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EP Energy Corp. floated a chapter 11 exit strategy that would hand the business to senior bondholders and cut $4.4 billion in debt, the company’s second restructuring proposal after failing in a previous bid to exit from bankruptcy, WSJ Pro Bankruptcy reported. The oil-and-gas company had hoped to leave court protection after winning approval in March from the U.S. Bankruptcy Court in Houston for a debt restructuring that relied on financing commitments from Apollo Global Management Inc. and other big investors. But as the COVID-19 pandemic and a global price war hammered oil markets and upended assumptions across the energy industry, those firms backed off their pledge to finance the company’s exit from chapter 11. The collapse of the Apollo-led bankruptcy plan sent EP Energy back to the negotiating table. EP Energy has now agreed to hand itself over to senior bondholders owed $1 billion, according to court papers filed Monday. Those bondholders would receive 100 percent ownership of the company — an estimated 38.5 percent recovery on their claims. Junior creditors would receive nothing on $3.5 billion in unsecured claims. The bulk of EP Energy’s top-ranking bank lenders have also agreed to support the framework, which requires court approval.

The parent company of century-old women’s apparel brand New York & Co. has filed for bankruptcy protection and plans to liquidate all its stores after being hurt by forced closures and supply-chain issues during the coronavirus pandemic, WSJ Pro Bankruptcy reported. New York-based specialty retailer RTW Retailwinds Inc., which also owns the Fashion to Figure and Happy x Nature brands, filed for chapter 11 protection on Monday in the U.S. Bankruptcy Court in Newark, N.J., listing assets of about $405 million against nearly $450 million in debt. RTW said that it has started store-closing sales and inventory liquidations at its 387 retail stores in 32 states while it considers a sale of its e-commerce business and intellectual property. The retailer has hired liquidators Great American Group LLC, a subsidiary of B. Riley Financial Inc., and Tiger Capital Group LLC to conduct the closing sales, which are expected to conclude by Aug. 31, court papers show. The company said 92 percent of its brick-and-mortar stores have reopened after temporary closures due to the pandemic. Founded in 1918 as Lerner Shops and formerly known as New York & Co., the business changed its name to RTW in November 2018. RTW had employed about 5,000 people in February, with roughly 3,600 of those employees working part time.

Hi-Crush Inc., a supplier of sand used in fracking, is the latest company in the oil and gas sector to be pushed into bankruptcy by low crude prices and the disruption from the coronavirus pandemic that has roiled the energy industry, the Wall Street Journal reported. Hi-Crush filed for chapter 11 protection yesterday in the U.S. Bankruptcy Court in Houston. The filing comes weeks after the Houston-based company disclosed it was negotiating terms of a bankruptcy filing with its key creditors. Publicly traded Hi-Crush said last month in a regulatory filing that during the first quarter of 2020 it “faced a sharp and rapid decline, which was driven by a decrease in crude oil prices and overall oil field activity” primarily due to an oil price war between Russia and Saudi Arabia. Hi-Crush also said it was hurt by falling demand for oil because of the COVID-19 pandemic. Hi-Crush said in a regulatory filing it has taken several steps to preserve its cash and cut costs, including cutting its expected capital spending for the year by 40 percent and laying off about 60 percent of its workforce.

Sur La Table Inc., the specialty retailer of high-end kitchen wares and cooking classes, filed for bankruptcy with plans that could result in a sale to affiliates of Fortress Investment Group, Bloomberg News reported. The company’s chapter 11 filing in New Jersey includes financing to keep Sur La Table in business and support from its existing lenders. The Seattle-based company listed assets and liabilities of as much as $500 million each in its bankruptcy petition. The chain closed its stores and canceled cooking classes across the country in March as the virus clamped down on commerce in the U.S., according to the company’s website. By July 4, 121 Sur La Table stores across the country reopened, according to Wednesday’s statement, which said some of its locations will be closed permanently. The bankruptcy plan calls for Fortress to act as a stalking-horse bidder. Fortress is working with STORY3 Capital Partners, the company said. Sur La Table traces its roots to Seattle’s Pike Place Market in 1972. It has grown from just 86 stores when Investcorp acquired it in 2011 for $146 million, according to a filing and statement at the time.

