Bruin E&P Partners Sold for $465-Mil. Just 6 Months After Bankruptcy

The debt-for-equity plan of Bruin E&P Partners, LLC, was confirmed in August last year. In that plan, lenders owed $400.9 million under the revolving credit facility got 92.5% of the new interests while holders of notes totaling $589 million got 7.1%. The disclosure statement said that the RBL lenders were to recover 53.9% of their claims. PJT's valuation analysis said the equity value was $134 million to $334 million, with a midpoint of $234 million. Just five months later, on Jan. 25, Canadian company Enerplus Corp. announced that it has signed a deal to acquire all of the shares of Bruin for $465 million. The RBL Lenders, owed $430 million, recovered 92.5% of a $465 million pie, or 107% on account of their claims, and the Noteholders, owed $590 million, recovered 7.1% of a $465 million pine, or 5.6% of what they were owed. That's a 7% premium to the RBL Lenders, and double the money for entities who purchased Bruin Notes at less than 3 cents on the dollar! Subscribe to the Troubled Company Reporter for more information. Visit http://bankrupt.com/periodicals/tcr/tcr.html

South Asian Guy Loses $119M for Real Estate Projects, Files to Stop SEC Suit

A charismatic guy from the Bay Area in California, Sanjeev Acharya, dreamed big of building the next real estate empire. He raised $119 million from his South Asian friends. But the SEC sued him in December for deceptive conduct (for saying that projects were doing well when in fact his real estate investments failed). The SEC asked for a receiver and an injunction in district court. Before the hearing on SEC's request, he filed for Chapter 11 bankruptcy. In its Chapter 11 petition, he says he owes at least $100 million to creditors (mostly construction loans), but he only has less than $10 million in assets. Subscribe to the Troubled Company Reporter for more information. Visit http://bankrupt.com/periodicals/tcr/tcr.html

Bankrupt Conneaut Lake Park Owner Finds Buyer After Almost 4 Years

Trustees of Conneaut Lake Park won confirmation of its Chapter 11 plan in September 2016. It never got a final decree closing the case -- in fact it filed motions seeking an extension of the time to apply for a final decree 8 times. This January it returned to the bankruptcy court asking for approval of a sale process, saying that it has found a buyer for the park. {Good thing judges are patient!} Subscribe to the Troubled Company Reporter for more information. Visit http://bankrupt.com/periodicals/tcr/tcr.html

Denny's Franchisee Hopes to Use PPP Loan to Pay Off Bankruptcy Claims

RWDT Foods, owner of 4 Denny's restaurants, had a plan that intends to pay creditors over time. But it just came up with a better idea -- it will ask the bankruptcy court to approve a new plan that says claims will be paid in full, then emerge from bankruptcy, then apply for a PPP-2 loan, then use the proceeds of the PPP loan to pay most creditors in full. It says that it will qualify for a PPP loan before the March 31 deadline because it will no longer be a bankrupt entity by that time. It also expects the PPP loan to be forgiven. {It's nice that the government is doling out money.} Subscribe to the Troubled Company Reporter for more information. Visit http://bankrupt.com/periodicals/tcr/tcr.html