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A judge has set a Sept. 1 hearing on a plan by a 123-year-old amusement park to exit bankruptcy protection, the Associated Press reported yesterday. The nonprofit board that runs Conneaut Lake Park last year filed for chapter 11 protection to prevent a sheriff's sale. The bankruptcy exit plan filed last week calls for $927,000 in delinquent property taxes to be paid within a year. But $2.9 million in debts to other creditors could take as long as 20 years to repay and, even then, the plan offers other creditors "the potential for a modest recovery," meaning only part of the money they're owed. The plan includes raising an estimated $900,000 to $1.3 million by selling 330 linear feet of lakefront property that's not needed to run the northwestern Pennsylvania park, which is home to one of the nation's oldest roller coasters, the Blue Streak. Chief U.S. Bankruptcy Judge Jeffrey Deller, in Erie, gave creditors until Aug. 25 to comment on or object to the plan.

Post-bankruptcy Chassix Holdings Inc. has $300 million of exit financing from PNC Bank and some previous secured bondholders, and a board of directors including some veterans of the local auto supply chain, Crain’s Detroit Business reported today. The Southfield, Mich.-based automotive supplier has secured a $150 million exit term loan from several of its previous bondholders plus an asset-based loan from PNC. The new capital is expected to repay previous debtor-in-possession financing that Chassix used to navigate bankruptcy, as well for exit plan payments and working capital. Chassix filed for Chapter 11 reorganization March 12 in New York. U.S. Bankruptcy Judge Michael Wiles confirmed the company’s reorganization plan to exit bankruptcy court July 9.

Treetops Resort in Michigan’s northern Lower Peninsula says that it has emerged from chapter 11 protection following a voluntary reorganization, the Associated Press reported yesterday. The golf and ski resort announced on Monday that the process gave its owners time to shed legacy debt and position itself financially for future improvements. The resort sought reorganization under bankruptcy law in November and remained open during the reorganization.

Since a judge approved its exit financing last month, LightSquared’s path for getting out of bankruptcy now hinges on the Federal Communications Commission giving the nod to transfer LightSquared’s spectrum license to its new owners: JPMorgan Chase & Co., Fortress Investment Group LLC and Centerbridge Partners LP, Bloomberg News reported today. But it lacks the one thing that will be the biggest factor in whether it can survive outside a court’s protection — FCC approval to operate its satellite-based wireless network. The FCC has no deadline to decide on the use of the spectrum, and the Justice Department has asked for time to vet foreign interests in the new ownership structure, leaving it unclear when the license transfer may be decided. 

A lawyer for the former RadioShack Corp. said that the company has made significant progress toward wrapping up its bankruptcy case, but a handful of potential roadblocks remain, The Wall Street Journal reported yesterday. During a hearing, lawyers for the electronics retailer told Hon. Brendan L. Shannon that the former RadioShack and its creditors have reached an agreement on the general terms of a settlement that would provide funding for its chapter 11 plan and cover mounting administrative expenses such as legal fees. The agreement resolves a bid by Salus Capital Partners LLC to shut down the electronics retailer’s restructuring efforts in favor of a chapter 7 liquidation. Salus, a hedge fund owed $150 million, had previously said that what remains of RadioShack can be dealt with more efficiently in chapter 7, which would oust teams of expensive lawyers and advisers and replace them with a trustee. Some of the finer points of the settlement haven’t yet been worked out, and any formal deal will be subject to final court approval.

Bondholders that have raised billions to buy Energy Future Holdings Corp.’s prized business, Oncor, will get a shot at pulling off their deal, The Wall Street Journal reported yesterday. Loaded with $42 billion in debt, Energy Future has been looking for a way out of bankruptcy since last year. Energy Future believes a buyout offer for Oncor from junior bondholders, in an alliance with Hunt Consolidated Inc., is “the superior path” to the exit. Besides Hunt, backers of the bondholder buyout include Anchorage Capital Group, Arrowgrass Capital Partners, Centerbridge Partners, the Blackstone Group’s GSO subsidiary, Avenue Capital Group and Teacher Retirement System of Texas. A cash-generating Texas transmissions business, Oncor operates free of the financial troubles that pushed Energy Future into chapter 11 protection. Until recently, it was destined for the bankruptcy auction block. Energy Future scrapped plans to sell Oncor at auction after bondholders campaigned to capture the value for creditors, through an in-bankruptcy buyout. 

Auto parts maker Chassix Holdings Inc. won final court approval of its restructuring plan on Thursday, after reaching a broad settlement with its major creditors last month, the Wall Street Journal reported on Friday. Bankruptcy Judge Michael Wiles said that he would sign off on the plan, following a day-long hearing in which several of Chassix’s financial professionals testified that the plan provides the best path forward for the company. The plan has the support of private-equity firm Platinum Equity Advisors, which owns Chassix, as well as holders of the company’s secured bonds and about 85 percent of its unsecured bonds. Chassix announced a couple weeks ago that it had struck a new restructuring deal supported by the majority of its creditors. Chassix’s overall strategy in bankruptcy is to convert more than $500 million in debt into equity in a reorganized company. The new deal significantly enhanced recoveries to three classes of the company’s unsecured creditors. Unsecured trade creditors are now expected to recover between 35 percent and 40 percent of the $31 million they are owed, according to court papers. Other unsecured creditors are slated to recover 10 percent.

Aereo Inc., the company behind a now-defunct TV-streaming service, won final court approval yesterday of a liquidation plan that will divvy up the proceeds from the sale of the company’s assets, the Wall Street Journal reported today. Bankruptcy Judge Sean Lane said that he would sign off on the plan following a brief hearing yesterday. Unsecured creditors, slated to receive about 10 percent of what they are owed, voted unanimously to support the proposal. Aereo effectively shut down a year ago following a landmark U.S. Supreme Court loss last June and sought chapter 11 protection in November. Under the liquidation plan, proceeds from the sale of the company’s assets are earmarked to pay a $950,000 settlement the company reached with broadcasters to put an end to litigation over the legality of Aereo’s business model.