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New court documents shed light on Tesco PLC's apparent generosity to creditors of the U.S. grocery chain it is seeking to ditch, Fresh & Easy Neighborhood Market, Dow Jones Newswires reported yesterday. Fresh & Easy's U.K. parent drained nearly $214 million in cash out of the U.S. venture in the year before dumping it into bankruptcy, while complaining it was losing an average $22 million per month. Unless another bidder steps up soon with a better offer, Tesco is financing a sale of the bulk of the business to the Yucaipa Cos. It is a deal that will keep stores open, save jobs, and provide suppliers with a continuing customer. Tesco has said in court documents that it put more than $3 billion in debt and equity into the venture, an effort to break into the competitive market of selling fresh food in California, Nevada and Arizona just as those areas were being slammed by the recession.

Advantage Rent a Car received bankruptcy court approval to access $20 million in new financing from a lender that's also willing to purchase the car-rental chain, Dow Jones Daily Bankruptcy Review reported today. Bankruptcy Judge Edward Ellington on Friday authorized Advantage to draw up to $20 million of the $36 million bankruptcy loan.

Global Aviation Holdings Inc., the largest commercial provider of charter air transportation for the U.S. military, filed for bankruptcy protection today, just months after emerging out of its prior reorganization process, Reuters reported. Global Aviation previously filed for chapter 11 bankruptcy in 2012 to achieve "industry competitiveness" by cutting costs and debt load, and it emerged from the bankruptcy in February this year. Global Aviation said that the continued worldwide downturn in commercial freight markets along with the U.S. military's decision to curtail its cargo expansion flying has made it necessary for it to file for a court supervised reorganization process. In the court filing, Global Aviation said that the military's decision would reduce the charter provider's planned revenue for 2014 by about $54 million and will create "significant over-capacity in the military charter cargo business." Global Aviation said it expects to cut about 16 percent of jobs over the next 90 days.

Dynegy Inc. reported third-quarter net income of $22 million on revenue of $446 million, three days after the last of the companies in the power producer’s group emerged from bankruptcy reorganization, Bloomberg News reported today. For the three quarters ended Sept. 30, the net loss was $265 million, Houston-based Dynegy said yesterday in a regulatory filing. Revenue for the nine months totaled $1.07 billion. In August, Dynegy received permission from the bankruptcy judge to sell its non-operating Danskammer plant for $3.5 million and the assumption of environmental cleanup obligations. The collapse of a sale to another purchaser disabled the four so-called operating companies from implementing their plan until Nov. 4, although it was approved when the judge signed a confirmation order in March.

Lehman Brothers Holdings Inc. has sued Credit Suisse Group AG, seeking to reduce "inflated" bankruptcy claims by roughly $1.1 billion, and also recover about $150 million from the Swiss bank, Reuters reported yesterday. Lehman accused Credit Suisse of exaggerating claims related to the early end of tens of thousands of derivatives transactions. Lehman calculated that the $1.19 billion in Credit Suisse claims at issue may be worth just $74.6 million. Lehman also estimated that Credit Suisse owes it roughly $150 million on some international transactions.

A bankruptcy judge yesterday allowed Ormet Corp., an aluminum producer, to continue minimal operations through the end of November as it attempts to complete a sale of its Burnside, La., facility, Dow Jones Newswires reported yesterday. Absent this decision from Bankruptcy Judge Mary Walrath, Almatis Inc. could have backed out of its offer to purchase the Burnside facility for $37 million. The sale of that facility would preserve more than 200 jobs and begin to repay the bankruptcy loan provided to Ormet to fund its Chapter 11 case. That sale could close by the end of the month. Judge Walrath approved a budget that will permit Ormet to continue to pay some expenses as they come due, which will support an orderly winddown of the company and preventing a forced immediate shut down. She declined for now to convert the case to a chapter 7 liquidation, which would have placed a trustee in control of the company going forward.

The Atlantic Club Casino Hotel filed for chapter 11 protection yesterday, a move that is part of a plan to put its Atlantic City gambling business up for auction, Dow Jones Daily Bankruptcy Review reported today. California buyout firm Colony Capital LLC is the latest in a long string of owners of the casino, which is suffering along with the rest of the Atlantic City Boardwalk casinos from increased gambling competition in neighboring states. Papers filed in the U.S. Bankruptcy Court in Camden, N.J., estimate the Atlantic Club's debts at $10 million to $50 million, with an unknown amount of pension liabilities topping the list.

Patriot Coal Corp. said yesterday it received court permission to send its bankruptcy exit plan to creditors for a vote, positioning it to leave chapter 11 by year's end, Reuters reported yesterday. The company said in a statement that a bankruptcy judge in St. Louis approved the plan outline, allowing it to be sent to creditors for their assessment of the overall plan. Under the plan, retiree benefits would be reduced, while current workers would absorb cuts in salary, vacation time and other perks. Healthcare benefits would be transferred to an outside trust. The company would operate after bankruptcy with the help of $576 million in funding from Barclays Plc and Deutsche Bank AG. The court also approved a rights offering backstopped by Knighthead Capital Management, Patriot said. The offering, announced last month, will raise $250 million in new capital.

FriendFinder Networks Inc., the owner of Penthouse magazine and thousands of adult-oriented websites, won court approval to seek creditors’ votes on its restructuring plan, which would turn the company over to noteholders, Bloomberg News reported yesterday. Bankruptcy Judge Christopher Sontchi yesterday approved the company’s disclosure statement. FriendFinder will seek court approval of its reorganization plan to exit bankruptcy at a hearing scheduled for Dec. 16. Objections to the plan have to be filed by Dec. 9. The Boca Raton, Fla.-based operator of websites such as adultfriendfinder.com sought bankruptcy protection Sept. 17 listing assets of $465.3 million and debt of $661.9 million. The restructuring would cut about $300 million in debt and reduce annual interest expenses by about $50 million. The reorganized company’s estimated enterprise value was between $257.8 million and $285.4 million as of Aug. 31, according to the disclosure statement.

Bondholders of Eike Batista’s shipbuilder OSX Brasil SA hired AlixPartners LLP to advise on the possible restructuring of $500 million in bonds, Bloomberg News reported yesterday. AlixPartners, which advised General Motors Co. on its restructuring when the automotive giant filed for chapter 11 protection in 2009, will advise a group representing holders of OSX’s dollar-denominated notes due 2015. The New York-based financial consulting firm will work with Bingham McCutchen LLP, the law firm advising OSX creditors.