Pre-packaged insolvency

VIVUS Receives Court Approval of Joint Chapter 11 Plan of Reorganization

Retrieved on: 
Friday, December 11, 2020

CAMPBELL, Calif., Dec. 11, 2020 (GLOBE NEWSWIRE) -- VIVUS, Inc. (theCompany), a biopharmaceutical company, today announced that it has received approval from the United States Bankruptcy Court for the District of Delaware (theBankruptcy Court) on its Second Amended Joint Prepackaged Chapter 11 Plan of Reorganization of VIVUS, Inc. and Its Affiliated Debtors [Docket No.

Key Points: 
  • CAMPBELL, Calif., Dec. 11, 2020 (GLOBE NEWSWIRE) -- VIVUS, Inc. (theCompany), a biopharmaceutical company, today announced that it has received approval from the United States Bankruptcy Court for the District of Delaware (theBankruptcy Court) on its Second Amended Joint Prepackaged Chapter 11 Plan of Reorganization of VIVUS, Inc. and Its Affiliated Debtors [Docket No.
  • The Bankruptcy Court approved the disclosure statement and solicitation procedures and confirmed the second amended chapter 11 plan of reorganization, which implements the mediated settlement among the Company, Icahn Enterprises Holdings L.P. (dba IEH Biopharma LLC), and the Equity Committee.
  • Investors also should read the risk factors and accompanying cautionary statements set forth in the Companys the Disclosure Statement for Joint Prepackaged Chapter 11 Plan of Reorganization of VIVUS, Inc. and its Affiliated Debtors [Docket No.
  • 14] filed with the Bankruptcy Court on July 7, 2020, as amended by the First Amendment to Disclosure Statement for Joint Prepackaged Chapter 11 Plan of Reorganization of VIVUS, Inc. and its Affiliated Debtors [Docket No.

Superior Energy Advances Comprehensive Restructuring Plan as Anticipated With Voluntary Filing of Chapter 11

Retrieved on: 
Monday, December 7, 2020

Superior Energy Services (OTCQX: SPNX) (Superior or the Company) announced today that it has advanced its previously announced financial restructuring by commencing voluntary cases under chapter 11 of the U.S. Bankruptcy Code before the U.S. Bankruptcy Court (the Bankruptcy Court) for the Southern District of Texas (the Chapter 11 Cases) to implement a proposed pre-packaged Plan of Reorganization (the Plan).

Key Points: 
  • Superior Energy Services (OTCQX: SPNX) (Superior or the Company) announced today that it has advanced its previously announced financial restructuring by commencing voluntary cases under chapter 11 of the U.S. Bankruptcy Code before the U.S. Bankruptcy Court (the Bankruptcy Court) for the Southern District of Texas (the Chapter 11 Cases) to implement a proposed pre-packaged Plan of Reorganization (the Plan).
  • Superior entered the Chapter 11 Cases with the support of holders of approximately 85% of Superiors $1.3 billion of senior unsecured notes.
  • The Company looks forward to quickly emerging from the Chapter 11 Cases in early 2021.
  • The DIP Facility is expected to provide sufficient letter of credit capacity to support the Companys continuing business operations and minimize disruption during the Chapter 11 Cases.

VIVUS Seeks Bankruptcy Court Approval of Second Amended Joint Chapter 11 Plan of Reorganization and Existing Stock Record Date

Retrieved on: 
Saturday, November 14, 2020

Upon confirmation of the Plan by the Bankruptcy Court, only holders of issued and outstanding common stock of the Company as of the Existing Stock Record Date (Existing Stock) will be eligible to participate in the Existing Stock Settlement set forth in Section 5.3 of the Plan and subject to the conditions thereof.

