The Wall Street Journal reported that Hostess Brands has received approval from Judge Robert D. Drain of the U.S. Bankruptcy Court for the Southern District of New York to use $35 million of the $75 million debtor-in-possession loan it obtained from its first lien lenders led by Silver Point Capital.
National restructuring and turnaround firm ACM Capital Partners announced that its client, B & F Marine, Inc., one of Miami’s oldest marine retailers, has successfully emerged from Chapter 11 protection.
Hostess Brands and its five subsidiaries have filed for Chapter 11 in the U.S. Bankruptcy Court for the Southern District of New York. The company said that it has received a commitment for $75 million in DIP financing from a group of its existing first lien lenders, led by Silver Point Capital.
The Great Atlantic & Pacific Tea Company (A&P) announced that it has filed a motion with the U.S. Bankruptcy Court for the Southern District of New York seeking approval to close 14 stores in four states as the company prepares to emerge from Chapter 11.
Friendly Ice Cream and its subsidiaries announced that the company has emerged from Chapter 11 by consummating the sale of its business to Friendly’s Ice Cream and its subsidiaries. The company said with the emergence it had to shutter another 37 restaurants.
The Wall Street Journal has reported that Hostess Brands is again preparing to file for Chapter 11 bankruptcy and it could be as soon as this week. The company is seeking about $75 million in DIP financing from Monarch Alternative Capital, Silver Point Capital and others.
NBC Acquisition and its subsidiaries, including Nebraska Book Company, announced the company’s plan to close seven of its off-campus bookstore locations. The company also announced that it obtained an extension from approximately 40 additional off- campus stores to continue evaluation of performance and negotiation efforts.
The U.S. Bankruptcy Court in the Eastern District of Virginia (Richmond) granted approval for RoomStore Inc. to hire Hilco Group to conduct its going-out-of-business (GOB) sales at 18 locations, a BusinessWeek article said.
Coach America Holdings announced that the bankruptcy court granted interim approval for the company to access $14.8 million of a $30 million debtor-in-possession financing, led by JPMorgan Chase Bank.
Coach America Holdings and its subsidiaries have filed for Chapter 11 reorganization in the U.S. Bankruptcy Court for the District of Delaware. Coach America obtained a commitment for $30 million of DIP financing from a steering committee of its existing senior lenders, led by JPMorgan Chase.