True Value Company has filed its disclosure statement outlining how it plans to emerge from Chapter 11 bankruptcy following the $153 million sale of its assets to Do it Best Corp. The document details the hardware wholesaler's proposal for distributing sale proceeds to creditors and explains how COVID-19's lasting impact led to significant revenue declines that ultimately forced the company to seek bankruptcy protection.
The Official Committee of Unsecured Creditors in Nostrum Laboratories' bankruptcy case has filed a motion seeking joint control over the company's asset sale process, citing concerns over frequent counsel changes and related-party transactions. The committee's unprecedented request comes as critical sale milestones approach in the New Jersey bankruptcy case.
Yellow Corporation seeks bankruptcy court approval for $66.5 million in property sales, including a $54.5 million deal with Central Transport and a $12 million agreement with RAMAR Land Corporation. The proposed sales follow an extensive marketing process and represent a significant step in the company's ongoing Chapter 11 proceedings.
Mining Project Wind Down Holdings has filed an emergency motion to modify its litigation trust agreement following the resignation of a key oversight committee member. The motion seeks to allow operation with a single committee member after Touzi Capital, LLC became subject to litigation and receivership, marking a significant shift in the company's post-bankruptcy governance structure.
Here are the bankruptcy, distressed debt and corporate restructuring stories that we are reading this morning, Friday Jan 24, 2025.