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Bankruptcy & Restructuring

Relativity Media Files Bankruptcy Seeking Sale

July 31, 2015

BY STEVEN CHURCH AND ANOUSHA SAKOUI, BLOOMBERG NEWS Ryan Kavanaugh’s Relativity Media LLC film studio filed for bankruptcy protection in New York with a plan to sell itself to lenders after failing to refinance debt and postponing several summer releases. Relativity sought creditor protection just weeks after getting an extension

A&P DIP Loan Among Largest 2015 Chapter 11 Financings

July 22, 2015

A&P’s debtor-in-possession financing is among the year’s largest such loans, according to data compiled by Bloomberg LP. The loan totals $100 million and it is all fresh capital from lenders. — Kurt Kester, Bloomberg Data Analyst This chart was taken from the Bloomberg Brief Bankruptcy & Restructuring Newsletter. Click here to

Patriot Coal Seeks Millions in Retention Bonuses

July 8, 2015

 BY SHERRI TOUB, BLOOMBERG NEWS Patriot Coal Corp. said it lost a significant portion of its workforce over the past several months, prompting a request to pay millions in incentive and retention bonuses to five key managers and 47 critical non-insider employees. A bankruptcy judge in Richmond, Virginia, will consider

Caribbean Resort Is Second-Largest Ch. 11 Filed to Date

July 2, 2015

Caribbean Resort Baha Mar Ltd., which listed debt of $2.7 billion, is the second-largest Chapter 11 when measured by debt owed that has filed so far this year. The developers of the resort this week received court approval to borrow as much as $30 million to help see the project through to completion

News of Greek Debt Woes Sends Measure of Volatility Up by 34 Percent

June 30, 2015

The VIX, a measure of volatility in U.S. stock markets, rose to 18.85 yesterday from 14.02 on June 26, a 34 percent gain, as financial markets worldwide absorbed news that Greece’s debt woes would worsen. The index was as high as 22.39 on Jan. 15. About $1.5 trillion was erased

Top Ten Business Chapter 11 Filings in 2015

June 26, 2015

Molycorp Inc., which filed for court protection in Delaware Thursday, listed $1.8 billion in debt against $2.5 billion in assets, making it one of the top Chapter 11 bankruptcies filed by a business so far this year. — Kurt Kester, Bloomberg Data Analyst This chart was taken from the Bloomberg Brief Bankruptcy

Molycorp Files for Bankruptcy Protection in Delaware

June 25, 2015

BY DAWN MCCARTY Molycorp Inc., the U.S. producer of rare earths used in electric cars and wind turbines, sought bankruptcy protection with a plan to restructure its debt. The Greenwood Village, Colorado-based company listed assets of $2.49 billion and liabilities of $1.79 billion in Chapter 11 documents filed Thursday in

Asia Workouts Expected to Increase on Slowing Chinese Economy: Survey

June 19, 2015

Ninety-three percent of respondents polled expect corporate restructurings and turnarounds in Asia to pick up in 2015, driven by “slowing economic growth rates and mounting corporate debt,” according to a survey conducted by advisory firm AlixPartners. This is an increase from last year, when 70 percent of the respondents surveyed

Anna’s Linens Files With Sale and Liquidation Plans

June 17, 2015

BY SHERRI TOUB Anna’s Linens Inc.,a home furnishings specialty retailer, filed a Chapter 11 petition June 14 in Santa Ana, California, as it attempts to get DW Partners LP to sign a contract for a going-concern acquisition. As a back-up, Anna’s already has an agreement for liquidators Hilco Merchant Resources LLC and Gordon Brothers Retail

Trust Services Provider, Arms Component Suppliers Among Top Colt Unsecureds

June 15, 2015

Wilmington Trust Co. is the top unsecured creditor in Colt Defense’s bankruptcy, according to court papers. Other top unsecureds include manufacturers of components for arms. Magpul Industries, a designer and manufacturer of firearms accessories, is owned $981,537 and Microbest Inc., which makes precision machined components, is owed $755,172. The Wilson Arms Co., a