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Houston-based Enterprise Products Partners LP won an auction for a natural gas gathering and processing system out of a bankruptcy auction, the Houston Business Journal reported today. Enterprise is buying the system with a bid of $189 million from Dallas-based Azure Midstream Partners LP, which filed for bankruptcy at the end of January, according to the statement. When it filed, Azure reported $179 million in debts, according to court filings. The deal is expected to close as soon as April 2017, and includes 960 miles of natural gas gathering pipelines, three processing facilities that represent 210 million cubic feet of processing capacity per day, and two natural gas liquids pipelines that can move up to 10,000 barrels per day each. Read more. 

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SunEdison Inc. took a major step forward in its bankruptcy reorganization, agreeing to relinquish control of its two yieldco units to Canada’s biggest alternative asset manager and clearing up some of the litigation brought by the affiliates, Bloomberg News reported yesterday. Brookfield Asset Management Inc. agreed to increase its stake in TerraForm Power Inc. to 51 percent, acquiring the additional shares at $11.46 each, according to a statement yesterday. That would give the yieldco a market value of $1.7 billion. The asset manager also will pay $787 million in cash and assume about $455 million in net debt to acquire sister yieldco TerraForm Global Inc. That values the two companies at a total of $2.94 billion, and Brookfield expects the transactions to close in the second half of this year. The transactions would help untangle SunEdison from two of its biggest affiliates that helped bring down the world’s biggest-renewable energy developer in April 2016. The complexity of SunEdison’s relationships with the yieldcos had raised corporate governance concerns and drew criticism from creditors. For Brookfield, it means acquiring a portfolio of clean power plants operating around the world, with long-term contracts to sell electricity.

A U.S. judge said Hanjin Shipping Co.’s creditors can foreclose on the South Korean company’s shipping containers and sell them, the Wall Street Journal reported today. Bankruptcy Judge John K. Sherwood of the U.S. Bankruptcy Court in Newark, N.J., on Friday gave the green light to Maher Terminals LLC, which runs one of the Port Authority of New York and New Jersey’s marine terminals, to foreclose on the container assets and sell them to pay off claims owed by Hanjin. In February, a Seoul court declared Hanjin would have to liquidate its assets — including its ships, stakes in seaport terminals and containers — marking the final chapter in its bankruptcy process and one of the ocean-shipping industry’s largest collapses ever. Maher and other creditors in late February asked the court for permission to sell the Hanjin containers taking up space on their docks, court papers show. Maher can foreclose on the 256 Hanjin containers stored at its facility, and has the right to use the proceeds to pay down their post-bankruptcy storage charges still owed to Maher by Hanjin, court papers show.

Hard Rock International said that it plans to renovate and reopen the shuttered Trump Taj Mahal casino in Atlantic City, New Jersey, at a total cost of $300 million including the purchase of the property, Bloomberg News reported on Friday. Hard Rock, a casino and restaurant operator controlled by the Seminole Tribe of Florida, will be majority owner of the rebranded Hard Rock Hotel & Casino Atlantic City in partnership with the Morris and Jingoli families, according to statement late Wednesday. The group acquired the property this week from billionaire Carl Icahn, who is whittling down his holdings in the gambling market. The new owners plan a complete remodel and rebranding of the property, which is located on 17 acres along the Atlantic City boardwalk. They said that the renovation would create 3,000 local jobs. The remodeled property could be opened by the spring of next year, according Jim Allen, chairman of Hard Rock International.

Carl Icahn is selling the former Trump Taj Mahal Casino in Atlantic City, New Jersey, to a group of investors led by Hard Rock International, whittling down his holdings in the gambling market, Bloomberg News reported yesterday. The billionaire’s Icahn Enterprises LP acquired the Taj Mahal through a bankruptcy court restructuring in early 2015 and shuttered the property in October after failing to reach agreements with striking workers over pay and benefits. Icahn already owns the Tropicana casino in Atlantic City through Tropicana Entertainment Inc. The sale doesn’t include the nearby Trump Plaza casino, which also closed. Icahn intends to sell that as well. The Taj Mahal was once the flagship of Donald Trump’s casino empire, which broke up in a series of bankruptcies. President Trump is no longer associated with the properties.

Toronto-based retail operator YM Inc. is preparing to submit an offer for the intellectual property of The Wet Seal LLC, as the 55-year-old U.S. teen retailer grapples with its second bankruptcy in the past two years, Reuters reported yesterday. YM, which owns Canadian chains Stitches, Sirens and Suzy Shier, plans to submit a stalking-horse bid for Wet Seal's intellectual property. Bids for Wet Seal were yesterday, according to the website for Hilco Streambank, which was hired to sell Wet Seal's intellectual property. Wet Seal filed for bankruptcy in February with liabilities between $50 million and $100 million after it failed to find financing to continue as a going concern. It sought court protection without a buyer in hand, and said it planned to sell all of its assets.