Innkeepers USA Trust Deal Terminated
According to a Chatham news release, Chatham LodgingTrust and Cerberus Capital Management have terminated their commitment and obligation to acquire interests in 64 hotels owned by Innkeepers USA Trust. According to the release, Chatham and Cerberus jointly determined to terminate the agreement in accordance with the terms of the agreement as a result of the occurrence of a condition, change or development that could reasonably be expected to have a material adverse effect on Innkeepers#&39; business, assets, liabilities (actual or contingent), operations, condition (financial or otherwise) or prospects. Chatham#&39;s separate purchase of five Innkeepers hotels, which closed on July 14, 2011, is not affected by this decision.
Borders Group M.O.R. Filed
Borders Group filed with the U.S. Bankruptcy Court a monthly operating report for July 2011. For the period, the Company reported a net loss of $238 million on $152.2 million in revenue.
Nebraska Book Company Plan Support Agreement Approval Sought
Nebraska Book Company filed with the U.S. Bankruptcy Court a motion for approval of a Plan Support Agreement between the Debtors, the 8.625% Noteholders, the AcqCo Noteholders, and Weston Presidio. Under the agreement, in exchange for Weston Presidio's support of the Plan, the Debtors have agreed to provide an enhanced package of New Warrants. The Court scheduled a September 7, 2011 hearing to consider the motion.
AmTrust Financial Corporation M.O.R. Filed
AmTrust Financial Corporation filed with the U.S. Bankruptcy Court a monthly operating report for July 2011. For the period, the Company reported a net income of $554,949 on zero revenue.
Ultimate Escapes Settlements Approved
The U.S. Bankruptcy Court approved Ultimate Escapes' motions for orders approving a settlement between Ultimate Escapes Holdings, Private Escapes Platinum Lucignano and George Thomas Baker and a settlement between Ultimate Escapes Holdings, Private Escapes Villa Cassia and George Thomas Baker.
Imperial Capital Bancorp M.O.R. Filed
Imperial Capital Bancorp filed with the U.S. Bankruptcy Court a monthly operating report for July 2011. For the period, the Company reported a net income of $80,917.40 on zero revenue.
WorldSpace M.O.R. Filed
WorldSpace filed with the U.S. Bankruptcy Court a monthly operating report for July 2011. For the period, the Company reported a net loss of $126,494 on zero revenue.
ShengdaTech Chapter 11 Petition Filed
ShengdaTech filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Nevada, case number 11-52649. The Company, which engages in manufacturing, marketing, and selling nano precipitated calcium carbonate (NPCC) products in China, is represented by Bob L. Olson of Greenberg Traurig. According to Court documents, the Debtor commenced this Chapter 11 case to safeguard assets, restructure its business operations and to allow the Debtor, through its Special Committee, to continue its ongoing special investigation into the financial affairs of the Debtor. The Company filed a motion for entry of an order on shortened time: (i) confirming the employment of Alvarez & Marsal North America, LLC to provide a Chief Restructuring Officer and additional personnel, (ii) confirming the appointment of Michael Kang as C.R.O. to the Debtor, nunc pro tunc as of the Petition Date, and (iii) providing any additional relief required.
Nebraska Book Company Plan Filed
Nebraska Book Company filed with the U.S. Bankruptcy Court a First Amended Joint Plan of Reorganization and First Amended Disclosure Statement. According to the DS, "The Plan shall serve as a motion by the Debtors seeking entry of a Bankruptcy Court order substantively consolidating all of the Estates and its subsidiaries into a single consolidated Estate for all purposes associated with Confirmation and Consummation. If substantive consolidation of all of the Estates is ordered, then on and after the Effective Date, all assets and liabilities of the Debtors shall be treated as though they were merged into the Estate of NBC for all purposes associated with Confirmation and Consummation, and all guarantees by any Debtor of the obligations of any other Debtor shall be eliminated so that any Claim and any guarantee thereof by any other Debtor, as well as any joint and several liability of any Debtor with respect to any other Debtor shall be treated as one collective obligation of the Debtors. Substantive consolidation shall not affect the legal and organizational structure of the Reorganized Debtors' Entities or their separate corporate existences or any prepetition or postpetition guarantees, liens, or security interests that are required to be maintained under the Bankruptcy Code, under the Plan, any contract, instrument, or other agreement or document pursuant to the Plan (including the New Senior Secured Notes Indenture, New Senior Unsecured Notes Indenture, New ABL Facility, New Warrants, Registration Rights Agreement, or Shareholders Agreement, or the identity of the New Board and management), or, in connection with contracts or leases that were assumed or entered into during the Chapter 11 Cases. Furthermore, creditor recoveries will not be adversely affected by substantive consolidation of the Debtors' estates." The Court scheduled an October 4, 2011 confirmation hearing.
Sun-Times Media Group M.O.R. Filed
Sun-Times Media Group filed with the U.S. Bankruptcy Court a monthly operating report for July 2011. For the period, the Company reported a net loss of $549,000 on zero revenue.
