The U.S. Bankruptcy Court approved Aegean Marine Petroleum’s restructuring support agreement and $535 million in DIP financing provided by two Mercuria Energy subsidiaries and agented by ABN AMRO.
Bloomberg reported that a bankruptcy court ruling may allow overseas investors to keep profits they collected from Bernie Madoff’s Ponzi schemes.
Bloomberg reported that LightSquared’s lenders do not want the bankrupt company to run its own auction due to depleted cash, the evolving industry and a shareholder who wants to block the sale.
The Reader’s Digest Association announced that the bankruptcy court has confirmed its plan of reorganization and expects to emerge from bankruptcy at the end of July.
The bankruptcy court approved Kodak’s disclosure statement, cornerstone investment and agreement to secure new exit financing and post-emergence facilities arranged by J.P. Morgan and BofA Merrill Lynch.
In a filing, First BanCorp disclosed that a U.S. bankruptcy court has denied the bank’s motion for summary judgment filed in connection with its claim to recover certain assets posted as collateral with Lehman Brothers.
Tiger Group’s Remarketing Services division will be auctioning assets from the offices of investment managers Aletheia Research & Management, which filed for Chapter 11 protection in November 2012.
Hostess said it has selected United States Bakery’s offer as the winning bid for the Sweetheart, Eddy’s, Standish Farms and Grandma Emilie’s bread brands. Hostess also said the stalking horse bid submitted by McKee Foods for the Drake’s snack cake brand will be presented for approval to the bankruptcy court.
Business Capital said it was approved by the U.S. Bankruptcy Court to oversee and facilitate the sale of a property owned by a franchisee of a leading hotel chain.
THQ received approval from the U.S. Bankruptcy Court on the calendar to conduct bidding and complete the sale of the company following an agreement reached between the potential buyer and the committee representing unsecured creditors.