Bankruptcy Update: Mrs. Fields, Tropicana and more

Here are some of the latest bankruptcy stories our reporters have been covering Tuesday morning on TheDeal.com. For more check out the bankruptcy channel on TheDeal.com or visit Bankruptcy Insider.

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Goody's reorganization plan approved
A Delaware judge has approved Goody's Family Clothing Inc.'s plan of reorganization, which gives its unsecured creditors a 5% to 10% recovery. A confirmation hearing is set for Oct. 6. - Jamie Mason

Tropicana seeks higher bid for casino
Bankrupt Tropicana Entertainment LLC is looking to put its Evansville, Ind., casino through a court-supervised auction in the hopes of attracting a better bid. The gaming giant has mapped out a sale process for Aztar Indiana Gaming Co. LLC, which owns the riverboat casino known as the Casino Aztar Evansville. - Ben Fidler

Mrs. Fields files for Ch. 11
Having already started soliciting votes for a prepackaged reorganization plan, Mrs. Fields Famous Brands LLC has finally served up its long-expected Chapter 11 filing. The Salt Lake City cookie and frozen yogurt maker lodged a bankruptcy petition Sunday with the U.S. Bankruptcy Court for the District of Delaware in Wilmington along with a prepackaged plan that it will use to wipe away $145.7 million in note debt. - Ben Fidler

Vertis, ACG set to file landmark reorg
Printing companies Vertis Inc. and American Color Graphics Inc. will present their Chapter 11 plans Tuesday to the U.S. Bankruptcy Court for the District of Delaware. The dual reorganizations, done with the blessing of creditors, and in conjunction with a merger, amount to a bankruptcy court rarity. Lawyers for Vertis called it "the first large (or maybe first ever) 'double-prepack-merger,' " in a memorandum to the court. - Chris Nolter

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