Digital Domain Media Group reached agreement with its senior noteholders to provide approximately $11.8 million of debtor-in-possession (DIP) financing as requested by motion submitted to the U.S. Bankruptcy Court for the District of Delaware and for the use of the senior noteholders’ cash collateral.
Valence Technology announced that it has secured a debtor-in-possession (DIP) credit facility of up to $10 million from GemCap Lending I.
After 94 years, going-out-of-business sales have begun at all 137 Ritz Camera, Wolf Camera, Inkley’s, Proex, The Camera Shop and Camera World locations. The going-out-of-business sales are being managed by a joint venture composed of Hilco Merchant Resources and Gordon Brothers Group.
Piccadilly Restaurants has filed for Chapter 11 bankruptcy after debt restructuring talks with its lender Atalaya Capital Management were unsuccessful.
Wynnchurch Capital announced that its newly formed portfolio company, Heligear Acquisition Holdings, has acquired substantially all of the operating assets of Northstar Aerospace and its subsidiaries. PNC Business Credit provided senior debt financing to support the acquisition.
Digital Domain Media Group has filed for Chapter 11 in Delaware to facilitate a sale of assets to Searchlight Capital Partners. The company’s senior noteholders, led by Hudson Bay Master Fund, are providing $20 million in DIP financing.
Hilco Merchant Resources and Gordon Brothers Retail Partners won the right to liquidate Ritz Camera after the company failed to find a buyer willing to keep its remaining locations open.
Eastman Kodak announced a series of organization changes that included the appointment of Rebecca A. Roof, a managing director of AlixPartners, as interim chief financial officer.
The Honorable Cecelia G. Morris of the U.S. Bankruptcy Court for the Southern District of New York confirmed the Dynegy and Dynegy Holdings Joint Chapter 11 Plan of Reorganization. The court’s confirmation sets the stage for Dynegy to emerge from bankruptcy as planned on or prior to October 1, 2012.
The American Bankruptcy Institute said the August commercial Chapter 11 filing total of 648 represented an 8% increase from the previous month, but was down 9% from August 2011’s total of 710.