Greektown Casino lays off 89 employees Jun 25, 2008
In addition, Judge Shapero on Wednesday will consider giving final approval to 150 million in total debtor in possession financing for operations and to complete construction of its new 400-room hotel and 25,000-square-foot gaming floor expansion. MGCB is scheduled to consider the total financing package on Friday. (Sault Ste Marie Evening News, MI)
LandSource Communities files Chapter 11 Jun 10, 2008
LandSource said it had received commitments for debtor in possession financing from a group of lenders led by , including a $135 million revolving line of credit. It said that the facility assures that vendors, contractors and consultants will be paid for goods and services provided after the bankruptcy filing date. (South Florida Business Journal, FL)
Developer LandSource Seeks Bankruptcy Protection Jun 9, 2008
LandSource said it had received commitments for debtor in possession financing from a group of lenders led by Barclay's Bank , including a $135 million revolving line of credit. It said that the facility assures that vendors, contractors and consultants will be paid for goods and services provided after the bankruptcy filing date. (ABC News -- Wire)
Linens 'n Things to close 3 area stores May 5, 2008
The company has also lined up $700 million in debtor in possession financing from General Electric Capital. Local Linens n' Things closings include its stores at Capital Center in Largo, Potomac Mills in Prince William County and Tysons Corner in Vienna. (Washington Business Journal, DC)
Linens n' Things files for bankruptcy; closes two Twin Cities stores May 4, 2008
The company also has lined up $700 million in debtor in possession financing from General Electric Capital. jvomhof@bizjournals. (Twin Cities Business Journal, MN)
Linens 'n Things files for bankruptcy May 4, 2008
The company secured $700 million in debtor in possession financing from General Electric Capital Corp.. Linens 'n Things operated 589 stores in 47 states and Canada as of Dec. 31, 2007, including stores in Chesterfield, Fenton, Clayton, Town & Country and O'Fallon in Missouri, and Fairview Heights in Illinois. (St. Louis Business Journal, MO)
Pope & Talbot Finalizes Sale of Sawmills and Related Timber Assets to Interfor May 2, 2008
Pope t cautions readers that any such forward- looking statements are based on assumptions that it believes are reasonable, but are subject to a wide range of risks including, but not limited to, risks associated with being a debtor in possession in a chapter 11 proceeding and a debtor company under the Companies' Creditors Arrangement Act (Canada), including the satisfaction of conditions precedent to funding, fluctuation of the borrowing base and other limitations that may affect Pope t's... (PR Newswire)
Skybus founder wants airline back Apr 10, 2008
As a result, Tangorra said he believes Weikle's attempt to get debtor in possession financing "has to be considered a long shot.". Weikle said he has been contacted in recent weeks by "people that have invested in the past with me and think the model is strong." He conceded that he doesn't have the money in hand, though, and wouldn't name the possible sources of financing. (Seacoast New Hampshire)
Skybus Founder says he can save the airline Apr 10, 2008
As a result, Tangorra said he believes that Weikles attempt to get debtor in possession financing has to be considered a long shot. . (Seacoast New Hampshire)
Critics take aim at new bankruptcy law Dec 28, 2007
----------------- Specific criteria have been established for debtor in possession financing, to encourage lending to companies that are being restructured. ------------------ All RRSPs will be off limits to creditors, as long as contributions were made a year or more before bankruptcy. (Globe and Mail -- Business)
Movie Gallery Files Plan of Reorganization and Disclosure Statement With Support of Major Constituents Dec 24, 2007
Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, the following: (i) the ability of the Company to continue as a going concern; (ii) the ability of the Company to operate subject to the terms of the debtor in possession financing facility; (iii) the Company's ability to obtain court approval with respect to motions in the Chapter 11 proceeding prosecuted by it from time to time; (iv) the ability of the Company to... (PR Newswire)
Remy Announces Overwhelming Acceptance of Prepackaged Plan of Reorganization Oct 3, 2007
The Company cautions readers that any such forward-looking statements are based on assumptions that the Company believes are reasonable, but are subject to a wide range of risks including, but not limited to, risks associated with becoming a debtor in possession in a chapter 11 proceeding, with the satisfaction of the conditions to the plan support agreement, including, but not limited to, as a result of the occurrence of a termination event thereunder, the satisfaction of conditions to funding... (PR Newswire)
Calpine Files Plan of Reorganization to Emerge From Chapter 11 Jun 21, 2007
Simultaneous with the filing of its Plan, Calpine filed a motion to enter into a commitment letter, pay associated commitment and other fees, and to amend and upsize the existing debtor in possession financing facility. If approved, the upsized exit facility would provide for up to $8 billion in secured financing, some $3 billion more than the existing exit facility, on terms that Calpine views as favorable. (PR Newswire)
Bankruptcy law to protect China investors Jun 9, 2007
"The concept of administrators was likely taken from UK legislation. But a criticism of the UK law is that there is no provision for management to oversee a reorganization of a debtor enterprise - like the debtor in possession provision found in Chapter 11 of the US bankruptcy code. The new law provides the best of both worlds, as either the administrator or the debtor can take control of a debtor company and oversee its affairs - the creditors get to decide which path they prefer.". However,... (Asia Times Online)
