Bankruptcy Q Players (BQP)

[Iron Maiden]

Grabbed a small BAXSQ starter at .0055

[the cork]

Seasons Greeting s to all BQP'ers!

[Iron Maiden]

Thx...I will check it out

[micromillionaire]

BAXSQ Nice close today! up 25%

[Iron Maiden]

crazy swings

[micromillionaire]

No love for VIICQ today! Looks ready for reentry though!

[Iron Maiden]

VIICQ getting some love

[Enterprising Investor]

Normally occurs on the Effective Date.

[micromillionaire]

EI, When will the shares of XIDEQ be canceled?

[the cork]

Excellent, Enterprising Investor! So there we have it. It thought it sounded bleak. Pretty slick how they do that. They throw equity under the bus in the process of evaporating a shit load of debt, and squirt out the other end Scot free. The (Mc)Turds !

[Enterprising Investor]

XIDEQ will be cancelled.

New Common Stock:

Effective as of the Plan Effective Date, Reorganized Exide shall authorize and issue shares of common stock (the “ New Common Stock ”) such that after conversion of all of the Second Lien Convertible Notes and on a fully diluted basis, the New Common Stock is allocated (the “ New Common Stock Allocation ”) as follows:

15.0% to holders of Senior Secured Note Claims;

3.0% in payment of the DIP/Second Lien Conversion Funding Fee (defined below);

2.0% in payment of the DIP/Second Lien Backstop Commitment Fee (defined below); and

80.0% to holders of Second Lien Convertible Notes upon conversion of all of the Second Lien Convertible Notes.

http://ir.exide.com/secfiling.cfm?filingID=1193125-14-397506&CIK=813781

[the cork]

Interesting. The longer they don't address the issue of existing equity the worse it usually goes.

Do they even have an equity committee? That's an important first step.

With no equity committee, they are free to run rampant over the rights of any existing equity.

Management isn't going to stick up for equity, as they will be too busy guaranteeing their own futures within the new entity. Management will be kissing a lot of ass.

Anybody that doesn't play ball gets shafted. Never a better time to get rid of anybody not seen as a team player and they know it.

[OHMYGOD]

I do not know how they will deleverage the company. They have been playing nice so far, they got their titvin a wringer over their Vernon, Ca plant but it looks like they are trying to fix it. I got in looking for a EC bounce but it kept being put off till now. The term sheet will tell more when they release it.
omg

[the cork]

XIDEQ That's a great one OHMYGOD ! I haven't been following the Q;s so much recently so didn't see this one till now thanks to you.

What's this part about?

"the Supporting Note holders, who also hold a substantial majority of Exide's estimated $360 million DIP Credit Facility's term loan, have agreed to support the Plan which would deleverage the Company by more than $600 million and allow Exide to emerge from Chapter 11 substantially in its current form -- operating across all of its existing business segments. "

The absence of any direct reference to existing equity would suggest current shareholders are part of the 600 million about to be jettisoned as part of the "deleveraging" process.

The "new" company emerges essentially intact, repudiating any inconvenient obligations (like us) not already addressed in the new "sweetheart" deal.

Are you playing these guys?

[OHMYGOD]

 Exide Technologies Enters Into Plan Support Agreement 

Nov 04, 2014 19:59:00 (ET) 

Exide Technologies Enters Into Plan Support Agreement 

Proposed Plan Would Substantially Deleverage Company

MILTON, Ga., Nov. 4, 2014 (GLOBE NEWSWIRE) -- Exide Technologies (OTCQB:XIDEQ) (www.exide.com) (the "Company"), a global leader in stored electrical-energy solutions, announced today that it entered into a plan support agreement ("PSA") with holders of a majority of the principal amount of Exide's senior secured notes (the "Supporting Noteholders"). The PSA includes a detailed term sheet (the "Term Sheet") which describes a plan of reorganization (the "Plan"). Pursuant to the PSA, the Supporting Noteholders, who also hold a substantial majority of Exide's estimated $360 million DIP Credit Facility's term loan, have agreed to support the Plan which would deleverage the Company by more than $600 million and allow Exide to emerge from Chapter 11 substantially in its current form -- operating across all of its existing business segments. 

Under the Plan, certain of the Supporting Noteholders have agreed to convert at least $100 million of their DIP facility claims into new second lien convertible debt and roll the balance of their DIP loans into a new exit term loan. The Plan also contemplates a new $175 million capital commitment to be raised in a rights offering made available to eligible holders of the Debtor's pre-petition 8.625 percent senior secured notes. There is substantial support among the Supporting Noteholders for entering into a backstop agreement for the new capital, and the Company continues to negotiate the terms of such an agreement with the hopes of finalizing it in the coming weeks. 

In addition, Exide has initiated the sales process contemplated by the terms of Amendment No. 8 of its DIP facility, which the U.S. Bankruptcy Court approved on October 31, 2014, by soliciting potential interest from third parties for a sale of the Company's businesses. This dual-track process will allow Exide to ensure that it has explored opportunities to maximize estate value. 

