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The Aspen Club and Spa has rolled out a reorganization plan that calls a buyout the worst possible outcome for the creditors owed more than $100 million in its bankruptcy case, with its chief goal to get $140 million in financing to build what it calls a “world-class club and spa facility,” the Aspen (Colo.) Times reported. The plan also calls for Michael Fox, the president of The Aspen Club, to remain at the helm to “oversee the day-to-day operations” while being “subject to the oversight of the new board,” according to The Aspen Club’s reorganization plan. The Tuesday filing marked the second time The Aspen Club, through Denver law firm Markus Williams Young & Hunsicker LLC, has produced a reorganization plan in its attempt to satisfy its creditors, which, generally speaking, must confirm the plan in order for the bankruptcy court to accept it. The original version was filed in September. A disclosure statement to creditors, also filed last week, summarizes a plan that puts the mechanics’ lienholders at the top of the pecking order of payback priority. Combined, those mechanics’ lienholders with secured claims would receive $26.8 million under the reorganization plan.

Southcross Energy Partners, L.P. yesterday announced that the U.S. Bankruptcy Court for the District of Delaware has confirmed the company’s reorganization plan, according to a press release. The company expects to successfully emerge from chapter 11 protection by the end of the month. Through the court-supervised process, Southcross has completed the sales of its natural gas pipeline network in Corpus Christi, Texas and pipelines and related assets in Mississippi and Alabama and strengthened its financial position by using the proceeds of the sales to significantly reduce its debt. Additionally, as previously announced in November 2019, Southcross acquired the Lancaster Gathering and Treating System from Southcross Holdings LP.

A major North American phone repair and remarketing company has received court approval to restructure its debt, allowing it to come out of bankruptcy in the coming days, E-Scrap News reported. Illinois-headquartered 4L Holdings, the parent company for Clover Wireless, filed for chapter 11 bankruptcy in December. The filing provides insight into the company’s business partners, including some large and recognizable companies: HP, Uber, Samsung, Batteries Plus, Blackberry and others. It also showed 4L Holdings estimates it has up to $50,000 in assets and between $500 million and $1 billion in liabilities. Doing business as Clover Technologies Group, 4L Holdings used to own Clover Imaging, a large printer cartridge remanufacturing and printer parts company. But with Clover Technologies Group struggling under a heavy debt load, it sold Clover Imaging in December, using money from the sale to help pay down debt. After selling the printer cartridge business, 4L Holdings filed for Chapter 11 bankruptcy, seeking to restructure its debt, including converting debt to equity. According to a Jan. 22 press release, the bankruptcy court approved its repackaging plan of reorganization, “paving the way for the reorganized company to successfully emerge from Chapter 11 in the coming days.” Clover Technologies Group also recently acquired Teleplan International, a Netherlands-based provider of electronics supply chain services (Teleplan was not included in the bankruptcy filing).