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Kid Brands M.O.R. Filed

Kid Brands filed with the U.S. Bankruptcy Court a monthly operating report for August 2014. For the period, the Company reported a net loss of $7.95 million (as a result of loss on the sale of subsidiary) on zero net revenue. The Company paid $735,437 in total operating expenses, $945,275 in professional fees and $559,030 in administrative expenses during the period. Total operating disbursements were $732,901. The Company also reported total disbursements of $1.7 million on $860,648 in total receipts, with negative net cash flow of $824,353.

Global Geophysical Services Plan Filed

Global Geophysical Services (GGS) filed with the U.S. Bankruptcy Court a Second Amended Joint Plan of Reorganization and related Disclosure Statement. According to the Disclosure Statement, "The Plan and this Second Amended Disclosure Statement are the result of months of extensive negotiations among the Company, an ad hoc group of Senior Noteholders (the 'Ad Hoc Group'), and the Committee (the Committee together with the Ad Hoc Group, the 'Supporting Creditors'). Together the Ad Hoc Group holds approximately 57% of the Senior Notes and substantially all of the Company's $151.9 million DIP Loan....The Plan provides, among other things, that the Debtors will: (a) enter into Exit Credit Facilities, consisting of a term loan of up to $100 million, and a revolving credit facility or delayed draw term loan of up to $50 million; (b) repay in full the Term A cash and a portion of the Term B cash and provide new equity for the remaining portion of the Term B Loans...; (c) exchange existing Financial Claims for a combination of new equity and warrants; (d) offer new equity to certain holders of existing Financial Claims in the Rights Offering in exchange for cash; (e) provide a cash distribution to holders of Trade Claims; and (f) cancel existing equity. The current holders of Financial Claims will own approximately 11.95% to 32.71% of the new equity of GGS Holdings (subject to dilution) in exchange for their Financial Claims upon confirmation of the Plan. In addition, while the Term B Loans are required under the Bankruptcy Code to be paid in full in cash in order for the Company to exit bankruptcy, members of the Ad Hoc Group have agreed to convert, on a pro rata basis, an amount not less than $51.9 million and not more than $68.1 million of the Term B Loans."

Exide Technologies Objections Filed

Exide Technologies and the unofficial committee of pre-petition senior secured holders of 8 5/8% Senior Secured Notes due 2018 (UNC) filed with the U.S. Bankruptcy Court separate objections to the official committee of unsecured creditors' motion to compel the production of documents and for related relief. The UNC asserts, "The UNC objects to the Motion to Compel because: (i) the UNC is producing the documents that the Committee is seeking that are relevant to the DIP Motion; (ii) the UNC is producing for deposition the witness requested by the Committee on the date requested; (iii) to the extent the Committee seeks additional discovery, its request is overly broad, burdensome and duplicative of requests served on other parties that are more likely to have information relevant to the DIP Motion; and (iv) the Committee failed to effect proper service of the Subpoena....The Motion to Compel should be denied because the requests for discovery from the UNC are duplicative, burdensome and overly broad to the extent they seek more than the relevant documents that the UNC has provided and the deposition of Mr. Hilty....And while it is possible that there could be a non-privileged document between and among these parties that is not duplicative of what will be produced by the Debtor and the DIP Agent, the chance of that is so remote that it would be unduly burdensome to require a document search of the files of the 11 UNC Members to look for such a document - particularly in light of the expedited schedule of the DIP Motion."

MIG Extension Sought

MIG filed with the U.S. Bankruptcy Court a motion to extend the exclusive period during which the Company can file a first Chapter 11 plan and solicit acceptances thereof through and including December 29, 2014 and February 27, 2015, respectively and a second exclusivity extension to February 27, 2015 and April 28, 2015, respectively. The motion explains, "The Indenture Trustee has consented to the Initial Extension of the Exclusive Periods, and believes that within that time period, it will become clear whether the Second Extension is warranted. Accordingly, if during the Initial Extension the Debtors and their creditors conclude that a further 60 day extension is necessary in order to reach the most appropriate resolution to these Chapter 11 Cases, and no creditor files an objection with the Court to the Second Extension within seven days of the expiration of the Initial Extension, then the Debtors submit that the Second Extension should be granted for substantially the same reasons as the reasons submitted in support of the Initial Extension. Indeed, allowing for an automatic second extension absent an objection by a creditor party allows the Debtors to preserve resources by not having to file an additional motion that would, nevertheless, be granted on a consensual basis, while simultaneously preserving the right of the Debtors' creditors to object to the Second Extension, in which case the Court would hold a hearing on the Second Extension. In light of the foregoing factors, the Debtors' request for the Initial Extension of the Exclusive Periods of approximately 60 days, and the Second Extension of 60 days if and only if it becomes clear that such further extension is needed, is justified. The extensions requested by the Debtors are well within the 18- and 20-month extension limits now set forth in sections 1121(d)(1)(2)(A) and (B) of the Bankruptcy Code."

Mississippi Phosphates Chapter 11 Petition Filed

Privately-held Mississippi Phosphates and two affiliated Debtors filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of Mississippi, lead case number 14-51667. The Company, which produces and markets diammonium phosphate (DAP), is represented by Stephen W. Rosenblatt of Butler Snow. According to documents filed with the Court, "Prior to the Petition Date, the cumulative effect of several factors, including natural disasters, market fluctuations, deferred capital expenditures and maintenance, unplanned shutdowns of the production facilities, and unsuccessful planned turnarounds, have had a significant detrimental impact on the Debtors' business operations and, as a result, on their financial condition. Because the Debtors have only a single production facility, any sustained disruption leading up to bankruptcy had a material adverse effect the Debtors' business, financial condition and operating results." The Company was a wholly-owned subsidiary Debtor in the 2003 bankruptcy of parent Mississippi Chemical. At that time, Mississippi Phosphates filed for Chapter 11 protection along with other Mississippi Chemical Debtors and emerged from that proceeding in December 2004. Mississippi Phosphates' most recent Chapter 11 petition indicates assets greater than $100 million.