January 20, 2000
CPS to Sell Assets Through Bankruptcy
CPS Systems Inc., Dallas, announced that it has filed for
chapter 11 protection in Dallas in order to implement an agreement
reached with Tyler Technologies Inc., according to a newswire report.
Tyler has agreed to purchase substantially all of CPS's assets through
the bankruptcy process. The sale is subject to the court's approval and
higher bids. Hanifen Imhoff Mezzanine Partners, CPS's senior secured
creditor, also has agreed to the sale. CPS expects the transaction to be
completed in early March. CPS develops, markets, implements and supports
fully integrated software applications designed for public sector
organizations, including states, counties, townships, city governments
and other municipal agencies. Its products address property tax
appraisal and assessment, property tax billing and collection, and city
and municipal buildings.
Court Approves First-day Orders for American Pad &
Paper
Dallas-based American Pad & Paper (AP&P) announced
yesterday that the bankruptcy court has approved interim
debtor-in-possession (DIP) financing and given the company the go-ahead
on paying employee wages, salaries and benefits during its voluntary
chapter 11, according to a newswire report. Earlier AP&P had
announced that it received a $65 million DIP commitment. CEO James W.
Swent III said, 'I am pleased with the progress made in the bankruptcy
court and with the support shown by our banking group to arrange
immediate interim DIP financing. With our first-day motions approved and
our interim DIP financing in place, the company can continue to provide
our customers the products and service level they have come to expect.'
Swent also said that the sale process of the company's Williamhouse
division is on track.
Forcenergy Announces Plan Confirmation
Forcenergy Inc. announced yesterday that the Bankruptcy Court
for the Eastern District of Louisiana has confirmed its plan of
reorganization, according to a newswire report. The plan is expected to
become effective 15 to 30 days after the Jan. 19 confirmation date,
provided the conditions under the plan have been met. Forcenergy is an
independent oil and gas company engaged in the exploration, acquisition,
development, exploitation and production of oil and natural gas. Its
primary areas of operation are the Gulf of Mexico and Cook Inlet,
Alaska.
KCS Energy Announces Court Grants Chapter 11
Relief
KCS Energy Inc., Houston, announced yesterday that the Bankruptcy Court
for the District of Delaware has signed an order granting the company
and its subsidiaries relief under chapter 11, according to a newswire
report. The court has scheduled a Feb. 25 hearing to review the
disclosure statement and has tentatively scheduled an April 6
confirmation hearing. KCS is proceeding under chapter 11 protection with
the company's previously announced restructuring agreement, which was
approved by more than two-thirds of the holders of KCS's 8.875 percent
senior subordinated notes due January 2008 and by more than a majority
of holders of its 11 percent senior notes due January 2003. KCS is an
independent energy company engaged in the acquisition, exploration,
development and production of natural gas and crude oil with operations
in the Mid-Continent and Gulf Coast regions. For the company's latest
news and other corporate developments, call 1-800-PRO-INFO for a fax
update.
Thailand's New Bankruptcy Law Boosts Investment
Opportunities
The new Thai bankruptcy legislation has boosted confidence of
foreign investors, but the law has a long way to go towards
implementation, according to Gary Biesty, managing partner of Johnson
Stokes & Master in Thailand. Biesty said that it was a measure of
Thailand's turnaround from crisis that assisting foreign investment
projects has taken over restructuring as the firm's main business. 'We
are very bullish about the future,' he said. 'The balance has clearly
changed. Somewhere in the middle of last year people started having
renewed confidence in Thailand as an investment.' He said the new Thai
bankruptcy and foreclosure legislation has been a major contributor to
the mood change. 'The problem of restructuring is not going to just go
away. But now it is identified as having been brought under control, and
that is encouraging to some with fresh money.' Biesty said that only
about 25 petitions have been made to the bankruptcy court and that only
seven or eight rehabilitation plans were implemented through the court
as a result.
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