Bankruptcy News

NEW YORK--(BUSINESS WIRE)--Certain bondholders of the Puerto Rico Electric Power Authority (“PREPA”), including, Assured Guaranty Inc., GoldenTree Asset Management LP, National Public Finance Guarantee Corporation, the PREPA Ad Hoc Group and Syncora Guarantee, Inc., today issued the following statement: The recent island-wide power outage, which left the people in Puerto Rico without electricity during Holy Week, was devastating for residents. The outage showed yet again the complete failure of...

PLANO, Texas--(BUSINESS WIRE)--Zips Car Wash, LLC (together with its affiliates, collectively “ZIPS” or the “Company”), one of the largest privately-held car wash operators nationwide, announced that it has successfully completed its financial restructuring and emerged from its chapter 11 process on April 30, 2025, following confirmation of the Company’s Plan of Reorganization on April 18, 2025. ZIPS emerges from this process as a financially stronger company, better positioned to continue prov...

HUNT VALLEY, Md.--(BUSINESS WIRE)--Diamond Comic Distributors (“Diamond” or “the Company”), today announced that the United States Bankruptcy Court for the District of Maryland (“the Court”) has approved a combined bid by Universal Distribution LLC (“Universal”) and Ad Populum to acquire the assets of Diamond Comic Distributors. Under the agreement, Universal will acquire the assets of Alliance Game Distributors, and Ad Populum will acquire the assets of Diamond Comic Distributors, Diamond Book...

SUNNYVALE, Calif.--(BUSINESS WIRE)--Mitel Networks Corporation, (together with certain affiliates, “Mitel” or “the Company”), a global leader in business communications, today announced that the U.S. Bankruptcy Court for the Southern District of Texas (the “Court”) confirmed the Company’s prepackaged Plan of Reorganization (the “Plan”). Completion of the Company’s restructuring process is expected within the current calendar quarter, resulting in significantly less debt, and a stronger capital...

BAKERSFIELD, Calif.--(BUSINESS WIRE)--Global Clean Energy Holdings, Inc. (OTCMKTS: GCEH) ("GCE" or the "Company"), a vertically integrated renewable fuels company, announced today it entered into a Restructuring Support Agreement (the “RSA”) with agreement and support from Vitol Americas Corp., as RCF lender, an ad hoc group of term loan lenders which holds approximately 96% of the term loans, and CTCI Americas, Inc. (“CTCI”). To facilitate the transactions contemplated under the RSA, the Compa...

NASHVILLE, Tenn.--(BUSINESS WIRE)--Wellpath and certain of its affiliates (“Wellpath” or the “Company”), the nation’s leader in providing compassionate medical healthcare to vulnerable patients in challenging clinical environments, announced today that it has reached a global settlement with the Statutory Unsecured Claimholders’ Committee (the “Committee” or “UCC”) and its Ad Hoc Lender Group on a consensual Plan of Reorganization (the “Plan”). Following productive engagement with the Ad Hoc Le...

NEW YORK--(BUSINESS WIRE)--Publishers Clearing House today announced that it has filed a voluntary petition for chapter 11 relief in the United States Bankruptcy Court for the Southern District of New York to reorganize the Company’s capital structure and improve its long-term growth trajectory. Specifically, the Company will utilize the financial restructuring process to finalize the shift away from its legacy direct mail and retail merchandise and magazine subscription businesses and focus on...

HUNT VALLEY, Md.--(BUSINESS WIRE)--Diamond Comic Distributors (“Diamond” or “the Company”), today announced that it is continuing to finalize documentation for the sale of the assets of Diamond Comic Distributors, Alliance Game Distributors, Diamond Book Distributors, Diamond Select Toys & Collectibles, Collectible Grading Authority, and other related assets. The United States Bankruptcy Court for the District of Maryland has scheduled a hearing for Monday, April 7, to consider Diamond’s re...

NEW BRUNSWICK, N.J.--(BUSINESS WIRE)--Today, the U.S. Bankruptcy Court for the Southern District of Texas denied the request by Johnson & Johnson (NYSE: JNJ) (the “Company”) subsidiary Red River Talc LLC (“Red River”) to confirm its proposed prepackaged bankruptcy plan—notwithstanding that it offered one of the largest settlements ever proposed in a mass tort bankruptcy and was supported by the overwhelming majority of claimants. Rather than pursue a protracted appeal, the Company will retu...

ATLANTA--(BUSINESS WIRE)--Hooters of America, LLC and certain of its affiliates (collectively “Hooters” or the “Company”), the original wing joint and a globally recognized iconic brand, today announced that it has entered into a Restructuring Support Agreement (the “RSA”) with near unanimous support from its key stakeholders to effectuate a sale transaction that will facilitate the continued operation of the business under new ownership. Specifically, the Company has reached an agreement in pr...