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The U.S. Bankruptcy Court for the Northern District of Texas yesterday confirmed a joint reorganization plan for Falcon Steel Co. and its affiliates, according to a press release. The confirmation hearing, held on March 30, declared Falcon Steel officially out of bankruptcy and gives management court approval to proceed according to its proposed plan. Throughout the restructuring process, Falcon Steel has continued to operate as normal. Since the chapter 11 filing was about covenants and not the company's ability to pay, its day-to-day operations were never compromised, said Falcon Steel CEO Jim Taylor.

A bankruptcy court last week approved a plan that will let financially-strapped Morris Brown College emerge from bankruptcy, the chairman of the college’s board of trustees said, the Atlanta Journal-Constitution reported on Saturday. Morris Brown College Board Chairman Preston Williams said the action, approved at a Wednesday hearing and confirmed Thursday by a signed order by Judge Barbara Ellis-Monro, “will allow the college to exit bankruptcy and move forward to regain its accreditation.” The college filed for chapter 11 bankruptcy reorganization in August 2012. In a motion filed last week, the college spelled out a plan to resolve several remaining minor claims, including debts to ADT Security Service, the Robert W. Woodruff Library, a consulting firm and two individuals. A hearing on that motion has been scheduled for April 29.

Exide Technologies Inc. won court approval yesterday to start the process of polling creditors on the Chapter 11 plan the battery maker hopes will see it out of bankruptcy by the end of March, Dow Jones Daily Bankruptcy Review reported today. Bankruptcy Judge Kevin Carey said that he would sign off on voting materials at a hearing in the U.S. Bankruptcy Court in Wilmington, Del. Exide has backing for its reorganization from holders of about 35 of its senior bonds.

The federal judge who ruled that Caribbean resort Scrub Island can leave bankruptcy protection also turned down a request from the resort's lender, FirstBank Puerto Rico, that would have shut the 53-room resort down while another judge reviews the case, Dow Jones Daily Bankruptcy Review reported today. Bankruptcy Judge Michael Williamson made it clear that the resort, which opened in 2010, could exit bankruptcy even though bank officials are still challenging the resort's repayment plan with an appeal. That plan has given the resort access to part of $18 million which has been promised by some of the resort's owners and a lender.

Madera Roofing, one of the largest roofing contractors in Central California, has emerged from chapter 11, the Pacific Business Journal reported today. Madera Roofing originally filed the petition in October 2013 as a result of being named a co-defendant in at least 28 construction lawsuits in various venues. The costs of legal fees, insurance payments and management distraction were huge and propelled the company to file and reorganize its financial affairs, said Victor Breedlove, Madera Roofing president. The chapter 11 plan results in 100-percent payment of all credit claims plus interest, said James Lowe of Executives Edge, which served as the chapter 11 trustee.

The YMCA of Metropolitan Milwaukee announced that its reorganization plan has been confirmed by a U.S. bankruptcy court, WISN.com reported on Friday. The organization voluntarily filed for chapter 11 protection in June 2014, and a reorganization plan, which was submitted on Nov. 30 and amended on Dec. 17. The plan approved by the court on Friday has been approved by all of the YMCA's major creditors.

A bankruptcy judge on Friday signed off on shipper Nautilus Holdings Ltd. plan to exit bankruptcy protection, Dow Jones Daily Bankruptcy Review reported today. Bankruptcy Judge Robert Drain approved Nautilus's restructuring plan, according to Nautilus's bankruptcy lawyer Jay Goffman of Skadden Arps. The chapter 11 plan called for Nautilus to restructure $772.6 million in debt tied to six different loans secured by its fleet of 16 vessels. The plan calls for many of the loans to be repaid in full under new terms, while some of the debt would be converted to equity.