Neiman Marcus Group said on Friday that it expected to emerge from chapter 11 bankruptcy by the end of this month under a restructuring plan that is likely to eliminate more than $4 billion of its debt, Reuters reported. The luxury department store chain filed for bankruptcy protection in May, in one of the highest-profile retail collapses during the COVID-19 pandemic. The 113-year old company said certain institutional investors will fund a $750 million exit financing package that would fully refinance its debtor-in-possession loan and provide additional liquidity for its business. The U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, approved Neiman Marcus’ reorganization plan.
Bruin E&P Partners has emerged from bankruptcy that allowed the Houston oil and gas company to eliminate most of its debt, the Houston Chronicle reported. The company, backed by private equity firm ArcLight, eliminated more than $840 million of nearly $1.1 billion of debt from its balance sheet after emerging from chapter 11 bankruptcy this week. Bruin emerged from bankruptcy with a new board of directors, composed of Kevin Asarnow, Mark Bisso, Richard J. Doleshek, Mike Wichterich, and Matthew Steele. The company said it also has access to a new $230 million revolving line of credit. The privately-held company, which is focused on oil and gas production in North Dakota, filed for bankruptcy in July after its lenders reduced the company’s credit line, cutting its lifeline to remain in operation. At the time of its bankruptcy filing, Bruin had $11 million on hand.
Denbury Resources Inc. got the green light to exit bankruptcy with a plan that hands the oil-and-gas producer to creditors and cuts $2.1 billion in bond debt, WSJ Pro Bankruptcy reported. Bankruptcy Judge David R. Jonesapproved Denbury’s prepackaged chapter 11 plan during a hearing on Wednesday. The plan had broad creditor support and calls for the company’s second-lien bond and convertible notes to be exchanged for nearly all of the equity in the reorganized company. The company’s lenders are also providing $615 million in exit financing to help it leave chapter 11. Fidelity Management & Research Co. and GoldenTree Asset Management LP, both major holders of Denbury bond debt, will pick some members of the company’s new board under the plan. Other bondholders backing the plan include Cyrus Capital Partners LP and J.P. Morgan Investment Management Inc., court papers say. Plano, Texas-based Denbury filed for bankruptcy protection in July, one of several energy companies pushed into chapter 11 over the past six months by the market downturn caused by the coronavirus pandemic and a drop in oil prices due to a price war between Russia and Saudi Arabia. Before the pandemic, Denbury had been exploring ways to address its debt load outside bankruptcy court. The company listed $3.1 billion in total debt when it filed for chapter 11 protection.
U.S. oil and gas company Whiting Petroleum Corp said yesterday that it had emerged from chapter 11 protection and completed its financial restructuring, shrinking its funded debt by about $3 billion, Reuters reported. Whiting had become the first publicly traded shale producer to file for bankruptcy in April after the historic crash in crude prices in the previous month. The company said its capital structure includes a new $750 million reserve-based revolving credit facility maturing in April 2024. Shares of the company’s new common stock will start trading on the New York Stock Exchange under the ticker symbol “WLL” today.
