Daily Bankruptcy & Restructuring Newsletter for April 3, 2015

Court Docket (Bankr. D. Del., In re SS Body Armor I, Inc.): Opinion holding that an action in the Delaware Chancery Court to compel an annual shareholders meeting is not barred by the automatic stay

Court Docket (Bankr. D.N.J., In re Dots, LLC): Second Report Detailing Status of Adversary Proceedings

Court Docket (Bankr. D. Del., In re B456 Systems, Inc.): Liquidation Trustee’s Fourth Quarter 2014 Report

Wall Street Journal: Judge to Approve $82 Million Sale of Revel Casino to Florida Developer

Bloomberg: Connacher Oil & Gas Denied Bid to Restructure in Canada

Wall Street Journal: Ron Garriques to Lead Standard General’s RadioShack Stores

Economic Times: Puerto Rico’s PREPA upset with creditors after disclosure of finance plan

SEC Filing: Colt Defense files notice that it will not timely file its annual report, which constitutes an event of default under the terms of its $33.0 million senior secured credit facility with Cortland Capital Market Services LLC, as agent. The Company has obtained a waiver of the event of default from the requisite lenders under the Credit Agreement until April 3, 2015. The failure to deliver financial statements also results in a default under the terms of the Company’s $70.0 million senior secured term loan facility with Wilmington Savings Fund Society, FSB as agent, and Morgan Stanley Senior Funding Inc., as lender. Under the MS Term Loan, the failure to deliver financial statements does not become an event of default until April 3, 2015. If the Company does not deliver its annual financial statements by April 3, 2015 and does not obtain additional waivers from the lenders under the Credit Agreement and MS Term Loan, the required lenders could accelerate debt under the Credit Agreement or MS Term Loan by providing notice to the Company of such acceleration. The Company is engaged in discussions with its lenders regarding obtaining such additional waivers.

Press Release: Orient Paper Receives Audit Opinion with Going Concern Paragraph

Wall Street Journal: Iron Ore’s Meltdown Raises Questions About Miners

Chicago Tribune: Motorola Solutions unable to find buyer after sale effort

SEC Filing: Cliffs Natural Resources Inc. Executive Vice President & Chief Financial Officer resigns

Reuters: De Molen SA files a motion for bankruptcy with liquidation

Reuters: Geoinvent SA unit Neokard GIS files for bankruptcy with liquidation

Philly.com: Universal Health Services says it’s under criminal investigation

Wall Street Journal: The Price of Justice: How MM&A Railway is Splitting up Victim Fund

Kaye Scholer: The Price of Oil & the Potential for Master Limited Partnership Restructuring and Insolvencies

ABF Journal: Gordon Brothers, AccuVal Merge; Form Largest Appraisal Practice

Leave a Reply