China’s Wanxiang Group Co. won the auction for A123 Systems’ assets outbidding Johnson Controls by offering $256.6 million, a Bloomberg/BusinessWeek article said.
Quad/Graphics and Vertis Holdings announced that the U.S. Bankruptcy Court has approved the companies’ proposed sale agreement, clearing the way for the sale to close. The companies are in the final stages of integration planning and expect to close the transaction in January.
Hawker Beechcraft announced that the Disclosure Statement filed in connection with the company’s Joint Plan of Reorganization (POR) has been approved by the U.S. Bankruptcy Court for the Southern District of New York.
Total bankruptcy filings in the U.S. for November 2012 decreased 12% compared to the previous year, according to data provided by Epiq Systems. The 664 commercial Chapter 11 filings in November 2012 were a 10% increase over the 601 commercial Chapter 11 filings in November 2011.
Tiger Group’s Remarketing Services division will auction trucks, trailers, forklifts, fabrication machines, office equipment and other assets from Bar Steel Service, a steel fabrication and installation company that recently filed for Chapter 7 bankruptcy.
Journal Register Company has signed a stalking-horse purchase agreement with 21st CMH Acquisition Co., an affiliate of funds managed by Alden Global Capital.
U.S. Bankruptcy Judge Shelley Chapman ruled to move the Patriot Coal case from New York to Missouri, Reuters reported. The decision to transfer the case came after the United Mine Workers of America argued that the case should be heard at a venue closer to the company
Mitsue Aizawa of Bingham Tokyo and Corinne Ball of Jones Day were both awarded the 2012 IWIRC “Woman of the Year in Restructuring.” This award recognizes women
U.S. Bankruptcy Judge Robert Drain in the U.S. Bankruptcy Court in the Southern District granted final approval for Hostess Brands liquidation and upcoming sale of its brands and assets, a Bloomberg article said.
Eastman Kodak has received and accepted an offer from the Steering Committee of the Second Lien Noteholders Committee for interim and exit financing totaling $830 million in loans. The commitment replaces the $793 million commitment announced by the company on November 12.