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Aviva Reorganization Plan
Approved
Aviva Petroleum Inc. yesterday announced that, following approval by the
court and creditors, the voluntary chapter 11 petition filed by its
wholly-owned subsidiary, Aviva America Inc., became effective on Nov.
17, according to a newswire report. Certain matters remain before
the court regarding implementation of the Dallas-based company’s
reorganization plan.
Unapix Entertainment Files Chapter 11
Film and television production and distribution company Unapix
Entertainment Inc. said yesterday that it filed chapter 11 bankruptcy
protection in the U.S. Bankruptcy Court, Southern District of New York,
according to a Reuters report. The New York-based company said
that its primary lender, General Electric Capital Corp., would provide
Unapix with a revolving credit facility of up to $40 million to enable
the company to continue operating its core businesses. Unapix
plans to retain the West Coast investment banking firm of Salem Partners
LLC to seek strategic alternatives, such as selling the company or
pursuing financing.
Cybear Acquires Operating Assets of AHT
Corporation
Andrx Corp.-Cybear Group yesterday announced that it acquired the
operating assets of AHT Corp., according to a newswire report. The
assets include AHT's patents, licenses and trademarks, and current
client contracts. AHT, a national provider of Internet-based
health care e-commerce among physicians, other health care providers and
health care organizations, filed for bankruptcy protection in
September. Andrx Corp.-Cybear Group, based in Boca Raton, Fla.,
and is an Internet Service Provider (ISP) and Applications Service
Provider (ASP) for the health care industry.
The acquisition came out of the $4 million secured loan that Cybear
made to AHT in March. For the quarter that ended Sept. 30, Cybear
reserved the full amount of this note due to the uncertainty of
collection resulting from the AHT bankruptcy filing. Under the terms of
the acquisition agreement, which was approved by the U.S. Bankruptcy
Court on Nov. 22, an independent valuation will determine the value of
the assets acquired by Cybear, and the amount of Cybear's deficiency
claim against AHT. “Cybear extended its loan in order
to obtain access to technologies only offered by AHT,” Tim Nolan,
Cybear's President and Chief Operating Officer said. “While
it is unfortunate that AHT was forced to file for bankruptcy, we view
the acquisition of their assets as an opportunity to capitalize on the
strengths of both companies.”
Eco Associates to Acquire Chipshot.com
Assets
Eco Associates, an Austin, Texas-based affiliate of Interfase Capital,
yesterday announced that it has signed an agreement to acquire the
assets of Chip Shot Golf Corp., according to a newswire report.
The company, a Sunnyvale, Calif.-based online retailer of golf
merchandise, filed chapter 11 on Sept. 28. Eco Associates is
providing interim financing for Chipshot.com’s operations until
the asset purchase is completed, at which time a restructuring plan will
be implemented.
Interfase and Eco Associates affiliates, Exoplex and Outback Data,
will assume the technology and hosting/fulfillment functions of
Chipshot.com's restructured operations. Chipshot.com will become a
featured merchant of Mall.com, another Interfase affiliate. Eco
Associates invests in underfunded e-commerce companies that hold market
leadership positions. Interfase Capital invests venture capital
funds and provides value-added services to portfolio companies for
maximizing the development of core businesses.
Castnet Parent Files Chapter 11
The Entertainment Internet Inc., parent of online casting service
Castnet.com, yesterday filed for chapter 11 bankruptcy protection,
according to a newswire report. The company blames debts compiled
by previous management.
Patina Closes Acquisition
Patina Oil & Gas Corp. yesterday announced that it has completed its
acquisition of various property interests out of a bankruptcy
proceeding, according to a newswire report. The properties are
located in the Illinois Basin, the San Joaquin Field of California and
the Lake Washington Field of Louisiana. The assests were acquired
through Elysium Energy Partners, a limited liability company, in which
Patina holds a 50 percent interest. The acquisition was made in
partnership with a private company, which owns the other half of
Elysium.
Patina invested $21 million in Elysium to acquire its 50 percent
interest. In addition, the independent oil company provided
Elysium a $60 million credit facility, on which $53 million was drawn at
closing. Within three months, Elysium expects to retire the Patina
credit facility with borrowings under a conventional bank
facility. Less than half of the acquired properties' proved
reserves are currently on production.
Claridge Hotel Files Plan for Sale to Park Place
The parent of the Claridge Hotel in Atlantic City yesterday announced
that it has filed a reorganization plan and intends to sell the bankrupt
property to casino operator Park Place Entertainment Corp., according to
a Reuters report. The filing of a second amended joint
reorganization plan took place in the U.S. Bankruptcy Court in New
Jersey. The sale must still be approved by New Jersey gaming
regulators who are holding hearings to determine if ownership of the
Claridge would give Park Place undue influence in the Atlantic City
market in violation of a state law. Park Place is already one of
the market's largest casino owners, with holdings that include three of
Atlantic City's 12 casinos.
The sale also must be approved by the holders of about $85 million in
first mortgage notes on the property. The Claridge Hotel and
Casino Corp. did not disclose a sale price for the property.
However, an attorney for the note holders said the deal is worth about
$83 million.
NETtel Communications for Sale At Bankruptcy Auction
NETtel Communications Inc., a Washington, D.C.-based integrated
communications provider, will be sold at a bankruptcy auction on Dec 8,
according to a newswire report. The company filed for chapter 11
on Oct. 16 and the case was then converted to chapter 7 on Oct.
23. As of September 2000, revenue was about $30.5 million with a
$4.1 million monthly revenue run-rate.
All bidders must submit written bids to counsel for the trustee by
Dec.7. The minimum acceptable bid is $20 million, with preference
given to cash bids. All bids must conform to specifications
approved by the bankruptcy court and must be accompanied by a $2 million
deposit (a deposit returned to unsuccessful bidders). NETtel
offers Internet access, data, local and long distance voice, frame
relay, and Web hosting services, and virtual private networks employing
Internet protocol.
Maytag Unit Sues Heilig-Meyers to Reclaim $1.3 Million In
Goods
One of Heilig-Meyers Co.'s suppliers, Maytag Appliances Sales Co., has
sued the bankrupt home furnishings retailer to try to reclaim about $1.3
million worth of appliances received by Heilig-Meyers while it was
insolvent. The wholly owned subsidiary of Maytag Corp. says it made a
written demand for reclamation of the goods to Heilig-Meyers on Aug. 2,
shortly after determining that the retailer was insolvent and intended
to suspend payments for the goods for several weeks.
Courtesy of
href='http://www.fedfil.com/bankruptcy/developments.htm'>The Daily
Bankruptcy Review Copyright © November 29,
2000.
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