Endologix Inc., which makes medical devices for aortic disorders, has filed for chapter 11 protection and agreed to a plan of reorganization supported by Deerfield Partners, its largest creditor, that will take it private, the Los Angeles Business Journal reported. Irvine, Calif.-based Endologix said that “after evaluating a variety of strategic options,” it decided the bankruptcy filing provided “the best path to address financial challenges resulting from COVID-19 and the related delays in elective medical procedures and to realize the full benefits of operational enhancements made over the past two years.” Endologix’ stock plummeted to a record low Monday after the announcement and was trading at 25 cents a share by late afternoon trading, down 68 percent from Friday’s close. Under the terms of the reorganization plan, Endologix will become a private company and said it expects to emerge well-capitalized by the end of the third quarter of 2020 and positioned for long-term growth.

NPC International Inc., the nation’s largest Pizza Hut and Wendy’s franchisee, filed for bankruptcy Wednesday and will put its burger restaurants up for sale as it continues to hold discussions over the fate of its pizza outlets, WSJ Pro Bankruptcy reported. The company, which operates more than 1,200 Pizza Hut locations and about 400 Wendy’s Co. restaurants, had been struggling even before the coronavirus pandemic forced many of its eateries to close. The company nearly filed for chapter 11 earlier this year before a group of lenders threw it a financial lifeline. The company said that the Pizza Hut chain has been a particular drag on NPC for years, amid steep competition from rivals and Pizza Hut parent Yum Brands Inc.’s reluctance to invest in the chain, according to a filing in the U.S. Bankruptcy Court in Houston. Nevertheless, if all goes well in bankruptcy, NPC intends to reorganize around its Pizza Hut eateries and emerge from chapter 11 under new ownership. NPC was in default on payments owed to the Pizza Hut parent when it filed for bankruptcy, court filings show. The franchisee has nearly $900 million in debt.

Lilis Energy, an oil and gas producer, announced on Monday that it filed for chapter 11 protection in Houston, TheStreet.com reported. Lilis operates in the Permian Basin of West Texas and Southeastern New Mexico. It has a restructuring agreement with many of its creditors and equity holders, including Varde Partners, the company said in a statement. Under the agreement, common shareholders would be wiped out. The plan, which must be approved by the bankruptcy court, would likely reduce Lilis’ funded debt obligations by more than $34.9 million. It has received a commitment from its bank lenders to provide up to $15.0 million in debtor-in-possession financing. The company anticipates up to $5.0 million will be available on an interim basis. The plan is contingent on Varde providing an equity commitment and additional debtor-in-possession financing. If Varde decides not to do so, or the restructuring plan isn’t pursued, Lilis will sell off its assets, the company said.

Frac-sand supplier Covia Holdings Corp. has filed for bankruptcy as part of a plan to cut more than $1 billion in debt and shed its railcar leases after taking a beating from the economic disruption sparked by the coronavirus pandemic and lower energy prices, WSJ Pro Bankruptcy reported. The Independence, Ohio-based company filed for chapter 11 protection in the U.S. Bankruptcy Court in Houston on Monday after reaching a restructuring support agreement with a group of holders of a majority of its secured debt. Under the plan, Covia’s creditors would own the reorganized company once it emerges from bankruptcy. The current majority owner of the publicly traded company is Belgian mining company SCR-Sibelco NV, which holds 65 percent of its shares. Covia has debt of about $1.6 billion, court papers show. The company said its cash reserves of about $250 million will provide liquidity to fund its U.S. operations and manage the reorganization process. Its international units, including those in Canada, Mexico and Denmark, aren’t included in the bankruptcy filing.

Home decor retailer Old Time Pottery announced Monday morning that it has started chapter 11 bankruptcy proceedings in order to restructure its finances, the Murfreesboro (Tenn.) Daily News Journal reported. Based in Murfreesboro, Tenn., the company said that the move was due to the COVID-19 pandemic. "Prior to COVID-19, Old Time Pottery was growing profitability at a near-record pace. When COVID-19 hit in March 2020, the company experienced a sudden and precipitous decline in sales that lasted for six weeks with mandates to close numerous store locations in accordance with state and local government regulations," according to a company news release. As part of the chapter 11 effort, Old Time Pottery will close stores in Fayetteville, N.C., North Charleston, S.C., Rockford, Ill., and Orlando. No reductions in staffing or other closures are expected at other stores, distribution centers or store support centers, the release said. Old Time Pottery operates 43 stores in 11 states, according to its website.