Bankruptcy & Restructuring News & Analysis — Conductor

LeFever Mattson seeks court approval for special procedures to sell 60 properties securing $75 million in loans from Socotra Capital, while investigating potentially improper transfers by its former CEO. The motion reveals allegations that Kenneth W. Mattson transferred $20 million from the company to the lender, prompting creditors to request that sale proceeds be held in a segregated account pending investigation

The Franciscan Friars of California has requested a third extension in its bankruptcy case involving sexual abuse claims, proposing a novel mediation approach that would allow select "test cases" to proceed in state court while maintaining the integrity of the Chapter 11 process. The religious organization faces 94 abuse cases and hopes to conclude mediation sessions by mid-2025

The Roman Catholic Diocese of Oakland has proposed a $143.5 million plan to settle sexual abuse claims while selling significant church properties. The plan offers survivors multiple compensation options but faces opposition from the creditors' committee representing abuse victims

Utah bankruptcy court approves procedures for creditor voting on Vobev LLC's liquidation plan, establishing an April 18 deadline for votes and an April 23 confirmation hearing. The procedural order outlines a process that will determine the fate of the company's Chapter 11 case, with creditors potentially facing recoveries of less than 1%

Burgess BioPower's reorganization plan proposes converting $145 million in debt to equity, with lenders taking 100% control of the business. The plan offers full recovery for secured and priority claims, less than 1% for senior noteholders, and no recovery for general unsecured creditors and subordinated noteholders, reflecting the challenging financial position of this New Hampshire biomass plant