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Fairway Group Holdings in Trouble Again?

On June 29, 2017, Moody’s Investors Service downgraded Fairway Group Holdings Corp.’s corporate family and probability of default ratings to Caa2 and Caa2-PD respectively. “Although Fairway emerged...

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J.G. Wentworth Possible Distressed Debt Exchange

On June 26, 2017, S&P Global Ratings lowered its issuer credit rating on J.G. Wentworth LLC (JGW) to CCC- from CCC+ and its senior secured debt rating to CCC- from CCC+. “Our rating action today...

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Puerto Rico Budgets Certified, PREPA Filing Approved

The Financial Oversight and Management Board for Puerto Rico (Oversight Board) created by Congress under the Puerto Rico Oversight, Management and Economic Stability Act (PROMESA) approved and...

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Katy Industries Bankruptcy Committee Sought

Katy Industries filed with the U.S. Bankruptcy Court an expedited motion for an order authorizing the U.S. Trustee to appoint an official committee of retired employees to serve as the official...

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Tidewater Bankruptcy Hearing Adjournment Sought

Tidewater’s official committee of equity security holders filed with the U.S. Bankruptcy Court a motion for an additional adjournment of the Disclosure Statement and Plan confirmation hearing until the...

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Quadrant 4 System Chapter 11 Petition Filed

Quadrant 4 System filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Northern District of Illinois, case number 17-19689. The Company, which provides cloud based...

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Cecil Bancorp Prepackaged Bankruptcy

Cecil Bancorp filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Maryland, case number 17-19024. The Company, which operates as the holding company for Cecil Bank, is...

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True Religion Prepackaged Bankruptcy

True Religion Apparel and four affiliated Debtors filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 17-11460. The Company, which designs,...

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rue21 Bankruptcy Hearing Continuation Sought

rue21 filed with the U.S. Bankruptcy Court a motion to continue the July 10, 2017 Disclosure Statement hearing. The motion explains, “By this motion the Debtors seek entry of an order substantially in...

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Tidewater Bankruptcy Objection Filed

Tidewater filed with the U.S. Bankruptcy Court an objection to (a) the official equity committee’s (OEC) emergency motion for a further adjournment of the Disclosure Statement and Plan Confirmation...

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International Shipholding Emerges From Bankruptcy

International Shipholding’s First Amended Modified Joint Chapter 11 Plan of Reorganization became effective, and the Company emerged from Chapter 11 protection. The U.S. Bankruptcy Court confirmed the...

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hhgregg Exclusivity Extension Sought

hhgregg filed with the U.S. Bankruptcy Court a motion to extend by 60 days its exclusive periods to file a Chapter 11 plan and solicit acceptances thereof through and including September 5, 2017 and...

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EMAS CHIYODA Bankruptcy Plan Confirmed, Effective

The U.S. Bankruptcy Court confirmed EMAS CHIYODA Subsea’s Modified Third Amended Plan of Reorganization, filed June 28, 2017; and the Plan subsequently became effective. Under the Plan, certain...

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Unilife Bankruptcy Objection Filed

Sanofi Winthrop Industries filed with the U.S. Bankruptcy Court an objection to Unilife’s official committee of unsecured creditors’ motion to retain Lowenstein Sandler as counsel. The objection...

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Katy Industries Bankruptcy Sale Exhibit Added

Katy Industries filed with the U.S. Bankruptcy Court a notice of filing of Exhibit F to its previously-filed sale motion. The notice states, “The Bidding Procedures Order requires that the Debtors file...

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Paragon Bankruptcy Plan Confirmation Stay Denied

Paragon Offshore filed with the U.S. Bankruptcy Court an objection to the motion of shareholder appellants Michael Hammersley and Marcel de Groot for stay of the June 7, 2017 Court order confirming the...

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Ignite Restaurant Group Bankruptcy Reorganization Plan Filed

Ignite Restaurant Group filed with the U.S. Bankruptcy Court a Chapter 11 Plan of Reorganization and related Disclosure Statement. According to the Disclosure Statement, “The Plan is structured as a...

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Premier Exhibitions Bankruptcy PSA Approved

The U.S. Bankruptcy Court approved Premier Exhibitions’ motion for an order authorizing the Debtors, the official committee of unsecured creditors and the official committee of equity security holders...

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Westech Capital Bankruptcy Liquidation Sought

Westech Capital’s Chapter 11 trustee filed with the U.S. Bankruptcy Court a motion to convert the Chapter 11 reorganization to a liquidation under Chapter 7. The motion explains, “For the reasons...

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Grandparents.com Bankruptcy Liquidation Plan Filed

Grandparents.com filed with the U.S. Bankruptcy Court a Joint Chapter 11 Plan of Liquidation and related Disclosure Statement. According to the Disclosure Statement, “This is a liquidating Plan...

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