May 10, 2022
The past week has seen a trio of large Chapter 11 cases hit the dockets as debt holders become less permissive, the Diocese of Camden meet a wall of opposition from its insurers who aren't on board with a new $90 million plan to deal with sex abuse claims, and entities related to conspiracy theorist Alex Jones face challenges from families of Sandy Hook victims to their bankruptcy filings. This is the week in bankruptcy.
May 09, 2022
A Texas bankruptcy judge Monday gave offshore drilling support company ION Geophysical Corp. permission to send its Chapter 11 plan out for a vote and to tap into $2.5 million in bankruptcy financing after hearing it had resolved objections raised by unsecured creditors.
May 06, 2022
Unsecured creditors of offshore drilling support company Ion Geophysical Corp. are asking a Texas judge to reject the company's proposed Chapter 11 financing and plan disclosure, saying the company's secured lenders have had too much control over the process.
April 13, 2022
Offshore drilling support company ION Geophysical Corporation filed for Chapter 11 protection in Texas, saying it plans to hand over the equity in the company to the holders of second-lien notes after it couldn't recover from a precipitous revenue decline in the wake of the COVID-19 pandemic.