The definitive settlement was signed by FirstEnergy, the Debtors, the Ad Hoc Noteholders Group, the Bruce Mansfield Certificate-holders Group and the Unsecured Creditors Committee, and filed with the bankruptcy court in the FirstEnergy Solutions Chapter 11 proceedings
on August 26.
Nicole Stefanelli has extensive experience representing debtors and creditors in complex chapter 11 proceedings
in a core group of industries.
She covers Chapter 11 proceedings
and receiverships, emphasizing on healthcare and media sectors.
Virginia US-based mobile communication services firm NII Holdings Inc (NASDAQ: NIHD) said that the company and certain of its US and Luxembourg-based subsidiaries commenced chapter 11 proceedings
under the US Bankruptcy Code for the Southern District of New York as the first step to restructuring its debt obligations and to improve the company's liquidity.
The figure includes one-offs from the termination of the Chapter 11 proceedings
related to the insolvency of the group's US subsidiary and the closure of RHI's site in Duisburg, Germany.
Consequently, the company had to reorganize under Chapter 11 proceedings
Judge Kevin Carey also reversed his October order that gave a class of note holders -- known as the PHONES -- a slight advantage in the Chapter 11 proceedings
. While the PHONES holders may well have deserved to be put on par with other junior creditors, Carey's earlier ruling had given Sam Zell, the real estate mogul who engineered the privatization of Tribune which may well have precipitated its bankruptcy, the same rights.
Among the hot topics during the latest workshop were the growing frequency of expedited Chapter 11 proceedings
, originally designed to help small businesses that can't afford a lengthy filing, and whether such growth is a positive thing; the importance of filing bankruptcy reclamations, which rarely work but are worth putting through "just in case the horse comes in;" and how a credit professional can gain quality information and experience by getting on a creditors' committee.
Traders remained on the buying side, relieved that General Motors Corp.'s filing of Chapter 11 proceedings
did not spawn pessimism about its possible negative economic effects.
If approved by the court, the company will use the financing to fund its operations, including payment of employee wages and benefits and post-petition obligations to vendors during the Chapter 11 proceedings
The Toledo, Ohio-based components manufacturer has been in Chapter 11 proceedings
since March 2006.
It may offer relief from Branco's woes, including 2005's liquidation proceedings at his Portuguese exhib chain, Millennium; and 2006's Chapter 11 proceedings
at his French outfit, Gemini.