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Magnolia Petroleum plc, a U.S.-based oil and gas E&P company, has announced that it has signed a non-binding agreement with a third party for the sale of all its wells in which it has varying interests in North Dakota, being approximately 31 wells, for a total consideration of $1.5 million, according to a press release. In addition, the company announces the sale of its 100 percent interest in the Roger Swartz #1 well in Oklahoma for approximately $30,000. The proposed disposal is in line with the company’s debt reduction program and, subject to shareholder consent and completion, will substantially clear a large portion of the outstanding $2-million balance of the reserve-based lending facility of its wholly owned operating subsidiary, Magnolia Petroleum, Inc. As detailed in the company’s announcement of June 7, 2018, the Company embarked on a debt reduction program in response to the bank’s decision not to extend the lending facility and its requirement that the full outstanding amount be repaid or refinanced by July 9, 2018.

A major insurance settlement will bring another $15 million to victims of child sexual abuse in the Diocese of Duluth, N.D., the Duluth News Tribune. The settlement with Continental Insurance Company will more than double the pool of funds made available for the 125 claimants in the diocese's bankruptcy, increasing the total to $24.2 million. The agreement, filed on Wednesday in U.S. Bankruptcy Court, makes Continental the fourth of five insurers to come to terms with the diocese, which filed suit in June 2016 to force coverage of claims. Bankruptcy Judge Robert Kressel is expected to approve the agreement at a June 28 hearing, along with the $250,000 settlement reached with Church Mutual Insurance Company last week.

The Walking Company Holdings, Inc. announced yesterday that the U.S. Bankruptcy Court in Delaware has approved its chapter 11 reorganization plan and that the company expects to emerge from its restructuring process by the end of this month, according to a press release. Certain company shareholders have committed to invest $10.2 million in new equity into the Company and Wells Fargo Bank will provide “exit” financing that, in addition to the Company’s ongoing cash from operations, will allow The Walking Company to move forward.​

San Antonio-based A’Gaci, the women’s fashion and accessories retailer, is moving toward emerging from bankruptcy, the San Antonio Express-News reported. A’Gaci this week received bankruptcy court approval to enter into a commitment letter for up to $12 million in financing from a Boston lender. "It’s critical for the debtor to obtain exit financing in order to emerge from Chapter 11,” Ian Peck, an A’Gaci bankruptcy lawyer, said at a Tuesday court hearing before Chief U.S. Bankruptcy Judge Ronald King approved the request. A’Gaci filed for bankruptcy protection in January, blaming its financial problems on a failed expansion, last year’s hurricanes affecting its most profitable stores, and the delayed implementation of an inventory management system. It had $82.9 million in assets and $62.1 million in liabilities the day it filed for bankruptcy, a court filing indicates.

BK Racing will be sold, the court-approved trustee operating the team said after a hearing Tuesday, NBC Sports reported. “We’re selling a race team, we’re not just selling a charter," said Matt Smith, the trustee operating the team while it is in chapter 11 bankruptcy. “So the charter is the largest asset in this case but it’s not the only asset. This isn’t just a liquidation. What brings the best result to all creditors is the sale of a race team not just the sale of an asset.” Smith would not reveal any potential suitors but said: “We’re looking at buyers that we would think do right by this team, that would be good for NASCAR, good for creditors and good for the employees. We’re looking for the right buyer that has the right offer for this team.”

Creditors of brewery supplier 47Hops LLC are trying to oust founders Doug and Anastasia MacKinnon, who opened the business in 2013 near the craft beer industry’s peak, stating in federal court papers that the two are not competent enough to steer it out of bankruptcy given the industry’s recent slowdown, WSJ Pro Bankruptcy reported. The request for Judge Frank Kurtz of the U.S. Bankruptcy Court in Spokane, Wash., to appoint a chapter 11 trustee for the Yakima, Wash.-based merchant and wholesaler of hops products came last week from some of the company’s unsecured creditors. 47Hops buys hops from growers, turns them into pellet form and sells them to brewers. It filed for bankruptcy last year, blaming dwindling demand and unsustainable pricing in contracts it made with purchasing brewers and with growers who are scheduled to deliver hops to its processing and storage center during the next few years.

An Orange County lawyer has asked a bankruptcy judge to seize much of the $577,000 donated to porn star Stormy Daniels to pay legal bills in her suit against President Trump, the Los Angeles Times reported. The lawyer, Jason Frank, is trying to collect on a $10-million judgment he won last month against Eagan Avenatti, the Newport Beach firm of Daniels’ attorney, Michael Avenatti. The firm’s debt to Frank was among the biggest it promised to pay when it emerged early this year from chapter 11 bankruptcy protection. Frank, who worked at Eagan Avenatti from 2009 to 2016, says the firm cheated him out of millions of dollars in pay. He won the judgment after the firm broke its promise, personally guaranteed by Avenatti, to pay Frank $4.85 million. In papers filed on Monday in U.S. Bankruptcy Court in Santa Ana, Frank asked Judge Catherine Bauer to order Eagan Avenatti to give him all legal fees, up to $10 million, that the firm might collect from clients in 54 cases. One of them is the lawsuit filed by Daniels to void the nondisclosure agreement that bars her from talking publicly about what she says was a 2006 sexual encounter with Trump at a Lake Tahoe resort. She received $130,000 to keep quiet.

Streaming giant Netflix Inc. says Winston & Strawn LLP, the law firm hired to represent Relativity Media LLC in its latest bankruptcy, is legally bound to withdraw from the case, WSJ Pro Bankruptcy reported. According to Netflix, Winston & Strawn is also currently representing Netflix in patent-related litigation in Delaware. In an objection filed on Monday with the U.S. Bankruptcy Court in New York, lawyers for Netflix said that it never gave “informed consent” to Winston & Strawn regarding the firm’s representation of Relativity and that the situation creates the “potential for divided loyalty.” Netflix has asked Judge Michael Wiles, the judge overseeing Relativity’s bankruptcy, to deny the law firm’s application to work in the case or, as an alternative, to order the appointment of special conflicts counsel. Attorneys from Winston & Strawn didn’t respond to a request for comment Tuesday. A court hearing on the matter is set for June 28.

Credit Suisse will get $385 million from its bankruptcy claim against Lehman Brothers Holdings, the Swiss bank said today, less than the $1.2 billion it sought from the failed U.S. investment bank for terminated derivatives transactions, Reuters reported. The deal, which still must be approved by a U.S. court, also means the Swiss bank’s Strategic Resolution Unit will take a roughly $70 million impact in the case dating to 2009, Credit Suisse said. Once Wall Street’s fourth-largest investment bank, Lehman filed for bankruptcy protection from creditors in 2008. Lehman had contended that Credit Suisse had inflated the value of its claims related to the premature end of tens of thousands of derivatives transactions between the two companies.