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Boomerang Tube LLC, which makes pipes and tubing for oil and natural gas companies, will soon ask creditors to vote on its plan to hand control of the company to its lenders, Dow Jones Daily Bankruptcy Review reported today. In court papers filed on Tuesday with the U.S. Bankruptcy Court in Wilmington, Del., Boomerang outlined a plan under which lenders would trade approximately $214 million in debt for ownership of a reorganized company as well as for $55 million in new debt. The company has already won Bankruptcy Judge Mary Walrath’s permission to begin drawing down $145 million in bankruptcy financing to fund its continued operations while in chapter 11.

Samson Resources Corp. is reviving talks with its unsecured bondholders on a restructuring plan that would enable it to stay out of bankruptcy court and preserve some value for shareholders, Bloomberg News reported yesterday. The negotiations are pitting the unsecured bondholders — led by Blackstone LP’s credit unit GSO Capital Partners LP, Oaktree Capital Group LP and Centerbridge Capital Partners — against a group of more senior creditors. Samson, a Tulsa, Oklahoma-based natural gas producer owned by KKR & Co., is running a dual-track negotiating process with the two creditor groups. The proposal by the unsecured bondholders calls for Samson to convert its debt into a combination of senior notes and equity. The new debt will be senior to the second-lien term loan, and the group also is considering investing fresh capital into the company.

The bankrupt parent of Puerto Rico’s failed Doral Bank wants three more months to control its chapter 11 case without the threat of rival proposals as it looks to sell off more assets, the Wall Street Journal reported today. Doral Financial Corp. said that while it has “achieved a number of important tasks” in its chapter 11 case so far, including selling its insurance unit, it needs until Oct. 7 to file a viable reorganization plan and until Jan. 5, 2016, to solicit votes on that plan. Without the approval of Bankruptcy Judge Shelley C. Chapman, those periods would expire after July 9 and Sept. 7, respectively. A hearing on the matter is set for July 23, meaning Judge Chapman will likely enter a temporary extension in the meantime.

The bankrupt $3.5 billion Baha Mar mega resort in the Bahamas secured up to $30 million in interim financing yesterday, but it was unclear when construction on the stalled project would resume, Reuters reported yesterday. The resort, bankrolled and built by the Chinese and described on its website as "the world's glamorous, new playground,” is eight to 12 weeks from completion once construction resumes, a lawyer for the resort told a bankruptcy judge. Bankruptcy Judge Kevin Carey approved up to $30 million in interim financing for Baha Mar, one of the biggest commercial construction projects in the Western Hemisphere. Baha Mar's developer, Sarkis Izmirlian, the son of Armenian billionaire Dikran Izmirlian, has agreed to arrange the funding.

JW Resources Inc. filed for chapter 11 protection yesterday, the latest coal miner to seek court protection during troubles in the industry, Dow Jones Daily Bankruptcy Review reported today. The Knoxville, Tenn., company said in court papers that the decline in demand for coal and a "dramatic" increase in coal mining costs have kept it from meeting its secured debt obligations and left it struggling to operate. Unable to find new financing to sustain itself, JW Resources said it would use its time in bankruptcy to find a buyer through a court-supervised auction process. JW Resources reported assets in the range of $1 million to $10 million and debts in the range of $50 million to $100 million in its bankruptcy petition, filed in bankruptcy court.

The owners of Baha Mar, a Caribbean resort project valued at more than $3.5 billion, filed for bankruptcy court protection in Delaware, blaming delays by the general contractor, Bloomberg News reported yesterday. The four-hotel resort and golf complex, featuring the largest casino in the Caribbean and its own private island, was presented as the most significant tourism project in the history of the Bahamas. But disputes between the Swiss-Bahamian Izmirlian family, which runs Baha Mar, and a Chinese builder caused the project to miss its scheduled opening in March. Construction on Baha Mar, which was to open on March 27, remains unfinished and no new date has been set. The project is 97 percent complete, according to court papers. Baha Mar Ltd. listed unaudited assets of $3.1 billion and debt of about $2.7 billion in chapter 11 documents in U.S. Bankruptcy Court in Wilmington, Del., where affiliate Northshore Mainland Services Inc. is incorporated. 

A prominent Kentucky health-care company that once featured University of Kentucky basketball coach John Calipari in its TV ads filed for bankruptcy protection in the face of accusations from Medicare officials that it paid illegal kickbacks to doctors, Dow Jones Daily Bankruptcy Review reported today. Nurses' Registry and Home Health Corp. filed for bankruptcy on Friday in U.S. Bankruptcy Court in Lexington, Ky., demanding that Medicare officials release $1 million in payments for health-care services it provided. The 200-worker company, which provides skilled nursing, physical therapy and occupational therapy to roughly 1,350 patients, takes in nearly $1.3 million a month in Medicare payments, or about two-thirds of its revenue, according to documents filed in U.S. Bankruptcy Court in Lexington, Ky. Medicare officials suspended payments to Nurses Registry earlier this year after suing the company over alleged kickbacks and improper billing. Nurses Registry has denied wrongdoing. Read more. (Subscription required.)

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