Bankruptcy & Restructuring

Miller Energy Is Latest Oil Company to File Bankruptcy

October 2, 2015

BY MICHAEL BATHON, BLOOMBERG NEWS Miller Energy Resources Inc. became the latest company to fall victim to slumping oil prices, filing for bankruptcy protection with a pre-negotiated plan to swap lenders’ debt for equity in the reorganized company. The Knoxville, Tennessee-based company filed for chapter 11 court protection in Anchorage,

Peabody Lenders Said to Hire Davis Polk for Debt Talks

September 24, 2015

BY JODI XU KLEIN, BLOOMBERG NEWS A group of Peabody Energy Corp.’s senior lenders hired law firm Davis Polk & Wardwell LLP to help protect the value of their assets as they anticipate the company will begin talks to restructure its $6.3 billion of debt, according to a person with

Samson Judge Rebukes Banks for Collateral Demand

September 21, 2015

BY STEVEN CHURCH, BLOOMBERG NEWS Samson Resources Corp. lenders received a sharp rebuke at the company’s initial bankruptcy hearing, when a judge said they made him “furious” by asking for too much too soon in the oil-and-gas driller’s reorganization effort. On Samson’s first day in court since filing for Chapter

Haggen Blames Albertsons Sale for Bankruptcy

September 10, 2015

BY PHIL MILFORD, BLOOMBERG NEWS Haggen Holdings LLC, a small West Coast grocery store chain that accusedAlbertsons Cos. in a $1 billion lawsuit of stifling competition, has filed for bankruptcy. Haggen bought 146 stores from Albertsons, which had to shed some holdings to acquire Safeway Inc. and subsequently become the

Republic Squeeze Worse as Union Local Skips Vote

September 2, 2015

BY MARY SCHLANGENSTEIN, BLOOMBERG NEWS Republic Airways Holdings Inc. may be moving closer to a possible bankruptcy after national Teamster officials backed a local pilot union’s decision against voting on the carrier’s final contract offer. The Teamsters “will not take the extraordinary step of ordering an election over the unanimous

Sabine Creditors Want Investigation of Forest Merger

August 31, 2015

BY BILL ROCHELLE, BLOOMBERG NEWS The official creditors’ committee for Sabine Oil & Gas Corp. wants the bankruptcy court’s permission to investigate the December 2014 combination with Forest Oil Corp. Sabine is an independent oil and gas company focused on formations in Texas.   The creditor panel believes the transaction entailed fraudulent

Puerto Rico Should Be Eligible for Chapter 9, Avoid Unnecessary Defaults: Pierluisi

August 5, 2015

Pedro Pierluisi, Puerto Rico’s resident commissioner to the U.S. Congress, spoke with Bloomberg TV’s Betty Liu and Mark Crumpton on Aug. 4. His comments have been edited and condensed. Click here to see the full interview taken from the Bloomberg Brief Bankruptcy & Restructuring Newsletter. Click here to take a

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