A rental-car company needs more money, a veggie business is hoping for a healthy sale and a thrift store starts to liquidate, and are all on the bankruptcy agenda next week.
Advantage Rent a Car has asked to borrow an additional $20 million in bankruptcy financing as the fourth-largest rental-car company runs on the fumes of its current $46 million loan.
The company said its current financing will be depleted by next Saturday, and the bankruptcy court will consider the new money Wednesday.
Canadian private-equity firm Catalyst Capital Group Inc. has provided both loans. The firm struck a deal to exchange the debt for ownership of Advantage. A bankruptcy judge and the Federal Trade Commission have both signed off on that sale.
After holding an auction for its assets—a canned vegetable business—Allens Inc. will ask a judge on Tuesday to allow it to sell to a joint venture formed by Bain Capital LLC and Gordon Brothers Group.
The veggie company announced Friday that the venture’s $160 million bid was the best offer it received at auction, topping rival vegetable company Seneca Foods Corp.’s $148 million lead bid.
Allens sells Popeye canned spinach, Sugary Sam sweet potatoes and Veg-All, as well as all Allens-branded vegetables.
The entity that is winding down in bankruptcy five years after Marc Dreier’s multimillion-dollar fraud came to light—Dreier LLP—is heading to court on Tuesday.
The trustee overseeing that liquidation will present the plain-language outline of a repayment plan— it pays creditors, owed $375 million, the unlucky sum of 13 cents on the dollar —and will ask the bankruptcy court to agree that the statement contains enough information.
The repayment amount is the result of recoveries of stolen funds and proceeds from the sale of the firm’s assets, including office furniture and art.
New York City Opera on Thursday will ask to reject the lease for the thrift shop it has operated for 25 years in Midtown Manhattan.
The opera said it had hoped to sell the thrift store, but couldn’t reach an agreement with at least one interested party. It will instead be liquidating the store, including inventory.
Write to Stephanie Gleason at stephanie.gleason@wsj.com . Follow her on Twitter at @StephGleason .
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