All American Semiconductor, Inc. Receives Court Approval of Debtor-in- Possession Financing May 22, 2007
The Sales Process Continues Unsecured Creditors to Withdraw Motion to Convert to Chapter 7 and Appeal of Court-Approved Sale Procedures MIAMI, May 21 /PRNewswire-FirstCall/ -- All American Semiconductor, Inc. (Pink Sheets: SEMI.PK), a distributor of semiconductors and other electronic components, announced today the approval of its debtor in possession financing by the U.S. Bankruptcy Court for the Southern District of Florida, Miami Division, on Thursday, May 17, 2007, based on an agreement... (PR Newswire)
PeopLoungers files for bankruptcy protection May 17, 2007
"But the price of doing business may have risen too much for Nettleton-based PeopLoungers, which filed for Chapter 11 bankruptcy protection Tuesday.In its filing with the U.S. Bankruptcy Court in Aberdeen, the upholstered motion furniture company said it owed more than $5.7 million to its 20 largest unsecured creditors. Among them: Saltillo-based Omega Motion, for $393,209; Henson Distributors of Okolona, $329,145; Smurfit-Stone Container of Tupelo, $224,618; Leather Works Inc. of New Albany,... (Northeast Mississippi Daily Journal)
Temporary visas in high demand Apr 4, 2007
The San Diego-based operator of free-standing diagnostic imaging centers said Envision will continue to operate its business under debtor in possession provisions. Its assets make up about 7. (San Diego Union-Tribune -- Business)
Former head of Student Finance Corp. guilty of bankruptcy fraud Mar 16, 2007
Prosecutors suggested that Yao lied because he was trying to fight off efforts by SFC's creditors to remove him as debtor in possession of SFC and to convert SFC's Chapter 13 reorganization to a Chapter 7 liquidation. McMonagle, who acknowledged in opening statements that Yao had lied in the deposition, argued that the government should be required to show that Yao intended to deceive his creditors or the bankruptcy court for reasons materially related to the bankruptcy. (NEPA News, PA)
Witnesses say Yao gambled at Las Vegas casinos Mar 14, 2007
Prosecutors allege that Yao lied because he wanted to remain as debtor in possession of SFC during the bankruptcy proceedings and to avoid having the bankruptcy converted from a Chapter 11 reorganization to a Chapter 7 sell-off. In civil lawsuits, Royal has alleged that Yao operated SFC, which specialized in loans to students at truck driving schools, as a Ponzi-type scheme in which he conspired with schools to generate as many loans as possible, then fraudulently obtained new loans from... (San Diego Union-Tribune -- Business)
Biovail, Catalyst toyed with tie-up Jan 4, 2007
Mr. Melnyk has injected about $5-million since May as debtor in possession financing to keep Hemosol afloat. One legal source said there's a real possibility Mr. Melnyk could lose that money because it would rank in second place behind the secured lender, which is now Catalyst. (Globe and Mail -- Business)
$3.4B To Boost Delphi Dec 22, 2006
Separately, Delphi accepted a proposal from JPMorgan Chase Bank and a group of lenders to refinance the company's existing $2 billion debtor in possession credit line and about $2. 5 billion in loans. (TheSanDiegoChannel.com, CA)
M. Fabrikant and Fabrikant-Leer File Chapter 11 Petitions Nov 20, 2006
The Company is expected to continue to operate its business during the pendency of this Chapter 11 case as a debtor in possession under the Bankruptcy Code. The Company expects a smooth transition into Chapter 11, with all of its facilities expected to remain open on normal schedules. (PR Newswire)
Court filing enforces Tower Records sale Aug 23, 2006
The court filing was accompanied by an $85 million Debtor in Possession financing agreement between the music company and its current bank group, which will help financially support the company until its sale can be finalized, the report said. Tower Records controls 89 nationwide stories in 20 U.S. states and overseas. (Washington Times, DC)
Educational Development Corporation Announces Agreement With Intervisual Books, Inc. Jul 14, 2006
July 13 /PRNewswire-FirstCall/ -- Randall White, CEO and President of Educational Development Corporation (Nasdaq: - ) announces that the Company has entered into an agreement to provide Debtor in Possession financing and to participate in a Plan of Reorganization with Intervisual Books, Inc., located in Inglewood, California. Intervisual Books, Inc. is currently operating as a debtor-in-possession in a Chapter 11 bankruptcy case voluntarily filed May 8, 2006. (Yahoo! Wire -- Entertainment News)
DTLL Announces Tender Offer for Grand Sierra Resorts Mar 7, 2006
In addition he has worked with the Federal Bankruptcy Court as a debtor in possession of one casino property for a three year period. He has raised funds to build properties both in Las Vegas and for Native American hotel casinos on their reservations. (Yahoo! Wire -- Entertainment News)
Performance Transportation Services, Inc. Receives Court Approval on 'First-Day Motions' in its Voluntary Chapter 11 Filing Jan 27, 2006
Obtains Approval to Borrow Up to $10 Million in DIP Financing and Approval of Use of Cash Collateral with Existing Lenders Buffalo Bankruptcy Court Also Approves First-Day Orders for Customers, Employees and Vendors DETROIT, Jan. 26 /PRNewswire/ -- Performance Transportation Services, Inc., ("PTS") the second largest transporter of new automobiles, sport-utility vehicles and light trucks in North America announced it has received interim court approval on its $60 million debtor in possession... (PR Newswire)
