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The Latest Bankruptcy News From Bankruptcy Week Business Bankruptcy Headlines for 5/19/2012Circus and Eldorado Joint Venture Chapter 11 Petition Filed Circus and Eldorado Joint Venture and Silver Legacy Capital filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Nevada, lead case number 12-51156. The Company, which owns and operates the Silver Legacy Resort Casino, is represented by Paul S. Aronzon of Milbank, Tweed, Hadley & McCloy. According to documents filed with the Court, "...adverse changes in the results of the Joint Venture's operations complicated the Debtors' ability to obtain financing on acceptable terms that would facilitate the repayment of the Mortgage Notes." On May 2, 2012, the Company announced that the term of its previously-announced restructuring support agreement had been extended to May 14, 2012. In addition, the holder of the partnership's 10 1/8% Mortgage Notes due 2012 (that is party to the restructuring support agreement) had agreed to forbear from exercising remedies under the mortgage notes during the term of the agreement. ShengdaTech Plan Filed ShengdaTech filed with the U.S. Bankruptcy Court a Chapter 11 Plan and Disclosure Statement. According to the Disclosure Statement, "The Plan provides for the wind-down of the Debtor's affairs and the Distribution of the Debtor's remaining assets to Creditors. The Plan establishes, among other things, a Liquidating Trust that will, inter alia, pursue the PRC litigation, hold and ultimately sell the Faith Bloom's shares, prosecute certain Causes of Action, pursue any objections to Claims, execute the provisions governing Distributions to Holders of Allowed Claims or Allowed Equity Interests and facilitate the process for resolving Disputed Claims Filed against the Debtor. The Debtor believes that the Plan provides the best, most cost-effective and most prompt possible recovery to Holders of Claims or Equity Interests." The Court scheduled an August 30, 2012 hearing to consider the Disclosure Statement. General Maritime Plan Effective General Maritime's Second Amended Joint Plan of Reorganization became effective, and the Company emerged from Chapter 11 protection. Through the Plan, (i) the Debtors' financial debt will be reduced by approximately $600 million, (ii) the Debtors' cash interest expense will be reduced by approximately $42 million annually and (iii) the Debtors will receive a new equity capital infusion of approximately $175 million from the Oaktree Funds. Under the Plan, holders of unsecured claims against the Company and its Debtor subsidiaries that guarantee the Company's obligations under its secured credit facilities will share in $6 million in cash, warrants exercisable for up to 3% of the equity in the reorganized Company and 2% of the equity in the reorganized Company. The Plan provides that the Debtors' pre-petition senior lenders will receive a $75 million paydown of their existing prepetition obligations and provide exit financing to the Debtors. Funds managed by Oaktree Capital Management will receive 98% of the equity in the reorganized Company for the $175 million equity capital infusion and the conversion of $175 million of secured claims against the Company. The common stock of the Company will be extinguished under the Plan, and holders of the Company's common stock will not receive a distribution under the Plan. This international maritime transporter filed for Chapter 11 protection on November 17, 2011, listing $1.8 billion in pre-petition assets.
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