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Due to the
Independence Day holiday, there will not be any updated Today's
Bankruptcy Headlines until Wednesday, July 5, 2000!
Senate Allows Chapter 12 to Lapse
Chapter 12 of the U.S. Bankruptcy Code lapsed at midnight on June
30, after the Senate failed to consider a House-passed bill (H.R.
4718). The bill would have extended the law for three months
(until Oct. 1, 2000). The Senate does not return to session until
July 10. The Senate could take up the bill upon its return and
attempt to make its enactment retroactive to June 30. H.R. 4718
provides that the effective date of the bill is July 1, 2000.
Trustee Announces Effective Chapter 11 Date for AIOC
Edward G. Moran, the Chapter 11 Trustee of AIOC Corporation
and AIOC Resources, announced that the effective date of his amended
joint transactional chapter 11 plan of liquidation for those chapter 11
debtors was June 22, according to a newswire report. The report
also confirms that the U.S. Bankruptcy Court for the Southern District
of New York confirmed the plan by an order entered on June 2. In
accordance with the plan and the confirmation order, final applications
for payment of administrative expense and fee claims must be filed with
the court, and served on all appropriate parties. The plan
provides for 100 percent distributions on all allowed administrative and
priority claims, and for distributions that, in total, are estimated at
approximately 19 percent and 27 percent on allowed general claims
against AIOC Corporation and Resources respectively.
Recom Managed Systems Files Chapter 11
Sacramento,Calif.-based Recom Managed Systems, Inc. filed a petition for
voluntarily chapter 11 bankruptcy, according to a newswire report.
In April of this year the company announced its intention to file a
chapter 7 petition for dissolution. Management now believes that
the corporate reorganization may be a viable alternative that would
better service the interests of its investors, shareholders, and
creditors. Consequently, the company filed chapter 11 and is
currently preparing a reorganization plan for consideration by the
court. The current officers and directors continue to manage the
affairs of the company.
South Carolina Plastics Recycler Completes Bankruptcy Deal
A Philadelphia firm that acquires bankrupt businesses is
buying Martin Color-Fi, according to a newswire report. Dimeling,
Schreiber and Park will continue to run Martin Color-Fi, which has been
operating under chapter 11, as a plastics recycler, said Dan Quinn, a
spokesman for Dimeling, Schrieber and Park. The Edgefield,
S.C.-based company was purchased as part of a restructuring deal
established in bankruptcy court on June 26.
Closing Arguments Delivered in Casino Bankruptcy Case
Attorneys for Park Place Entertainment Corp. of Las Vegas and
billionaire financier Carl Icahn delivered their closing arguments
Thursday in the Sands Casino Hotel bankruptcy case, according to the
Associated Press.
U.S. Bankruptcy Court Judge Judith Wizmur announced she will issue
her decision on the competing plans to pull the Sands out of chapter 11
after July 10. Park Place proposes spending $40 million on the
property, receiving 57.5 percent of the new stock in exchange. The Icahn
plan provides more of cash cushion, said his attorney, Ed
Weisfelner. He denied the argument that casinos must be large
to compete in Atlantic City, arguing that large Trump casinos have been
in and out of bankruptcy. “To hear them tell it you have to
be out of your mind to have a single property in Atlantic City,”
Weisfelner said. “The notion that bigger is always
better…is not true.” Because Park Place owns 28
casinos law allows authorities to decide on a case-by-case basis whether
granting a license would result in economic
concentration.
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