Bankruptcy & Restructuring News & Analysis
US Trustee Seeks to Dismiss Colombian Company's Stalled Bankruptcy Case, Citing Unpaid Fees and Failed Plan Implementation
The U.S. Trustee has filed a motion to dismiss or convert the year-long bankruptcy case of Colombian financial firm Credivalores-Crediservicios, citing over $140,000 in unpaid fees and the company's inability to implement its confirmed reorganization plan. The case has been stalled due to a concurrent bankruptcy proceeding in Colombia, highlighting the challenges of cross-border insolvency matters
Global Clean Energy Holdings Files Amended Bankruptcy Plan, Proposing Complex Restructuring of $2.1 Billion in Debt
Global Clean Energy Holdings' bankruptcy plan reveals the challenges facing renewable fuel companies, with a stark $500-875 million valuation against $2.3 billion in debt. Despite securing 97% creditor support, the plan faces opposition from unsecured creditors as the company attempts to reorganize its vertically integrated "farm-to-fuel" business following years of construction delays at its Bakersfield facility
Creditors' Committee Seeks Court Approval for GoFundMe Campaign to Aid Special Needs Trust Beneficiaries
The Official Committee of Unsecured Creditors in the bankruptcy case of The Center for Special Needs Trust Administration has requested court approval to establish a GoFundMe campaign to aid disabled beneficiaries whose trust funds were allegedly misappropriated. The campaign aims to provide immediate relief to approximately 2,000 beneficiaries while the Chapter 11 Trustee pursues recovery of over $100 million in allegedly misappropriated funds
Singer Sourcing to Acquire JOANN's "Ditto" Sewing Pattern Technology in Bankruptcy Sale
JOANN Inc. seeks court approval to sell its "Ditto" pattern technology to Singer Sourcing for $800,000 plus waiver of priority claims. The transaction, part of JOANN's ongoing bankruptcy proceedings in Delaware, would transfer digital sewing pattern technology and intellectual property to the sewing machine company, potentially benefiting unsecured creditors through claim waivers
Conn's Unveils Liquidation Plan Following Asset Sales, Estimates Low Recovery for Unsecured Creditors
Conn's Inc. has filed its liquidation plan in bankruptcy court, projecting just 1% recovery for unsecured creditors following store closures and asset sales to Jefferson Capital Systems. The plan, which follows the retailer's July 2024 bankruptcy filing, outlines the distribution of proceeds and formation of a Distribution Trust to wind down operations