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National CineMedia LLC said on Tuesday that it would emerge from chapter 11 on or around August or September as its reorganization plan has been confirmed by the U.S. Bankruptcy Court for Southern District of Texas, Reuters reported. The biggest movie-theater advertising firm in North America will maintain its existing corporate structure with listed holding company National CineMedia Inc. after emerging from bankruptcy protection. National CineMedia LLC had filed for chapter 11 bankruptcy protection in April and said it had entered into a restructuring agreement with its lenders, underscoring the challenges facing the cinema industry, which is yet to bounce back from the pandemic slump. The company will also enter into a $55 million exit financing facility, which it would use to fund operations and growth initiatives. Its existing management team will continue to lead the reorganized company.

Lannett Co. Inc. has emerged from chapter 11 protection following the confirmation of its reorganization plan earlier this month, the Philadelphia Business Journal reported. Under its restructuring plan, the Trevose-based generic and specialty pharmaceutical company reduced its debt by about $600 million. Lannett said that it also has entered into a credit agreement to support post-emergence liquidity and invest in future growth. Details of the agreement were not disclosed. The company is now operating as a privately held company under the ownership of its pre-petition lenders. Equity shares of Lannett have been canceled and are no longer publicly trading. Lannett will continue to be led by its existing management team, with Tim Crew as CEO, alongside a newly constituted three-member board of directors. Crew is serving on the board with Jeffrey D. Goldberg and Jason Shandell. The reorganization plan was supported by all major creditors, including more than 80% of the holders of its senior secured notes and 100% of the holders of its second lien term loan. Lannett listed assets of $334.6 million and debts of $708.9 million in its chapter 11 filing in early May.

Boston-based wireless Internet service Starry plans to emerge from bankruptcy this summer with new ownership and a leadership change — but subscribers might not even notice. Under a reorganization plan approved last month by U.S. Bankruptcy Judge Karen Owens in Delaware, existing shareholders will be wiped out and Starry’s lenders will own the company. For customers, however, Starry does not plan to cut back service or raise its current $50-per-month subscription rate, the company said on Tuesday. Cofounder and former COO Alex Moulle-Berteaux has replaced chief executive and cofounder Chet Kanojia. Kanojia, a serial entrepreneur who has run Starry since 2015, remains a member of the company’s board of directors.

Mattress maker Serta Simmons Bedding yesterday said that its chapter 11 reorganization plan has been confirmed by a U.S. bankruptcy court, bringing the bedding company one step closer to emerging from bankruptcy, Reuters reported. The Doraville, Ga.-based company, whose roots date to 1870, filed for chapter 11 protection from creditors in January with the U.S. Bankruptcy Court in the Southern District of Texas, in a bid to eliminate most of its debt. The mattress manufacturer, which accounts for nearly one-fifth of U.S. bedding sales and whose brands include Serta, Simmons, Beautyrest, and Tuft & Needle, said it is operating normally as usual. Serta Simmons, backed by Apollo Global Management and Gamut Capital Management through its restructuring plan, aims to reduce its debt to $315 million from $1.9 billion, in addition to which it projects that the company's annual cash interest expense will fall by more than $100 million. The company during the COVID-19 pandemic had added $200 million of new capital to weather higher raw material costs and supply chain disruptions. However, significant amounts of debt maturing in 2023 have made the company's capital structure unsustainable, necessitating a comprehensive restructuring that is now supported by more than three-quarters of its key lenders.