Bankruptcy & Restructuring

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.

Bloomberg Brief’s Exclusive Interview with Judge Steven W. Rhodes

February 25, 2015

  Detroit may be back on its feet but other U.S. cities face similar challenges, notably those related to outsize pensions, Judge Steven W. Rhodes of Michigan’s eastern district told Bloomberg Brief’s Aleksandrs Rozens at an industry conference this week. Rhodes was the judge overseeing Detroit’s landmark Chapter 9 case. Comments are edited and condensed. Click

Marketing Communications Firm Tossed Into Saladworks Chapter 11 as Unsecured

February 18, 2015

Star Group, which claims to be the largest women-owned marketing communications firm in the U.S., is among Saladworks LLC’s top unsecured creditors. The claim is in the form of trade debt and it totals $76,720.21. Star Group is based in Voorhees, New Jersey. The Conshohocken, Pennsylvania-based salad franchise filed its bankruptcy papers in Delaware Tuesday listing $10 million to $50 million in

Endeavour Plan on Hold Following Decline in Crude

February 11, 2015

BY BILL ROCHELLE The Endeavour International Corp. reorganization plan was stopped in its tracks by the plunge in the price of crude oil, at least for the time being. Endeavour, an independent oil and natural-gas exploration and production company operating mostly in the North Sea, negotiated a reorganization plan before its Oct. 10 Chapter