Bankruptcy News

We've summarized the latest docket activity and news for publicly traded companies currently operating under U.S. Bankruptcy Court protection.

Bonds / Energy

Windsor Petroleum Transport Chapter 11 Petition Filed

Windsor Petroleum Transport and eight affiliated Debtors filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 14-11708. The Company, which engages in the ownership and operation of oil tankers and oil/bulk/ore (OBO) carriers, is represented by Pauline K. Morgan of Young Conaway Stargatt & Taylor. According to documents filed with the Court, "On July 14, 2014, after months of intensive negotiations, the Company and the Supporting Noteholders entered into the restructuring support agreement. The Restructuring Support Agreement binds the Supporting Noteholders to support a restructuring that would substantially reduce the Debtors' debt burden, enhance their liquidity, and solidify the Debtors' long-term growth and operating performance. Specifically, the parties agreed to support a chapter 11 plan of reorganization (the "Plan") that embodied the terms set forth in a term sheet annexed to the Restructuring Support Agreement. These terms, which the Debtors believe will allow for the Debtors' chapter 11 reorganization process to be a brief one, provide for the following: Conversion of 100% of the debt outstanding under the Secured Notes Indentures into new common stock of the reorganized Debtors. Unimpairment of all General Unsecured Claims under section 1124 of the Bankruptcy Code. Equity Interests in WHL will be cancelled as of the Effective Date and holders of such Equity Interests in WHL will receive no distribution under the Plan."

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