation, Benevis Corporation, Benevis, LLC, Benevis Affiliates, LLC and Benevis Informatics LLC (Benevis and Company), announced that it has filed voluntary petitions for relief in the Southern District of Texas under Chapter 11 of the United States Bankruptcy Code to effectuate a recapitalization and sale of the business, and to improve its balance sheet and operating position.

Key Points: 
  • LT Smile Corporation, along with its subsidiaries Benevis Holding Corporation, Benevis Corporation, Benevis, LLC, Benevis Affiliates, LLC and Benevis Informatics LLC (Benevis and Company), announced that it has filed voluntary petitions for relief in the Southern District of Texas under Chapter 11 of the United States Bankruptcy Code to effectuate a recapitalization and sale of the business, and to improve its balance sheet and operating position.
  • Benevis and its employees will continue their normal operations and their support of high-quality dental care at supported dental practices throughout the process.
  • None of the Companys supported dental practices are part of the Chapter 11 filing.
  • Benevis has secured committed financing from its current lenders; including New Mountain Finance Corporation and several of its credit investing affiliates, to bolster liquidity and enhance ongoing operations during the reorganization process.

Rosehill Resources Inc. and Rosehill Operating Company, LLC File Voluntary Bankruptcy Petitions

Monday, July 27, 2020 - 12:00pm

The Company expects to continue to operate its business during the Chapter 11 Cases without material disruption to its vendors, partners or employees.

Key Points: 
  • The Company expects to continue to operate its business during the Chapter 11 Cases without material disruption to its vendors, partners or employees.
  • As previously announced, under the RSA, Rosehill and the Consenting Creditors have reached an agreement on the terms of a prepackaged plan of reorganization (the Plan).
  • Rosehill Resources Inc. is an independent oil and gas exploration company with assets positioned in the Delaware Basin portion of the Permian Basin.
  • While the Company makes these statements in good faith, neither the Company, its management, nor Rosehill Operating can guarantee that anticipated future results will be achieved.

Rhino Resource Partners LP Voluntarily Files for Relief under Chapter 11

Wednesday, July 22, 2020 - 11:47pm

LEXINGTON, KY, July 22, 2020 (GLOBE NEWSWIRE) -- Rhino Resource Partners LP (OTC: RHNO) (Rhino or the Partnership) announced today that it, along with its subsidiaries and certain of its affiliates, has filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Ohio.

Key Points: 
  • LEXINGTON, KY, July 22, 2020 (GLOBE NEWSWIRE) -- Rhino Resource Partners LP (OTC: RHNO) (Rhino or the Partnership) announced today that it, along with its subsidiaries and certain of its affiliates, has filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Ohio.
  • Rick Boone, Rhinos chief executive officer, said, Rhino has been taking steps to improve both the performance and financial strength of our business.
  • We are using Chapter 11 to maximize the value of our business and have entered into a stalking horse purchase agreement.
  • Rhino has made customary filings with the court, including first-day motions, to help ensure an orderly transition into Chapter 11 while minimizing business disruption.

Pyxus International, Inc. Receives Overwhelming Support of Creditors for Prepackaged Plan of Reorganization

Wednesday, July 22, 2020 - 10:32pm

MORRISVILLE, N.C., July 22, 2020 /PRNewswire/ --Pyxus International, Inc. ("Pyxus" or "the Company") (OTC Pink: PYXSQ), a global value-added agricultural company, announced todaythat on July 20, 2020, the Prepackaged Plan of Reorganization of Pyxus International, Inc. and its Affiliated Debtors (the "Prepackaged Plan") was overwhelmingly approved by each class of creditors entitled to vote.

Key Points: 
  • MORRISVILLE, N.C., July 22, 2020 /PRNewswire/ --Pyxus International, Inc. ("Pyxus" or "the Company") (OTC Pink: PYXSQ), a global value-added agricultural company, announced todaythat on July 20, 2020, the Prepackaged Plan of Reorganization of Pyxus International, Inc. and its Affiliated Debtors (the "Prepackaged Plan") was overwhelmingly approved by each class of creditors entitled to vote.
  • "The Company looks forward to working with its creditors and its other constituents to complete its restructuring process and emerge from the Chapter 11 in the near term."
  • The hearing to consider approval of the Prepackaged Plan is scheduled for August 18, 2020 at 9:30 a.m.
  • Such statements are based on the current beliefs and expectations of management and are subject to significant risks and uncertainties.