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UniTek Global Services, Inc. has emerged from chapter 11 with significantly less debt, supportive customers and vendors, and a focused strategy to provide infrastructure services to the satellite television, broadband cable, wireless telecommunications, transportation and public safety industries, the ABL Advisor reported today. The company announced new leadership with John Haggerty appointed to the position of interim Chief Executive Officer. Haggerty will succeed Rocky Romanella who successfully steered the Company through the chapter 11 process. UniTek is now majority-owned by New Mountain Finance Corporation and entities managed by Littlejohn & Co., LLC, both of whom have extensive private equity expertise, as well as deep relationships in the specialty contracting and fulfillment services industries.

The Rehabilitation Center of St. Petersburg nursing home has emerged from bankruptcy — despite protests from Medicare officials — after a bankruptcy judge agreed it fixed record-keeping and patient care problems, Dow Jones Daily Bankruptcy Review reported today. The Florida facility told a bankruptcy judge that it has repaid all of its debts and plans to continue caring for its roughly 110 patients after emerging from chapter 11 protection on Friday. The nursing home filed for bankruptcy on Aug. 15, preventing Medicare officials from halting payments for the facility's low-income patients after finding "rampant, serious problems" at the facility last year.

AgFeed Industries Inc. received a bankruptcy judge's approval on its plan to dole out the more than $130 million it raised through the sale of its hog-raising operations, Dow Jones Daily Bankruptcy Review reported today. Bankruptcy Judge Brendan Linehan Shannon approved the plan on Tuesday, finding that it was solicited and negotiated in good faith and is in the best interest of creditors. The plan pays secured and unsecured creditors and pays out two negotiated settlements with shareholders and a government regulator.

Power-plant owner Entegra Power Group LLC won swift confirmation Friday of a Chapter 11 plan that chops $750 million worth of debt from its $1.5 billion balance sheet, the Wall Street Journal reported on Saturday. Entegra already had the votes in hand to get its plan before a judge when it filed for bankruptcy protection on Aug. 4, clearing the way for an uncontested confirmation session before Bankruptcy Judge Peter Walsh on Friday. Judge Walsh said that he would sign the confirmation order three minutes into the four-minute court hearing in Entegra's pre-packaged restructuring case. Hurt by diving electricity demand coupled with rising competition and facing a 2015 maturity date affecting its $1.3 billion third-lien debt, Entegra opened talks with creditors in 2013. The chapter 11 plan that resulted gives investors in approximately $231 million worth of second-lien notes a combination of new notes and cash while providing Entegra more time to address the debt.

Imagenetix Inc., a San Diego-based company developing over-the-counter topical creams, skincare products and nutritional supplements, announced that its reorganization plan was confirmed and that all provisions of the plan were approved by Bankruptcy Judge Margaret Mann with an effective date of Sept. 16, the San Diego Business Journal reported today. Shareholders as of the initial filing were not impacted and continue to retain their holdings. Payments to unsecured creditors are being accelerated and will be paid per the plan shortly after the effective date. All previous litigation naming Imagenetix as a defendant has been favorably resolved.

Less than two months after entering Chapter 11 protection, Eagle Bulk Shipping Inc. won court approval yesterday of a reorganization plan that cuts $975 million in debt from its balance sheet, the Wall Street Journal reported today. The approval from Bankruptcy Judge Sean Lane largely concludes what an attorney for Eagle Bulk said was a year-long process to restructure the dry bulk shipper's finances. Under its uncontested, pre-packaged bankruptcy plan, Eagle Bulk's lenders, who are owed $1.2 billion, will convert their debt into 99.5 percent of the new equity in the reorganized company and receive a cash distribution. Current equity will be canceled, with those equity holders receiving the remaining 0.5 percent in new stock, along with seven-year warrants to acquire another 7.5 percent of new equity.

Apollo Global Management LLC’s Momentive Performance Materials Inc. yesterday won court approval of its bankruptcy plan, which cuts its debt to less than $1.3 billion from $4 billion, Bloomberg News reported yesterday. U.S. Bankruptcy Judge Robert Drain in White Plains, N.Y., had said that he would approve the plan if the chemical company boosted the interest rate on notes in the reorganized company. Bonds had been trading at record volumes after he gave his conditional approval Aug. 26. The plan was negotiated by Momentive Performance, Apollo and a committee representing holders of second-lien secured debt. Most of the reorganized company’s stock will go to holders of $1.34 billion in 9 percent second-lien notes. Momentive Performance listed $2.69 billion in assets and $4.17 billion in debt in its April chapter 11 filing. The case is In re Momentive Performance Materials Inc., 14-bk-22503, U.S. Bankruptcy Court (S.D.N.Y.) (White Plains).

Apollo Global Management LLC’s Momentive Performance Materials Inc. won conditional court approval for its bankruptcy reorganization plan after days of wrangling with holdout creditors, Bloomberg reported today. The ruling by Hon. Robert Drain yesterday is a victory for Leon Black’s Apollo, which took over the Waterford, N.Y.-based chemical company for $3.8 billion in 2006. Judge Drain said that he was prepared to approve the plan if Momentive boosted the interest being offered on notes in the reorganized company. Momentive listed $2.69 billion in assets and $4.17 billion in debt in its chapter 11 filing in April. The case is In re Momentive Performance Materials Inc., 14-bk-22503, U.S. Bankruptcy Court, Southern District of New York (White Plains).

A judge on Monday delayed a ruling on whether to confirm a plan by Momentive Performance Materials, a quartz and silicone maker owned by Apollo Global Management, to cut $3 billion in debt and exit bankruptcy, Reuters reported yesterday. Hon. Robert Drain, who had been expected to read his ruling from the bench on Monday, told parties that he would hold off until Tuesday as the company tries to resolve certain objections to its plan. It was the second time that Judge Drain has postponed the ruling, which was initially expected last week. Momentive filed for chapter 11 in April with an agreement to transfer control to a class of bondholders who would participate in a $600 million rights offering. The key objection comes from more junior bondholders, led by U.S. Bank NA as trustee, who would recover nothing under the plan. Owed some $382 million, the group cannot be treated worse than the bondholders participating in the rights offering, U.S. Bank stated.

Momentive Performance Materials Inc. is set to face court rulings on its bankruptcy plan, including on a proposal to withhold some payments for unpaid interest that has senior lenders at odds with lower-ranked creditors, Bloomberg reported today. U.S. Bankruptcy Judge Robert D. Drain said that he would render his decision on whether to confirm the plan and on related lawsuits today. The Waterford, N.Y.-based maker of silicone and quartz products filed for bankruptcy protection in April after struggling to meet payments on debt dating to its $3.8 billion buyout by Leon Black’s Apollo Global Management LLC in 2006. One dispute involves special premium payments to first-lien lenders based on unpaid interest. Under the proposed plan, the lenders will be repaid in full, but without the interest. Momentive said that the premium is not earned if the debt comes due on account of the bankruptcy. A decision to award the so-called make-whole premiums to the creditors would reduce the payments available to lower-ranked creditors. The judge must also decide whether unsecured noteholders are subordinated by contract to second-lien noteholders. The case is In re Momentive Performance Materials Inc., 14-bk-22503, U.S. Bankruptcy Court, Southern District of New York (White Plains).