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Bankruptcy & Restructuring

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

Energy Accounts For 27 Percent of Chapter 11s With $100 Million or More in Liabilities

June 11, 2015

— Kurt Kester, Bloomberg Data Analyst Eight of the 21 Chapter 11 cases filed year to date with $100 million or more in liabilities are energy and energy-linked companies hobbled by low crude oil prices. This week’s petition from Boomerang Tube LLC in Delaware’s court is the latest energy-related business

Thirty-one Ch. 11 Debtors To Date List $100M or More In Debt

June 11, 2015

Boomerang Tube LLC, which filed for court protection Tuesday, is the 31st Chapter 11 case involving $100 million or more in debt so far this year. Boomerang had $461 million in liabilities, according to court documents. Last year in the same period, there were 34 Ch. 11 cases from businesses

Colt to Trim Unsecureds Recoveries If Tender Rejected

June 3, 2015

BY BILL ROCHELLE Colt Defense LLC turned up the heat on holders of unsecured notes who’ve been rejecting the company’s deep-discount tender offer. If the noteholders don’t accept Colt’s sweetened proposal, the maker of M4 carbines and M16 rifles said they may get less than the 45 percent recovery they are

New York’s Southern District Has 70 Percent of Ch. 15 Cases

May 27, 2015

Sixteen businesses have filed Chapter 15 petitions so far this year and 11 of these cases have chosen New York’s southern district court as a venue. That’s up from last year when 13 foreign businesses had filed Chapter 15s at this point, eight of which went to New York’s southern

Claire’s Stores Inc. 2019 Bonds Rise 8 Percent to New High

May 20, 2015

Claire’s Stores Inc. 8.875 percent 2019 yields rose to 33.633 percent Tuesday from 31.239 percent Monday, a new high for the retailer. Yields of this debt are up 100 percent from Jan. 5 when they were at 16.851 percent. This chart was taken from the Bloomberg Brief Bankruptcy & Restructuring

Miner Pension Among Top Patriot Coal Unsecureds

May 13, 2015

UMWA Health & Retirement Funds, a pension for mine workers, is miner Patriot Coal‘s third-largest unsecured creditor, according to court documents. The pension is owed $2.3 million and the claim is in the form of trade debt. Patriot Coal filed its Chapter 11 papers in Virginia’s eastern district Tuesday, listing debt

More Than Half of EveryWare’s $100 Million DIP Loan Is Prepetition Debt

May 6, 2015

Prepetition debt makes up more than half of EveryWare Global’s $100 million debtor-in-possession, or DIP, loan, which received final approval last week. Everyware’s financing is the sixth-largest DIP loan that has been green-lighted by a bankruptcy court judge so far this year, according to data compiled by Bloomberg LP. Of

Schedule Set for RadioShack Customer Data Sale

May 4, 2015

BY BILL ROCHELLE RadioShack Corp. has an elaborate set of rules and schedules to govern the sale of its remaining intellectual property, including North American trademarks, its franchise network and customer information. A bankruptcy judge signed an order on April 30 laying out auction, sale and concurrent mediation procedures. The culmination of the

Single Asset Real Estate Debtors Account for 19 Percent of All Ch. 11 Cases to Date

April 30, 2015

Nineteen percent of the 365 Chapter 11 filings from businesses year to date that listed assets and liabilities of $1 million or more were debtors that identified themselves as single asset real estate. That percentage is in line with recent years. In the same period a year ago, 20 percent