Fannie Mae filed with the Bankruptcy Court a limited objection to Rynard Properties Ridgecrest LP's motion for an extension of the exclusive plan filing deadline.
The U.S. Bankruptcy Court for the Eastern District of California approved a motion filed by Beverly N. McFarland, Chapter 11 trustee of International Manufacturing Group, Inc., to use cash collateral of IMG Funding, LLC, during the period retroactive to June 24, 2014, through and including Oct. 26, 2014.
Bankruptcy Judge James J. Robinson refereed a court fight between Alabama Marble Co., Inc., and its newly-arrived, successor landlord, TBGS Quarry, LLC. Their fight is over who has the right to operate a marble quarry located in Talladega County, Alabama, near the town of Sylacauga. TBGS claims the Debtor's leasehold interest in the quarry, including the Debtor's right to extract marble, was terminated before the Debtor sought chapter 11 relief. TBGS wants the Debtor out of the quarry so TBGS can mine marble for its own use. However, the Debtor wants to remain in possession, and asserts that the quarry lease it negotiated over 15 years ago with its original landlord remains in full force and effect. Indeed, over the objection of TBGS, the Debtor proposes to assume the Lease, although it has not yet proposed a plan of reorganization. The Lease is indispensable if the debtor has any chance to reorganize.
The U.S. Bankruptcy Court for the District of Delaware will convene a hearing on Sept. 19, 2014, at 2:00 p.m. (prevailing Eastern Time) to consider, among other things, the adequacy of the disclosure statement and the confirmation of Entegra Power Group LLC, et al.'s prepackaged plan of reorganization.
Participations in a syndicated loan under which Walter Energy Inc is a borrower traded in the secondary market at 94.20 cents-on-the-dollar during the week ended Friday, Aug. 8, 2014, according to data compiled by LSTA/Thomson Reuters MTM Pricing and reported in The Wall Street Journal. This represents a decrease of 0.63 percentage points from the previous week, The Journal relates.
Participations in a syndicated loan under which Arch Coal Inc. is a borrower traded in the secondary market at 97.33 cents-on-the-dollar during the week ended Friday, August 8, 2014, according to data compiled by LSTA/Thomson Reuters MTM Pricing and reported in The Wall Street Journal.
Buccaneer Resources, LLC and its debtor-affiliates sought and obtained permission from the Hon. David R. Jones of the U.S. Bankruptcy Court for the Southern District of Texas to designate John T. Young, Jr. as chief restructuring officer and employ Conway MacKenzie Management Services, LLC, nunc pro tunc to the May 31, 2014 petition date.