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The long-running bankruptcy case of trucking firm Jevic Holding Corp. will convert to a chapter 7 liquidation after a Delaware judge denied approval Monday of the latest proposed settlement floated by the company and its creditors to dismiss the case, Law360 reported. During a teleconference in Wilmington, U.S. Bankruptcy Judge Brendan L. Shannon said all parties agree that there is no hope of ever confirming a chapter 11 plan and that opposition remained to the debtor’s and committee’s joint motion for a structured dismissal of the case. Read more. (Subscription required.) 

Further analysis of Jevic’s conversion will be provided in tomorrow’s edition of Rochelle's Daily Wire.

Rex Energy Corp. has agreed to run a dual-track chapter 11 that will result in either a sale or reorganization of the business, WSJ Pro Bankruptcy reported. The State College, Pa.-based natural-gas fracking company’s senior lenders, owed $261.3 million, would take control of the business upon its emergence from bankruptcy if a sale process is unsuccessful, according to papers filed on Friday in the U.S. Bankruptcy Court in Wilmington, Del. These lenders have agreed to provide Rex Energy with $100 million in new money to fund the chapter 11. As part of the deal, senior lenders’ existing debt will be “rolled up” and given top priority for repayment under the chapter 11 financing, court papers say. The bankruptcy financing must be approved by a judge.

The publicly traded parent of the Applebee’s Neighborhood Grill & Bar restaurant chain wants a court to clear a path for it to possibly seize its restaurants from a bankrupt franchisee, saying that the operator is delinquent on royalty and advertising payments but continues to benefit from trademarks such as “Eatin’ Good in the Neighborhood,” WSJ Pro Bankruptcy reported. Dine Brands Global Inc. on Wednesday asked the U.S. Bankruptcy Court in Wilmington, Del., to lift the automatic stay of RMH Franchise Holdings Inc., which filed for chapter 11 reorganization May 8. Applebee’s said it is owed almost $12.2 million by the franchisee, according to court papers. Dine Brands wants the stay lifted to allow it to enforce — through a lawsuit if necessary — its franchising rights. The company could then prohibit RMH from using Applebee’s trademarks, force the franchisee to transfer its real estate leases and give up restaurants’ premises to Applebee’s and require the sale of fixtures, equipment and inventory in the restaurants to Applebee’s.

Cambridge Analytica, overwhelmed by a scandal over how it harvested data from Facebook to influence the last U.S. election, filed for bankruptcy in New York, Bloomberg News reported. The U.K.-based political consulting firm had already said it would cease operations and wind down in its home country and the  chapter 7 petition in New York will address issues raised by U.S. creditors. The filing listed estimated liabilities of $1 million to $10 million.

The co-founder of New York-based marketing firm Didit is interested in buying gossip website Gawker Media LLC out of bankruptcy after a U.S. judge yesterday approved a settlement with the investor Peter Thiel, whose funding of a lawsuit against Gawker forced it to close in 2016, Reuters reported. A bid by Kevin Lee, co-founder and executive chairman of Didit, has set a floor price for other potential buyers in a bankruptcy auction. As part of the settlement approved yesterday by Bankruptcy Judge Stuart Bernstein, Thiel Capital LLC agreed to drop its bid to buy Gawker and its archives and also agreed to release claims against any eventual buyer. The settlement was originally proposed when Thiel abandoned his effort to buy the defunct site last month. “We remain interested in Gawker.com and if we prevail, (we) plan to relaunch Gawker as Gawker For Good, using ad revenues to donate to nonprofits,” said Lee, a search engine marketing expert.

Rex Energy Corp. said that it expects to file for bankruptcy “imminently” after talks with lenders and bondholders on restructuring its balance sheet outside of court protection were unsuccessful, WSJ Pro Bankruptcy reported. The State College, Pa.-based natural-gas fracking company said in a regulatory filing this week that it would seek chapter 11 protection after lenders, owed about $270 million, pulled the plug on restructuring talks and accelerated payment. Rex also has more than $600 million in bond debt outstanding. Rex Energy had entered into a forbearance agreement with lenders including Canyon Partners LLC, AllianceBernstein and TPG Specialty Lending Inc. to forestall a default arising from a missed interest payment. Like a number of other fracking companies, Rex Energy’s business has been hurt by the sustained decline in natural-gas prices caused by a glut in supply.

U.S. weapons manufacturer Remington Outdoor Co Inc. said yesterday that it had emerged from chapter 11 bankruptcy with less debt and more stable financing that may help it ride out a slowing market for firearms, Reuters reported. Remington, America’s oldest gunmaker, filed for bankruptcy protection in March, weeks after a shooting at a high school in Parkland, Florida killed 17 people and triggered intensified campaigns for gun control by activists. Under the reorganization plan, inked two days before the Feb. 14 Parkland shooting, creditors including JPMorgan Chase & Co. and Franklin Advisors will take ownership stakes in the company in exchange for forgiving more than $775 million of debt. Remington also received a $193 million new lending package funded by seven banks, including Bank of America Corp.