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American Gilsonite Company Debtor in Possession Bank Account

Here we are going to talk about one American Gilsonite company that was a debtor in a possession bank account. La Paloma Generating Company, LLC " and its affiliated debtors and debtors in possession (collectively, the "Debtors") respectfully request entry of an order authorizing the employment and retention of Epiq Bankruptcy Solutions, LLC as the official claims and noticing agent the "Claims and Noticing Agent" in the Debtors' chapter 11 cases, effective Nunc pro tunc to the Petition Date. This order would (as defined below). The terms of Epiq's retention are outlined in the engagement agreement that was signed on December 4, 2016, between Epiq and the Debtors (referred to as the "Services Agreement"). however, Epiq was seeking approval only of the terms and provisions of the Services Agreement that are outlined in 28 U.S.C. 156(c) and the proposed Retention Order. This is because Epiq believes that these are the only terms and provisions that are relevant to its request for approval. Gilsonite Company The Debtors humbly request that the Retention Order take precedence over the Services Agreement and this application (referred to collectively as the "Application") in the event that there is any conflict between the three documents. The Debtors rely on and incorporate by reference Niranjan Ravindran's Declaration in Support of the Debtors' Chapter 11 Petitions and First Day Pleadings (the "Ravindran Declaration"), which was filed concurrently with this application. In addition, the Debtors submit the Declaration of Kate Mailloux (the "Mailloux Declaration") in support of this Application. This Declaration is referred to as the "Mailloux Declaration. In further support of the Application, the Debtors, by and via their counsel who has signed below, respectfully represent the following information: The Facility refers to a natural gas-fired, combined cycle generating facility that La Paloma owns. This facility has a nameplate capacity of 1,022 megawatts and consists of four identical power blocks. It is located on an approximately 400-acre property in McKittrick, California. The Facility's location, approximately 110 miles to the north of Los Angeles and 40 miles to the west of Bakersfield make it the ideal location for increasing electricity flows throughout the entirety of both northern and southern California. The Facility began operating in March of 2003 and functions as a merchant facility, meaning that it sells capacity and electricity into the market operated by the California Independent System Operator. CEP La Paloma Acquisition Company, LLC ("LPAC") is the only member of La Paloma, and La Paloma Operating Company, LLC ("CEP") is the management of both La Paloma and its direct parent. According to what is stated in the Ravindran Declaration, CEP delegates its management obligations to a number of different outside organizations. American Gilsonite Company Debtor in Possession

Gilsonite Company

One great, successful, and up-to-date company which provides Gilsonite is the Bisley. The scope of Bisley's operations encompasses a multitude of different markets, such as agrichemicals, aluminum, construction and building materials, ceramics and refractories, steel, foundry, welding, water treatment, and plastics, to name just a few. Their products include bulk metals and alloys that are transported in shiploads to major steel mills and smelters, in addition to fine chemicals that are utilized in industrial and highly specialized applications. Their objective is to supply a comprehensive offering that includes technically exceptional products, as well as staff that is knowledgeable and attentive, and logistics that are of the highest quality. After more than 65 years in business, they are proud to have remained a privately-owned company. They have sufficient resources to undertake complex, large-scale transactions, as well as the flexibility afforded by a lean and responsive management structure. They are able to do all of this because of their management structure. The requirements of its valued customers with regard to privacy are respected at Bisley International, LLC. This Privacy Policy covers the precise information that is gathered on the Bisley International LLC website as well as how that information is utilized after it has been gathered. The protection of the confidentiality of your information is of the utmost significance to them since it contributes to the development of trust, goodwill, and more robust connections with you, their customers, and their suppliers. Please do not hesitate to get in touch with them at any time if you have any questions or issues about the way in which they handle customers' personal information. Bisley will not collect any information that can be used to individually identify you unless they have a special need for it and have directly asked you for it. Other than that, they will not collect any such information. Your personal information will only be used to provide the information that you have specifically asked to be sent to you. Your personal information will not be made available to other parties, and they will not sell, rent, or loan it. They will not send you unsolicited emails, advertising, or other forms of commercial communication. Gilsonite Company Debtor in Possession Bank Account There is a possibility that Bisley will automatically collect information regarding the hardware and software on your computer. Our information may include your Internet Protocol address, the type of browser you are using, domain names, access times, and addresses of websites that referred you to this site. This information is utilized for the purposes of running the service, ensuring the continued high quality of the service, and compiling broad statistics regarding the amount of time users spend on the site. It is not Bisley's policy to deliberately collect personally identifiable information from children less than thirteen years old. Your information could potentially be stored on servers that are maintained by third-party hosting companies with whom they have contracted. They maintain consistent communication with users in order to provide responses to questions that customers have posted on the website. They respond to users either through e-mail or over the phone, depending on what the users prefer. They could use the information gathered from your IP address to assist identify issues with their server and to operate their website. Your IP address will not be linked to any other personally identifiable information in their system. They make use of tracking information to figure out which parts of their website people access based on the amount of traffic that goes to those parts. Instead of tracking what each individual user reads, Bisley monitors the frequency with which each page is accessed. This helps them maintain a website that is outstanding and full of useful information for visitors like you. They reserve the right to make alterations to this Privacy Policy at any time. If and when Bisley decides to make modifications to this privacy statement, they will announce those modifications on the homepage of their website and send users who have granted them permission to do so an email. They are going to post any updates that occur here, so make sure you check back at regular intervals. Be assured, however, that even in the event that the Privacy Policy is updated in the future, they will not use the Personal Information that you have provided to them in accordance with this Privacy Policy in a manner that is materially inconsistent with this Privacy Policy without first obtaining your consent. Please accept this as our sincere assurance.

