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.
Digital First Media, which operates MediaNews Group, Journal Register Company and Digital First Ventures, announced that Journal Register Company filed voluntary petitions for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Southern District of New York, and will seek to implement a prompt sale.
Delta Petroleum Corporation, now renamed Par Petroleum Corporation, announced that it has consummated its third amended plan of reorganization with Laramie Energy II as the sponsor. As a result, the company and eight of its subsidiaries have emerged from Chapter 11 protection.
The U.S. Bankruptcy Court in the District of Delaware approved the sale of Pemco World Air Services to its secured lender Sun Capital Partners. The sale was approved on August 9 and completed on August 24, a Bloomberg article said.
The Wall Street Journal reported that failed law firm Dewey & LeBoeuf has asked a judge to greenlight a $70 million “clawback” settlement with former partners who received $432 million in payments in 2011 and 2012.