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According to a Chatham news release, Chatham LodgingTrust and Cerberus Capital Management have terminated their commitment and obligation to acquire interests in 64 hotels owned by Innkeepers USA Trust. According to the release, Chatham and Cerberus jointly determined to terminate the agreement in accordance with the terms of the agreement as a result of the occurrence of a condition, change or development that could reasonably be expected to have a material adverse effect on Innkeepers#&39; business, assets, liabilities (actual or contingent), operations, condition (financial or otherwise) or prospects. Chatham#&39;s separate purchase of five Innkeepers hotels, which closed on July 14, 2011, is not affected by this decision.
Borders Group M.O.R. Filed
Borders Group filed with the U.S. Bankruptcy Court a monthly operating report for July 2011. For the period, the Company reported a net loss of $238 million on $152.2 million in revenue.
Nebraska Book Company Plan Support Agreement Approval Sought
Nebraska Book Company filed with the U.S. Bankruptcy Court a motion for approval of a Plan Support Agreement between the Debtors, the 8.625% Noteholders, the AcqCo Noteholders, and Weston Presidio. Under the agreement, in exchange for Weston Presidio's support of the Plan, the Debtors have agreed to provide an enhanced package of New Warrants. The Court scheduled a September 7, 2011 hearing to consider the motion.
AmTrust Financial Corporation M.O.R. Filed
AmTrust Financial Corporation filed with the U.S. Bankruptcy Court a monthly operating report for July 2011. For the period, the Company reported a net income of $554,949 on zero revenue.
Ultimate Escapes Settlements Approved
The U.S. Bankruptcy Court approved Ultimate Escapes' motions for orders approving a settlement between Ultimate Escapes Holdings, Private Escapes Platinum Lucignano and George Thomas Baker and a settlement between Ultimate Escapes Holdings, Private Escapes Villa Cassia and George Thomas Baker.
Imperial Capital Bancorp M.O.R. Filed
Imperial Capital Bancorp filed with the U.S. Bankruptcy Court a monthly operating report for July 2011. For the period, the Company reported a net income of $80,917.40 on zero revenue.
WorldSpace M.O.R. Filed
WorldSpace filed with the U.S. Bankruptcy Court a monthly operating report for July 2011. For the period, the Company reported a net loss of $126,494 on zero revenue.
ShengdaTech Chapter 11 Petition Filed
ShengdaTech filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Nevada, case number 11-52649. The Company, which engages in manufacturing, marketing, and selling nano precipitated calcium carbonate (NPCC) products in China, is represented by Bob L. Olson of Greenberg Traurig. According to Court documents, the Debtor commenced this Chapter 11 case to safeguard assets, restructure its business operations and to allow the Debtor, through its Special Committee, to continue its ongoing special investigation into the financial affairs of the Debtor. The Company filed a motion for entry of an order on shortened time: (i) confirming the employment of Alvarez & Marsal North America, LLC to provide a Chief Restructuring Officer and additional personnel, (ii) confirming the appointment of Michael Kang as C.R.O. to the Debtor, nunc pro tunc as of the Petition Date, and (iii) providing any additional relief required.
Nebraska Book Company Plan Filed
Nebraska Book Company filed with the U.S. Bankruptcy Court a First Amended Joint Plan of Reorganization and First Amended Disclosure Statement. According to the DS, "The Plan shall serve as a motion by the Debtors seeking entry of a Bankruptcy Court order substantively consolidating all of the Estates and its subsidiaries into a single consolidated Estate for all purposes associated with Confirmation and Consummation. If substantive consolidation of all of the Estates is ordered, then on and after the Effective Date, all assets and liabilities of the Debtors shall be treated as though they were merged into the Estate of NBC for all purposes associated with Confirmation and Consummation, and all guarantees by any Debtor of the obligations of any other Debtor shall be eliminated so that any Claim and any guarantee thereof by any other Debtor, as well as any joint and several liability of any Debtor with respect to any other Debtor shall be treated as one collective obligation of the Debtors. Substantive consolidation shall not affect the legal and organizational structure of the Reorganized Debtors' Entities or their separate corporate existences or any prepetition or postpetition guarantees, liens, or security interests that are required to be maintained under the Bankruptcy Code, under the Plan, any contract, instrument, or other agreement or document pursuant to the Plan (including the New Senior Secured Notes Indenture, New Senior Unsecured Notes Indenture, New ABL Facility, New Warrants, Registration Rights Agreement, or Shareholders Agreement, or the identity of the New Board and management), or, in connection with contracts or leases that were assumed or entered into during the Chapter 11 Cases. Furthermore, creditor recoveries will not be adversely affected by substantive consolidation of the Debtors' estates." The Court scheduled an October 4, 2011 confirmation hearing.
Sun-Times Media Group M.O.R. Filed
Sun-Times Media Group filed with the U.S. Bankruptcy Court a monthly operating report for July 2011. For the period, the Company reported a net loss of $549,000 on zero revenue.
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Blog: http://tinyurl.com/molawblog
"Turn to us when you need help"
Got a traffic ticket in Miami -Dade? go now to www.miamionlinetrafficattorney.com
Bankruptcy | Sports Law | All Criminal Cases | Traffic | DUI Defense | Family Law
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