The revised disclosure also included a liquidation analysis that determined creditor classes will get recoveries that are not less than what they would have in a Chapter 7 liquidation and certain financial projections including anticipated company earnings and expenses. General unsecured claims are not expected to see any recovery unless there are funds left after other creditor classes are paid, the disclosure statement said. The company came into Chapter 11 with $138 million in debt in the form of $19 million of senior secured revolving loans, $91 million in senior secured term loans, $10 million in senior unsecured notes and $17 million in senior unsecured refinancing notes.Īccording to the disclosure statement, secured claims are projected to be recovered at 100 percent except for secured term loan claims, which could see a recovery of up to only 10 percent. Z Gallerie plans to hold a confirmation hearing in June, according to the disclosure statement. If a qualified bid is submitted, Z Gallerie said it may seek to assign a stalking horse and bid protections in advance of an auction. Bernbrock of Kirkland & Ellis LLP told the judge that multiple prospective buyers have expressed interest in Z Gallerie's assets and the company is working with those parties in the hopes of preparing bids by a May 16 deadline. Closings are ongoing at 17 of the stores, according to the disclosure statement. Z Gallerie came to court in March with a prepackaged Chapter 11 plan to pursue either an all-asset sale of its 76-store retail chain or a debt-for-equity swap with a secured creditor.
#Z gallerie out of business code#
Bankruptcy Code describes the adequacy of disclosure statements and requires a debtor to inform creditors about what their recoveries would be in a liquidation and a reorganization, among other things. “It does not contain a liquidation analysis, demonstrate the plan’s feasibility, or include projected recoveries for voting creditors,” the objection said. trustee representative Jaclyn Weissgerber said Z Gallerie’s plan disclosure statement did not meet the standards of the bankruptcy code that require adequate information about a Chapter 11 plan to be provided to creditors when soliciting their votes. Altman of Kirkland & Ellis LLP told the judge a revised disclosure statement was submitted with the court Tuesday, the day after the federal bankruptcy watchdog told the court that the document was lacking in key details.
Bankruptcy Judge Laurie Selber Silverstein said she would sign off on the disclosure once final revisions are added as she deemed it complete enough to send to creditors to solicit their votes on a two-track plan that would either divvy proceeds from a sale of assets or debt-for-equity swap. Trustee.ĭuring a hearing in Wilmington, U.S. Looney replaced Bob Dudley, who had steered BP through the aftermath of the Deepwater Horizon spill in 2010.A Delaware bankruptcy judge on Wednesday approved specialty home decor retailer Z Gallerie LLC’s disclosure statement to be sent to creditors for voting on its Chapter 11 plan after revisions assuaged concerns from the Office of the U.S. Looney's 2022 pay packet more than doubled to around $12 million on the back of the bumper profits amid spiralling energy prices, while BP's emissions were broadly unchanged from a year earlier.īP said that "no decisions have yet been made in respect of any remuneration payments to be made" to Looney. "But if the board likes the current direction, regardless of the lagging stock price, they will likely bring in someone who keeps BP on the same path." "Depending on the new CEO, BP could theoretically roll back its transition plans further," Morningstar analysts said in a note. It remained unclear if Looney's departure would lead to an change in strategy. peers Chevron (CVX.N) and Exxon Mobil (XOM.N).Īfter raking in a record profit of $28 billion for 2022, BP's second-quarter profit slumped 70% from a year earlier to $2.6 billion but still allowing the oil major to boost its dividend by 10%. Over the last three years, BP's shares have underperformed those of European rival Shell (SHEL.L) as well as U.S. BP has struggled to convince investors it can realise competitive returns from its non-hydrocarbon businesses.
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