One of the debt restructuring options SandRidge had been mulling was a pre-packaged bankruptcy.
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Remington filed a so-called pre-packaged bankruptcy, meaning it had largely won the support of its creditors before it filed in court.
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The plan was to put together pre-packaged bankruptcy for after the holiday season in advance of upcoming payments due, sources tell CNBC.
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But it has yet to release the plan and Reuters reported that it is eyeing a pre-packaged bankruptcy filing for some of its subsidiaries.
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Reuters reported in April that the company plans to file a pre-packaged bankruptcy for some of its units, exit its international business and sell its homebuilding operations as it seeks to restructure.
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ICA, which has been struggling under a high dollar-denominated debt load, said on Friday it and its subsidiaries had filed a pre-packaged bankruptcy plan that had been subscribed to by the majority of its creditors.
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Corporate headquarters are located in Winnipeg and employ 85 people. The company declared bankruptcy in March 2012. It was delisted from the TSX in October 2011. In April 2012, its main rival Reddy Ice also declared bankruptcy in a pre-packaged bankruptcy backed by creditor Centerbridge Partners.
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In 2009, it was reported that Warren Buffett was evaluating buying the company. On April 17, 2012, the company missed an interest payment. On May 14, 2012, the company filed for a pre-packaged bankruptcy that included the separation of the company from its parent, Ally Financial. On December 11, 2013, the company's Plan of Reorganization was approved by the bankruptcy court.
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An 'R' rating is a non-investment grade rating.Standard & Poor's#Long-term credit ratings On June 8, 2010 Ambac announced that it would likely seek a pre-packaged bankruptcy as it was unable to pay dividends from its bond insurance unit to the holding company. Since that time Ambac has dropped appreciably in share price to approximately 0.50 per share as of the end of August 2010. Ambac missed an interest payment on its debt on November 1, 2010 and filed for Chapter 11 bankruptcy protection on November 8, 2010.
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In the United States, typically the term pre-packaged bankruptcy is used instead of pre-packaged insolvency. A conventional bankruptcy case is one in which the debtor files for Chapter 11 relief without having agreed in advance to the terms of a plan of reorganization with its creditors. During the course of the Chapter 11 case, the debtor or, if the debtor does not retain the exclusive right to propose a plan, a creditor or creditor group may formulate and propose a plan of reorganization. A company undergoing Chapter 11 reorganization is effectively operating under the protection of the court until it emerges.
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"Penton Media," The Encyclopedia of Cleveland History 2004; retrieved 2 January 2015. However, after the Penton/Prism merger, the company is now headquartered in New York City,About Penton retrieved 30 December 2007 although it continues to maintain offices in Cleveland and other U.S. cities, with an employee base of approximately 1,350 people.Penton office locations retrieved 30 December 2007 Due to reduced advertising sales as customers shifted to digital media from print, Penton went through "pre-packaged" bankruptcy reorganization in 2010."Penton Media gets bankruptcy plan OK, to exit soon" Reuters 5 March 2010Steve Smith, "Penton Emerges from Bankruptcy " Min 10 March 2010 On September 15, 2016 it was announced that Penton was to be bought by UK based company Informa for $1.56 billion.
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On March 17, 1993, USG filed a pre-packaged bankruptcy petition that included a 50-to-1 reverse stock split. USG's stock dipped to 28 cents per share and the corporation emerged from bankruptcy 38 days later on May 6, 1993. The corporation's debt was reduced by $1.4 billion and interest costs dropped from $320 million per year to $170 million per year. The plan worked and USG re-emerged to be a profitable corporation. USG once again declared bankruptcy on June 25, 2001 under Chapter 11 to manage the growing asbestos litigation costs. USG was the eighth company in an 18-month period that was forced to utilize Chapter 11 to resolve asbestos claims. In the prior two decades, 27 companies filed for protection under Chapter 11 because of asbestos litigation. Since 1994, U.S. Gypsum was named in more than 250,000 asbestos-related personal injury claims, and paid more than $450 million (before insurance) to manage and resolve asbestos-related litigation.
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Dewey & LeBoeuf originally reported a revenue increase for 2011 to $935 million, up 25 million from a reported figure of $910 million for 2010.Twelve more Dewey & LeBoeuf partners jump ship, Reuters March 18, 2012 In early 2012, Richard Shutran, a senior partner at the firm, admitted in interviews that the revenue numbers publicly reported used a "different" method acknowledging the controversy, stating, "They’re just not comparable numbers. That’s something people like to pick on." This statement resulted in a downward revision of Dewey's revenue numbers over the previous two years in The American Lawyer.Dewey 2010, 2011 Profits, Revenues Revised, Am Law Daily April 3, 2012 The firm then retained bankruptcy counsel, and began to consider a pre-packaged bankruptcy filing. In conjunction with the financial problems, a large number of partners had been leaving in 2012. Of the approximate 1,100 lawyers in the firm, about 190 were considered equity partners. In 2012 through May 12, approximately 200 of the 300 total partners had left the firm.
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On 13 January 2010, Irish politician, George Lee,Lee's parliamentary homepage > the opposition party, Fine Gael's TD for Dublin South, told journalists that EMPG has failed with equity investors likely to be wipe-out and the Irish taxpayer was exposed since the nationalised bank, Anglo Irish Bank has lent money to the shareholders of EMPG.EMPG shareholders face wipeout in bondholder deal> Commented Lee EMPG confirmed that it was in advanced negotiations with its lenders about a comprehensive restructuring, that could see a 70% reduction in the current debt levels that would lead to Paulson & Co., a hedge fund, becoming the largest shareholder. According to the Financial Times, second lien investors had not yet approved the plan which would see half of the $5bn of first-lien debt convert into circa 90% of the equity of Houghton Mifflin Harcourt, with the remaining equity for the $2bn second lien investors and the old EMPG shareholders.EMPG pushes for financial shake-up> The Financial Times story indicated that Houghton Mifflin Harcourt was considering a pre-packaged bankruptcy if the negotiations with lenders were not approved.
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