Tuscany International Drilling Inc. on Monday will ask for several final approvals from Judge Kevin Gross of the U.S. Bankruptcy Court in Wilmington, Del.
On the agenda for the oil and gas drilling equipment rental company is final approval of $35 million in bankruptcy financing, approval of a restructuring support agreement with creditors, final approval to pay off debts to creditors in South America and permission to waive notification procedures for those creditors.
The motions faced some objections Wednesday, including one from the U.S. trustee, a Department of Justice bankruptcy watchdog, who accused the company of attempting to illegally hide its case from South American creditors.
On Thursday, Brazil’s Rede Energia SA will ask the U.S. Bankruptcy Court in Manhattan to grant it protection from creditors in the U.S. under Chapter 15 of the Bankruptcy Code.
Rede is aiming to carry out a restructuring plan that would pump nearly two billion Brazilian reais ($849 million) into the company through an investment by Energisa SA.
On Friday, First Mariner Bancorp, the holding company for 1st Mariner Bank in Maryland, will ask for court approval of a plan to sell its assets.
First Mariner filed for Chapter 11 bankruptcy in February to sell its bank subsidiary with an offer that would provide $100 million of new capital from a group of private-equity investors–Priam Capital, Patriot Financial Partners, GCP Capital Partners and TFO Financial Institutions Restructuring Fund LLC–and investors from the Baltimore business community.
-Tom Corrigan contributed to this article.
Write to Stephanie Gleason at stephanie.gleason@wsj.com. Follow her on Twitter at @stephgleason.
from WordPress http://ift.tt/NiGmNQ
via IFTTT
No comments:
Post a Comment