The bankruptcy court has approved the sale of certain of the assets of PFF Bancorp, Inc. to California Financial Partners, Inc. The assets being sold are related to the investment advisory services operations conducted by Glenvest Investment Advisors, Inc., a jointly-administered debtor and to the investments held in trust accounts, non-trust accounts and 401K accounts managed by GIA. The consideration being provided for the assets is 35% of the gross sale commissions earned from the assets being sold for a period of 48 months.
Most of PFF Bancorp’s assets, which were related to PFF Bank & Trust and the bank’s subsidiaries, were acquired by a subsidiary of U.S. Bancorp after PFF Bank & Trust was placed in receivership by the FDIC. That transfer occurred prior to the commencement of PFF Bancorp’s bankruptcy cases and the bankruptcy cases are being used to liquidate the companies’ remaining assets.
Download a copy of the motion, the order, and the acquisition agreement using netDockets. Sign up now for a free trial account.
Categories: Bankruptcy and Restructuring News · Major Bankruptcy Case Events
Tagged: advisors, asset, bancorp, bank, bankrupt, bankruptcy, california, chapter 11, delaware, fdic, financial, glenvest, investment, order, partners, pff, pff bancorp, pff bank, receiver, sale, sell, trust
Yesterday, the bankruptcy court entered an order approving an extension of the maturity date for Cadence Innovation’s debtor-in-possession financing facility. Cadence, which is in the process of liquidating its assets, received final approval of its DIP financing facility on October 3, 2008 and the facility was to mature by its terms on December 31, 2008. However, Cadence entered into an amendment to the facility which provided an extension of the maturity date to January 9, 2009. The amendment also provides that the lenders may, but are not obligated to, further extend the maturity date to February 28, 2009. Cadence filed a motion on January 2nd seeking approval of the amendment and stated in that motion that it expects to be able to repay the lenders in full by early February as it collects on monies owed by Chrysler and General Motors.
The court approved the amendment and provided Cadence with the ability to further extend the maturity date to February 28, 2009 (subject to agreement of the lenders) without further order of the court. However, Cadence is required to provide notice of any further extension of the maturity date (beyond January 9th) to the Creditors’ Committee, the US Trustee, General Motors and Chrysler.
Copies of the motion, order and amendment, as well as every document filed in Cadence’s bankruptcy case and the bankruptcy cases of over 400 other large companies, can be accessed using netDockets. Sign up now for a free trial account.
Categories: Bankruptcy and Restructuring News · DIP Financing
Tagged: amendment, bankrupt, bankruptcy, cadence, chapter 11, chrysler, debtor-in-possession, dip, extend, extension, facility, finance, financing, general, gm, innovation, liqudating, liquidate, liquidation, loan, mature, maturity, motion, motors, order
The bankruptcy court has entered several orders with respect to the “first day” motions and applications filed by Lyondell Chemical Company (for more information on the Lyondell first day pleadings, please see an earlier post which is available here). Thus far, the bankruptcy court has entered the following orders (click on the title of an order to view the document using netDockets):
- Order Granting Motion for Joint Administration
- Order Granting Motion for an Order (I) Extending Time to File Schedules and Statements, (II) Authorizing Debtors to Prepare a Consolidated List of Creditors, (III) Waiving the Requirement that Debtors File a List of Creditors and (IV) Approving the Form and Manner of the Notice of Commencement
- Order Granting Motion for an Order Establishing Notice Procedures and a Master Service List
- Emergency Order signed on 1/7/2009 Authorizing Debtor to Obtain Post-Petition Financing
- Order Granting Motion for an Order Enforcing and Restating Automatic Stay and Ipso Facto Provisions
- Order Granting Motion for Entry of an Order Granting Administrative Expense Status to Debtors’ Undisputed Obligations Arising from the Postpetition Delivery of Goods Offered Prepetition
- Order Authorizing (I) Employment and Retention of Epiq Bankruptcy Solutions, LLC as Noticing and Claims Agent for the Debtors, and (II) the Appointment of Epiq Bankruptcy Solutions, LLC as Agent of the Bankruptcy Court
- Case Management Order #1
