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Mach Gen LLC, the owner of three natural-gas fired power plants, will cut debt by about $1 billion as it exits bankruptcy after winning court approval of a prepackaged restructuring plan in just over a month, Bloomberg News reported on Friday. Second-lien lenders will gain control of the company. The plan was “overwhelmingly supported” by creditors and owners, allowing Mach Gen to get through bankruptcy in about 40 days, company lawyer Michael E. Comerford said at a hearing on Friday. Mach Gen sought bankruptcy protection March 3 listing assets of about $750 million and debt of about $1.6 billion. Under an agreement reached before the filing, second-lien lenders will swap about $1 billion in debt for 93.5 percent of the reorganized company’s equity. Current shareholders will get the remaining 6.5 percent of the equity.

Glacial Energy Holdings Inc., an electric company that operates in more than 20 states, filed for bankruptcy protection Thursday with a plan to sell its business to Vantage Commodities Financial Services LLC, subject to higher bids at auction, the Wall Street Journal reported today. The company, based in Dallas, Texas, filed for chapter 11 protection along with more than a dozen affiliates listing assets between $500 million and $1 billon and debt of more than $1 billion. Glacial Energy, a retail energy supplier selling electricity and natural gas, filed for bankruptcy after an earlier deal to sell the company fell apart, according to court papers. The company is in default on a loan provided by New York-based Vantage, a joint venture between EDF Trading North America, LLC and VMAC, LLC. It blamed its financial difficulties on changes in consumer behavior and increased market completion, which have taken a significant bite out of its revenue.

Women's clothing retailer Coldwater Creek Inc. filed for chapter 11 protection today, Reuters reported. The retailer listed assets of $10 million-$50 million and liabilities of $100 million-$500 million, according to its bankruptcy filing. The Sandpoint, Idaho-based company said that it has received a commitment for $75 million in debtor-in-possession financing from its existing lender Wells Fargo. Coldwater Creek last October announced plans to seek strategic alternatives, including a possible sale.

Bankruptcy Judge Brendan Shannon yesterday approved Sorenson Communications Inc.'s restructuring proposal, which a company lawyer said was supported by 100 percent of the creditors that voted on it, Dow Jones Daily Bankruptcy Review reported today. The company's pre-packaged bankruptcy plan was hashed out with creditors before the company filed for chapter 11. The restructuring stretches out the term of Sorenson's funded debt while transforming $735 million in senior secured notes into an 87 percent ownership stake in the company, cash and new notes.

Associated Community Services, one of the largest charity telemarketers in the U.S., has filed for chapter 11 protection, the Detroit Free Press reported today. The company, which keeps as much as 90 percent of the money it raises for its not-for-profit clients, has come under fire in various states for some of its phone tactics. In March, for example, the company agreed to a $45,000 settlement with the Michigan Attorney General’s office for misleading senior citizens in their phone pitches. ACS names 39 creditors in the court documents it submitted last month, including AT&T, the cities of Dearborn and Southfield, Ricoh, PNC Bank, Oakland County, a Missouri law firm and a Syracuse, N.Y. headphones company. It owes the IRS more than $15.5 million and the state of Michigan more than $1.1 million, according to court documents.

Ally Financial Inc.'s initial public offering has been priced at the lower-end of the expected range at $25 per share, an underwriter said, valuing the bailed-out auto lender at about $12.04 billion, Reuters reported yesterday. The IPO raised about $2.38 billion, making it the biggest U.S. offering so far this year, eclipsing that of Santander Consumer USA Holdings Inc. and IMS Health Holdings Inc. Santander Consumer, the auto-finance unit of Spanish bank Santander, raised $1.8 billion in January, valuing the firm at about $8.34 billion at its offering price. The U.S. Treasury, which bailed out Ally for $17.2 billion during the 2008 financial crisis under the Troubled Asset Relief Program (TARP), sold all the 95 million shares on offer. Ahead of the IPO, taxpayers had recovered $15.3 billion of that investment. The Treasury department said in a statement that including the anticipated proceeds from the IPO, taxpayers would have recovered about $500 million more than what was originally invested in the company.

Hedwin Corp., a generations-old industrial plastics packaging company, is under bankruptcy court protection as a sale to a long-time associate is in the works, PlasticsNews.com reported yesterday. Baltimore-based Hedwin lists debts of slightly more than $18 million and assets of $15 million, according to a chapter 11 filing this month in the U.S. Bankruptcy Court in Baltimore. Hedwin, which dates back to 1946, makes products including pail and drum liners, blow molded containers and a trademarked collapsible liquid container called the Cubitainer. But a June 13, 2013, fire at the company’s Baltimore facility helped push Hedwin to the financial brink. “The fire negatively affected the debtor’s operations, causing a shutdown in certain assembly lines,” the bankruptcy court filing states.

A onetime funder of Scott Rothstein's $1.2 billion Ponzi scheme has reached a settlement with the bankruptcy trustee of Rothstein's former law firm that will bring in roughly $400,000 to help repay creditors, Dow Jones Daily Bankruptcy Review reported today. The funder, Frank Preve, agreed to pay $65,000 in cash, give up the deed to a $350,000 house he owns in Cape Coral, Fla., and hand over a St. Thomas timeshare worth $56,000, according to a filing made on Tuesday in U.S. Bankruptcy Court in Fort Lauderdale. The overall settlement value of $471,000 falls short of the $5.06 million that chapter 11 trustee winding down the Rothstein Rosenfeldt Adler law firm initially sought when he sued Preve three years ago.

Unsecured creditors expected to go unpaid in Sbarro LLC 's second trip through bankruptcy say that the pizza chain is blatantly disregarding landlords and others owed money by the company, Dow Jones Daily Bankruptcy Review reported today. The official committee representing Sbarro's unsecured creditors on Monday filed an objection to Sbarro's proposed $20 million bankruptcy loan, which it says sets the restaurant company's restructuring on a path that hurts the committee's members. Unsecured creditors aren't expected to recover any of their claims through the restructuring.

Speech-technology company DynaVox Inc. and two affiliates have filed for chapter 11 protection in a bid to put the brakes on a move by secured lenders, the Wall Street Journal reported today. The company is grappling with restructuring its assets and debts estimated at between $10 million and $50 million. A supplier of systems and software to help people with speech, language and learning challenges, DynaVox warned shareholders last year it was under pressure to pay off debts.