Lafayette, La.-based PetroQuest Energy Inc. emerged from bankruptcy after meeting conditions of its chapter 11 reorganization plan, which was confirmed by the U.S. Bankruptcy Court for the Southern District of Texas on Jan. 31, the Oil & Gas Journal reported. Through the process, the company eliminated $295 million in debt and preferred equity obligations. The company’s post-restructuring balance sheet includes $130 million of debt outstanding. The company’s current cash balance is estimated at $23 million. Estimated proved reserves for the company as of Dec. 31, 2018, comprised 82 percent gas, 5 percent oil, and 13 percent natural gas liquids. Nearly 47 percent of the reserves were proved developed. Read more.
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Fullbeauty Brands Inc., the women’s plus-size retailer, set a record for the fastest U.S. corporate bankruptcy after taking less than 24 hours to win court approval for its plan to restructure the company, Bloomberg News reported. The company had support from all its stakeholders when it filed for chapter 11 protection on Sunday in the U.S. Bankruptcy Court in White Plains, New York. Fullbeauty, which had more than $1 billion of borrowings, is cutting around $900 million of debt through the bankruptcy process, allowing it to funnel less cash toward interest payments while it turns itself around. Judge Robert Drain said on Monday there were good reasons to approve the company’s plan promptly, including that every creditor had voted for the plan, and that the company has foreign suppliers that may not be comfortable selling to a company in bankruptcy. He gave verbal approval for the plan on Monday in court, less than a day after the original filing, and yesterday signed the official order approving the plan.
David’s Bridal succeeded in using bankruptcy to slash burdensome debt it had acquired through a private-equity buyout years ago. The chain emerged from bankruptcy with more sustainable finances on Jan. 18, USA Today reported. But the company’s challenges aren’t over. With digital threats emerging, marriage rates declining and wedding alternatives proliferating, David’s Bridal is adjusting its business to stay competitive. The company has lowered prices on many of its bridesmaids' dresses, added more plus-size options and guaranteed free one-on-one consulting for brides-to-be. "I believe we have a significant opportunity to improve the customer experience in our stores and have been working to do so, with early steps being the introduction of a one-to-one service model," David’s Bridal CEO Scott Key said.