- Interim Order signed on 1/8/2009 Authorizing the Debtors to Pay Prepetition Amounts Under Their Insurance Programs
- Interim Order signed on 1/8/2009 Approving the Debtors’ Existing Investment Guidelines
- Interim Order signed on 1/8/2009 Authorizing Debtors to (I) Maintain and Use Existing Bank Accounts, Books, Records and Business Forms, (II) Maintain and Use Existing Cash Management System, as Modified, and (III) Provide Superpriority Status for Intercompany Receivables
- Interim Order signed on 1/8/2009 To Authorize Debtors to Pay Prepetition Employment Taxes, Regulatory Fees and Other Similar Taxes and Fees
- Interim Order signed on 1/9/2009 Authorizing the Debtors to (I) Pay Prepetition Wages, Salaries, Employee Benefits and Other Compensation, (II) Maintain Employee Benefits Programs and Pay Related Administrative Obligations, (III) Allow Employees to Proceed with Outstanding Workers’ Compensation Claims and (IV) Authorize Applicable Banks and Other Financial Institutions to Receive, Process, Honor and Pay All Checks Presented for Payment and to Honor All Funds Transfer Requests
- Interim Order signed on 1/9/2009 Authorize Debtors to Pay Prepetition Obligations Owed to Foreign Creditors
- Interim Order signed on 1/9/2009 for Authorization to (I) Pay Certain Prepetition Claims of Critical Vendors and Certain Administrative Claimholders, and (II) Authorize Financial Institutions to Honor and Process Related Checks and Transfers
- Interim Order signed on 1/9/2009 Authorizing Debtors to Pay Prepetition Claims of Common Carriers, Contractors and Service Providers, and Warehousemen, and (II) Authorizing Their Banks to Receive, Process, Honor and Pay the Checks and Other Transfers Made to Common Carriers, Contractors and Service Providers, and Warehousemen
In addition, two responses to Lyondell Chemical’s proposed debtor-in-possession financing facility have been filed:
- Response of Apollo Management VII, L.P., et al., to Debtors` Motion for Entry of Interim and Final Orders (I) Authorizing Debtors (A) to Obtain Postpetition Financing Pursuant to 11 U.S.C. Sections 105, 361, 362, 364(c)(2), 364(c)(3), 364(d)(1) and 364(e), (B) to Utilize Cash Collateral Pursuant to 11 U.S.C. Section 363 and (C) to Purchase Certain Assets Pursuant to 11 U.S.C. Section 363, (II) Granting Adequate Protection to Prepetition Secured Parties Pursuant to 11 U.S.C. Sections 361, 362, 363, and 364 and (III) Scheduling Final Hearing Pursuant to Bankruptcy Rules 4001(b) and (c)
- Preliminary Objection of Appaloosa Management, L.P. to Motion for an Order (I) Authorizing Debtors (a) to Obtain Post-Petition Financing, (b) to Utilize Cash Collateral and (c) to Purchase Certain Assets, (II) Granting Adequate Protection to Pre-Petition Secured Parties and (III) Scheduling Final Hearing
If you don’t yet have a netDockets account, sign up now for a free trial account and get your first $100 of usage completely free with no further commitment.
Categories: Bankruptcy and Restructuring News · Major Bankruptcy Case Events · New Bankruptcy Filings
Tagged: account, apollo, appaloosa, application, bank, bankrupt, bankruptcy, basell, cash, chapter 11, chemical, collateral, company, creditor, day, debtor, debtor-in-possession, epiq, finance, financing, first, insurance, investment, loan, lyondell, lyondell chemical, lyondellbasell, management, motion, order, pleading, tax, vendor
Categories: Bankruptcy and Restructuring News · Major Bankruptcy Case Events
Tagged: bankrupt, bankruptcy, cdx, cdx gas, chapter 11, claim, committee, creditor, creditors, creditors' committee, district, gas, obligation, official, secured, southern, states, texas, trustee, united, unsecured
Yesterday, Circuit City Stores, Inc. filed a motion seeking court approval of a settlement agreement with Cellco Partnership (which does business as Verizon Wireless). The settlement agreement resolves disputes between Circuit City and Verizon Wireless relating to the agreements which govern the operation of Verizon Wireless kiosks in Circuit City stores and the advertising of Verizon Wireless products by Circuit City.
Under those agreements, prior to Circuit City’s bankruptcy filing, Verizon Wireless owed Circuit City amounts on account of commissions relating to Verizon Wireless sales at store kiosks and marketing development fund payments. Circuit City also owed prepetition amounts to Verizon Wireless on account of commission chargebacks, reimbursements relating to Verizon Wireless kiosk build-out expenses relating to Circuit City stores that never opened (due to Circuit City’s store opening strategy changes), and Circuit City employees’ use of Verizon Wireless phones.