"The PSA is another significant, positive step forward in our restructuring process," said Robert M. Caruso, President and Chief Executive Officer of Exide Technologies. 

The PSA and Term Sheet are conditioned upon the negotiation of, and agreement to, definitive documents (including a plan of reorganization, disclosure statement, backstop commitment agreement, and other related documents and agreements). 

Exide's goal is to emerge from the Chapter 11 restructuring of its U.S. operations by March 31, 2015. 

The Company will file a Current Report on Form 8-K with the U.S. Securities and Exchange Commission that attaches definitive copies of the PSA and Term Sheet. The Form 8-K and exhibits will be found at http://ir.exide.com/sec.cfm, and references herein to the PSA and Term Sheet are qualified in their entirety by reference to the full text of those documents. 

About Exide Technologies 

Exide Technologies, with operations in more than 80 countries, is one of the world's largest producers and recyclers of lead-acid batteries. The Company's global business groups provide a comprehensive range of stored electrical energy products and services for industrial and transportation applications. Transportation markets include original-equipment and aftermarket automotive, heavy-duty truck, agricultural and marine applications, and new technologies for hybrid vehicles and automotive applications. Industrial markets include network power applications such as telecommunications,electric utilities, railroads, photovoltaic (solar-power related) and uninterruptible power supply (UPS), and motive-power applications including lift trucks, mining and other commercial vehicles.

[OHMYGOD]

Hey Cork, excides gonna pop. Psa is in.

[micromillionaire]

viicq

[Iron Maiden]

UFFCQ .0019 x .0024

[Iron Maiden]

UFFCQ had a shift in the bid/ask yesterday and is now sitting at .002 x .0022 from a previous .0012 x .0028

Someone has been tickling the ask over the past few sessions also...

Could be nothing...

[Juschilln]

Oh yeah! We're at absolute "rock bottom".

[UpTickMeA$AP]

I see a tank chart with little volume. Good news, I didn't find any promo's, and it APPEARS to be at bottom. But, what do I know... I just glanced..


Glta

[Juschilln]

LOL! I'll let you know how it turns out.

[UpTickMeA$AP]

I'm not going to dig into it anymore. Quick glance, and I feel I can find better. But we may have very different styles, criteria etc.. I like beat up iconic plays. Sorry I can't help.



Glta

[Juschilln]

Look forward to your input, good or bad. I'm a big girl, I think I can handle it! LOL!

TIA!!

[UpTickMeA$AP]

Yes, cork gives up some good information at opportune times. If I get a chance, I'll look.



Glta

[Juschilln]

Yeah, I know; like WAMU, I'm a "bottom feeder"! LOL!

[Juschilln]

Currently CSFSF is up for sale per the CCAA. Several major players are currently bidding on the assets/company, bids were due on the 21st but an extension was granted for further DD.

I'm am praying commons go along for the ride, not sure why they wouldn't but you never know. I sent an email to FTI consulting who is currently court appointed monitor in this case, but of course no real answers or updates on the sale process. We'll see!

Cork's always a good resource, would be nice to get you guys' input after you've had a chance to review the monitor's reports in this proceeding.

[UpTickMeA$AP]

What makes it a attractive M&A play?




Glta

[Juschilln]

No, when M&A happens here: CSFSF, this is REALLY GOING TO FLY!

[UpTickMeA$AP]

When the M&A happens, this is going to fly. $5.8B in NOL. Payers are KKR and Blackstone.

Hedge funds holding:

http://markets.ft.com/research/Markets/Tearsheets/Business-profile?s=WMIH:QBB

Couple of Old school Goldman Sachs guys..



$WMIH

Glta

[Iron Maiden]

UFFCQ - unpaid tax claim was dropped by the state

I dont have a link to the info but a poster on the board has a pacer account and posts updates...

Real thin and moves easy...we may see something move this week

[the cork]

I like them a lot. Just did the "thumbnail" overview yesterday so still don't "know" anything really, but they might be good for a nice volatility bounce play if nothing else.

I suspect senior Lien holders will want to extinguish existing equity (commons) as part of the POR, but it sounds like there is an equity committee, so there could be a bone or "crumb" thrown to current shareholders to expedite the process.

You know the drill about never investing more than you can afford to lose. That caveat goes double with the Q's! GL OMG

[OHMYGOD]

Hey cork,

What do you think of xideq?

TIA

[Iron Maiden]

ADSYQ up 187% to .002 today ...hmmmm

[insymbols]

$OSGIQ Bankruptcy Chart + 8-k

http://ih.advfn.com/p.php?pid=nmona&article=62300406

[Iron Maiden]

UFFCQ ...played this one a few times... sitting at bid now and some are filling... last swing was to .007+

[Iron Maiden]

DGLPQ bid/ask creeping up..not sure whats going on there

[Wild Wild West]

SSHSQ volume alert

[888invest]

"HRZL" Horizon Lines: Bankruptcy cheap (.70) without bankruptcy?

