ATP Oil & Gas Corp. is said to be arranging approximately $600 million in debtor-in-possession financing from Credit Suisse Group, ahead of a possible bankruptcy filing, a Bloomberg article reported.
According to a report from The Star-Ledger, tennis racket manufacturer, Prince Sports, obtained court approval for its proposed bankruptcy plan. The plan essentially gives ownership of the company to its creditors.
NewPage announced that it has filed a Joint Chapter 11 plan with the U.S. Bankruptcy Court for the District of Delaware. The company also requested an extension of time to file the disclosure statement related to the plan.
The U.S. Bankruptcy Court for the Middle District of Florida has granted interim approval for Benada Aluminum Products to use its debtor-in-possession financing from Wells Fargo Bank and FTL Capital. Wells Fargo is providing $5 million and FTL is lending $1.25 million, an article on The USGlass News Network said.
Vann’s has filed for Chapter 11 protection in the U.S. Bankruptcy Court in Montana, according to a Wall Street Journal article. The electronics retailer owes GE Commercial Distribution Finance about $8.5 million, and $4 million to First Interstate Bank, which has agreed to provide DIP financing to the company.
Corporate bankruptcy researcher BankruptcyData.com released YTD statistics, indicating that healthcare and medical bankruptcies continue to surpass other industries. This is an extension of the same trend seen in 2011.
Oil and natural gas exploration company, Tri-Valley Corporation, and its subsidiaries, filed Chapter 11 bankruptcy. The company said it has received a DIP financing commitment of $11 million from its senior secured lender, George T. Gamble 1991 Trust.
Northstar Aerospace announced that the Ontario Superior Court of Justice granted an Order on August 2, 2012 extending the stay of proceedings against Northstar through October 31, 2012. Northstar also obtained an amendment to its DIP financing to extend the maturity date through August 20, 2012.
U.S. Bankruptcy Judge Shelley C. Chapman in the U.S. Bankruptcy Court in the Southern District of New York has granted final approval of Patriot Coal’s $802 million debtor-in-possession loan provided by Citigroup, Barclays and Bank of America, a Dow Jones Bankruptcy Review article said.
The Philadelphia Orchestra Association and its subsidiary, the Academy of Music, announced it has officially emerged from Chapter 11 bankruptcy protection, effective July 30, 2012.