The proposed settlement agreement resolves all of these outstanding prepetition amounts owing between the parties by allowing them to be setoff. After effectuating the setoff, the settlement would result in a net payment by Verizon Wireless to Circuit City in the amount of approximately $1.8 million.
Download a copy of the motion and the proposed settlement agreement, as well as every document filed in Circuit City’s bankruptcy case, using netDockets. Sign up now for a free trial account.
Categories: Bankruptcy and Restructuring News · Major Bankruptcy Case Events
Tagged: agreement, bankrupt, bankruptcy, cellco, chapter 11, circuit, circuit city, city, court, kiosk, motion, partnership, recoup, setoff, settle, settlement, stores, verizon, verizon wireless, virginia, wireless
This afternoon, the bankruptcy court entered the following orders with respect to first day motions and applications filed by Interlake Material Handling, Inc. (click on the title of any of the orders to view a copy of the order using netDockets):
- Order Directing Joint Administration of Cases
- Order Approving Agreement With Kurtzman Carson Consultants, LLC as Notice and Claims Agent
- Order (INTERIM) Authorizing Maintenance of Prepetition Insurance Policies and Agreements
- Order (INTERIM) (WITH REVISIONS BY THE COURT) (I) Prohibiting Utility Companies From Altering, Refusing or Discontinuing Utility Services, (II) Deeming Utilities Companies Adequately Assured of Future Performance, and (III) Establishing Procedures for Determining Adequate Assurance of Payment
- Order (INTERIM) Authorizing, But Not Directing, the Debtors to Pay Prepetition Obligations to Certain Critical Vendors
- Order Authorizing the Debtors to Maintain and Administer Customer Programs and Honor Certain Related Prepetition Obligations
- Order (INTERIM) Authorizing Payment of Prepetition Claims of Warehousemen and Other Lien Claimants
- Order (INTERIM) (WITH REVISIONS) Authorizing Maintenance of Existing Bank Accounts, Continued Use of Existing Business Forms, Continued Use of Existing Cash Management System, and Granting Other Relief
- Order (A) Authorizing, But Not Directing, the Debtors to (1) Pay Certain Accrued Prepetition Wages, (2) Permit Employees to Use Accrued Prepetition Vacation Time, (3) Pay Employees’ Prepetition Reimbursable Business Expenses, (4) Make Accrued Prepetition Contributions to Employee Benefit Plans, and (5) Continue Employee Benefit Plans Post-Petition; (B) Authorizing Related Relief; and (C) Authorizing, But Not Directing, the Release of Withheld Taxes and Employee Contributions
- Order (INTERIM) Authorizing, but not Directing, the Debtors to Pay Prepetition Taxes and Regulatory Fees and Directing Financial Institutions to Honor and Process Checks Related to Prepetition Taxes and Regulatory Fees
- Order (INTERIM) (I) Authorizing Debtors (A) To Obtain Secured Super-Priority Post-Petition Financing and (B) To Utilize Cash Collateral; (II) Granting Liens, Security Interests and Superpriority Claims; (III) Granting Adequate Protection to Certain Pre-Petition Secured Parties; (IV) Authorizing the Payment of Certain Fees and Costs Related Thereto; and (V) Scheduling a Final Hearing
Not yet a netDockets customer? Sign up now and receive your first $100 of research and downloads completely free. Sign up here.
For more information regarding Interlake’s bankruptcy filing, please see an earlier posting with more details here. In addition, Interlake has filed a motion for approval of procedures to sell substantially all of its assets. More details regarding that motion are available here.
Categories: Bankruptcy and Restructuring News · DIP Financing · Major Bankruptcy Case Events · New Bankruptcy Filings
Tagged: bank, bankrupt, bankruptcy, benefit, carson, cash, chapter 11, critical, customer, employee, finance, financing, fixtures, handling, interlake, kurtzman, lien, management, material, tax, united, utility, vendor, wage, warehousemen
On January 6, 2009, Interlake Material Handling, Inc. filed a motion with the bankruptcy court seeking approval of bid procedures for the sale of substantially all of the assets of Interlake and its affiliates.
You can find the rest of this posting at our new blog location: www.netdocketsblog.com.
Categories: Bankruptcy and Restructuring News · Major Bankruptcy Case Events
Tagged: asset, auction, bankrupt, bankruptcy, bid, chapter 11, fixtures, handling, horse, interlake, material, mecalux, procedure, sale, stalking, united
