Hostess Brands announced that it is winding down operations and has filed a motion with the U.S. Bankruptcy Court seeking permission to close its business and sell its assets, including its iconic brands and facilities.
ARI Network Services announced that the U.S. Bankruptcy Court, District of MN, approved the sale of the retail division assets of 50 Below Sales & Marketing to ARI’s wholly owned subsidiary.
Reuters has reported that Hostess Brands will go before U.S. Bankruptcy Judge Robert Drain in order to ask to liquidate its operations if workers, who are currently striking, do not return to work by the end of the day today.
Kodak entered into a commitment letter to secure $793 million in junior debtor-in-possession financing with Centerbridge Partners, GSO Capital Partners, UBS and JPMorgan Chase to provide the company with additional case financing.
Bowling center operator AMF Bowling Worldwide filed for Chapter 11 after reaching an agreement with the majority of its secured first lien lenders and landlord. The company received a commitment for $50 million in DIP financing from Credit Suisse as administrative agent.
The U.S. Bankruptcy Court for the District of Arizona has rescheduled Star Buffet’s contested confirmation hearing for December 3, 2012. The hearing was previously scheduled for October 22, 2012.
Total bankruptcy filings in the United States for the month of October increased 16% compared to September, according to data provided by Epiq Systems, Inc. October bankruptcy filings totaled 101,278, up from the 87,522 filings registered in September 2012.
A joint venture between Tiger Capital Group and SB Capital Group began liquidating over $30 million of inventory from 150 Bakers Footwear Group stores. The going-out-business sales are expected to continue through the end of the year.
A Furniture Today article has reported that the U.S. Bankruptcy Court in the Eastern District of Virginia has granted Sleepy
A123 Systems announced that the U.S. Bankruptcy Court for the District of Delaware has granted A123 approval of the bidding procedures and stalking-horse bid protections in connection with the previously announced stalking-horse asset purchase agreement.