American Gilsonite Company Debtor in Possession

American Gilsonite Company, Inc. were one of the debtor in possession until recently. It is the world's principal commercial miner and processor of uintaite, the unique mineral sold under its trademark name "Gilsonite." The company made the announcement today that it has reached an agreement with holders of more than 67% of its Second Lien Notes (the "Supporting Noteholders") and its current equity sponsor on the terms of a reorganization that will eliminate substantial indebtedness, significantly reduce debt service, and provide financing They are overjoyed to have arrived to a consensus with their most important financial stakeholders, one that acknowledges the fundamental power of their company and paves the way for them to restructure their debt in a way that will not negatively affect their clients, employees, or suppliers. American Gilsonite has a positive operational cash flow, a product offering that is highly distinctive, mineral reserves that extend beyond 100 years, and a customer base that is diverse across many different industries. They will greatly enhance the company's balance sheet and build a capital structure that is more sustainable over the long run if they put this prepared strategy for restructuring into action and implement it. The announcement made today is fantastic news for their customers, staff, and business partners since it ensures that they will have ample liquidity to continue their operations without interruption, despite the unfavorable conditions that now exist in the energy market. A Joint Prepackaged Plan of Reorganization was submitted by AGC and its subsidiaries to the United States Bankruptcy Court for the District of Delaware in order to put the agreed-upon restructuring into action. These filings were made concurrently with voluntary petitions for protection under chapter 11 of the United States Bankruptcy Code. The Company has every intention of utilizing the process that is being supervised by the court in order to facilitate a financial restructuring that is intended to return the Company to long-term financial health while simultaneously ensuring that there will be no interruptions in the normal course of business operations. Holders of general unsecured claims, such as trade vendors, employees, and lease counterparties, will receive full payment on account of preexisting obligations in accordance with the Prepackaged Plan. This is to ensure that the company can continue to fulfill its obligations in the normal course of business. In addition, the Company's revolving lenders will be repaid in their whole. The Supporting Noteholders have reached an agreement to extend a credit facility to the Company in the amount of $30 million. This proposed debtor-in-possession financing will help support the Company's reorganization activities as well as the usual post-petition operation of its business, which includes the timely payment of operational expenses, employee wages, benefits, and other obligations on an uninterrupted basis. The principal amounts that have been extended to the Company as part of the DIP financing will after the Company has successfully emerged from the restructuring process, convert in their entirety into an exit facility. In addition, the Company has presented the Court with the usual number of first-day motions in an effort to support the continuation of its business operations. The Supporting Noteholders have come to an agreement whereby they will vote in favor of the Prepackaged Plan that the Company has proposed and will trade in their loans for reorganized equity and subordinated debt. The Prepackaged Plan, which will transition ownership to the Company's Second Lien Noteholders, is backed not only by the Company's current shareholders but also by the company's existing shareholders. Gilsonite is a hydrocarbon resin that occurs naturally and possesses a number of distinct chemical features as well as physical traits that enhance the performance of a wide variety of essential materials and applications. Gilsonite is an excellent additive for cementing and drilling fluids in the oilfield because of its strength, flexibility, extreme light weight, and environmental safety. It also improves the performance and quality of asphalt, inks, paints, stains, construction materials, and foundry castings because of its versatility, lightweight, and environmental friendliness. AGC acts as a reliable supplier and a technical partner to its clients in order to ensure that its products deliver exceptional performance in every application.

Gilsonite Company Debtor in Possession Bank Account

The Gilsonite company debtors had their possessions blocked in the bank account. The administration of bankruptcy proceedings is supervised by the United States Trustee Program, which is part of the United States Department of Justice and is responsible for the oversight of trustees. In accordance with the provisions of section 586(a) of Title 28 of the United States Code, the United States Trustee (sometimes known as the "U.S. Trustee") is charged with performing comprehensive duties related to the monitoring and management of Chapter 11 estates. In order for Chapter 11 debtors in possession to be able to perform these responsibilities, the U.S. Trustee has specified certain duties, responsibilities, and reporting requirements. These Chapter 11 Guidelines were prepared by the United States Trustee for the Central District of California to help debtors in satisfying their responsibilities while they are operating under Chapter 11 bankruptcy protection. Upon the filing of the Chapter 11 petition, the entry of the order of conversion, or the entry of the order of relief in an involuntary process, certain of these tasks must be carried out promptly. Other conditions do not need to be fulfilled until a few weeks after the petition for bankruptcy has been submitted. while others need to be fulfilled on an ongoing basis while the bankruptcy case is being processed. On the other hand, unless a waiver is granted in writing by the United States Trustee Attorney or the Bankruptcy Analyst who is assigned to the case, all of the obligations have to be fulfilled in full and on time. The Local Rules of Bankruptcy Procedure (often referred to simply as "Local Rules") for the Central District of California are cited multiple times throughout these rules and criteria. The United States Bankruptcy Court's website, which may be accessed at http://www.cacb.uscourts.gov/, makes it possible to save a copy of the Local Rules to your computer. In addition to the requirements that are listed below, Chapter 11 cases are required to comply with all applicable provisions of the Bankruptcy Code, Federal Regulations of Bankruptcy Procedure, Local Bankruptcy rules, General Orders, and other orders of the Court. In the event that you do not comply with any of the requirements, the United States Trustee or another party may file a move to dismiss or convert your case, or they may ask for other forms of remedy. This set of rules and regulations may, at the discretion of the United States Trustee, be subject to periodic and/or individual revision, modification, or amendment. The U.S. Trustee expressly maintains the right to do so.

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