United Retail Group has received interim approval from U.S. Bankruptcy Judge Stuart Bernstein in the U.S. Bankruptcy Court in the Southern District of New York to borrow its $25 million in debtor-in-possession financing.
American Laser Centers has received approval from U.S. Bankruptcy Judge Mary F. Walrath in the U.S. Bankruptcy Court in the District of Delaware to sell its assets to a Versa Capital Management affiliate, a Bloomberg article reported.
Bankruptcy petition rates have nearly returned to pre-recession index levels, with commercial petitions for bankruptcy decreasing 44% since their peak in Q2/09 through Q4/11, according to Equifax Commercial Information Solutions analysis.
United Retail Group initiated Chapter 11 proceedings in the U.S. Bankruptcy Court for the Southern District of New York and is pursuing a sale process under section 363 of the Bankruptcy Code.
BankruptcyData.com announced that the 17th-largest publicly traded bankruptcy of 2001, chemical and construction holding company W.R. Grace & Co., which listed $2.6 billion in pre-petition assets, received approval of its plan.
Catalyst Paper announced that to facilitate an orderly restructuring of its business and operations, it will commence proceedings under CCAA. The company has secured up to $175 million in debtor-in-possession financing from J.P. Morgan Chase.
Ahern Rentals announced that the U.S. Bankruptcy Court for the District of Nevada approved the final DIP financing with $66 million of availability, led by Bank of America, as administrative agent and decision agent, Wells Fargo, as collateral agent and decision agent and Merrill Lynch as lead arranger.
As previously announced, Lee Enterprises, a provider of local news, information and advertising in 52 markets, has implemented comprehensive refinancing agreements. The refinancing agreements were approved by the U.S. Bankruptcy Court for the District of Delaware and allows the company to emerge from Chapter 11 protection.
U.S. Bankruptcy Judge Martin Glenn in the U.S. Bankruptcy Court for the Southern District of New York has granted interim approval for Ener1 to tap $13.5 million in debtor-in-possession financing.
The Teamsters Union on Thursday, January 26 warned Hostess Brands Inc. not to misuse the bankruptcy process in an attempt to bully its way to unnecessary operations changes, saying a consensual resolution with sacrifices by all stakeholders is what is required.