The World Bitcoin Association sought bankruptcy protection in Manhattan, Bloomberg News reported yesterday. The organization listed less than $300,000 in liabilities in a bankruptcy filing yesterday.
Colorado Springs developer Ray Marshall and more than 80 partnerships and limited liability companies in which he owns an interest have filed for bankruptcy protection, the Associated Press reported yesterday. Marshall's involvement in the U.S. Olympic Committee headquarters project led to charges of theft and racketeering. Marshall's debts include a $1 million judgment from First Citizens Bank of Raleigh, N.C., which took over the failed United Western Bank in Denver that had financed the USOC building renovation. Marshall cited $4 million in debts stemming from his developments.
Standard Register Co. filed for chapter 11 bankruptcy yesterday and the printing and marketing company said it plans to sell its business to Silver Point Capital for $275 million, Reuters reported yesterday. The sale agreement will be subject to higher offers at a court-supervised auction, the company said in a statement. Standard Register has about $316 million of secured debt, according to documents filed in bankruptcy court. In addition, the company owes about $193.6 million to underfunded pensions and about $72 million to suppliers. The company also said that it will borrow up to $155 million to sustain its operations while in bankruptcy.
Dune Energy Inc., a Houston-based oil and gas explorer with operations in Texas and Louisiana, has sought chapter 11 protection following a failed merger, making the company the latest victim of falling oil prices, Bloomberg News reported yesterday. The bankruptcy filing was triggered when revenue dropped and a deal to merge with competitor Eos Petro Inc. fell through, according to court filings yesterday in Austin, Texas. Eos backed out of the deal on March 4, Dune said. The company will seek court approval to sell its assets at an auction June 9 in Houston, according to its filings. Dune, which said no bids have been made in advance, listed assets of $229.5 million against debt of $144.2 million. It asked the court to approve a loan of as much as $10 million to finance operations in bankruptcy, with Bank of Montreal and CIT Capital Securities LLC as lenders. http://www.bloomberg.com/news/articles/2015-03-09/dune-energy-falls-to-oil-price-drop-in-texas-bankruptcy-filing
Make sure to read the March ABI Journal feature article that predicts a tough year for oil and gas producers. http://www.abi.org/journal/new-energy-crisis-too-much-good-thing-debt
For further analysis of oil and gas bankruptcies, be sure to pick up a copy of ABI’s When Gushers Go Dry: The Essentials of Oil & Gas Bankruptcy. http://www.abi.org/books/when-gushers-go-dry-essentials-oil-gas-bankruptcy
Denver-based holding company Sport-Haley Holdings Inc. filed for chapter 11 protection on Thursday to help wind down its furniture maker Chromcraft Revington Inc., Reuters reported on Friday. Sport-Haley Holdings said in a statement that the bankruptcy filing was made in cooperation with its primary lender and will reduce outstanding debt.
Earth Class Mail Corp., an Oregon-based startup that converts paper mail into electronic correspondences, has filed for chapter 11 protection with a deal to sell its business for $5 million, Dow Jones Daily Bankruptcy Review reported today. Earth Class has been operating under a contractual agreement preventing bondholders from foreclosing on the company's assets. But with that deal slated to end in the next six months, Earth Class received an offer from Xenon Resources LLC — an investment firm that is also a customer of Earth Class — for $5 million.
Offshore oil and gas contractor Cal Dive International Inc. said that the company and its U.S. subsidiaries filed for voluntary bankruptcy protection, Reuters reported yesterday. Cal Dive's foreign units have not sought bankruptcy protection and will continue to operate outside of any reorganization proceedings, the company said yesterday. Cal Dive has been hurt by the slump in crude prices as oil and gas producers slash their capital spending budgets. U.S. crude prices have more than halved since June. "With our current capital structure, we are no longer able to financially withstand the industry downturn," Chief Executive Quinn Hebert said. Cal Dive said it would sell non-core assets and reorganize or sell as a going concern its core sub-sea contracting business. The Houston-based company said that it received a commitment for up to $120 million in debtor-in-possession financing from its current first-lien lenders led by Bank of America. Read more.
For further analysis of oil and gas insolvencies, be sure to pick up a copy of ABI’s When Gushers Go Dry: The Essentials of Oil & Gas Bankruptcy.
The company that poured the high-security concrete superstructure for 1 World Trade Center says that it’s struggling to stay afloat after the Port Authority of New York and New Jersey refused to pay $87 million for services rendered, the New York Daily News reported yesterday. A business entity tied to Collavino Construction Company, one of the main contractors on the Lower Manhattan tower, has filed for chapter 11 bankruptcy protection, claiming that it can’t afford to pay its suppliers until it’s been paid. The Port Authority tapped Collavino, a Canadian company with offices in New Jersey, in 2007 to construct the 105-floor concrete superstructure for the iconic building, according to the bankruptcy filing. The specially reinforced concrete it poured was designed to protect the above-ground portion of the building from a street-level blast.
Surgery-monitoring company ProNerve LLC filed for chapter 11 protection Tuesday with plans to sell itself to a competitor through a bankruptcy auction, Dow Jones Daily Bankruptcy Review reported today. The filing, in U.S. Bankruptcy Court in Wilmington, Del., comes after at least three years of losses at the company, which was founded in 2008 in a Denver suburb. The proposed buyer, SpecialtyCare IOM Services LLC, has already taken on $43.2 million in debt that ProNerve owes to a lender-group led by General Electric Capital Corp. ProNerve, backed by private-equity firm Waud Capital Partners, provides monitoring services to ensure doctors don't damage a patient's nervous system during surgeries and other delicate medical procedures.