Monthly Archives: July 2016

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Atlas Resource Partners Files Chapter 11

Atlas Resource Partners, L.P.  has entered into a Restructuring Support Agreement (“RSA”) with 100% of its Revolving Credit Facility lenders, 100% of its Second Lien lenders and approximately 80% of its Senior Noteholders. The agreement (the “Restructuring Plan”), if completed, will immediately reduce the Partnership’s debt by approximately $900 million and interest expense by $80 million…

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Halcón Resources Files Chapter 11

Link to Docket: http://dm.epiq11.com/Halcon Halcón Resources Corporation, and certain of its subsidiaries, today announced that they had filed voluntary petitions under chapter 11 of the Bankruptcy Code to pursue a pre‐packaged plan of reorganization in accordance with its previously announced comprehensive balance sheet restructuring efforts (the “Restructuring Plan”). Under the Restructuring Plan, the Company will eliminate…

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Alpha Natural Emerges from Chapter 11

Alpha Natural Resources, Inc. (ANRZQ) announced that, contingent upon the finalization of certain definitive documentation and the entry of an order in the coming days, the United States Bankruptcy Court for the Eastern District of Virginia approved the Plan of Reorganization for Alpha and certain of its wholly owned subsidiaries.  The Plan will become effective…

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Vajra Has Lots of Issues with Angie’s List

July 21, 2016 Angie’s List, Inc. 1030 E. Washington Street Indianapolis, IN 46202 Attention: Members of the Board of Directors Re: Corporate Governance Issues Dear Members of the Board of Directors: Vajra Fund III, LLC, a shareholder of Angie’s List, Inc. (the “Company”) that beneficially owns 5,322,563 shares of the Company’s common stock as of the date of this…

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Novation Companies Files Chapter 11

Novation Companies, Inc. and certain of its subsidiaries filed voluntary petitions for chapter 11 business reorganization in the U.S. Bankruptcy Court for the District of Maryland (Baltimore Division).  Novation’s board of directors unanimously determined that a chapter 11 reorganization is in the best interest of the Company and its stakeholders. The process allows Novation and…

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C&J Energy Files Chapter 11

Link to Docket: https://www.donlinrecano.com/Clients/cje/Index C&J Energy Services Ltd. has commenced cases for a voluntary reorganization under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas, Houston Division.  The reorganization cases contemplate implementing the previously announced Restructuring Support Agreement (as amended, the “RSA”) that C&J executed with…

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Petrus Supports Bulldog on Hill International

Board of Directors Hill International, Inc. c/o William H. Dengler, Jr., Corporate Secretary One Commerce Square 2005 Market Street 17th Floor Philadelphia, PA 19103 Ladies and Gentlemen, Petrus Securities, L.P. (“Petrus”), one of the largest shareholders of Hill International, Inc. (“Hill”) with a 5% stake, intends, at the Hill 2016 Annual Meeting, to vote for…

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Verso Emerges from Chapter 11

Verso Corporation (NYSE:VRS) has emerged from bankruptcy following a successful financial restructuring and confirmation of its Chapter 11 plan of reorganization by the U.S. Bankruptcy Court for the District of Delaware on June 23, 2016. “Our emergence from bankruptcy less than six months after our Chapter 11 filings would not have been possible without the…

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Overseas Shipholding to Spin Off Int’l Unit

Overseas Shipholding Group, Inc. announced the filing of a registration statement on Form 10 with the U.S. Securities and Exchange Commission, in connection with the Company’s previously announced plan to separate its international and domestic businesses. OSG expects that any separation would be achieved through a spin-off of OSG International, Inc. in the second half…

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Privet’s Case for Frequency Electronics

July 5, 2016 Martin Bloch Frequency Electronics 55 Charles Lindbergh Blvd Mitchel Field, NY 11553 cc: Board of Directors Dear Martin: The purpose of this letter is to respond to your written communication to us following our most recent (fairly unproductive) series of discussions and to clearly articulate our view of the best path forward…

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Corvex Lays Out Reasons for Resignation from Williams

July 1, 2016 The Williams Companies, Inc. One Williams Center Tulsa, Oklahoma 74172 Attn: Board of Director   RE: Resignation from the Board of Directors of The Williams Companies, Inc. Dear Board Members: This letter confirms my resignation from the Board of Directors of The Williams Companies, Inc. which was effective yesterday. I have resigned because I…

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C&J Energy’s Out-of-Court Restructuring

C&J Energy Services Ltd. announced an agreement in principle with its secured lenders on the key aspects of a proposed restructuring transaction, subject to the negotiation of specific terms and definitive documentation.  The agreement in principle contemplates a complete deleveraging transaction pursuant to which approximately $1.4 billion of the Company’s outstanding debt will be converted…