Key Points: 
  • Upon confirmation of the Plan by the Bankruptcy Court, only holders of issued and outstanding common stock of the Company as of the Existing Stock Record Date (Existing Stock) will be eligible to participate in the Existing Stock Settlement set forth in Section 5.3 of the Plan and subject to the conditions thereof.
  • The Company today announced that, subject to confirmation of the Plan, the Existing Stock Record Date shall be Friday, November 13, 2020.
  • Eligibility to participate in the Existing Stock Settlement does not trade or transfer with Interests in the Company, including, without limitation, common stock, after the Existing Stock Record Date pursuant to the Plan.
  • 14] filed with the Bankruptcy Court on July 7, 2020, as amended by the First Amendment to Disclosure Statement for Joint Prepackaged Chapter 11 Plan of Reorganization of VIVUS, Inc. and its Affiliated Debtors [Docket No.

FTS International Announces Successful Confirmation of Plan of Reorganization

Retrieved on: 
Thursday, November 5, 2020

FTS International, Inc. (NYSE American: FTSI) (FTSI or the Company), today announced that the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division has confirmed its Prepackaged Plan of Reorganization (the "Confirmed Plan").

Key Points: 
  • FTS International, Inc. (NYSE American: FTSI) (FTSI or the Company), today announced that the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division has confirmed its Prepackaged Plan of Reorganization (the "Confirmed Plan").
  • Importantly, the Confirmed Plan ensures that the Companys vendors, suppliers, and customers will remain unaffected by the reorganization.
  • The Companys existing equity holders will also receive a recovery under the Confirmed Plan.
  • The Company anticipates finalizing the Confirmed Plan over the coming weeks, subject to standard and customary closing procedures and conditions.

Chaparral Energy Executes Restructuring Support Agreement for Comprehensive Balance Sheet Restructuring, Launches Solicitation for Prepackaged Plan of Reorganization and Voluntarily Files for Chapter 11

Retrieved on: 
Monday, August 17, 2020

Chaparral expects the pre-packaged Chapter 11 reorganization to be completed relatively quickly due to the broad support of its creditors.

Key Points: 
  • Chaparral expects the pre-packaged Chapter 11 reorganization to be completed relatively quickly due to the broad support of its creditors.
  • A swift restructuring will right-size our balance sheet, improve our cost structure and best position Chaparral for the future.
  • Importantly, we intend to maintain normal operations and meet all of our trade commitments timely and under their existing terms.
  • Through the Chapter 11 process, Chaparral expects to significantly delever its balance sheet and strategically position the Company for long-term success.

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

Retrieved on: 
Monday, July 27, 2020

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.

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

Retrieved on: 
Wednesday, July 22, 2020

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.

Lords examines Corporate Insolvency and Governance Bill at report stage

Retrieved on: 
Tuesday, June 23, 2020

TheCorporate Insolvency and Governance Billhas its report stage, a chance to closely scrutinise elements of the bill and make changes, on Tuesday 23 June.

Key Points: 
  • TheCorporate Insolvency and Governance Billhas its report stage, a chance to closely scrutinise elements of the bill and make changes, on Tuesday 23 June.
  • Members may discuss the progress of the bill through the House at its conclusion of Lords stages.
  • Lords committee stage day two: Wednesday 17 June
    Members discussedproposed changes to the bill regarding pre-pack transactions.
  • temporarily suspend parts of insolvency law, supporting directors to continue trading without the threat of personal liability andprovide protection from aggressive creditor action

Hornbeck Offshore Enters Into Restructuring Support Agreement For Comprehensive Balance Sheet Restructuring

Retrieved on: 
Tuesday, April 14, 2020

The Restructuring Support Agreement provides for payment in full of all vendors and employees.

Key Points: 
  • The Restructuring Support Agreement provides for payment in full of all vendors and employees.
  • The Company expects the pre-packaged Chapter 11 reorganization to be completed very quickly with the support of its creditors.
  • Pursuant to the Restructuring Support Agreement, these forbearances are extended contemporaneously to the relevant dates in the Restructuring Support Agreement.
  • Hornbeck Offshore Services, Inc. is a leading provider of technologically advanced, new generation offshore service vessels primarily in the Gulf of Mexico and Latin America.

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

Retrieved on: 
Friday, March 27, 2020

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.