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Bankruptcy & Restructuring

South Korea’s Ace Track Is 12th Chapter 15 Filed Year to Date

April 21, 2015

  Ace Track Co., a manufacturer of track and track link assemblies in South Korea, was the 12th foreign business to file a Chapter 15 petition and it was the first debtor to list liabilities of $10 million to $50 million this year. In the same period a year ago, there were

Energy Future Aims to Raise $1B, End Bankruptcy

April 15, 2015

By Steven Church Energy Future Holdings Corp. and its warring creditor groups expressed optimism about a new round of talks over an $11 billion proposal to reorganize the company so it can exit bankruptcy by year’s end. Company officials “believe the time is right to begin a determined march” to

Weakening Euro Helps Keep Claire’s Yields Near Highs

April 8, 2015

  Yields of Claire’s Inc. 2019 bonds are skirting historic highs, in part because of gains in the U.S. dollar against Europe’s common currency. Forty percent of the retailer’s total fourth quarter 2014 sales were from outside of the U.S. and the company said it is cutting costs to mitigate the negative foreign

Atlantic City Seen Following Detroit in Deferring Bond Payments

April 1, 2015

By Romy Varghese Atlantic City’s fiscal crisis may prompt New Jersey to depart from its historic practice of supporting local-government finances as the gambling hub heads down a path similar to Detroit’s. Click here to read the full article. Click here to take a complimentary 30 day trial of the Bloomberg Brief Bankruptcy &

Survey Says: Energy, Resources Will See Most Turnaround Activity in 2015

March 25, 2015

The sharp and protracted decline in oil prices likely will keep restructuring professionals busy this year with troubled energy and resources businesses, according to an AlixPartners’ survey of 165 restructuring professionals. “Several energy companies are in the pipeline to be restructured, and the continued decline in energy prices was a major business story

Where Will Longview Power Rank Among The Top 10 Largest Ch. 11 Debtor Exits?

March 18, 2015

Longview Power LLC, a power plant and coal-mine operator that got its plan approved Monday, will be among the largest debtors to exit a Chapter 11 bankruptcy over the last 12 months. Longview Power listed $1.076 billion in liabilities when it filed for court protection in Delaware on Aug. 30, 2013. —

Peruvian State Company Among BPZ Resources Unsecureds

March 11, 2015

Perupetro S.A., a Peruvian state company that promotes, negotiates and underwrites contracts for hydrocarbon exploration and exploitation, is among BPZ Resources’s top unsecured creditors.  BPZ, which filed for court protection on Monday, listed assets of $364.3 million against debt totaling $275.2 million in its Chapter 11 filing. The Houston debtor filed its petition in Texas’s southern district. BPZ has licenses

Crescent Energy Among Dune’s Top 10 Unsecured Creditors

March 9, 2015

Crescent Energy Services, which is involved with oil well decommissioning and abandonment services, is among Dune Operating Co.’s top 10 unsecured creditors. Dune filed its Chapter 11 papers Sunday in the western district of Texas, listing assets of $229 million and liabilities of $144 million. Haynes and Boone LLP is debtor counsel. All of the top unsecured claims

Caesars Payment Plan Leaves Out Creditor Recoveries

March 4, 2015

BY BILL ROCHELLE Caesars Entertainment Operating Co. filed a proposed reorganization plan Monday evening designed to implement a restructuring the casino owner negotiated with senior secured lenders before filing for bankruptcy in January. The accompanying disclosure statement, intended to explain the plan, has blank spaces where projected percentage recoveries for the various creditor

Exclusive Interview with Kevyn Orr- Emergency Manager of Detroit

February 26, 2015

Detroit’s finances are healthier and the city now can focus on repairing its infrastructure, former Jones Day partner and Detroit emergency manager Kevyn Orr told Bloomberg Brief’s Aleksandrs Rozens on the sidelines of the 2015 Distressed Investing Summit in Palm Beach, Florida. Comments have been edited and condensed. Click here to read the full interview.