Reorg Research Weekly Recap

A few times a month, I will try to post the Reorg Research Weekly Recap which summarizes and lays out for subscribers / non subscribers a number of things we are working on throughout the week. These could be stories, research reports, tear sheets, models, etc. Feedback for the site has been unanimously positive: whether it be the way Reorg Research is changing the way people consume and follow bankruptcy dockets or our best-in-class intelligence pieces that break key developments in bankruptcy cases faster than other news services or what I think is the most powerful search ever built for bankruptcy dockets. I couldn't be happier with the service we are providing our customer base.

Here's a URL for the Reorg Research Weekly Recap. And see below for the full document. Enjoy!

Reorg Research Weekly Recap - Week of April 8, 2013
Two notable chapter 11 filings commenced over the past week, both expected, starting with CEDC last Sunday as a prepackaged scenario and followed shortly by Rotech as a prearranged deal. Significant maneuvering took place in the restructuring progress for GateHouse and Cengage, while judges for the respective bankruptcy proceedings of Residential Capital and AMR made or outlined decisions on executive compensations. School Specialty’s declaration confirmation was postponed, and with it so too was stalled the decision on the onerous make whole payment for its term loan lender. Meanwhile two other restructuring scenarios, for Maxcom and Exide, arose with some urgency over the week though their paths towards U.S. Bankruptcy courts are less than clear, according to reporting on Reorg Research.

Central European Distribution Corporation

CEDC Files Prepack; Alfa Bank Providing $100M Bankruptcy Financing
Large majorities of the holders of the 2013 and 2016 notes both voted for the plan.

'Imperative' CEDC Receive Plan Confirmation Date by May: Support Declaration
The additional $100 million unsecured financing from Alfa Bank was lined up just recently, according to CEDC's court documents.

CEDC Convert Ad Hoc Holders Disclosed; Lazard Largest Member
The 2019 disclosure by CEDC reveals a group of hedge fund and institutional investors.

Judge Approves CEDC First Day Motions, Supporting Speedy Process
The $100 million financing from Alpha Bank is in fact a revolver.

Rotech Healthcare Inc.

Rotech Files Voluntary Petition; Barclays is FA
Rotech plans to complete its plan within three to five months.

CapRe Joins Silver Point to Backstop Rotech DIP
Rotech will be paying at least 10.5% interest on its DIP facility.

Rotech First Day Motions Approved
The only possibility in delaying the restructuring process is the ongoing government investigation, according to attorneys for the debtor.

Gatehouse Media

GateHouse Lenders Await Restructuring Offer that Includes Debt
GateHouse had approached larger holders only with an informal offer including just cash and equity.

GateHouse Dislcoses Special Committee Comprises NCL CEO
The CEO of Norwegian Cruise Line has been an independent director to GateHouse prior to special committee appointment.

Patriot Coal Corporation

Aurelius/ Knighthead to be Heard at April 23 Hearing, Despite Debtor's Objection
Despite Patriot's objections, Judge Surratt-States approved Aurelius and Knighthead's request to be heard at upcoming
hearing. 

UMWA Responds to Aurelius and Knighthead
UMWA filed a response to the Aurelius and Knighthead motion to appoint a Chapter 11 trustee in the case

Patriot Offers Compromise on Slashing Retiree Health Benefits
The new proposals from Patriot Coal get rid of the unsecured claim and offer equity instead.

School Specialty, Inc.

Burden of Proof Not on Us: School Specialty's UCC
The committee's counsel addresses a court case referenced by Bayside in the final minutes of Friday's hearing.

Residential Capital, LLC

ResCap Judge Approves Executive Packages
The judge overseeing Residential Capital's bankruptcy approves the compensation packages for eight executives and senior managers.

Rescap Official Committe of Unsecured Creditors Ask to Prosecute Ally Financial
The Official Committee of Unsecured Creditors in Rescap have asked for standing to prosecute and settle claims against Ally Financial

K-V Discovery Solutions, Inc., et al.

Multiple Objections, Including from Disgraced Ex-CEO, Filed to K-V Pharma’s Disclosure Statement
Ex-CEO motion says that K-V Pharma has stopped paying his legal fees since filing for bankruptcy.

UCC Objects to K-V Pharma's Propsed Disclosure Statement
K-V Pharma's official committee of unsecured creditors object to the debtor's proposed disclosure statement on grounds of informational deficiencies. 

Revel AC, Inc.
Revel Motions to Approve Settlement with AC to Save $52.8M in Property Taxes
Dispute arose from the 2012 valuation of the property on which Revel was to pay taxes.

AMR Corporation

AMR Judge on Rejecting $20M Payment for Horton: What Congress Aimed to Prevent
Judge Lane details why 503(c) of the bankruptcy code prohibits the severance payment to Horton.

AMF Bowling Worldwide, Inc.

AMF Bowling Judge Approves UCC's Discovery Motion
AMF Bowling now has to produce information surrounding the liquidation analysis in its amended bankruptcy plan filed last week.

RDA Holding Co.

Court to Approve RDA Sales of Foreign Interests; Amended Plan Issues Raised
An attorney for the unsecured creditors committee of Reader's Digest indicated dissatisfaction with aspect of amended plan.

Powerwave Technologies, Inc.

Powerwave Gets Approval to Extend Sales Process, $5M more DIP
Powerwave attorneys had filed an emergency motion to shorten the time needed to get this approval.

Lehman Brothers Holdings Inc.

Mount Kellett Sells More than $70 Million of Lehman Claims
Through four different trades, Mount Kellett sold more than $70 million of LBT claims. Cyrus Capital ultimate buyers of some claims.

TXU (Aurelius Capital Master, Ltd. et al v. Acosta et al)
 
Aurelius Agrees to Extend Deadline for Response from TXU
Monday, May 13th has been set for defendants to respond to Aurelius' allegations.

Ambac Financial Group, Inc.

Ambac Finalizes Settlement on Tax and NOL Issues with IRS. Amends Plan to Include Section 166 Provisions
Late Monday, Ambac filed details on the settlement with the IRS and an amendment on Section 166 NOLs.

Exide Technologies
 
Exide Deal with Converts More Likely than Bankruptcy Risk, Barring Unforeseen Events
Bonds of auto battery recycler Exide have been heavily traded over the past week, but not at levels that contemplate insolvency.

Maxcom Telecomunicaciones

Market Unfazed by Maxcom BK Warning
Debt and equity levels remained steady despite an explicit bankruptcy warning by the Mexican telecom concern.


The communication has been prepared by Reorg Research, Inc. The information contained in this communication has been obtained from sources that Reorg Research, Inc believes are reliable but we do not represent or warrant that it is accurate or complete. Neither Reorg Research, Inc, nor any affiliate, nor any of their respective officers, directors, partners, or employees accepts any liability whatsoever for any direct or consequential loss arising from any use of this communication or its contents.