Horizon did a debt for equity exchange in 2012, has a number of savvy hedge fund holders, ebitda is rising 30+%, and they $230+ million NOL to shelter earnings. Debt refinancing could also improve free cash flow. Very interesting shipping play
(down from almost $850 per share http://www.otcmarkets.com/stock/HRZL/chart)!

[the cork]

Death Drop - James River files for bankruptcy
Cecilia Jamasmie | April 8, 2014

US gas revolution claims first coal mining victim: James River files for bankruptcy

James River Coal (NASDAQ: JRCC), a mine operator in the US Midwest and Appalachia, filed for bankruptcy after markets closed Monday night as it continues its search for a buyer or investor.

Hit hard by a steep drop in prices and demand for both thermal and steel-making coal, the company — which sells coal to electric utilities and industrial customers— closed four of its Kentucky mines in November last year.

"We took this action to restructure under Chapter 11 [bankruptcy protection] because it will allow us to adjust the balance sheet and improve our liquidity in a controlled and definitive manner," James River Chairman and Chief Executive Peter T. Socha said in a statement. "We will also continue to explore and evaluate potential strategic alternatives for the company, such as a capital investment through a plan of reorganization or a sale of one or more portions of the company."

The Chapter 11 filing comes as the US coal industry, acutely miners with operations in the central Appalachian region, struggles to compete against new technologies like hydraulic fracturing, or fracking, that have freed up vast, untapped reservoirs of natural gas.


The company also said it would enter into a $110 million debtor-in-possession financing facility with several large financial funds.

James River said it expects to continue its mining operations and customer shipments through the restructuring process, adding it would use the new funding to support its business on approval by the bankruptcy court.

James River shares closed down 4.3% on Monday to $0.7154 in a 52-week range of $0.55 to $3.50.

http://www.mining.com/us-gas-revolution-claims-first-coal-mining-victim-james-river-files-for-bankruptcy/

Watch for the "Death Drop."

[the cork]

CWTR to file Bk in week, $0.18 area
(special thanks to sludgehound)

Women's retailer Coldwater Creek Inc. is preparing to file for bankruptcy- court protection within about a week as it contends with a high debt load, declining sales and broader industry struggles, people familiar with the matter said.

Coldwater Creek , known for its catalogs selling a variety of women's clothes and accessories as well as mall-based retail stores, has struggled for months. Attempts to avoid a bankruptcy filing by refinancing debt or selling itself to a private-equity buyer were ultimately unsuccessful, these people said.

The company's postbankruptcy strategy isn't clear. Coldwater Creek carries about $353 million in total debt, which includes about $180 million in current liabilities, according to its most recent earnings filing.

In addition to its catalog business and retail stores, Coldwater Creek operates factory stores, an e-commerce business and seven spas in the U.S., according to its website.

The company, which is publicly traded but partially owned by private-equity firm Golden Gate Capital , posted sales of about $155 million for the quarter ended Nov. 2, 2013 , compared with $188 million in the year-earlier period, according to its most recent filing.

Coldwater Creek's struggles mirror those of the broader retail sector. Many retailers posted underwhelming holiday sales, and some face severe distress.

Brookstone Inc. is preparing to file for bankruptcy in the coming days, with plans to be sold to another specialty retailer. In March, plus-size women's retailer Ashley Stewart Holdings Inc. filed for bankruptcy protection. Women's clothing retailer Dots LLC filed for bankruptcy in January, and about a month earlier discount retailer Loehmann's Holdings Inc. filed for Chapter 11 protection and is now shutting down its stores.

Write to Emily Glazer at [e-mail] and Dana Mattioli at [e-mail]
Subscribe to WSJ: http://online.wsj.com?mod=djnwires

(END) Dow Jones Newswires
03-31-14 1233ET
Copyright (c) 2014 Dow Jones & Company, Inc.

[Druides]

CHADQ .0034 hits up 161% .009 up next then .01 and beyond

[Druides]

CHADQ on watch

Notes
The deletion from NBB for CHADQ/CHADQ, reported on the Daily List of 11/05/2013, with an Effective Date of 11/06/2013, has been cancelled.


http://www.otcbb.com/asp/dailylist_detail.asp?mkt_ctg=NON-OTCBB&d=11/05/2013

[GoldRus]

CAMH not CAMB sorry!

[GoldRus]

CAMB- someone needs to take a look at this company. I think secured creditors may have created a new company to bring public through CAMB. May be totally wrong here. Credtors created new co; bought CAMB's equipment at auction; now share same address. New new eyes here. Up 23% yesterday!IMO

[insymbols]

$VLNCQ Bankruptcy Chart

[Iron Maiden]

UFFCQ moving again...so thin. I should be riding these waves

[insymbols]

Legalization of marijuana in Texas?


http://blog.chron.com/bakerblog/2014/02/6134/

[the cork]

Be nice to have a distributorship with a protected territory!

[insymbols]

Excellent Income and website


http://www.republicoftexas.com