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The owner of the shuttered Cal Neva Lodge & Casino once owned by Frank Sinatra has filed for bankruptcy protection, again jeopardizing plans to reopen the historic resort on the shores of north Lake Tahoe, the Associated Press reported yesterday. Criswell-Radovan, a California-based developer, purchased the property in 2013 with ambitious renovation plans. Tahoe Regional Planning Agency officials hope the developer follows through with plans to reopen the 10-story hotel and 6,000-square-foot casino straddling the California-Nevada border. Criswell-Radovan has canceled numerous announced grand openings for the property over the last several years, most recently this spring. Criswell-Radovan owed more than $27 million last month to creditors affiliated with the project, including $7 million to the lead contractor, the Las Vegas-based Penta Building Group.

C&J Energy Services Ltd. said yesterday that it has entered into a restructuring support agreement (RSA) with certain of its secured lenders representing greater than 50 percent of the outstanding principal amount under the Company’s secured credit facility, according to a company press release. The terms of the RSA provide for the implementation of a restructuring that contemplates, among other things, a debt-to-equity conversion of the entire secured credit facility and an equity rights offering through a chapter 11 plan of reorganization. The restructuring will enable the company to deleverage its balance sheet — eliminating approximately $1.4 billion of existing debt — while continuing daily operations in the normal course. Read more. 

Listen to a panel of experts drill down through the issues involved in an oil and gas bankruptcy at ABI's 23rd Annual Northeast Bankruptcy Conference starting on Thursday at the Omni Mount Washington Resort in Bretton Woods, N.H. Register here.

Get a better understanding of what happens when an oil, gas or other natural resources company goes bankrupt. Order your copy of ABI's revised and expanded When Gushers Go Dry: The Essentials of Oil & Gas Bankruptcy, Second Edition. 

General Motors Co. is fighting to get equipment and inventory from a family-owned auto parts supplier that filed for chapter 11 protection last week, saying that a contract dispute threatens to shut down 19 GM assembly plants in North American and lead to “tens of millions of dollars in losses,” the Wall Street Journal reported today. Clark-Cutler-McDermott Co., a 115-year-old interiors supplier based in Massachusetts, filed for bankruptcy on Thursday and blamed the move on an unprofitable contract with GM that has drained it of $30,000 a day since 2013. In responses filed on Friday, GM accused the supplier of using the bankruptcy process and its position as a critical parts supplier to protect personal interests rather than honor contracts. CCM, which makes interior trim components and insulation, is hoping to use bankruptcy to cut ties with GM and sell its business. However, GM claims in court papers that it has the right to certain parts of CCM’s business.