Business Bankruptcy Hearings Scheduled for 09/26/11
Innkeepers USA Trust, Chapter 11: July 19, 2010
The U.S. Bankruptcy Court scheduled a September 26, 2011 hearing to consider Innkeepers Trust's motion to modify the remaining Debtor Plan to allow the non-effective remaining Debtors to substantially consummate the remaining Debtor Plan.
R&G Financial Corporation, Chapter 11: May 14, 2010
The U.S. Bankruptcy Court scheduled a September 26, 2011 hearing to consider R&G Financial's Disclosure Statement.
Business Bankruptcy Headlines for 09/26/11
Corus Bankshares Plan Filed
Corus Bankshares filed with the U.S. Bankruptcy Court a Third Amended Chapter 11 Plan of Reorganization. Under the Plan, unsecured creditors will be paid 5.9% o 54.3%. An accompanying Disclosure Statement was not filed with the Court as a result of the July 28, 2011 order approving the Disclosure Statement. Along with the Third Amended Plan, the Debtors also filed a Second Amendment for the Plan Supplement related to the Third Amended Chapter 11 Plan of Reorganization. The Supplement contains a list of retained causes of action.
The U.S. Bankruptcy Court approved Washington Mutual's official committee of equity security holders' motion to retain Frank Partnoy as securities litigation consultant. The official committee of unsecured creditors had previously filed an objection to the motion on multiple grounds.
The U.S. Bankruptcy Court approved Evergreen Solar's official committee of unsecured creditors' motion for an order establishing a protocol for compliance with Section 1102(b)(3) of Title 11 of the United States Code and to retain Garden City Group as communications services agent to establish and maintain, subject to the terms of the protocols, the committee Website to provide access to certain information to the general unsecured creditors.
Bankruptcy Professional Update
GlassRatner Advisory & Capital Group LLC recently announced that James Fox is joining the firm's New York Office to continue the momentum of its Bankruptcy & Restructuring, M & A and other practices. Fox brings over 25 years of experience advising debtors, creditors, companies experiencing a turnaround or workout, as well as those seeking to sell, buy, refinance or value a business. "Throughout his advisory career, Jim has drawn on his background in many facets of corporate transition to focus clients on their core restructuring needs, and develop innovative solutions to addressing those needs, " said Ian Ratner, Co-Founder of GlassRatner. Prior to joining GlassRatner in 2011, Mr. Fox was a Managing Director of Executive Sounding Board Associates Inc. Previously, he held similar practice leadership roles at PricewaterhouseCoopers (Coopers & Lybrand predecessor) and a Wall Street merchant bank.
DLA Piper announced that Matthew Murphy has joined the Bankruptcy and Restructuring group as a Partner in the Chicago office. Prior to joining DLA Piper, Murphy was Counsel with Skadden, Arps, Slate, Meager & Flom LLP. Murphy focuses his practice on advising clients in complex business reorganizations, debt restructurings and troubled company M&A. He has counseled both public and private clients through Chapter 11 restructuring initiatives, the purchase of or investment in distressed companies, the sale of distressed assets and post-petition lending strategies. Murphy joins the other restructuring partners joining DLA Piper this year, including the recent arrival of his former Skadden colleagues Chris Dickerson and Gregg Galardi, as well as Craig Rasile and Andrew Zaron who joined the firm's Miami office from Hunton & Williams, Stuart Brown who joined as Managing Partner of the firm's Wilmington office, and the team of five restructuring Partners, led by Richard A. Chesley, who joined the practice in Chicago. "Matt brings a well-regarded and multi-faceted practice to our growing restructuring platform," said Gregg Galardi, Co-Chair of DLA Piper's Restructuring practice.
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