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Drilling rig firm Seadrill confirmed on Wednesday that it had received two rival bids for its debt restructuring from unsecured bondholders, Reuters reported. The company, which filed for chapter 11 restructuring in a U.S. court on Sept. 12, has sought alternative proposals for the plan put forward by its main owner, Norwegian-born billionaire John Fredriksen and a group of hedge funds. Fredriksen and the group of hedge funds have proposed to invest $1.06 billion via new equity and secured debt to restructure indebted Seadrill, once the largest drilling rig operator by market value. Seadrill declined to provide more details on the bids or the bidders, but said its evaluation was pending “the receipt of a satisfactory deposit from bidders.”

Aurora, Colo.-based UCHealth has acquired 17 freestanding emergency rooms and two hospitals it operated in partnership with Lewisville, Texas-based Adeptus Health, according to The Denver Post. UCHealth was the majority owner in the freestanding ERs and the hospitals, which include Grandview Hospital in Colorado Springs, Colo., and UCHealth Broomfield (Colo.) Hospital, and has now acquired Adeptus' stake. The deal is part of Adeptus' restructuring under chapter 11 bankruptcy. The company filed for bankruptcy in April and was subsequently acquired by New York City-based hedge fund Deerfield Management.

Vitamin World, the Holbrook, N.J.-based retail chain that filed for bankruptcy protection in September, has received a $28 million offer from an affiliate of a Chinese dairy producer to acquire its 156 remaining stores after a previous bid fell through, Newsday reported. The new bid calls for Valuable Hero International, based in the British Virgin Islands, to pay $28 million cash, assume liabilities of about $1.2 million for employees’ accrued vacation and sick days, and pay half the costs related to property leases that exceed $2.4 million. Valuable Hero is an affiliate of Beijing-based Feihe International Inc., which produces and distributes milk powder and soybean powder in China. A filing in federal bankruptcy court in Delaware last week said that negotiations with a previous bidder, Holbrook-based Latium Enterprises, “broke down” and the agreement with Valuable Hero becomes the stalking-horse bid that potential rivals will have to better. Latium had bid $26 million in cash.

Former employees of Gawker.com’s defunct publisher are raising money through a new crowdfunding campaign in a bid to purchase the blog out of bankruptcy and relaunch the website, WSJ Pro Bankruptcy reported. The campaign was launched yesterday on the crowdfunding website Kickstarter and seeks to raise at least $500,000. Gawker ceased publication in August 2016 after losing a lawsuit brought by Hulk Hogan. “This is a testing of the waters,” said James Del, a former vice president of programming at Gawker Media LLC who is organizing the crowdfunding drive. Gawker founding editor Elizabeth Spiers is also advising, while other former employees are providing input on the project. If successful in acquiring Gawker, Del said that the blog would be operated by a nonprofit foundation. If they reach their funding target but someone else purchases the blog in bankruptcy, Del said that they plan to launch a new publication intended to capture the “Gawker ethos” which he described as publishing unbiased and unfiltered gossip, news articles and writing.

Auto-parts maker Takata Corp. moved a step closer Tuesday to a $1.58 billion sale to Key Safety Systems, a deal it needs to complete to make good on a Justice Department settlement over its defective air bags, WSJ Pro Bankruptcy reported. Judge Brendan Shannon approved a restructuring-support agreement that locks in backing for the deal from major car makers, which are Takata’s biggest customers and, in many cases, co-defendants with the Japanese company in lawsuits over air-bag damages. The sale to Key is the core of the chapter 11 bankruptcy plan designed to resolve damage claims stemming from exploding air bags, which have been linked to a number of deaths and injuries worldwide, and forced the largest recall effort in U.S. automotive history. Claims for personal or economic injury due to the air bags drove Takata to bankruptcy. The sale to Key preserves part of the business, the lines that weren’t involved in the air-bag troubles. Creditors must vote upon the chapter 11 plan itself, which must in turn also be approved by Judge Shannon. Bankruptcy plan hearings are scheduled to start early next year in the U.S. Bankruptcy Court in Wilmington, Del., where Takata sought bankruptcy protection.

Vitamin World, a Holbrook, N.J.-based retail chain that filed for bankruptcy protection in September, has received a $26 million cash bid from Latium Enterprises to acquire its remaining 150 or so stores, according to court filings made on Friday, Newsday reported. The bid envisions keeping workers at some Vitamin World stores in their jobs, according to the filings. Latium is also based in Holbrook and is engaged in financing, consulting, manufacturing and commercial property ownership and management, among other businesses, according to data from S&P Global Market Intelligence. The bid from Latium is subject to higher bids at a court-supervised auction.